Hunting, said yesterday it was positioned to exceed full-year market expectations following a strong performance from July 1 to October 28.
Chief executive Dennis Proctor said: “Rig counts continue to improve and the demand for high-pressure, high-temperature products is robust.”
The UK-based global energy service group said strong oil prices and shale drilling activity, investment in new manufacturing plants and the positive impact from recent acquisitions had combined to produce an excellent performance so far this year.
It said its balance sheet remained strong, with net cash of about £215million at September 30. It added that new capacity, advanced proprietary technology, stable commodity prices, order intake and contract renewals provided management with confidence in performance through to the year-end. Hunting has a significant presence in the north-east through tubular operations at Portlethen and Montrose, the Hunting Cromar wireline and pressure-control business in Aberdeen and intervention specialist Welltonic.