Hunting PLC on Tuesday said its Asia Pacific operating segment has won a significant new oil country tubular goods contract with Cairn Oil & Gas, Vedanta Ltd, for its operations in Rajasthan, India.
The contract is worth up to $91 million and is for an estimated 100 wells, the London-based international energy services group said. With this order, Hunting’s sales order book now is about $575 million.
Based on the timing of the first deliveries of this order, Hunting now anticipates 2023 earnings before interest, tax, depreciation and amortisation to be in the range of $92 million to $94 million. It would be a jump of at least 77% from Ebitda of £52.0 million posted for 2022.
Further, Chief Executive Jim Johnson said: ‘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 in many regions.’
Hunting shares rose 15% to 230.94 pence each on Tuesday morning in London.
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