Oil service firm Hunting said today that its bosses continued to take a cautious view on the market’s recovery rate.
The London-headquartered group, which has a base in Portlethen, warned that drilling activity in the UK North Sea remained “subdued”.
But Hunting said it had retained a number of key supply contracts in Europe.
The firm also said it was “comfortable with the market consensus for the 2018 full year outturn”.
In a trading update, Hunting said it would have a net cash balance in excess of $30 million at the end of this month, including $8m of proceeds from the sale of the Group’s Cape Town facility in May.
Capital investment has remained modest with about $11m incurred up to June 30.
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