31st Mar 2025 11:45
(Alliance News) - Hunting PLC on Monday said it has secured USD38 million in new contract wins for its Subsea Technologies business, lifting the division's order book to around USD85 million at the end of March from USD72.5 million at the end of 2024.
Hunting shares were down 4.1% at 300.75 pence each in London on Monday morning. They remain up 0.9% so far in 2025.
The London-based manufacturer of equipment for the energy industry said the contracts include decommissioning work in the North Sea and a new order for titanium stress joints in the Gulf of Mexico.
Its Enpro unit will deliver proprietary solutions for the attic oil recovery phase of two North Sea decommissioning projects from two unnamed clients, valued at approximately USD23 million.
The systems are designed to access fluids within gravity-based concrete structures used in oil and gas infrastructure. The awards are part of multi-year programmes, with potential for additional orders in 2026, Hunting noted.
The company also secured a USD15 million order for its titanium stress joints from a major oil and gas operator in the Gulf of Mexico. The deal represents a new client win for that product line, Hunting said.
Chief Executive Jim Johnson said the orders demonstrate the growing adoption of Hunting's modular subsea products across the full lifecycle of oil and gas operations, from first production to abandonment.
"Our leading riser solution is increasingly being adopted by the [oil] majors and large independents operating in deep-water regions," Johnson said.
Hunting said it will provide an update on its total group sales order book in its first-quarter trading update, which is scheduled for April 16, the day of its annual general meeting.
By Eva Castanedo, Alliance News reporter
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