Restructuring of EMEA Operating Segment

Hunting PLC (LSE: HTG), the precision engineering group, today announces a major restructuring of the Group's EMEA operating segment.

As noted in today's trading update, which has been released separately, the Directors announce that a major restructuring of Hunting's operating presence across the EMEA operating segment has commenced following a detailed review of the outlook for the Group's European operations, which has taken into account the confirmation of the tax regime of the UK North Sea oil and gas industry and the parallel strategy of the UK government to decarbonise its energy supply.

The segment currently operates from seven operating sites in the UK, the Netherlands, Norway, Saudi Arabia and the UAE. Given the market and trading outlook in Europe, and the previously announced consolidation in the Netherlands where Hunting's well testing manufacturing and assembly business is being transferred to Dubai, the Directors have now decided to extend the restructuring to align the Group's cost base to the medium-term outlook for the region.

Total cost savings to the Group, as separately announced, are likely to be in the region of up to c.$10 million, including a contribution from a review of sales, general and administration costs.