International energy service company Hunting said yesterday that trading remained in line with its expectations in the period from January 1 to April 21.
Chairman Richard Hunting told shareholders at its annual meeting that with a rising oil price in the first quarter and significant imp-rovement in shale gas activity throughout North America, the company experienced a rapid start to the new year.
He said activity in south-east Asia remained strong too, adding: “Europe is currently slow, however, forecasts are for continued improvement throughout the year. Capital expenditures in 2009 are producing results and a sense of optimism prevails within the service industry with the re-hiring of staff and for some companies, the reopening of manufacturing facilities.
“We continue to expand our US drilling-tool operations. Activity towards more oil drilling has provided encouraging results and should continue as commodity prices increase or remain at current levels. New orders have been taken for our chemical-injection system and we have an improved order book for wireline and slickline tools for enhanced production of existing oil wells.
“The company remains well capitalised and is well placed to take advantage of acquisition opportunities.”
Hunting said two months ago that after making three small acquisitions in 2009 it still had net cash of £365million and was continuing to look for further buys, adding that the timing of potential deals was the only uncertainty.
The UK company has a significant presence in the north-east through tubular operations at Portlethen and Montrose, and at the Hunting Cromar wireline and pressure-control business and Welltonic, both in Aberdeen.
EPC Offshore, established only in 2009, said yesterday it had exceeded target with a highly successful first year in which its turnover was approaching £3million.
The Aberdeen-based oil and gas project consultant also said it had grown from its start-up core team of three to more than 20 staff in less than a year and expected to have 30 people soon.
EPC chief executive Keith Wallace said: “Our success in our first year is a real achievement in this economic climate. We had set £3million as our second year’s target.”