Hunting PLC (LON:HTG), the global engineering group, has announced that it has secured a second OCTG order with KOC, through our distributor in Kuwait, with an order value totalling $86 million. The OCTG casing and connections related to this order are similar to those announced on 15 May 2024.
Highlights
· Follow-on order from Kuwait Oil Company valued at $86 million to be delivered and recognised in 2025.
· Group sales order book has increased to a record c.$751 million (including this new order).
· Further increases visibility of 2025 revenue and EBITDA.
This second order continues to strengthen Hunting’s relationship with KOC and supports key initiatives in-country by KOC to increase annual hydrocarbon production, in addition to further developing natural gas output.
With this order, Hunting Plc has now been awarded contracts with a total value of $231 million from KOC for OCTG casing and its premium connections.
Including this new order, the Group’s sales order book has increased to c.$751 million, which including other Subsea and Advanced Manufacturing orders, extends Hunting’s revenue visibility into 2025 and 2026, supporting the strong outlook for the Company.
As noted in the announcement on 15 May 2024, more detailed revenue and working capital guidance for full year 2024 and 2025 will be provided in the Company’s H1 2024 Trading Statement to be announced on Tuesday 9 July 2024.
Commenting on this second KOC order win, Jim Johnson, Hunting Plc’s Chief Executive, said:
“We would again like to thank KOC for this order and the confidence shown in Hunting’s proprietary premium connection technologies and strategic OCTG supply chains.
“The order supports our improving outlook for 2025, as international and offshore activity continue to accelerate.”
