Hunting secures $31m titanium joint contract

(Sharecast News) - Hunting announced on Monday that it has secured a $31m contract to supply titanium stress joints for a deepwater gas development in the Turkish sector of the Black Sea. The London-listed firm said the order, awarded to its Subsea Spring unit in Houston, covered six titanium stress joints featuring Hunting's proprietary 'Direct Pull-thru Tube' technology.

It said the components would be used on the second and third floating production, storage and offloading (FPSO) vessels for the development's third phase.

Deliveries were set to begin in the first quarter of 2027, with completion expected over the following two years.

The deal followed a previous contract secured in 2024 for the second phase of the same development, which was currently in production and due to complete by 2026.

Combined, the two contracts were worth approximately $51.6 million.

Hunting said it was actively pursuing additional opportunities on the project for its recently acquired Flexible Engineered Solutions portfolio, part of a broader strategy to expand its presence in high-growth deepwater markets.

The company said it was targeting long-cycle revenue streams that were less sensitive to short-term commodity price swings.

"Our continued success in the Turkish area of the Black Sea demonstrates the international demand and strength of Hunting's titanium stress joint product offering," said chief executive Jim Johnson.

"This order continues the group's run of success deploying this product line into key offshore regions including the Black Sea, Guyana, and the Gulf of Mexico."

"Our revenue opportunities have also been expanded with the acquisition of FES in June, which forms part of our 2030 Strategy to target revenue from the longer cycle segment of the industry."

The latest award brought Hunting's Subsea order book to around $125m, up from $72.5m at the end of 2024.

The group said it would provide a further update on its order pipeline in its half-year results on 28 August.

At 1041 BST, shares in Hunting were up 3.84% at 324.5p.

Reporting by Josh White for Sharecast.com.