Hunting's order book at record high after another big win in Kuwait
Hunting
313.00p
16:45 06/11/24
Engineering group Hunting has won a $86m piping order from state-backed Kuwait Oil Company for next next, driving its sales order book to a record high, and causing shares to surge on Monday.
FTSE All-Share
4,460.03
17:14 06/11/24
FTSE Small Cap
6,860.08
16:59 06/11/24
Oil Equipment, Services & Distribution
4,928.34
16:30 25/09/24
The company said it had secured its second OCTG order with KOC, similar to the record $145m order from KOC announced last month.
The group's sales order book now stands at $751m, and this order further increases visibility for revenues and profits next year, Hunting said.
OCTG refers to oil country tubular goods, a family of rolled metal products like casing, tubing and connection technologies used in oil and gas production.
"This second order continues to strengthen Hunting's relationship with KOC and supports key initiatives in-country by KOC to increase annual hydrocarbon production, in addition to further developing natural gas output," the company said in a statement.
Commenting on the order win, Hunting's chief executive Jim Johnson said: "The order supports our improving outlook for 2025, as international and offshore activity continue to accelerate."
The stock was up nearly 9% at 453p by 0909 BST.