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BRIEF-Hunting says H1 2017 benefites from increase in onshore drilling in US
July 4, 2017 / 6:29 AM / 3 months ago

BRIEF-Hunting says H1 2017 benefites from increase in onshore drilling in US

July 4 (Reuters) - Hunting Plc

* Performance in first half of 2017 has benefited from increase in onshore drilling in US, particularly in shale oil regions such as permian basin in west texas

* Growth in activity since end of 2016 has meant hunting’s perforating systems business has reported results ahead of management’s expectations

* US offshore and international drilling markets remain weak due to low oil price

* Drilling budgets continue to be reduced by global operators, which adversely impacts hunting’s businesses focused on these markets

* Net debt at 30 june 2017 has increased to approximately $8.0 million since year end

* Capital investment continues to be tightly controlled with spend in period being approximately $5.0 million

* Outlook for remainder of year is predicated on sustained us onshore drilling activity driving group’s performance Source text for Eikon: Further company coverage:

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