Oilfield Services Firm Hunting Amends Credit Facility after H1 Loss

Reuters

Sept 5 (Reuters) – Oilfield services company Hunting Plc said it amended the terms of its credit facility after reporting a first-half loss due to low commodity prices.

Under the new terms, the size of the facility was cut to $200 million from $350 million, dividends are suspended until June 30 2018, and annual capital expenditure for 2017 and 2018 was capped at $30 million each, the company said.

Hunting, which provides drilling tools to oil and gas producers, posted an underlying loss from operations of $50.8 million for the six months to June 30 from a profit of $20.4 million a year earlier.

(Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Sunil Nair)

 

Copyright 2016 Thomson Reuters. Click for Restrictions.

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