Oil and gas services group Hunting has warned it expects slower trading for the first quarter after extreme weather conditions hit projects in the USA.
The London-based upstream services provider said it was not expecting major financial impacts over the course of the year, but admitted the first three months had seen the winter storms across the US take their toll.
But despite the downturn for the first quarter, chairman Richard Hunting said the industry’s future remained positive.
“There remains a positive outlook for the energy industry for the year as a whole, with customers continuing to indicate that capital expenditures will increase,” he said.
Hunting, which has been expanding its operations in the US with new facilities in Texas and Louisiana, said it was also progressing with a new base in Cape Town to improve its presence in the sub-Sahara region.
“In Well Construction, the Premium Connections business remains busy with activity in the Gulf of Mexico driving a positive performance in the period,” said Hunting.
“In Well Completion, Hunting Titan continues to report good results, although these have also been affected by adverse weather in North America in the first quarter.
“Hunting’s Manufacturing and Accessories business unit continues to deliver positive results, while in Europe and the Middle East, the Group’s completion businesses remain in line with expectations.”
The firm, which posted profits of £63million for 2013, said it had seen net debt rise slightly to £123million for the first three months of the year.
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