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Energy services group Hunting has reviewed the potential impact of Trump administration tariffs as “immaterial” to its business but said it will “monitor closely” the effects of slump in oil price in the wake of global economic turmoil.
In a trading update ahead of its annual general meeting Wednesday, the firm said it had assessed the potential international trade tariffs proposed by the US administration and on the group’s prospects and trading and said the were “immaterial”
However, it added that this did not account for impact of commodity pricing on the global economy.
In a trading update for the first quarter of 2025 it said its sales order book had slumped to $439.3 million from $506.8m in the prior quarter. This includes the recently announced new subsea orders, totalling $38m it added.
Nevertheless it said it had traded “in line with expectations” during the quarter, delivering an EBITDA of around $38.7m compared to $28.9,m in the same quarter last year.
The company, which has a regional North Sea operation at Badentoy to the south of Aberdeen, said it had completed a $17.5m deal to buy the Organic Oil Recovery technology from its founding shareholders and had also sold its interest in Texas-based Rival Downhole Tools for of $13.1m.
It added it would continue to “assess bolt-on acquisitions, with a number of transactions being progressed during the period”, focusing in subsea and “intelligent well completion” businesses.
Plans to restructure its EMEA operations, shedding jobs and cutting $10m from its annual budget, are ongoing.
Looking at commodity prices since the start of April, it added “to date, we have not seen any negative response to the lower pricing environment from our client base, but management continues to monitor the situation closely and will provide a further update in the H1 2025 trading update.”
It added its balance sheet “remains strong.,..during this time of increased market volatility”.
Its H1 2025 update will be issued on 16 July 2025.
