3rd Nov 2015 08:00
LONDON (Alliance News) - Energy services provider Hunting PLC on Tuesday said the tough conditions in its key markets continued in the third quarter and that its operating profit for the full year will be nearly wiped out.
The FTSE 250-listed company said trading remained subdued for its units in the third quarter as the downturn in spending in the oil and gas industry continued apace, as operators cut costs in order to keep projects economic and cancel projects amid the low oil price environment.
Overall, operating profit from continuing operations fell 85% in the quarter to the end of September and Hunting expects its operating profit for the full year will fall by around 90%.
The company has continued to cut costs to cope with the tough market conditions and has so far slashed about 28% of its global workforce, producing annual savings of around USD50.0 million.
By Sam Unsted; [email protected]; @SamUAtAlliance
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