21st Aug 2025 18:29
(Alliance News) - Hunting PLC on Thursday said it will relocate its Fordoun oil country tubular goods facility in Scotland as part of the restructuring of its Europe, Middle East & Africa operating segment.
The London-based supplier to the oil and gas industry said the move comes as part of a previously announced facility consolidation and cost reduction plan to restore profitability to the segment.
Hunting said over the course of the first half of 2025, it has become clear further cost cutting is required to ensure long-term profitability.
The company said the facility will be consolidated into its Badentoy site in Portlethen, Scotland.
As a result, yard services offered at the Fordoun site, including storage and inspection, will end upon the completion of existing contracts.
Hunting expects this further restructuring to deliver annualised cost savings of USD2 million, of which half will be retained as improved profitability.
The transfer of production and winding down of services will likely be completed within 12 months, Hunting added.
Total annualised savings from the EMEA restructure are now expected to be USD11 million by June 2026.
Shares in Hunting closed up 2.5% at 314.00 pence in London on Thursday afternoon.
By Michael Hennessey, Alliance News reporter
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