By Anchal Rana
(Reuters) - British energy services firm Hunting (LON:HTG) Plc said on Wednesday it expects to cross a billion dollars in sales by 2025, as it looks to diversify into international markets and beyond the traditional oil and gas sector.
The company, which counts Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) among its top customers, has been targeting projects in geothermal and carbon capture to take advantage of government subsidies to support net zero ambitions across sectors.
Hunting, which outlined its strategy ahead of its capital markets day on Wednesday, expects to deliver $1.3 billion in group sales by 2025 and $2 billion by 2030. It generated $725.8 million in revenue in 2022.
North American onshore activity has been low, which has shifted the industry's focus to robust demand in international markets and strong offshore drilling.
Hunting, is moving past heavy reliance on its largest unit Titan, which makes perforating tools mainly for onshore well completion in the U.S., to explore non-oil and gas sales with its aerospace, space, power generation, defence and medical businesses.
In the space sector, Hunting already supplies components that go into fuel systems and landing gears for Elon Musk's SpaceX and Jeff Bezos's Blue Origin.
It has also been looking at international markets such as India for steel and raw materials, to reduce reliance on China.
"China is an important part of our supply chain for OCTG ... we don't want to leave China but we surely considered diversifying our portfolio when we looked at our new investment in India," CEO Jim Johnson told Reuters.
The company expanded its joint venture with Jindal SAW in India this month with the establishment of a new threading facility in the country.
Hunting said it increased its dividend policy to deliver a 10% growth per year with potential for share buybacks.