Hunting

North Sea

Hunting axed “just under 100 posts” in north-east last year

04/03/2016

The oil price rout forced Hunting to lay off “just under 100 workers” in the north-east of Scotland last year, the energy service firm said yesterday. Hunting reduced its global headcount by 30% to 2,784 in 2015 as part of cost-cutting measures which were brought in amid a severe slump in drilling activity. Chief executive Dennis Proctor said the outlook for the industry was “bleak”, adding: “We are in a wilderness without a single path to guide us.”

Market info

Hunting profit and headcount hit by oil drop

27/08/2015

Hunting has seen a drop in revenue from $664.1million to $463.6million in the first half of the year. The international energy services group said its operations had been impacted by the downturn in the oil and gas market. The decline has seen a reduction in headcount of 900 employees which has resulted in savings of $41million.

Oil & Gas

UK’s Hunting sees full-year operating profit slump on oil woes

02/07/2015

Oilfield services company Hunting said it expected a 50 percent to 75 percent fall in operating profit for the year as it continued to reel under a drop in global rig counts and a weak oil and gas market. Hunting shares fell more than 7 percent on the London Stock Exchange on Thursday morning. The stock was the top loser on the FTSE-250 midcap index.

Oil & Gas

Hunting suffers first quarter profits slump

16/04/2015

Oilfield service company Hunting reported a 60% plunge in first quarter operating profits yesterday, blaming falling global rig counts and cost-cutting across the industry. Shares in the company fell 8% to £5.36 in early trading on the London Stock Exchange but later recovered to around £5.88.check market close Hunting, which announced in February it would cut an unspecified number of jobs and realign business units to help counter a drop in drilling activity, said its subsea, electronics and tubular component machining businesses did better in the first three months of 2015, compared with last year, offsetting weakness in its North American drilling tools operation.

Market info

Hunting reveals record annual results

06/03/2015

An energy service firm shrugged off the oil and gas industry downturn yesterday, reporting record annual results. The company posted an 8% rise in underlying pre-tax profits to £139.5million, while revenue was up by 7% at £910.6million. Hunting, which announced last month it would cut an unspecified number of jobs and realign business units to help counter a drop in drilling activity, said falling oil prices did not affect its business last year.

Breaking