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For Immediate Release
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3 March
2025
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Hunting PLC
("Hunting" or the "Company")
Sale of Associate Company
Rival Downhole Tools L.C.
Hunting PLC (LSE: HTG), the
precision engineering group, today announces the
completion of the sale of its 23% equity investment in Rival
Downhole Tools L.C. ("Rival"), an associate company, to a third
party, for a consideration of $13.1 million.
Following adjustments for working
capital, Hunting will receive $12.0 million in cash. It has been
agreed with the purchaser that an escrow account of $1.1 million
will be established, which will remain in place until any
outstanding matters are resolved, which is expected to be within 12
months.
Commenting on the sale, Jim Johnson,
Chief Executive of Hunting, said:
"In line with the Hunting 2030 Strategy, we are committed to
focusing on and strengthening our core businesses. With the
proceeds from the sale of Rival, Hunting has additional funds to
pursue strategic acquisitions, with management continuing to review
accretive opportunities."
For further information please
contact:
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Hunting PLC
Jim Johnson, Chief
Executive
Bruce Ferguson, Finance
Director
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Tel: +44 (0) 20 7321
0123
|
|
Buchanan
Ben Romney
Barry Archer
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Tel: +44 (0) 20 7466
5000
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or
lon.IR@hunting-intl.com
About Hunting PLC
Hunting is a global, precision
engineering group that provides precision-manufactured equipment
and premium services, which add value for our customers.
Established in 1874, it is a listed public company, quoted on the
London Stock Exchange in the Equity Shares in Commercial Companies
("ESCC") category. The Company maintains a corporate office in
Houston and is headquartered in London. As well as the United
Kingdom, the Company has operations in China, India, Indonesia,
Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab
Emirates and the United States of America.
The Group reports in US dollars
across five operating segments: Hunting Titan; North America;
Subsea Technologies; Europe, Middle East and Africa ("EMEA"), and
Asia Pacific.
The Group also reports revenue and
EBITDA financial metrics based on five product groups: OCTG,
Perforating Systems, Subsea, Advanced Manufacturing and Other
Manufacturing.
Hunting PLC's Legal Entity
Identifier is 2138008S5FL78ITZRN66.
