16th Apr 2014 08:11
LONDON (Alliance News) - Hunting PLC Wednesday said trading in its first quarter has been slower than expected due to adverse weather conditions in North America and projects delays in the Asia Pacific region.
The major energy services group said its demand for Drilling Tools was impacted and well completion operations have been affected during the three months ended March 31 due to bad weather in North America.
The company did not elaborate further on which project delays were occurring in the Asia Pacific region.
However, Hunting said it remains comfortable with its outlook for the full-year 2014 and there remains a positive outlook for the energy industry for the year as a whole, with customers continuing to indicate that capital expenditures will increase.
The company said that its Well Construction business remains busy with strong activity in the Gulf of Mexico, its order book remains strong for Well Intervention and its Pressure Control business is gaining further international market traction.
The firm also said its new facilities in Louisiana, Texas and in South Africa are progressing well, with completions on schedule for early 2015.
Hunting shares were trading down 3.05% to 825.50 pence. putting it in the top three FTSE 250 fallers in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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