Hunting PLC Secures Record $145 Million OCTG Order with Kuwait Oil Company

Hunting PLC has announced a $145 million order with the Kuwait Oil Company (KOC) for premium Oil Country Tubular Goods (OCTG) casing. This notable deal marks the largest in Hunting’s history and is a part of their 2030 Strategy to expand revenue and profit growth, particularly focusing on the Middle East market. The order is set to be fulfilled from late Q4 2024 into 2025.

The OCTG casings will be manufactured using Hunting’s SEAL-LOCK technology in their Asia Pacific facilities. This order brings Hunting's total sales order book to approximately $665 million, the highest in the company's history. This increase in orders is forecasted to boost earnings visibility for Hunting's Asia Pacific operations and its OCTG product line well into 2025.

Hunting PLC expects that the EBITDA for 2024 will likely reach the upper end of the forecasted $125-135 million range due to this substantial order. Further guidance will be provided in the H1 2024 Trading Statement. The funding for this order will utilize the existing $150 million Asset Based Lending facility along with other financing mechanisms to improve cash flow.