Hunting increases 2012 final dividend by 27%

DividendMax Ltd.

Hunting increases 2012 final dividend by 27%

Corporate Highlights

Continued integration of Hunting Titan products across the Group:

o components being manufactured at three Hunting facilities

o sales personnel appointed in Aberdeen, Calgary, Dubai and Singapore

o site secured in UK to distribute Hunting Titan products across the EMEA region

Good progress with 'Sole Supplier' concept within Advanced Manufacturing Group

Facilities footprint now exceeding 2.7m square feet, reflecting investment and ongoing facility consolidation

Capital expenditure in the year increased to £61.6m (2011 - £58.0m) and includes:

o Completion of deepwater facility at Houma, Louisiana to service Gulf of Mexico activities

o Further investment at Wuxi, China to manufacture Hunting Titan products

o Two new distribution centres opened in North America to service onshore drilling activity

Enlarged facility at Stafford completed providing increased capacity for Hunting Subsea

Disposal of Field Aviation in April 2012 for £7.5m

Final dividend of 14.0p proposed to be paid on 1 July 2013 to shareholders on the register on 14 June 2013 (2011 - 11.0p) (+27%)


Commenting on the outlook Dennis Proctor, Chief Executive, said:

"The Group has commenced 2013 steadily, with current backlogs, facility expansions, product introductions and inquiry levels indicating that this will be another year of progress.

"In North America, market sentiment is indicating that onshore drilling will show a modest increase throughout the year, with offshore drilling remaining strong, as activity in the Gulf of Mexico increases in momentum. In Europe, current rig activity levels are providing a positive outlook for the year, while in the Middle East and Asia Pacific, our facilities are well positioned to increase their contribution to the Group's performance.

"While the Board is mindful of the current geopolitical and economic issues which prevail, it is confident of delivering a further satisfactory year."

Companies mentioned