Hunting secures $38m of new contracts

(Sharecast News) - Precision engineering firm Hunting said on Monday that its subsea technologies arm had secured a number of new contract wins totalling $38.0m. Hunting said its Enpro business had expanded its end-markets after locking in decommissioning contracts with two clients in the North Sea, totalling roughly $23.0m.

The London-listed group stated its clients would utilise its proprietary solutions for the attic oil recovery phase of these decommissioning projects, which were designed to safely access fluids contained in gravity-based concrete cell structures.It also noted that these awards were part of multi-year decommissioning programmes in the North Sea, with the possibility of further orders being awarded in 2026.

Hunting also revealed it had secured a new order for its titanium stress joints for a project in the Gulf of Mexico, with "a major oil and gas company". It said the order totals approximately $15.0m and represents a new client for this product line.

Chief executive Jim Johnson said: "The progress delivered by our subsea businesses during Q1 2025 demonstrates that our widening product offering accesses the whole lifecycle of an oil and gas field, from first-production to abandonment. Further, with the securing of new titanium stress joint orders with a new client in the Gulf of Mexico, Hunting has demonstrated that our leading riser solution is increasingly being adopted by the majors and large Independents operating in deepwater regions."

As of 0930 BST, Hunting shares were down 1.44% at 309.00p.

Reporting by Iain Gilbert at Sharecast.com