Updates

Hunting - Oil rig activity still buoyant

June 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

With the backdrop of the US rig count still showing a 15% increase over the previous year, Hunting has announced that Q1 trading remains in line. In well construction, its US manufacturing business has reported strong shale related activity while its other main division, well completion, is performing in line with hopes. Its new US$19m facility in Louisiana will be completed in Q3, in time to execute some contracts related to deep water drilling in the Gulf of Mexico (GoM), where activity is picking up and this should also benefit Hunting's smaller well intervention arm.Broker Clarkson Capital notes its proprietary products open the door for margin expansion as well as new business in South East Asia (mainly China shale plays). Al ...

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