Business
Q3 2018 Trading Update
Q3 2018 Trading Update.
About this update from Hunting Plc
[{"type":"text","content":"\n \nRNS Number : 5829F Hunting PLC 30 October 2018 \n\n\n\n\n\nFor Immediate Release\n\n\n30 October 2018\n\n\n\n\n \n \n \nHunting PLC\n \n(\"Hunting\" or \"the Company\" or \"the Group\")\n \nQ3 2018 Trading Update\n \nHunting PLC (LSE:HTG), the international energy services group, today issues a Q3 2018 trading update.\n \nRevenues during the third quarter have remained steady in North America as activity within the onshore shale basins continued, with sustained demand for the Group's perforating products and accessories. While the US onshore market environment remains relatively firm, the US offshore and international markets remain slow as geopolitical tensions and the lack of confidence in commodity prices due to the recent downturn continue to weigh on sentiment and capital investment planning.\n \nWithin Hunting Titan, revenues and operating profits have continued at similar levels to the previous quarter, with demand for perforating guns, energetics and instrumentation resulting in a steady performance. A seasonal slowdown in North American drilling during November and December remains predicted due to public holidays, along with the potential exhaustion of our clients' drilling and completion budgets. The segment has continued with its manufacturing capacity expansion programmes during the period, with project completion remaining on track for Q1/Q2 2019 at both the Milford and Pampa facilities.\n \nIn the US segment, revenues and operating profits continue to reflect modest improvement, with most businesses reporting operating profits during the quarter. Demand for the Group's TEC-LOCK™ semi-premium connection continues to gain market acceptance for application within the US onshore basins. Demand within the Advanced Manufacturing Group has also increased during the quarter as new orders for drilling and completions-related capital equipment, as well as non-oil and gas products, have been received.\n \nWithin the Canada segment, general market improvement and the continuing production of perforating guns for Hunting Titan has allowed losses to narrow. In Europe, low activity levels in the North Sea continue to lead to operating losses. In Asia Pacific, the segment's operating losses continue to reduce, despite a more volatile market environment and within ...