Hunting
HTG · Main Market · Energy · mcap £594m · 404.0p 5 open situations →
Open · 5
EMEA restructuring
The EMEA restructuring began in 2025. On 21 Aug 2026 Hunting said the Netherlands and Norway sites are closed and Fordoun closes in September, later than the June date first given. c.$11m annualised savings are captured and EMEA should return to profit from H2 2026. EMEA and Asia Pacific merge into International from January 2027.
- Cost programme
- $15 million, majority of savings by early 2028
- Shared services
- Europe and North America fully operational by mid-2026
- Segment merger
- EMEA and Asia Pacific become International from January 2027 21 Aug 2026 ↗
- Aberdeen OCTG
- Being transferred to Badentoy operating site 15 Jul 2026 ↗
- Cost savings
- $15 million p.a. Group-wide, on track for delivery 2026 to 2027 15 Jul 2026 ↗
- Savings captured
- c.$11m annualised 21 Aug 2026 ↗
Next: Fordoun closure in September; International segment from January 2027 · 1 Jan 2027
- 21 Aug 2026 Near completion; Fordoun closing September
- 15 Jul 2026 Aberdeen OCTG moving to Badentoy; Fordoun closing
- 15 Apr 2026 On track; cost programme accelerating, segments to merge
- 5 Mar 2026 Savings of c.$11m annualised; Fordoun closure due June 2026
2 directors buying
- 26 Aug 2026 Paula Harris £29k
- 21 Aug 2026 Keith Lough £12k
Middle East conflict exposure
Middle East conflict was flagged in March 2026 as a tender slippage risk with minimal 2026 profit impact expected. By 21 Aug 2026 the delay has become material: the KOC tender re-run cuts 2026 EBITDA by c.$10m. Management expects a rapid recovery once stability returns.
- Tender slippage
- Some in the Middle East since March 2026; publication still expected in Q2 2026
- Profit impact
- Minimal expected on current year profitability, dependent on conflict tenure
- Operations
- Dubai and Saudi Arabia personnel safe, generally unaffected
- Rig count
- Higher commodity prices not yet lifting US or international rig count
- Impact
- c.$10m 2026 EBITDA cut via KOC tender delay 21 Aug 2026 ↗
- Earlier view
- Minimal 2026 profit impact expected (April 2026) 21 Aug 2026 ↗
Next: KOC OCTG tender re-issue in Q3 2026
- 21 Aug 2026 Tender delays now hitting 2026 guidance
- 15 Apr 2026 Tender slippage; minimal profit impact expected
- 5 Mar 2026 Possible order slippage; company sees minimal 2026 exposure
Guyana FPSO subsea orders
The $63.5m titanium stress joint orders for ExxonMobil in Guyana were won in April 2026. The 21 Aug 2026 results say delivery is by 2027, whereas the earlier dossier gave deliveries through to May 2028. Subsea Technologies margins improved on order momentum.
- Order value
- $63.5m titanium stress joints for ExxonMobil, Guyana 21 Aug 2026 ↗
- Delivery
- By 2027 per results; earlier announcement said to May 2028 21 Aug 2026 ↗
- 21 Aug 2026 $63.5m orders secured; delivery under way
- 7 Apr 2026 $63.5m TSJ order won; delivery to May 2028
CEO succession
Jim Johnson announced on 1 June 2026 that he will retire by mid-2027, and the search firm was confirmed on 15 July. On 21 Aug 2026 no successor was named and a further update is promised.
- Departing CEO
- Jim Johnson, retiring as a Director by mid-2027 21 Aug 2026 ↗
- Timing
- Retires as a Director by mid-2027
- Process
- International search firm appointed by Nomination Committee 21 Aug 2026 ↗
- Successor
- Not yet named 21 Aug 2026 ↗
- Strategy
- Successor to lead the next phase of growth under the Hunting 2030 Strategy
- Handover
- Chair expects an orderly handover to the successor in due course
Next: Further update on CEO search at appropriate time
- 21 Aug 2026 Search firm appointed; no successor named
- 15 Jul 2026 Search firm appointed; global search under way
- 1 Jun 2026 Nomination Committee search under way
Closed · 5
Company filings. Not investment advice.