Energy service firm Hunting said today that activity in the North Sea remained “subdued”, despite winning a number of contracts in the UK and Netherlands in the first quarter.
The London-headquartered group, which has a base in Portlethen, said the deals would increase its North Sea business’ workload going into the second half of the year.
The company said revenues for the first three months of 2018 were in line with the fourth quarter of 2017.
Hunting said activity levels onshore North America were strong during the period under review.
Meanwhile, international and US offshore markets are “showing signs of improvement, with new exploration and production projects being considered by global operators.
Hunting kept its spending “tightly controlled” during the first quarter, at £2.6million.
In a trading update, the company said it had maintained a net cash position of £2.5million at the end of March.