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Hunting PLC will shut down 80% of its UK operations, The Telegraph reported Sunday. The London-based supplier of equipment to the oil and gas industry will close four of its five UK centres including its main Scottish site, Chief Executive Officer Jim Johnson reportedly said. CEO Johnson said the closures were linked to UK government windfall taxes and net-zero regulations. The energy profits levy, also known as windfall tax on oil and gas companies, has a headline rate of 78%. The UK government currently plans the tax to remain in place until March 2030, unless oil and gas prices fall below a certain level for six months. The levels are adjusted for each financial year to March 31 and are currently set at $76.12 per barrel for oil and 59 pence per therm for gas. Hunting shares had closed 1.9% higher at 328.50 pence each on Friday in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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