Engineering group Hunting says it is scaling up its Organic Oil Recovery business, with two treatments in the North Sea underway.
The global precision engineering group also said its North America and Subsea segments performed ahead of expectations, while integration of its Flexible Engineered Solutions (FES) acquisition is progressing well. The company’s order book stands at around $416million, with strong tender activity expected to continue into 2026.
Chief Executive Jim Johnson said: “The encouraging performance at the half year has continued into the third quarter with Hunting delivering a 15% year-on-year increase in its year-to-date EBITDA thanks to trading within the OCTG product group.”
He added: “The integration of FES has continued in the quarter with strong cross selling opportunities being identified, above those anticipated at the time of acquisition.”
Hunting said its balance sheet remains robust, with net assets of around $907 million and total liquidity of $336.5 million available to pursue growth opportunities. Johnson said: “Our balance sheet remains strong, coupled with a robust year-end cash projection and Hunting retains c.$336.5 million of liquidity available to pursue growth opportunities, while also balancing these with increased shareholder returns.”
The company expects full-year EBITDA to be at the lower end of its $135–$145 million guidance range, but this still represents strong year-on-year growth.
In August, Hunting announced plans to close its Fordoun facility, which employs 45 staff, with operations to move to Badentoy, Portlethen. Cost savings from the wider restructuring programme are expected to reach £8million annually by mid-2026.
FTSE100
The UK's flagship share index, the FTSE 100, was up 30-points at 9,545 shortly after opening this morning.
Brent crude oil futures were up 2.27% at $64.86 a barrel.