Hunting generates 'broadly break-even' EBITDA performance in Q3

Energy services group Hunting said on Thursday that it had generated "broadly break-even" underlying earnings performance in the third quarter despite ongoing subdued trading conditions.

Hunting stated the performance of its Titan project had continued to strengthen as US onshore completions activity maintained its growth profile.

The group stated the segment had traded "comfortably ahead of management's expectations throughout 2021", with activity levels within its key shale basins continuing to accelerate as the year progressed.

Hunting added that pricing increases announced in September had held with clients and that its Subsea business units also continued to see "steady demand" for its products, with growing interest from clients operating in Brazil.

The firm also noted that its North American segment had been impacted by Hurricane Ida, with operations in Louisiana ceasing for between two to three weeks, and that trading within the EMEA and the Asia Pacific segments remained "challenging", given general market conditions and the reluctance of operators to increase activity amid Covid-19 concerns.

As of 1035 BST, Hunting shares were down 3.13% at 185.22p.