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Hunting PLC announced on 14 January 2025 the commencement of a major restructuring of its EMEA operating segment, which currently operates from seven sites. The Directors have decided to extend this restructuring, with total cost savings to the Group likely to be up to c.$10 million.
| Date | 14 Jan 2025 |
| Time | 07:01:00 |
| Category | Miscellaneous |
| ID | 1382T |
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For Immediate Release |
14 January 2025 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
Restructuring of EMEA Operating Segment
Hunting PLC (LSE: HTG), the precision engineering group, today announces a major restructuring of the Group's EMEA operating segment.
As noted in today's trading update, which has been released separately, the Directors announce that a major restructuring of Hunting's operating presence across the EMEA operating segment has commenced following a detailed review of the outlook for the Group's European operations, which has taken into account the confirmation of the tax regime of the UK North Sea oil and gas industry and the parallel strategy of the UK government to decarbonise its energy supply.
The segment currently operates from seven operating sites in the UK, the Netherlands, Norway, Saudi Arabia and the UAE. Given the market and trading outlook in Europe, and the previously announced consolidation in the Netherlands where Hunting's well testing manufacturing and assembly business is being transferred to Dubai, the Directors have now decided to extend the restructuring to align the Group's cost base to the medium-term outlook for the region.
Total cost savings to the Group, as separately announced, are likely to be in the region of up to c.$10 million, including a contribution from a review of sales, general and administration costs.
For further information please contact:
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Hunting PLC Jim Johnson, Chief Executive Bruce Ferguson, Finance Director
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Tel: +44 (0) 20 7321 0123 |
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Buchanan Ben Romney Barry Archer |
Tel: +44 (0) 20 7466 5000 |
or
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.