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Hunting reduces headcount by 30%, closes four operating sites

Market news
Market news

Hunting today confirmed it had reduced its headcount by 30% and closed four operating sites in the past year.

The energy services firms also said three distribution centres are currently being prepared for closure.

The confirmations came as the company reported its annual earnings.

The firm’s revenue for 2015 was $810.5million – a significant drop from last year’s $1.3billion.

Hunting recorded a loss from operations of $282.2million. The firm was also hit with $259.7million impairment and restructuring charge in the financial year.

Chief executive Dennis Proctor said: “Today’s results reflect the severity and speed of the reduction in oil and gas activity, particularly across North America. While this has created challenges for all market participants, the Group has adapted quickly to the changing market environment and remains ready to respond when industry investment recovers.”

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