Nucor earnings beat by $0.08, revenue fell short of estimates
LONDON - Hunting PLC (LSE: LON:HTG), a precision engineering group, has acquired the Organic Oil Recovery (OOR) technology for $17.5 million. The purchase includes over 25 patents, distribution rights, and a California-based laboratory, positioning the company for global commercialization of the OOR technology.
OOR technology enhances oil recovery, offering operators improved oil reserve recovery, cost efficiency, reduced capital expenditure, and extended field life. The technology also lowers water cut during production’s end-of-life and decreases hydrogen sulphide levels in production offtake.
The acquisition agreement includes a 15% royalty on revenues to the sellers for 15 years post-completion. Field trials with blue-chip exploration and production companies are ongoing in North America, Europe, the Middle East, and Asia Pacific.
Following a 2024 announcement of securing up to $60 million in orders from UK North Sea operators, Hunting anticipates a strong pipeline of opportunities. The company is also expanding in the Middle East, constructing a laboratory in the UAE to better serve clients in the Eastern Hemisphere.
All technical employees from the OOR business will join Hunting as employees or long-term consultants. Jim Johnson, Chief Executive of Hunting, expressed optimism about the acquisition’s role in accelerating commercialization and contributing to the company’s Hunting 2030 Strategy targets.
This strategic move is based on a press release statement and reflects Hunting’s efforts to enhance its service offerings in the oil and gas industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.