EMEA Restructuring Update

Hunting PLC (LSE: HTG), the precision engineering group, today issues an update regarding the restructuring of the EMEA operating segment, which was previously announced in January 2025.

The review of the segment included a detailed analysis of the medium-term outlook for the European region, in terms of future oil and gas drilling activity and an assessment of the longer-range operating footprint requirements of the wider Hunting Group.

The conclusions of the review, which the senior leadership team is now considering, include the following proposals:

• the closure of the OCTG operating site in the Netherlands, with any future orders in relation to geothermal activity being fulfilled by the Group's UK operating sites;
• the consolidation of OCTG threading and accessories manufacturing activity into the Fordoun operating site in Aberdeen, UK;
• the consolidation and transfer of all well intervention manufacturing activities into the Group's Dubai operating site, which remains on track for full commissioning in Q2 2025; and
• a reduction in the total headcount of the EMEA operating segment, which includes a proposed rationalisation of support functions in the UK.

Workforce consultations have now commenced in the relevant jurisdictions.

Once complete, these actions are expected to realise annualised cost savings of c.$10 million per annum, with the aim of restoring the EMEA operating segment to profitability by Q1 2026.

Further details will be provided as part of the Q1 2025 Trading Update, which is due to be issued on Wednesday 16 April 2025.