Pre-Close Trading Update

14 Dec 2006 07:00

Hunting PLC14 December 2006 14 December 2006 Hunting PLC ("Hunting", the "Company") Pre-Close Trading Update Hunting's preliminary results for the full year to 31 December 2006 will beannounced on 1 March 2007. Dennis Proctor, Hunting's Chief Executive, said: "Current trading is strong andour year end results are expected to be ahead of current market expectations.Because commodity prices remain strong relative to historical levels, the recentdeclines have not adversely impacted the Company's order books and productionbacklogs. In Gibson Energy, all divisions have seen growth through the year with Moose JawAsphalt providing a significant contribution from wellsite fluids, lowerthroughput costs and production efficiencies. In Hunting Energy, the increased rig activity world wide has benefited allproducts and services in well construction and well completion. Exploration andproduction in the Gulf of Mexico has seen a recovery following the 2005hurricane activity to levels at or near 100%. Capital expenditure, committed in prior periods as well as the current year,will provide additional opportunities for growth in 2007, following the benefitsreceived in 2006. For 2007, global activity is forecast to improve byapproximately 9% in drilling and production. However, exchange rates, oilcompany capital expenditure increases and manpower will determine the year overyear growth level. The assets of Hunting are well positioned with long termcontracts, new more efficient equipment and strong order books to enter 2007." For further information, please contact: Hunting PLCDennis Proctor, Chief Executive Tel: 020 7321 0123/ Tel: 001 281 442 7382Dennis Clark, Finance Director Tel: 020 7321 0123 Hogarth Partnership Limited Tel: 020 7357 9477Andrew JaquesAnthony Arthur Notes to Editors: Hunting PLC is an international oil services company providing solutions to theworld's oil and gas companies. This information is provided by RNS The company news service from the London Stock Exchange