Latest news with #OOR
Business Wire
09-07-2025
- Business
- Business Wire
Hunting PLC ('Hunting' or 'the Company' or 'the Group') H1 2025 Trading Update, Increased Targeted Annual Dividends and Share Buyback Programme of up to $40 million
LONDON--(BUSINESS WIRE)--Hunting PLC (LSE:HTG), the precision engineering group, today publishes its H1 2025 Trading Update, announces an increase to its annual targeted dividend distributions, and proposes a Share Buyback programme of up to $40 million. Highlights Good year-on-year growth in EBITDA to c.$68-$70 million in H1 2025, up c.16% from H1 2024, led by a robust contribution from the OCTG product group. EBITDA margin of c.13% generated in the period. Total cash and bank / (borrowings) of c.$79 million as at 30 June 2025, with significant additional liquidity available via the Group's credit facilities to fund growth. Period-end sales order book of c.$450 million, ahead of Q1 2025 position of $439 million, with a tender pipeline of c.$1.1 billion. $38 million of new orders secured for the Group's titanium stress joints in the Gulf of Mexico and new plug and abandonment and field decommissioning projects in the North Sea. Net acquisition spend of c.$69 million after purchase of Flexible Engineered Solutions (Group) Holdings Limited ('FES') and Organic Oil Recovery ('OOR') technology and disposal of the Rival Downhole Tools investment. Ongoing restructuring of EMEA operating segment to save annualised costs of c.$10 million. Targeted annual dividend increase raised from 10% to 13%. Share Buyback programme of up to $40 million scheduled to commence following publication of the 2025 half year results, with the intention to complete over next 12 months. 2025 full year EBITDA guidance of c.$135-$145 million retained. Targeted year-end total cash and bank / (borrowings) position of c.$65-$75 million. Jim Johnson, Chief Executive of Hunting, commented: "Hunting has taken a significant step forward in the execution of its 2030 Strategy, with the completion of two acquisitions, which will accelerate growth in revenue and EBITDA to the end of the decade. Both FES and OOR demonstrate strong margin profiles, well in excess of the Group's long-range stated target of 15%. 'Our sales order book supports the robust outlook for the Group while our success within our Subsea product group in the Gulf of Mexico and North Sea confirms our strategy of pivoting our sales profile to longer cycle, more stable revenue opportunities. 'The first half of 2025 has seen strong trading for the Group. Hunting's robust cash generation and significant financial flexibility enables us to commence a Share Buyback and increase our targeted annual dividend distributions. We also continue to actively monitor further bolt-on M&A opportunities.' Trading Update Delivery of Hunting 2030 Strategy Hunting completed two acquisitions in the period, which will accelerate growth, generate higher cash flows, and improve capital returns going forward. The acquisition of FES, announced on 24 June 2025, for a consideration of $63 million, after closing adjustments, and the acquisition of the OOR technology from its founding shareholders on 7 March 2025, for a consideration of $18 million, are key milestones in the delivery of the Hunting 2030 Strategy. Hunting also disposed of its interest in Rival Downhole Tools in March 2025 for $12 million. Acquisition costs of c.$3 million have been incurred in the period and will be recorded as a one-off adjusting item in the 2025 half year results. During the period, the Group announced strong progress in expanding its regional and end-user presence for its titanium stress joint offering. The Subsea Spring business secured a new order from BP in the Gulf of Mexico, which represents a new blue-chip client for Hunting for this product. In addition, the Group's Enpro Subsea business secured a field decommissioning order for its Flow Access Module in the North Sea. In January 2025, the Group announced a material restructuring and cost reduction programme across its EMEA operating segment to save at least $10 million per annum. Hunting is in the process of closing its operating sites in the Netherlands and Norway and transferring assets to Indonesia, Saudi Arabia, the UAE and the UK, while retaining a sales presence in Norway. A restructuring charge of c.$9 million will be recorded as a one-off adjusting item in the Group's 2025 half year results. Product groups In the period, the Group's OCTG product group traded ahead of management's expectations, as stronger margins were delivered through the final four shipments of OCTG and premium connections to Kuwait Oil Company ('KOC'). These are in addition to strong bookings received within Hunting's North America OCTG business, as demand for high-torque, longer lateral well completions was reported. Despite the softening in the North American onshore market, the Perforating Systems product group returned to profitability in the period as the impact of the recent restructuring and the focus on improving production variances, including a higher level of cost overhead absorption for certain product lines being delivered, led to the improved performance. Hunting's Subsea product group's performance is expected to be second-half weighted, with a number of planned deliveries in H2 2025, alongside the contribution from FES. The Advanced Manufacturing product group reported performance marginally behind plan as slower MWD/LWD component sales were partially offset by more robust non-oil and gas sales. Overall, the outlook for all product groups remains solid with opportunities for growth in all of Hunting's key operating regions, despite the market volatility seen in the first half of the year. Operating segments In respect of the Group's reported operating segments, results have overall been in line with expectations, with North America and Asia Pacific ahead of expectations and EMEA and Subsea Technologies marginally behind plan. The restructuring of the EMEA operating segment will be completed by the end of Q3 2025, with a neutral EBITDA being projected for the operating segment for the full year. Sales order book and tender pipeline Although there was significant market volatility during the quarter, the Group reports a period-end sales order book of c.$450 million, which is ahead of the Q1 2025 position of $439 million, as new OCTG, Subsea and Advanced Manufacturing orders were secured. With the acquisition of FES, coupled with potential orders for OCTG across the Group's international footprint, the Group's tender pipeline remains extremely strong at c.$1.1 billion. 2025 full year guidance Based on these trading results, the Directors remain comfortable with full year EBITDA guidance of c.$135-$145 million, in line with market expectations. Year-end total cash and bank / (borrowings) position is expected to be c.$65-$75 million, before the proposed Share Buyback and any other possible M&A. Proposed Share Buyback Programme (the 'Share Buyback') 1 The Directors regularly review the Group's cash performance and ongoing capital requirements within the capital allocation framework. The Board concluded that it is currently appropriate to undertake a capital return of up to $40 million (excluding stamp duty and expenses) through a Share Buyback. Hunting will retain sufficient financial flexibility to continue investing in its strategy to deliver sustainable growth and attractive returns. The Directors reserve the right to pause or stop the Share Buyback if a compelling acquisition opportunity or strategic capital investment is approved by the Directors and is considered to be in the best interests of shareholders. Any shares purchased by the Company pursuant to the Share Buyback programme will be cancelled and the Company's share capital will be reduced accordingly. Hunting proposes to commence the Share Buyback on Thursday 28 August 2025 when it publishes its 2025 half year results and exits its current close period. The Directors anticipate that the Share Buyback, if implemented in full, will take up to 12 months to complete. A further announcement concerning the Share Buyback programme will be made upon its commencement. Dividend The Directors continue to believe that a clear annual dividend policy is a key element of the Hunting investment case. At the September 2023 Capital Markets Day ('CMD'), Hunting announced its long-term dividend policy, whereby total dividend distributions would increase at a minimum rate of 10% annually to 2030. Reflecting the Company's strong cash generation since the CMD and pivot to longer cycle sales, the Directors have decided to raise the targeted annual increase in dividends to 13% following the capital allocation policy review. Other Capital Allocation Considerations The Directors re-affirm the Board's capital allocation policy whereby the Company will continue to invest in the Group's core operations with organic capital investment remaining broadly in line with the Group's depreciation to the end of the decade. Further, the Directors continue to pursue bolt-on acquisitions in areas including subsea technologies, intelligent well completions and non-oil and gas, all of which form the basis of the Hunting 2030 Strategy. Investor Meet Company Webcast Hunting's management will provide a live presentation via the Investor Meet Company platform today commencing at 2:00p.m. (UK) / 8:00a.m. (CST). The presentation is open to all existing and potential shareholders. Questions can be submitted via the Investor Meet Company webcast during the live presentation. Investors can sign up to Investor Meet Company free and add to meet Hunting PLC at: Investors who already follow Hunting on the Investor Meet Company platform will automatically be invited. 2025 Half Year Results Hunting PLC will announce its 2025 half year results on Thursday 28 August 2025. About Hunting PLC Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies ('ESCC') category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America. The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa ('EMEA'); and Asia Pacific. The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG; Perforating Systems; Subsea; Advanced Manufacturing; and Other Manufacturing. Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66. Inside information The information contained within this announcement is considered by Hunting to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain. This announcement contains inside information. The person responsible for this announcement at Hunting is Ben Willey, Company Secretary. Note A resolution, which gives the Directors authority to execute a share buyback, was approved at the Company's Annual General Meeting ('AGM') in April 2025. Further information in relation to the resolution can be found with the 2025 Notice of AGM at
Yahoo
06-06-2025
- Politics
- Yahoo
Office of Open Records orders Cambria County to search again for 2024 election failure
CAMBRIA COUNTY, Pa. (WTAJ) — Cambria County officials have been ordered to conduct a new search for records related to a major voting system failure during the November 2024 election, following a successful appeal from State Rep. Frank Burns under Pennsylvania's Right-to-Know Law. The state Office of Open Records ruled that the county's original reason for denying Burns' records request, citing a noncriminal investigation, was not valid, requiring the county to either provide the documents or legally attest that they do not exist. Burns requested any documentation explaining the nature of the voting machine malfunction that led to ballots going unscanned and unaccounted for, as well as a tally of how many ballots were successfully or unsuccessfully scanned on Election Day. The Nov. 5, 2024, issue reportedly involved voting machines that had passed pre-election testing but failed when used, prompting concerns from voters and lawmakers alike. Burns has continued to push for transparency surrounding the incident, stating that the public still has no clear explanation for what went wrong or how many ballots were impacted. In response to an inquiry from WTAJ, Cambria County's solicitor, Ronald Repak, provided a statement acknowledging the OOR ruling and outlining the four key parts of the decision. According to the county, the OOR deemed one of Burns' requests moot after the county turned over the logic and accuracy testing records. The OOR also denied Burns' request for a finding of bad faith, instead stating, 'The County has been timely, attentive, and professional in both its responses to the Requester and to the OOR and has made serious attempts to provide the Requester with the information he is seeking.' The county confirmed the OOR did grant Burns' request for the number of ballots that failed to scan, which officials say occurred because the ballots did not include TIS (timing) marks required by the tabulation system. The county said this issue affected all ballots when polls opened. Additionally, the OOR granted Burns' request for documentation explaining the nature of the problem. The county reiterated it has repeatedly said the mistake was due to a clerical error by a county worker who uploaded ballots to the system without the necessary marks. Officials said there was no malicious intent. 'The County has no issue with completing another search to answer questions which the County has already gone to great lengths in answering,' Repak stated. The OOR has given the county 30 days to provide Burns with the relevant records or a sworn statement that they do not exist. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-03-2025
- Business
- Yahoo
Hunting acquires Organic Oil Recovery tech for $17.5m
Hunting, a UK-based energy services provider, has announced the acquisition of Organic Oil Recovery (OOR) technology from its original shareholders for $17.5m (£13.55m). This strategic move grants Hunting the global rights to the OOR technology, positioning the company to accelerate commercialisation efforts across North America and worldwide. The acquisition includes more than 25 discrete patents, the rights to distribute the technology, and a laboratory in California, US. The deal also involves a 15% royalty payment to the sellers on revenue earned over the next 15 years after the completion of the acquisition. OOR is an advanced oil recovery technology that enhances the extraction of oil reserves from a well. The technology helps extend the life of producing fields and maximise economic returns. It is designed to be a cost-efficient solution that reduces capital expenditure and is easy to implement. Additionally, OOR improves production efficiency by lowering the water cut during late-stage extraction and reducing hydrogen sulphide levels in the production offtake. Field trials of the technology are currently in progress with several exploration and production companies across North America, Europe, the Middle East and Asia-Pacific. Hunting chief executive Jim Johnson said: 'Following the acquisition of this exciting business, Hunting now has the ability to deploy this remarkable technology globally. The technology is currently being evaluated by many blue-chip customers, with the benefits to the operator clear. 'For Hunting, the business will be margin accretive and strongly position the company to reach its Hunting 2030 Strategy targets in the medium term as commercialisation accelerates.' Hunting is also planning to establish a new laboratory in the United Arab Emirates to service clients in the eastern Hemisphere, with the aim of reducing sample lead time and overall analysis time due to closer proximity to customers. In August last year, Hunting secured up to $60m of orders from operators in the UK North Sea. "Hunting acquires Organic Oil Recovery tech for $17.5m" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Trade Arabia
09-03-2025
- Business
- Trade Arabia
Hunting buys OOR technology; plans to set up lab in UAE
Hunting, a global precision engineering group, has acquired the Organic Oil Recovery (OOR) technology from its founding shareholders, for a consideration of $17.5 million. Hunting has acquired the entire portfolio of intellectual property, comprising over 25 discreet patents, the distribution rights for the technology, and the laboratory located in California, US. Hunting said it is also looking to build its presence in the Middle East with the construction of a small laboratory in the UAE to service clients in the Eastern Hemisphere. With the establishment of this laboratory, the sample lead time and overall analysis time will decrease as a result of closer proximity to the customer. Following the acquisition of OOR, the company will hold the global rights for the OOR technology and is now well placed to further accelerate commercialisation across North America and the rest of the world, it said. OOR is an enhanced oil recovery technology, which provides the following benefits to operators: · It improves ultimate recovery of oil reserves from a well; · Is a cost-efficient technology that reduces capex requirements and is simple to deploy; * Lowers the water cut during end-of-life production; · Lowers hydrogen sulphide levels in production offtake; and · Extends the life and increases the economic returns of a producing field. The consideration for the acquisition is $17.5 million, with Hunting agreeing to pay a 15% royalty to the sellers on revenue earned for a period of 15 years, post-completion. Field trials of the OOR technology are currently underway with numerous blue-chip exploration and production companies across North America, Europe, the Middle East, and Asia Pacific. As previously announced in 2024, Hunting secured up to $60 million of orders from operators in the UK North Sea, with a strong pipeline of opportunities likely to be secured in the coming years, as the oil and gas industry embraces the production benefits of this enhanced oil recovery solution. With additional geographic opportunities, as a result of the transaction, the outlook for expansion is robust. Following the acquisition, all technical employees of the OOR business will join Hunting either as an employee or long-term consultant, the company said.
