Hunting completes EA Gibson sale for $3.7m

Hunting has completed the sale of the ship broker Gibson for $3.7m on Tuesday, meaning it is now focused solely on providing services to the energy sector.

The energy services provider sold EA Gibson Holdings Limited, a holding company which is owned by Gibsons Employee Trustee Limited, an employee benefit trust established on behalf of Gibson employees.

The sale will be payable in cash over the next four years. Hunting received an initial payment of $3.7m.

Chief executive Dennis Proctor said: "Following the sale, Hunting is now a focused energy services group with high value products and technologies, supplying to key companies in the global energy supply chain."

Hunting posted this month a 20% drop in annual pre-tax profit to $108.5m, reflecting a $49.6m impairment due to slow trading and competition issues within the Hunting Electronics and Drilling Tools business units.

However, it reported a 7% increase in annual revenue to $1.38bn as the sharp reduction in crude oil did not affect its trading results with growth in offshore and onshore sectors, the company said at the time.

Shares in Hunting fell 1.03% to 497.3p on Tuesday at 14:07.