Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Hunting completed $83.0 million of acquisitions in the first half of 2025, expanding subsea and oil recovery platforms.

  • The Group secured $69.0 million of new subsea orders, strengthening its sales order book across key regions.

  • Shareholder returns were enhanced with an interim dividend increase and the launch of a $40.0 million share buyback programme.

Hunting PLC (LSE:HTG), the precision engineering group, has published its interim results for the six months to 30 June 2025, reporting higher EBITDA and enhanced shareholder returns, supported by acquisitions and new order wins.

The Group recorded EBITDA of $70.2 million, up 16% year-on-year, with an EBITDA margin of 13%. Free cash flow during the period reached $66.2 million, supported by major order completions, including projects for Kuwait Oil Company and ExxonMobil Guyana.

Acquisitions and Portfolio Development

Hunting completed $83.0 million of acquisitions during the reporting period to broaden its subsea and oil recovery platforms.

  • In March 2025, the Group acquired the Organic Oil Recovery (OOR) technology for $18.2 million, giving Hunting global rights to commercialise its enhanced oil recovery solution. A maiden treatment was deployed in July 2025 as part of a North Sea contract worth up to $60 million over five years.

  • In June 2025, Hunting completed the $64.8 million acquisition of Flexible Engineered Solutions (FES) Group, which specialises in subsea fluid transfer technologies for offshore oil, gas and renewable energy applications.

Alongside acquisitions, Hunting announced the divestment of its 23% interest in Rival Downhole Tools for $13.0 million, with proceeds redirected to higher growth areas.

Order Wins and Operational Performance

New business orders totalled $69.0 million in subsea operations during the first half of 2025. This included:

  • $46 million in titanium stress joint orders for projects in the Gulf of Mexico with BP and in the Black Sea with TPAO.

  • $23 million of bespoke subsea equipment orders through its Enpro unit in the North Sea.

Execution of previously announced projects continued, including the $231 million contract for Kuwait Oil Company, completed in May 2025, and deliveries for ExxonMobil Guyana’s Uaru and Yellowtail subsea developments.

The Group also announced the commissioning of a new 45,000 sq. ft. facility in Dubai, with investment of $6.0 million to support well testing, intervention manufacturing, and sales efforts across several product groups.

Capital Allocation and Shareholder Returns

Hunting ended the period with total cash and bank/borrowings of $79.3 million, despite deploying $80.0 million on acquisitions. Dividend distributions were increased by 13% year-on-year, with an interim dividend of 6.2 cents per share, payable on 31 October 2025.

The Board also announced the launch of a $40 million share buyback programme, to be executed in three tranches and completed during 2026. Shares purchased will be cancelled.

Trading Outlook

Hunting reported that demand for oil and gas equipment has remained consistent despite commodity price and geopolitical volatility. The Group’s tender pipeline remains above $1 billion, with further opportunities expected across the Middle East, South America, and West Africa. Directors reiterated EBITDA guidance for full-year 2025 of $135–145 million.