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Investing.com -- Hunting PLC (LON:HTG) on Thursday reported a robust third quarter for 2025 despite ongoing volatility, with the company now expecting full-year EBITDA at the lower end of its $135-145 million guidance range.
The energy services firm noted that North America operations performed "marginally ahead of expectations" due to robust demand for OCTG connections, while Titan and Subsea segments remained in line with expectations.
Hunting’s European operations faced some disruption from significant restructuring, including the consolidation of Aberdeen bases, closure of a Netherlands facility, and relocation of well-testing operations to Dubai. This restructuring is on track to deliver $11 million in annualized savings.
The company reported third-quarter EBITDA of $30.3 million, representing a 4% decrease quarter-over-quarter but a 13% increase year-over-year. For the first nine months of 2025, EBITDA reached approximately $100.5 million at a 13% margin, up 100 basis points from the previous year.
Cash position remains strong, with year-end 2025 cash and bank guidance narrowed upward to $40-45 million from the previous $35-45 million range. This comes after completing approximately $30 million of a planned $40 million share buyback program.
The company reported $47 million in cash at the end of Q3, down from $79.3 million at the half-year mark, reflecting inventory investments and share buyback impacts.
Hunting’s order book decreased 8% from the first half of 2025, but the company highlighted upcoming large tenders for OCTG, specifically in Kuwait with "KOC-3" valued at up to $550 million, to be submitted and potentially awarded in the first quarter of 2026.
With strong liquidity, Hunting continues "to examine a range of bolt-on acquisition opportunities." The company also extended its undrawn $200 million revolving credit facility maturity by one year to October 2029.
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