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Hunting PLC on Tuesday announced plans to restructure its Europe, Middle East & Africa operations, including site closures and job cuts, as it seeks to return the segment to profitability by early 2026. Hunting shares closed up 2.1% at 293.10 pence in London on Tuesday. The London-based supplier to the oil and gas industry said it plans to shut its Netherlands oil country tubular goods site, with future geothermal-related orders to be handled by its UK operations. The company will also consolidate OCTG threading and accessories manufacturing at its Fordoun site in Aberdeen and move all well intervention manufacturing to its Dubai facility, which is set for full commissioning in the second quarter of 2025. Hunting said it has begun workforce consultations across affected regions, with the restructuring expected to lead to job reductions, including a rationalisation of support functions in the UK. The changes are expected to generate around $10 million in annual cost savings. The company said the review, which was launched in January, assessed the medium-term outlook for oil and gas drilling activity in Europe and Hunting’s operational footprint in the region. Further details on the restructuring will be provided in Hunting’s first-quarter trading update, scheduled for April 16. Copyright 2025 Alliance News Ltd. All Rights reserved.
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