International energy services group Hunting said yesterday its North Sea business had helped it increase turnover 36% last year to £825million.
The firm, whose offshore operations are run through Hunting Energy Services (HES) at Portlethen, near Aberdeen, posted a 55% jump in pre-tax profits for 2012 to £123.6million.
The group said profits had been bolstered by activity in the Gulf of Mexico returning to levels seen before BP’s 2010 oil spill, high oil prices and the contribution from acquisitions completed in 2011.
The firm, which manufactures products used by oil firms to construct and maintain wells, added: “In Europe, the North Sea is busy and, once again, several of our recently expanded facilities are experiencing high utilisation with a doubling of rig activity in offshore UK.”
Hunting group warned that the first six months of this year would be flat due to lower demand from the US gas sector, with business picking up later in the year. Hunting chief executive Dennis Proctor said: “In Europe, current rig activity levels are providing a positive outlook for the year, while in the Middle East and Asia-Pacific, our facilities are well-positioned to increase their contribution to the group’s performance.”
Shares in the firm closed at 905.5p, down 26p.
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