Energy services company, Hunting, has stated that its revenues have mainly ‘continued to strengthen’ in Q3 due to the strong showing this year by the US onshore energy market.
Hunting, who has seen a return to positive EBITDA, say that they have shown ‘sequential growth’ through this year and that revenues are expected to be around £700million.
Oilfield service firm Hunting closed one of its distribution centres in Scotland in the first half of 2017.
The London-based company said shuttering the base in Montrose move was part of an “ongoing rationalisation” programme.
Hunting said the impact on staffing levels was “negligible”, but refused to give an exact number.
As of last September, the business employed about 210 people across four locations in the Aberdeen area: Altens, Dyce, Portlethen and Fordoun.
The group has focussed its business instead on the emerging US onshore energy market with drilling through Hunting Perforating Systems and Hunting Specialty who have reported good results for 2017.
While Hunting has seen offshore and international drilling remain subdued, they have capitalised on the activity within US shale basins to narrow losses.
Despite the group reporting that net debt has increased for the period to $15million, group-wide capital expenditure has been contained at $7million with the expectation that positive net cash position by year end.