By Christian Moess Laursen

London-based oil-and-gas services company, Hunting, remains confident in meeting its full-year guidance as its fourth-quarter performance aligns with market expectations. The company has also announced the appointment of Stuart M. Brightman as its new non-executive chair.

Hunting reports that its sales order book has continued to strengthen throughout the quarter, reaching nearly record levels of $575 million. This growth is attributed to a series of large order wins. Sales of its oil-country tubular goods product lines are expected to rise by 53% compared to the previous year's $259 million. Particularly strong activity in Asia-Pacific and South America has contributed to this increase.

Chief Executive Jim Johnson explains that South America experienced robust sales due to increased drilling in Guyana and Brazil. Additionally, drilling momentum in India and the Middle East has accelerated activity across the Asia Pacific region.

As a result of this positive performance, Hunting anticipates that full-year earnings before interest, taxes, depreciation and amortization (EBITDA) and revenue will meet market expectations of $96 million-$100 million and $925 million-$930 million, respectively. Looking ahead to 2024, the company predicts further EBITDA growth within the range of $125 million-$135 million, supported by the current record sales order book.

In a separate announcement, Stuart M. Brightman has been appointed as the new non-executive chair, effective from the conclusion of Hunting's annual general meeting on Apr. 17. Brightman will succeed John Glick, who will retire after serving in this role for nine years.

Bang & Olufsen Affirms Full-Year Guidance, Expects Lower Revenue in Asia-Pacific Region

A Gastronomic Venture: Mark Zuckerberg's Unique Pastime

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

A Multi-Billion Dollar Jackpot Awaits
News

A Multi-Billion Dollar Jackpot Awaits

The upcoming Mega Millions lottery drawing presents an opportunity for players across 45 states and Washington, D.C. to...

Bitcoin and Cryptocurrencies Stabilize after Selloff
News

Bitcoin and Cryptocurrencies Stabilize after Selloff

Bitcoin and other cryptocurrencies have stabilized after a selloff, with traders eagerly awaiting potential gains. Categ...

PZ Cussons Reports Pretax Loss for H1 2024
News

PZ Cussons Reports Pretax Loss for H1 2024

PZ Cussons, known for brands like Imperial Leather, reports £94.2 million pretax loss in H1 2024 due to Nigerian Naira d...

Washington Trust to Pay $9 Million to Settle Discrimination Allegations
News

Washington Trust to Pay $9 Million to Settle Discrimination Allegations

Washington Trust, the oldest community bank in the US, will pay $9 million to settle allegations of lending discriminati...