Sector News

Hunting reduces headcount by 30%, closes four operating sites

March 3, 2016
News

Hunting today confirmed it had reduced its headcount by 30% and closed four operating sites in the past year.

The energy services firms also said three distribution centres are currently being prepared for closure.

The confirmations came as the company reported its annual earnings.

The firm’s revenue for 2015 was $810.5million – a significant drop from last year’s $1.3billion.

Hunting recorded a loss from operations of $282.2million. The firm was also hit with $259.7million impairment and restructuring charge in the financial year.

Chief executive Dennis Proctor said: “Today’s results reflect the severity and speed of the reduction in oil and gas activity, particularly across North America. While this has created challenges for all market participants, the Group has adapted quickly to the changing market environment and remains ready to respond when industry investment recovers.”

By Rita Brown

Source: Energy Voice

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Consumer Packaged Goods

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach