Hunting PLC announced that it has secured a $145 million OCTG order with a Middle East National Oil Company through distributor in-country. The order comprises a large quantity of premium OCTG casing, to be supplied by Hunting via its end-to-end integrated OCTG supply chain in Asia Pacific. The casing will be threaded with Hunting's proprietary SEAL-LOCK premium connection technology at its facilities across Asia Pacific, with revenue expected to be recognised from late Fourth Quarter 2024 and into 2025.

Including this new order, the Group?s sales order book has increased to c.$665 million, which is the highest in the Company?s history and provides strong earnings visibility for the Group?s Asia Pacific operating segment and OCTG product group into 2025. The order will be funded from the Group?s existing $150 million Asset Based Lending facility and, in addition, accelerated receivable solutions and bank acceptance bonds are also being put in place to shorten the overall cash conversion cycle. Previous guidance on working capital efficiency targets remains unchanged.