Hunting bets on East Africa and subsea oil and gas well markets - Yahoo Finance UK

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Published on March 8, 2014

Author: glossyhinge3497



Hunting bets on East Africa and subsea oil and gas well markets - Yahoo Finance UK LONDON, March 6 (...

Hunting bets on East Africa and subsea oil and gas well markets - Yahoo Finance UK Hunting bets on East Africa and subsea oil and gas well markets - Yahoo Finance UK

LONDON, March 6 (Reuters) - Oil well products and servicesfirm Hunting (Other OTC: HNTIF - news) said on Thursday it was targeting 510percent growth this year, as it invests heavily in expanding itsmanufacturing capability in Africa and the United States. Hunting, which provides equipment and services for drillingand completing oil wells, reported pre-tax profit broadly flaton the previous year, as reduced activity in the North Sea andCanada hit demand for equipment and services. The firm's shareswere down 2 percent in early morning trade. Hunting reported a profit before tax of $135 million onrevenue of $1.3 billion, with demand in the Gulf of Mexico andAsia helping offset weakness in Europe and Canada. Analysts on average had expected a

pretax profit of around$204 million on revenue of $1.42 billion according to ThomsonReuters I/B/E/S Estimates. Finance Director Peter Rose said he was "cautiouslyoptimistic" about the company's performance in 2014 driven byincreased drilling in the United States both onshore andoffshore and is also adding manufacturing in Africa. Hunting is investing $150 million this year, about oneyear's earnings for the firm, much of which will go into newfacilities in Cape Town and Houston. In Africa the equipment maker is targeting the growing EastAfrica natural gas region and hopes to have the construction ofa new plant, the company's first on the continent, completed bythe end of the year. In the U.S. Hunting is investing in top of the rangethreading and testing facilities to keep up with oil companies'desire to move into ever deeper waters where high pressures andtemperatures demand stronger and more corrosion resistantproducts. "We need to be able to develop and certify these new threadforms to withstand the new pressures and new temperatures theoperators are experiencing as they go deeper and deeper intooffshore territories to find oil and gas," Rose told Reuters. V i e w n o v e l i s t j a m e s r a m i r ez's web-sites on Camouflage Get the facts or Click This Link

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