International energy service group Hunting said yesterday that the trading outlook for the remainder of 2012 remained encouraging.
Chief executive Dennis Proctor said: “Trading in the first six months of the year has been underpinned by an adequate oil price, a year-on-year increase in the worldwide rig count and strong shale-related drilling activity in North America.
“Complemented by the acquisitions completed in 2011, Hunting remains well positioned in its global markets with a broad product offering. As a consequence of this, the board remains confident of trading in line with its expectations.”
The firm, which has a big north-east presence, said it remained well capitalised with a strong balance sheet.
Oil prices fell yesterday after a sharp gain the previous day as investors returned their focus to the grim global economic backdrop, though expectations of fresh stimulus measures limited losses. With the US market closed for Independence Day, Brent crude shed 91 cents at $99.77 per barrel.