HUNTING, the international energy service group, said yesterday that despite the moratorium on deepwater drilling in the Gulf of Mexico, the outlook for trading in the second half of 2010 remained encouraging.
Chief executive Dennis Proctor said: “Hunting is in an enviable position, with firming end-markets, a strong balance sheet, and an active acquisition and internal investment programme, which will provide the group with excellent opportunities for growth.
“We are particularly pleased to have announced the acquisition of Innova-Extel which will contribute to our ongoing performance, and increases our technology and intellectual property position.”
The previously announced acquisition of Innova-Extel, a US-based manufacturer of downhole completion tools and harsh environment printed circuit boards for downhole logging tools, is expected to complete before the end of the month. The deal is for £80million in cash.
Mr Proctor was speaking as UK-based Hunting posted results for the six months to June 30.
Pre-tax profits from continuing operations were £16million compared with a £25.4million surplus 12 months earlier.
Revenue for the period increased to £214.2million from £209million.
Capital expenditure rose to £19.1million from £10.9million a year earlier and included completion of a pipe and tubular goods inventory and management site at Fordoun in the north-east.
The group has a significant presence in the north-east through tubular operations at Portlethen and Montrose, at the Hunting Cromar wireline and pressure-control business in Aberdeen and through Aberdeen well-intervention specialist Welltonic.