Hunting PLC provides a Trading Update, ahead of announcing its 2015 Half Year Results, scheduled for Thursday 27 August 2015.
As anticipated, the second quarter of this year saw continued declines in the oil and gas market with an additional 34% decline in wells completed in the US and 33% worldwide compared to the first quarter of 2015. This severe decline has resulted in a 76% decrease in profit from operations in the first five months of the year compared to the same period in 2014.
With the exception of our fully booked Subsea division and US Connections facility in Louisiana, all other facilities are operating at or slightly above one shift. Canadian operations, Drilling Tools and Trenchless have delivered trading losses during the period and have had reductions of headcount by nearly 50%. Headcount reductions across the Group's operations represent approximately 25% of the workforce since the start of the year, resulting in annualised savings of approximately $41m.