Business
Major OCTG order & revised 2023 full year guidance
Major OCTG order & revised 2023 full year guidance.
About this update from Hunting Plc
[{"type":"text","content":"\n\n\n\n\n\nFor Immediate Release\n\n\n30 May 2023\n\n\n\n\n \n \nHunting PLC\n \n(\"Hunting\" or \"the Company\" or \"the Group\")\n \nMajor OCTG order and revised 2023 full year guidance\n \nHunting secures $91 million OCTG order from Cairn Oil and Gas, Vedanta Limited\n \nSales order book now c. $575 million\n \n2023 full year EBITDA revised up to $92-$94 million\n \nHunting PLC (LSE: HTG), the international energy services group, today announces that its Asia Pacific operating segment has won a new, significant Oil Country Tubular Goods (\"OCTG\") contract that management estimates to be worth up to $91 million with Cairn Oil and Gas, Vedanta Limited, for its operations in Rajasthan, India. The contract is for an estimated 100 wells and is to extend up to three years. The OCTG will be supplied with Hunting's proprietary SEAL-LOCK XDTM premium connection.\n \nThis order, again, breaks Hunting's record for the largest single order received for the Group's OCTG and premium connections and supports management's belief that international market sentiment remains extremely strong as governments and countries address the challenges of energy security, the development of domestic supply and post-COVID economic recovery.\n \nWith this order, Hunting's sales order book now is c.$575 million, which represents a material increase since the year-end.\n \n2023 Full Year Guidance\n \nBased on the timing of the first deliveries of this order, management now believes that 2023 full year EBITDA will be in the range of $92-$94 million, which represents a further increase to the guidance issued at its 2022 full year results in March 2023. Management also believes that the year-end guidance for cash and bank remains unchanged.\n \nCommenting on trading, Jim Johnson, Chief Executive, said:\n \n\"Hunting's successful run of significant OCTG and Subsea orders since H2 2022 demonstrates that our technology and global footprint is well positioned to deliver significant growth in the medium term. US market activity remains stable and with the orders received for China, Guyana, Brazil and now India, Hunting continues to see a strong growth profile given our standing and recognition with major energy companies, coupled with the strong international market sentiment being reported...