18th Aug 2005 07:00
Hunting PLC18 August 2005 18 August 2005 Hunting PLC ("Hunting" or the "Group") Acquisition of Cromar Limited Hunting PLC, the international energy services company, announces theacquisition of Cromar Limited ("Cromar" or the "Company") for a totalconsideration of approximately £9.6 million. Cromar specialises in providing equipment and support to well service operationsfor multi-national oil and gas operators and field service companies worldwide.Cromar employs 66 people at its operations in Aberdeen, Houston and Singapore.The Company's turnover for the 12 months to 31 March 2005 was £10 million, withoperating profit of £1.8 million and profit before tax of £1.6 million. Thegross assets of Cromar at 31st March 2005 were £7.5 million. The acquisition represents a further broadening of Hunting's range of servicecapabilities adding new product lines such as wireline pressure control,specialised tools and perforating equipment. The acquisition of Cromar isexpected to be immediately earnings enhancing to Hunting. The total cash consideration for the acquisition of Cromar will amount to around£9.6m payable in cash of which £1.5m is subject to the achievement of certainperformance targets during the 18 month period following completion. Commenting on the acquisition, Dennis Proctor, Chief Executive of Hunting, said:"The acquisition of Cromar gives Hunting the opportunity to add to thesignificant product range and services we provide to multi-national oil and gasoperators and conforms to our proprietary, strategic, geographic and assetsynergies." - ENDS - Enquiries:Hunting PLCDennis Proctor, Chief Executive 001 281 820 3838Dennis Clark, Finance Director 020 7321 0123 Hogarth Partnership LimitedAndrew Jaques 020 7357 9477Edward Westropp Notes to Editors: Hunting PLC is an international energy services company providing supportsolutions to multi-national oil and gas companies. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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