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.