Hunting confirms plans to sell Gibson subsidiary

Energy services Hunting on Tuesday confirmed it plans to sell its shipping subsidiary EA Gibson to an employee benefit trust.

The transaction is expected to occur in March and is conditional on a number of matters such as the management of the subsidiary’s structure and funding.

Hunting said it would give more details in its full-year report due on March.

UBS bank on Tuesday also has slashed its target price for Hunting from 735p to 525p due to a “not encouraging” oil and gas sector in 2015.

Shares in the company were up 1.02% to 495p at 11:50.