Hunting PLC has informed that corrective cost-actions in response to market conditions across all of Hunting’s operations are underway.
The company says that this includes the reduction of operating shifts and hiring freezes, while those businesses which are most impacted by the lower levels of activity anticipated have begun programmes of headcount reductions as and where necessary.
According to the company, its Well Completion and Well Construction businesses are expected to be most affected whilst the impact on Well Intervention will be to a lesser extent.
Furthermore, Hunting says that a broader programme to curtail or reduce any non-essential costs is also underway across the Group’s global supply chain.
“Our balance sheet remains solid with modest levels of net debt and is well placed to support the Group. While the short term outlook for the industry remains unclear and challenged, we are also mindful of the longer term strategic growth opportunities for Hunting,” the company said in its latest operational update.
The Group remains well positioned for any improvement in general market sentiment, the company further added.
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