LONDON (dpa-AFX) - Energy services provider Hunting PLC (HTG.L) on Monday announced that its Subsea Technologies division's Enpro has expanded its market by securing decommissioning contracts in the North Sea, worth approximately $23 million. Further, Spring secured about $15 million order for its titanium stress joints in the Gulf of Mexico.
The Enpro contracts with two clients in the North Sea are part of long-term decommissioning projects in the region, with potential for more orders in 2026.
The clients will use Hunting's specialized solutions to recover attic oil from decommissioned sites. These solutions safely access fluids stored in concrete cell structures within oil and gas fields.
Hunting has received around a $15 million order for its titanium stress joints from a major oil and gas company for a project in the Gulf of Mexico. It marks a new client for this product line.
With these new orders worth around $38 million, the Subsea Technologies order book has been raised from $72.5 million on December 31, 2024, to about $85 million by March 31, 2025. The division is also working on large existing orders for Guyana this quarter.
Hunting is currently trading 1.91% lesser at 307.50 pence on the London Stock Exchange.
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