Proactive Investors - Hunting PLC (LON:HTG) stock jumped more than 20% in Wednesday’s early deals on news of a new order worth $145 million from the Kuwait Oil Company.
The order was for ‘a large quantity of premium OCTG casing’, featuring the company’s proprietary SEAL-LOCK connection, and it expects revenue to be recognised in late 2024 to early 2025.
It added that the company now projects earnings (EBITDA) for 2024 to be at the upper end of its previously forecasted range of $125 million to $135 million.
"We would like to thank KOC for this order and look forward to working with them over the coming months as we deliver on this material order,” chief executive Jim Johnson said in a statement.
"This OCTG order win is the largest in the company's history and underscores our Hunting 2030 strategic ambitions, combining our leading premium connection technology and strong end-to-end integrated supply chain in Asia Pacific.”
In London, Hunting shares were up 77.68p or 21% trading at 450.90p.