30th Oct 2018 09:03
LONDON (Alliance News) - Energy services group Hunting PLC said on Thursday that following steady revenue in the third quarter of 2018, it is confident in trading for the full year to remain in line with management and market expectations.
In North America, revenue has remained steady thanks to continued activity in the onshore shale basins and sustained demand for Hunting's perforating products and accessories.
However, although the US onshore market remains robust, geopolitical tensions and lower confidence in commodity prices has slowed US offshore and international markets, the company warned.
In Hunting Titan, revenue and operating profit has remained at similar levels from the quarter before, due to continued demand for perforating guns and energetics. However, Hunting predicts a slowdown in November and December due to public holidays, as well as clients' drilling and completion budgets running out.
In Canada, market improvement and continued perforating gun production has allowed losses to narrow. The same is true in Asia Pacific and the Middle East, due to cost reduction. But Hunting said it has suffered operating losses in Europe due to low activity levels in the North Sea.
Shares in Hunting were down 5.9% at 656.50 pence on Tuesday, the worst performer in the FTSE 250 index.
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