Hunting PLC Broadens Service Capabilities

Hunting PLC announces the recently completed acquisitions of two Canadian companies, Thread Tech Energy Systems Ltd and Columbia Fuels.

Thread Tech has operated for over 14 years as a highly regarded oilfield supply company in Canada. It supplies oilfield tubulars, premium connections and associated products. Columbia Fuels has a network of operations on Vancouver Island where it provides propane equipment, supply and service to customers in the residential, commercial and auto sectors.

The acquisition represents a further broadening of Hunting's range of service capabilities as well as the geographic expansion of Hunting's network of bases in North America.

The aggregate cash consideration for the net assets acquired of £3.3 million is £9.1 million. The turnover and operating profits for the acquisitions for the year to 30th September 2001 was £31.8 million and £2.17 million respectively.

Commenting on the acquisitions, Dennis Proctor, Chief Executive of Hunting PLC said: 'These acquisitions help to position Hunting as a leading provider of oil country tubular products in Canada and further complements the mid-stream activities of Gibson Petroleum.

The acquisitions fit Hunting's active growth strategy and diversifies our products & services. It enhances our growing market position and builds on our global market leadership in the oil services industry.'