International energy service company Hunting said yesterday that first-quarter trading remained in line with expectation.
The firm, with a big north-east presence, held its annual meeting yesterday and also published its interim management statement for January 1 to April 18. Chairman Richard Hunting said: “Many rig units in North America are moving from dry gas to liquids and oil-focused targets, resulting in continued demand for the products and services offered by the group.
“In well construction, our US manufacturing business reports strong shale-related activity, while the drilling tools platform continues to perform well, albeit with the Canada business showing a seasonal slowing in momentum.
“In well completion, Hunting Titan is performing in line with management’s expectations and continues to roll out both sales and manufacturing integration initiatives. US manufacturing’s new $19million (£11.9million) facility in Houma, Louisiana, is due to be completed in the third quarter, in time to service . . . contracts related to deepwater drilling in the Gulf of Mexico.
“In well intervention, the expansion at Hunting Stafford, the group’s subsea connections and valves platform, remains on track to complete in the third quarter, with the outlook for this business improving as activity in the Gulf of Mexico recovers.”
Mr Hunting said that, overall, the company had a strong balance sheet.