Hunting PLC has received a large order for its titanium stress joints for a client operating in South America. In line with the Hunting 2030 Strategy, the Group has continued to pursue growth opportunities in the offshore segment of the global energy market, with the recent announcement confirming the continued success of Hunting’s stress joint technology for application to Floating, Production, Storage and Offloading facilities. The USD 59M order will be completed over the next 28 months with revenue being recognised over this timescale. With this new order, the Group’s total sales order book has increased from the position reported at quarter end.
Hunting’s trading performance during Q3 2023 has continued its positive momentum, as international drilling activity continues to drive demand for its major product lines. Year-to-date EBITDA of USD 75M reflects a near doubling compared to the same period in 2022, as the focus on energy security and global economic growth increases. Hunting’s EBITDA result in Q3 2023 is similar to Q2 and well ahead of Q1 2023 respectively, demonstrating the broad-based strength of the Group’s diverse product portfolio.