Hunting Plc (HTG.L) provided an update on trading ahead of its half year results to be announced on August 30, 2012.
The company stated that within Well Construction, its Drilling Tools platform has seen steady demand for its products in the reporting period. Its facilities in Conroe, Latrobe and Casper commissioned in early 2011 are now established and capturing business in the major US shale plays. Also, Hunting's newly branded Advanced Manufacturing Group, which brings together the Group's product and manufacturing capabilities to offer a single source solution for MWD/LWD tools, is also attracting interest.
Besides, Hunting Titan is delivering results in line with management's expectations with a number of initiatives underway to broaden its sales reach through the Group's global footprint.
Within Well Intervention, the Subsea platform at Stafford, Texas continues to be adversely affected by delays in the recertification of subsea equipment for the Gulf of Mexico.
Dennis Proctor, Hunting's chief executive, said, "Trading in the first six months of the year has been underpinned by an adequate oil price, a year on year increase in the worldwide rig count and strong shale-related drilling activity within North America. Complemented by the acquisitions completed in 2011, Hunting remains well positioned in its global markets with a broad product offering. As a consequence of this, the Board remains confident of trading in line with its expectations."
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