Hunting PLC (“Hunting” or “the Company” or “the Group”) Major OCTG Order
Highlights
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Record
$145 million OCTG order received from Middle East NOC. - Revenue expected to be recognised from late Q4 2024 and into 2025.
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Group sales order book has increased to a record c.
$665 million (including this new order). -
Supports Hunting’s 2030 Strategy to deliver revenue and profit growth through OCTG and in geographies such as the
Middle East . -
Given the quantum of this order, management now expects EBITDA to be towards the top end of its current guidance of
$125-135 million for 2024.
The order comprises a large quantity of premium OCTG casing, to be supplied by Hunting via its end-to-end integrated OCTG supply chain in
Hunting has leading-edge manufacturing capabilities across
Including this new order, the Group’s sales order book has increased to c.
Given the quantum of this order, management now expects EBITDA to be towards the top end of its current guidance of
The order supports the Hunting 2030 Strategy to deliver revenue and profit growth through its OCTG product line, particularly in geographies such as the
The order will be funded from the Group’s existing
Hunting PLC’s next Trading Statement will be announced on Tuesday
Commenting on the OCTG order win,
“We would like to thank our customer for this order and look forward to working with them over the coming months as we deliver on this material order.
“This OCTG order win is the largest in the Company’s history and underscores our Hunting 2030 strategic ambitions, combining our leading premium connection technology and strong end-to-end integrated supply chain in
“Furthermore, the order enhances Hunting’s order book to its highest ever backlog, which provides strong visibility on earnings for the OCTG product line and Group as a whole, thereby underpinning management’s confidence in the outlook.”
Notes to Editors:
About
Hunting is a global engineering group that provides precision-engineered equipment and premium services, which add value for our customers. Established in 1874, it is a premium listed public company traded on the
The Group reports in US dollars across five operating segments: Hunting Titan;
Hunting PLC’s Legal Entity Identifier is 2138008S5FL78ITZRN66.
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