Oilfield-equipment provider Hunting (HTG) revealed that the extreme cold experienced during the US winter pegged back demand for drilling oil, while performance in the Asia-Pacific region has been held in check due to project delays.
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However, overall capital investment provides cause for optimism, with increased activity in the Gulf of Mexico and Hunting Dearborn has reported solid international sales. Hunting Titan - a producer of perforating guns/explosives - has continued to perform strongly, although it, too, had to contend with the extreme weather in the US. Hunting’s Well Intervention segment is moving ahead with a strong subsea order book, while the pressure control business has continued to expand its international catchment.
