PRECISION
ENGINEERING
FROM SUBSEA
TO SPACE
Hunting PLC
Annual Report and Accounts 2024
We are Hunting
Hunting is a global
precision engineering
group, which provides
quality-assured
products and services
for the energy, aviation,
commercial space,
defence, medical, and
power generation
sectors.
Financial highlights
Revenue
$
1,048.9
m
(2023 – $929.1m)
EBITDA*
$
126.3
m
(2023 – $102.4m restated)
Diluted (loss) earnings per share
(17.6)
cents
(2023 – 65.9 cents restated)
Non-financial highlights
Total recordable incident rate
0.93
(2023 – 0.91)
Internal manufacturing reject rate
0.31
%
(2023 – 0.20%)
Scope 1 and 2 emissions
tonnes CO
2
e
22,233
(2023 – 22,599 restated)
Gross profit
$
271.9
m
(2023 – $227.7m)
(Loss) profit before tax
$
(33.5)
m
(2023 – $41.1m restated)
Sales order book*
$
508.6
m
(2023 – $565.2m)
Market highlights
Average WTI crude oil price
$
76
per bbl
(2023 – $78 per bbl)
Global drilling capital investment
$
214.5
bn
(2023 – $212.6bn)
Global average rig count
#
1,691
(2023 – 1,765)
*Non-GAAP Measure
see pages 255 to 262.
Strategic Report
At a Glance
2
Company Chair’s Statement
6
Hunting 2030 Strategy
10
Key Performance Indicators
18
Market Indicators
19
Business Model
20
Chief Executive’s Report
34
Market Summary
40
Product Review
44
Operating Segment Review
55
Group Financial Review
60
ESG and Sustainability
68
Task Force on Climate-related Financial
Disclosures (“TCFD”)
88
Risk Management
102
Viability Statement and Going Concern
110
Section 172(1) Statement
112
Corporate Governance
Introduction to Corporate Governance
114
Board of Directors
116
Executive Committee
118
Corporate Governance Report
119
Nomination Committee Report
131
Ethics and Sustainability Committee Report
133
Remuneration Committee Report
136
– Remuneration at a Glance
140
– Directors’ Remuneration Policy
142
– Annual Report on Remuneration
151
Audit and Risk Committee Report
161
Directors’ Report
167
Financial Statements
Independent Auditor’s Report to
the Members of Hunting PLC
171
Consolidated Income Statement
184
Consolidated Statement of
Comprehensive Income
185
Consolidated Balance Sheet
186
Consolidated Statement of Changes in Equity
187
Consolidated Statement of Cash Flows
189
Notes to the Consolidated Financial Statements
190
Company Balance Sheet
246
Company Statement of Changes in Equity
247
Notes to the Company Financial Statements
248
Other Information
Non-GAAP Measures
255
Financial Record
263
Shareholder and Statutory Information
264
Glossary
266
Professional Advisers
270
Our Strategy
Hunting is a constituent of the
FTSE 250 Index quoted on the
London Stock Exchange in the Equity
Shares in Commercial Companies
(“ESCC”) category. Our strategy is
to manufacture products and deliver
services to our customers, wherever
in the world they are operating.
10
Key Performance Indicators
Our primary sector of focus is the
energy industry. Many of Hunting’s
products are used across the life
cycle of an oil and gas well in
addition to geothermal and carbon
capture wells. Our performance is,
therefore, driven by high-value,
resilient end-markets.
18
Our Stakeholders
Our strategy is aimed at creating
sustainable value for our shareholders
and other stakeholders, including
employees, customers, suppliers,
governments, and communities.
24
Our Product Groups
Our five key product groups are:
Perforating Systems, OCTG,
Advanced Manufacturing, Subsea,
and Other Manufacturing.
Non-oil and gas revenue
is derived across all of these
key product groups.
44
Our Operating Segments
The Group is managed through
five operating segments:
Hunting Titan; North America;
Subsea Technologies; Europe,
Middle East and Africa (“EMEA”);
and Asia Pacific.
55
Corporate Governance
Our Board’s experience extends
from energy to aviation and other
non-oil and gas sectors. Hunting
expects to accelerate the Group’s
non-oil and gas offering in the
coming years to diversify our revenue
and profit streams, thereby reducing
the cyclicality of our earnings.
113
Contents
Hunting PLC
Annual Report and Accounts 2024
1
Corporate Governance
Financial Statements
Other Information
Strategic Report
At a Glance
Product groups
2024 has been a year of strong delivery against
several important milestones, which were announced
as part of the Hunting 2030 Strategy. Progress has
been made in growing our OCTG, Advanced
Manufacturing, and Subsea product groups, while
our Perforating Systems product group reported
trading headwinds. Hunting reports good improvement
in both revenue and EBITDA as international and
offshore markets have continued to increase drilling
activity across the energy sector. Progress has also
been made within our Energy Transition and non-oil
and gas strategies, which have contributed to our
strong results.
Perforating Systems
Hunting’s Perforating Systems product offering
includes integrated gun systems, energetics and
instruments for the energy sector. The Group’s
H-2™, H-3™, and H-4™ perforating systems
offer an integrated well completion solution to
clients, which increases safety and efficiency.
Hunting’s energetics products include the
EQUAFrac™ suite of charges, which improve
firing accuracy and efficiency. Complementing
these products, Hunting’s instruments, detonation
cord, and other important components, enable
the Group to offer the broadest range of onshore
completion solutions to clients.
OCTG
Hunting’s Oil Country Tubular Goods
(“OCTG”) product offering includes premium
connections, accessories, and tubing. The
Group’s proprietary connection technologies
include SEAL-LOCK™, WEDGE-LOCK™, and
TEC-LOCK™, which address most oil and gas
resource developments. Hunting’s connection
technology is also applicable to the energy
transition sector, serving geothermal energy
and carbon capture and storage developments.
The Group provides an independent OCTG
supply chain to clients, sourcing through either
distributors in North America or steel mills
in Asia Pacific.
Reported through:
Hunting Titan
EMEA
Reported through:
Hunting Titan
North America
EMEA
Asia Pacific
READ MORE ON PAGE 44
READ MORE ON PAGE 46
Hunting PLC
Annual Report and Accounts 2024
2
Strategic Report
Corporate Governance
Financial Statements
Other Information
Revenue
$m
EBITDA*
$m
At a Glance
continued
Advanced Manufacturing
Hunting’s Advanced Manufacturing product
offering leads the Group’s non-oil and gas
revenue diversification initiatives and includes
high performance electronics and precision
engineered products, which are utilised in both
energy related and non-oil and gas applications.
Our electronics business manufactures high
temperature/high pressure printed circuit boards
used in downhole measurement tools as well
as other sectors such as the medical sector.
Our precision engineering business, Dearborn,
manufactures MWD/LWD well tool housings,
periscope tubes, aerospace engine shafts,
power generation turbine shafts and products
used in commercial space applications.
Subsea
Hunting’s Subsea product offering comprises
three sub-groups: hydraulic couplings and
valves, used within subsea tree systems;
titanium stress joints, which are applied to
floating production, storage and offloading
facilities; and flow access modules and flow
intervention systems used in modular offshore
field developments. A key theme of all these
products is to enable the safer and quicker
delivery of oil and gas for our customers and,
therefore, cash flow from offshore developments.
Other Manufacturing
Hunting’s Other Manufacturing products include
well intervention and testing equipment, which is
either sold to, or rented by, clients. The Group’s
trenchless technologies business sells into the
global telecommunications industry and forms
part of this product group given its size and
profile. Other Manufacturing also includes our
licensed organic oil recovery (“OOR”) product,
which is an enhanced oil recovery technology
that increases oil production in a well, and
reduces H
2
S levels in the reservoir.
Reported through:
Hunting Titan
North America
Reported through:
Subsea Technologies
Reported through:
North America
EMEA
Asia Pacific
READ MORE ON PAGE 48
READ MORE ON PAGE 50
READ MORE ON PAGE 52
222.7
126.9
463.7
147.1
88.5
Product groups
Perforating Systems
OCTG
Advanced Manufacturing
Subsea
Other Manufacturing
*Non-GAAP measure see NGM C on pages 256 and 257.
1.4
80.2
11.8
30.0
2.9
Hunting PLC
Annual Report and Accounts 2024
3
Strategic Report
Corporate Governance
Financial Statements
Other Information
Operating
sites
Distribution
centres
Year-end
employees
Hunting
Titan
3
(2023 – 4)
12
(2023 – 14)
514
(2023 – 622)
North
America
10
(2023 – 10)
2
(2023 – 2)
886
(2023 – 900)
Subsea
Technologies
2
(2023 – 3)
0
(2023 – 0)
223
(2023 – 196)
EMEA
7
(2023 – 7)
0
(2023 – 0)
277
(2023 – 270)
Asia
Pacific
3
(2023 – 3)
0
(2023 – 0)
378
(2023 – 346)
Revenue
$m
EBITDA*
$m
Operating segments
Hunting’s North America, Subsea Technologies,
and Asia Pacific operating segments reported strong
increases in revenue in the year, offsetting weaker
performances from Hunting Titan and EMEA, leading
to the overall growth reported in revenue, earnings
and cash generation.
At a Glance
continued
220.5
237.4
357.3
147.1
86.6
Operating segments
Hunting Titan
North America
Subsea Technologies
EMEA
Asia Pacific
*Non-GAAP measure see NGM C on pages 256 and 257.
0.6
62.2
30.0
(7.9)
41.4
Hunting PLC
Annual Report and Accounts 2024
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Strategic Report
Corporate Governance
Financial Statements
Other Information
Our global
locations
Operating sites
25
Distribution centres
14
Year-end employees
(including head office)
2,367
Hunting global locations
Hunting Titan
North America
Subsea Technologies
EMEA
Asia Pacific
Joint Ventures and Associates
At a Glance
continued
Hunting PLC
Annual Report and Accounts 2024
5
Strategic Report
Corporate Governance
Financial Statements
Other Information
Company Chair’s Statement
150 years,
moving forward
The past year was very successful as the Company
achieved a number of strategic goals, which has given an
air of optimism for future success. The progress made during
2024 on the path to reach our 2030 targets, outlined in the
Capital Markets Day, demonstrates that we remain on track.
On behalf of the Directors, I would like to thank the senior
leadership team and our wider workforce for the progress
made in the year.
Revenue
$
1,048.9
m
(2023 – $929.1m)
Dividend per share declared
11.5
cents
(2023 – 10.0 cents)
Hunting PLC
Annual Report and Accounts 2024
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Strategic Report
Corporate Governance
Financial Statements
Other Information
Company Chair’s Statement
continued
Hunting 150th anniversary
In April 2024, the Company celebrated its 150th
anniversary. The special occasion allowed a look
back at the remarkable accomplishments in our
history as well as providing an air of optimism
for the future.
There was participation in the celebrations
across all of our regions of operation by so many
individuals who are part of the fabric and culture
of the Company and who make being part of
Hunting very special.
Market environment
During 2024, there were many changes in the
geopolitical backdrop facing the Group. These
events bring a positive outlook for the future of
energy markets from both an energy security
and regulatory environment perspective.
Offshore and international markets offer multi-year
growth opportunities, with the Company delivering
success, particularly in South America, with our
Subsea products group, but also in the Middle
East with the securing of the major OCTG orders
with Kuwait Oil Company (“KOC”).
The onshore North American market was more
challenging in 2024 as lower natural gas prices
curtailed activity. We will aggressively manage
the costs within our control in this area of the
market, roll out new technology, and drive
efficiencies in the year ahead to restore
profitability to the Hunting Titan operations.
The political climate in the UK has led to a
reduction in drilling over recent years, leading
to losses for the EMEA operating segment.
This has resulted in a major restructuring, which
was announced in January 2025, with the aim
of aligning our cost base with the outlook for
the region.
Financial performance
Hunting has delivered another year of strong
financial results. Revenue grew 13% from
$929.1m in 2023 to $1,048.9m in 2024.
The major contributor to this increase was the
successful award of the $231m KOC contracts.
This award was the result of several years of
tender and vendor qualification. The planning
and execution of this contract demonstrates the
Company’s ability to manage large scale projects.
During the project, the commercial terms meant
that our working capital profile was well managed,
which is another achievement in the year, as our
strong year-end total cash and bank/(borrowings)
result makes clear. Our Subsea product group
also delivered on major projects in Guyana,
continuing the success with ExxonMobil.
EBITDA grew 23% from $102.4m in 2023 to
$126.3m, as a result of the growth in the OCTG
and Subsea product groups.
Our adjusted profit before tax was $75.6m
compared to $50.0m in 2023. Following the
$109.1m impairment within the Hunting Titan
operating segment, the loss before tax was
$33.5m (2023 – $41.1m profit).
Free cash flow of $139.7m increased by $140.2m
from 2023. Major contributors to this strong result
included working capital efficiency gains and
earnings results.
The refinancing of our committed borrowing
facilities, completed in October 2024, also
supports the Group’s 2030 ambitions. At the
year-end, our balance sheet strength gives the
Company the ability to further invest in our
strategic initiatives.
With the year-end total cash and bank/
(borrowings) results noted above of $104.7m
at 31 December 2024, we have the firepower to
execute growth both organically and through M&A.
The Company is very disciplined in identifying
acquisition opportunities that are consistent with
the Capital Markets Day commitments, and
which meet our financial targets.
Dividend
Based on our success in the year, and in line
with our Capital Markets Day commitments,
the Directors are declaring a Final Dividend of
6.0 cents per share (2023 – 5.0 cents) which
takes our total dividend for the year to 11.5 cents
per share (2023 – 10.0 cents) or an increase of
15%. The Final Dividend is subject to approval
at the Company’s Annual General Meeting
on 16 April 2025.
Board succession
Over the past four years, the Board’s succession
plan has been executed in a manner that aligns
our skill sets with future strategy.
In January 2024, Margaret Amos joined the Board.
Margaret brings significant aerospace expertise
to Hunting, which is an area we seek to grow in
the coming years as we continue to diversify our
revenue streams.
In April 2024, John (“Jay”) Glick stepped down
as Company Chair. Jay led the Company through
challenging times and set the path for the future
strategy. We thank him for his years of service to
the Company and wish him well for the future.
In February 2025, we announced the retirement of
Annell Bay after ten years’ service to the Company.
Annell’s accomplishments as Chair of the
Remuneration Committee are significant and
include the process of developing and gaining
shareholder approval for the 2024 Directors’
Remuneration Policy.
Both Jay and Annell have been instrumental in
assisting me in my transition to Company Chair.
In H2 2024, the Nomination Committee began
a process to appoint a new, independent,
non-executive Director. On 3 March 2025,
we announced the appointment of Catherine
(“Cathy”) Krajicek. Cathy brings to the Board deep
oil and gas industry knowledge and significant
international experience to assist in continuing
our long-term growth plans in the energy sector.
Cathy will automatically retire and offer herself
for reappointment by shareholders at the
Company’s 2025 Annual General Meeting.
Since my appointment as Company Chair in April
2024, I have been extremely impressed with the
quality and depth of our team. The management
team is focused on executing the Capital Markets
Day strategy and reaching the outlined targets.
The culture of technology, safety, and employee
engagement is visible across the Company. The
transparency and trust with our shareholders has
been evident in all my meetings. I look forward to
the continued success of the Company.
Stuart M. Brightman
Company Chair
6 March 2025
Hunting PLC
Annual Report and Accounts 2024
7
Strategic Report
Corporate Governance
Financial Statements
Other Information
Hunting 150th anniversary
As we look to the next
150 years, this culture will
be the basis of future growth,
and like the last 150 years,
it will be our workforce and
communities which will drive
that success.
In April 2024, the Company celebrated its 150th
anniversary, commemorating the milestone of the
formation of the first Hunting company, way back
in 1874. The commercial vision of Charles Hunting,
which started in shipping, has been underpinned
by a very special culture, one which can be seen
today across all our businesses, which is our
focus on our employees.
Hunting’s commitment to its workforce has
been the main contributor to our success over
the years. Keeping our employees safe, paying
fair compensation, supporting development
and personal success are all key themes
of our businesses.
Throughout 2024, each location around the world
organised events, from the US to China, to mark
this year of celebration in their own regional style.
In London, many of our European employees
were invited to an event at the National Portrait
Gallery, where shareholders, advisers, members
of the Hunting family, and Board members came
together to share this milestone.
Our facilities in Dubai and Netherlands paid
homage to our maritime heritage with traditional
boat trips – one circling the Jumeirah Beach
area and another venturing from the Netherlands
facility into Amsterdam and back. To celebrate
our 150th anniversary in North America, a variety
of luncheons took place.
In Singapore, our employees raised their glasses
in a spirited “Yam Seng” toast, symbolising
wishes for ongoing prosperity in this timeless
tradition. Meanwhile, in Batam, employees came
together to form the iconic figures “150”, “1874”
and “We are Hunting” in a meticulously organised
formation — a visual homage to our enduring
corporate identity.
Community events were held and donations
were made across the Group, to recognise the
communities in which we operate and support.
These celebrations, showcasing cultural diversity
and a shared spirit, highlight the solid foundations
of the Group. As we look to the next 150 years,
this culture will be the basis of future growth, and
like the last 150 years, it will be our workforce and
communities which will drive that success.
We are Hunting.
Hunting PLC
Annual Report and Accounts 2024
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Strategic Report
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Financial Statements
Other Information
1
Throughout 2024 each
location around the world
organised events, from the
US to China, to mark this
year of celebration.
1.
Our employees in Batam, Indonesia celebrated
in unique style.
2.
In London, our European staff attended
an event at the National Portrait Gallery.
3.
Members of the Hunting Family also took
part in the event.
4.
Current and former Directors also attended.
5.
Our staff in Houston also held celebratory
luncheons.
6.
In Singapore, a celebratory toast was raised
looking to the next 150 years.
The Directors gathered in
London to meet employees and
members of the Hunting Family.
Hunting 150th anniversary
continued
Hunting PLC
Annual Report and Accounts 2024
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Strategic Report
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Other Information
4
6
5
3
2
Hunting
Following our Capital Markets Day in September
2023, where the Directors and senior leadership
team launched the Hunting 2030 Strategy, 2024
saw impressive execution on a number of strategic
milestones, which will assist in the delivery of our
medium-term targets. The strategy is aimed at
delivering revenue and profit growth to the end
of the decade and beyond, supporting stronger
free cash flow generation and sustained returns.
Our revenue diversification strategy, which
includes building a baseload of earnings from
non-oil and gas end-markets, is targeted at
reducing the cyclicality of the Group’s financial
performance, even though the Directors see
resilient, long-term demand for our products
and services, which support the global energy
industry. The strategy, which is underpinned
by four strategic pillars, will be delivered through
Hunting’s current portfolio of businesses as well
as through targeted bolt-on acquisitions.
Jim Johnson
Chief Executive
Hunting 2030 Strategy
2030
Hunting PLC
Annual Report and Accounts 2024
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Financial Statements
Other Information
Hunting 2030 Strategy
continued
Hunting 2030 Strategy
Hunting has defined four strategic pillars
to deliver growth in the long term
ESG and
sustainability
READ MORE
ON PAGE 15
Strong returns
READ MORE
ON PAGE 13
Growth
READ MORE
ON PAGE 12
Operational
excellence
READ MORE
ON PAGE 14
Hunting 2030 financial and
investment return targets
We are targeting c.$2.0 billion
of annual revenue by 2030
Our operational growth strategy is supported
by strong market fundamentals and independent
market commentary that point to sustained
demand for oil and gas and committed industry
capital expenditures. The Group has set a 2030
revenue goal of c.$2.0 billion p.a., comprising
75% sourced from oil and gas and 25% from
non-oil and gas sectors, including the energy
transition sector.
Deliver ROCE of 15% or greater by 2025
The Group is focused on retaining a strong
balance sheet and maximising its return on
capital employed through careful management
of its working capital. Management has set a
target of a working capital to annualised revenue
ratio of c.35% by 2025, to deliver superior returns
compared to our peers. To achieve this, long-term
working capital targets of 130 days for inventory,
75 days for receivables and 45 days for payables
have been set.
Increase dividend distributions by a
minimum of 10% per annum to 2030
We are seeking to return cash to shareholders,
primarily through dividend distributions, with
the Board targeting a steady increase to 2030
of 10% p.a.
Deliver a more efficient business platform
To ensure that we operate efficiently, the
Group is focused on disposing non-core
and underperforming investments and product
lines, thereby reducing the global operational
footprint by c.10% and reducing fixed costs
by c.$6 million p.a., including simplifying the
management structure and back office services.
Increase our EBITDA margin
to 15% or greater
Our focus on delivering technology that attracts
high margins, containing costs, and maximising
the output from our current operating footprint
are our key drivers to meet the EBITDA margin
target of 14-16% by the end of 2025, and
exceeding this target by 2030.
Generate c.$750 million of cumulative
free cash flow by 2030
With increased revenue and margins, supported
by stringent management of our balance sheet,
we are targeting an EBITDA to free cash flow
conversion rate of 50% and aiming to deliver
c.$750 million of cumulative free cash flow through
to the end of the decade. This target is on a
post-capex basis.
Net leverage of less than 1.5x EBITDA
through the period to 2030
By maintaining a strong balance sheet, liquidity,
and a prudent approach to debt, a long-term
net leverage of 1.5x EBITDA is targeted.
Underpinned by our diversified portfolio
of businesses and targeted bolt-on
acquisitions
Risks to the strategic pillars of the 2030 Strategy
1
Increased competition and market consolidation
2
Geopolitical instability
3
Adverse movement in commodity prices
4
Information technology and cyber security
5
Our ability to achieve our strategic goals depends
on how we react to external and internal forces
6
Legal and compliance risk
7
Loss of key executives or staff and shortage of key staff
8
Climate change and energy transition
9
Product quality and reliability
10
Work environment issues including health and safety
Hunting PLC
Annual Report and Accounts 2024
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Other Information
Growth
Our aim is to continue to develop
our global presence and supply a
comprehensive range of products
used in the wellbore and through
expansion into complementary
non-oil and gas sectors.
Our diversified portfolio of products,
which are offered in strategic global
locations, will enable us to produce
high levels of profitability and free
cash flow.
Our cash generation will facilitate
our growth through investment
in our existing businesses and
through acquisition.
Retain focus on global oil and gas
opportunities, specifically growing our
subsea and offshore-focused businesses
Crude oil and natural gas are forecast to be two
critical primary energy sources for many decades
to come. As developed and emerging economies
seek growth and energy security, hydrocarbon
resources will remain part of the energy
landscape alongside other renewable and low
carbon energy sources. The Group will continue
to broaden its product offering and introduce
critical technologies through R&D and targeted
mergers and acquisitions (“M&A”). The offshore
sector of the global energy industry provides
predictable and sustained hydrocarbon
production, which have increased in importance
for project developers in recent years.
Develop a global position in the energy
transition sector
The energy transition sector is an area of
significant opportunity for Hunting, as global
efforts to decarbonise the energy supply chain
accelerate. The Group sees strong growth in
supplying products for geothermal as well as
carbon capture and storage projects, which
are increasingly demanding high-performance
technology and materials that can deliver
multi-decade benefits to the energy industry.
Progress in high-value, non-oil
and gas industries
Given the cyclicality of the oil and gas industry,
a key part of our strategy is to build a less volatile
revenue and profit profile. This will be delivered
through organic and acquisitive growth of non-oil
and gas businesses. We currently sell into several
non-oil and gas end-markets, such as the
aviation, commercial space, defence, medical,
and power generation sectors, and will continue
to leverage our world-class precision engineering
and manufacturing know-how into these
high-quality markets and industries.
Progress in the year
Related KPIs
Revenue; non-oil and gas revenue; EBITDA; adjusted
profit before tax; adjusted diluted earnings per share;
total shareholder return; and free cash flow.
SEE PAGES 18 AND 19
Related risks
1
2
3
5
7
8
9
SEE PAGES 104 TO 109
01
Maintained a strong sales order
book driven by the OCTG, Advanced
Manufacturing, and Subsea product
groups. We ended the year with
an order book of $508.6m
(2023 – $565.2m).
02
Secured record orders with Kuwait Oil
Company, with OCTG sales now 44%
(2023 – 43%) of total revenue.
03
Strong results delivered from the
Subsea product group as orders for
Hunting’s titanium stress joints for
ExxonMobil were completed through
the year.
04
Delivered large-scale
commercialisation of the Group’s
licensed Organic Oil Recovery
technology – dependent on volumes
and assumed extensions could result
in c.$60 million of contracts won
in H2 2024.
05
Accelerated our strategy in India,
with the securing of an API threading
licence at Hunting’s Nashik facility
– profit contributed from the Jindal
Hunting Energy Services joint venture
totalled $2.3m (2023 – $0.2m loss) in its
first full year of operation.
06
Non-oil and gas revenue totalled
$75.1m (2023 – $75.9m) in the year, with
an increase in the sales order book for
aviation clients.
07
Recorded $14.7m of energy transition
revenue in the year, predominantly for
geothermal projects in Asia Pacific,
Europe and North America.
08
Secured exclusive sales,
manufacturing and distribution rights
for CRA-Tubulars’s titanium-lined
carbon fibre tubing technology
in North America and Europe for
five years. Further investment in
Cumberland Additive was also made.
Hunting 2030 Strategy
continued
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Other Information
Strong returns
In the growth phase of the oil and
gas cycle, our business has the
capability to produce high levels of
profitability, strong cash generation,
and solid returns on capital, leading
to increased distributions to
shareholders. To reduce the
impact of oil and gas cyclicality
on profitability, the Group is targeting
opportunities in the energy transition
sector in addition to growing its
revenue from the commercial space,
defence, medical, and power
generation sectors. The Group
continues to look for opportunities
to reduce its fixed cost base to
ensure that it is more efficient.
Increase EBITDA
The Group is targeting strong growth in
its EBITDA profile, with an ambition of at least
$300m p.a. by the end of the decade (based on
meeting the $2.0bn of revenue and 15% EBITDA
margin ambition). This target will be delivered
through both organic growth and material
contributions from acquisitions to be secured
in the coming years.
Improve working capital efficiencies
Hunting has a working capital to annualised
revenue ratio target of 35% to be delivered
by the end of 2025. Improvements to inventory
and receivables are the key levers to delivering
this ambition, supported by the use of working
capital solutions and instruments, which
shorten the cash cycles of some of our more
capital-intensive contracts.
Deliver strong cash flow conversion
Generating and releasing cash from our capital
employed, thereby increasing EBITDA, will lead to
Hunting meeting its stated long-term objective of
a 50% EBITDA to free cash flow conversion rate.
Increase shareholder returns
Capital growth and increased dividends are
the primary methods of delivering returns to
our shareholders. The targeted increase in our
dividend, of at least 10% p.a. to the end of the
decade, is a key commitment by the Directors
as part of our Hunting 2030 Strategy.
Progress in the year
Related KPIs
Revenue; non-oil and gas revenue; EBITDA; adjusted
profit before tax; adjusted diluted earnings per share;
dividend per share declared; total shareholder return;
free cash flow; working capital to annualised revenue
ratio; and return on average capital employed (“ROCE”).
SEE PAGES 18 AND 19
Related risks
1
2
3
5
8
9
SEE PAGES 104 TO 109
01
Delivered 23% increase in EBITDA
to $126.3m (2023 – $102.4m restated).
02
Delivered a 3 percentage point
increase in ROCE to 9% (2023 – 6%).
03
Delivered 15% increase to total
dividends declared to 11.5 cents
(2023 – 10.0 cents).
04
Delivered $75.1m (2023 – $75.9m)
in non-oil and gas sales, which
represents 7% of external revenue.
05
Delivered year-end total cash
and bank/(borrowings) of $104.7m
(2023 – $(0.8)m).
06
Delivered a working capital to
annualised revenue ratio of 29%
(2023 – 46%).
07
Delivered a $6.5m annualised cost
base reduction within Hunting Titan.
08
Delivered a 111% EBITDA to free cash
flow conversion rate.
Hunting 2030 Strategy
continued
Hunting PLC
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Corporate Governance
Financial Statements
Other Information
Operational excellence
Our people are at the heart of our
business, and we ensure that their
health, safety and well-being are a
priority. We operate in competitive
and cyclical sectors, which are high
profile and well regulated. To be
successful, we must deliver reliable
products, which are quality-assured
to the highest industry standards,
and assist safer processes for our
customers. We strive to ensure that
our working capital is managed
efficiently to enable timely delivery
of our products to our customers.
Maintain and improve our health
and safety performance
The safety of our employees remains a key
management priority as it informs our clients
of our approach to delivering a best-in-class
service offering.
Increase training and development
for our workforce
Training continues across the Group in many
areas, including HSE, quality assurance, IT and
cyber awareness, financial, and other important
operational policies covered within our Code
of Conduct training programme.
Continue to deliver strong
quality-assured products
Our products operate in some of the harshest
environments, therefore delivering products
that consistently perform and which protect
our customers, suppliers, employees and the
environment remains a key area of focus.
Our facilities continue to secure
key manufacturing accreditations
Hunting has continued to seek important
ISO accreditations including manufacturing
excellence, and environmental management.
We aim for zero recordable incidents
and fatalities
Protecting our employees and contractors
who work out of our facilities is a key focus.
Progress in the year
Related KPIs
Working capital to annualised revenue ratio; total
recordable incident rate; and internal manufacturing
reject rate.
SEE PAGES 18 AND 19
Related risks
4
5
6
7
9
10
SEE PAGES 104 TO 109
01
Our total recordable incident rate
in the year was 0.93 (2023 – 0.91),
reflecting a broadly consistent
performance for health and safety,
and averaging 0.94 over the past
three years.
02
Recorded training in the year totalled
68,834 hours (2023 – 48,013 hours) as
broad-based efforts to develop and
protect our workforce were enhanced.
03
Our internal manufacturing reject
rate was 0.31% (2023 – 0.2%),
demonstrating our production
excellence.
04
Our joint venture facility in Nashik,
India secured its API licence in May
2024, which supports our drive to
expand our customer base in-country.
05
In the year, we manufactured
15.6m (2023 – 23.0m) parts, with
only 0.0006% (2023 – 0.0006%)
of shipped parts returned.
06
We are pleased to report that there
were zero fatalities (2023 – zero)
for employees and contractors
in the year.
07
76% (2023 – 78%) of our facilities
accredited with the ISO 9001: 2015
(quality management systems)
standard.
08
Cyber and IT training also increased
in the year, as new systems
were deployed.
Hunting 2030 Strategy
continued
Hunting PLC
Annual Report and Accounts 2024
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Financial Statements
Other Information
ESG and sustainability
We are committed to acting with
high standards of integrity and
creating positive, long-lasting
relationships with our customers,
suppliers, employees, and the wider
communities in which we operate.
We are also focused on managing
and reducing our carbon footprint
and impact on climate change.
Our employees are our most important
asset, and we aim to keep our voluntary
turnover rate low
Hunting strives to keep our employee attrition
rates low as it reduces the risk of injury, it reduces
costs associated with hiring and training new
employees, ensures that productivity remains
high, and a stronger company culture prevails.
Our attention to training, as noted above, supports
our drive to improve efficiency, which keeps our
workforce safe.
We continue to seek ways of reducing
our carbon footprint and encourage our
suppliers and customers to do the same
Hunting continues to improve its carbon and
climate reporting to enable our investors and
other stakeholders to understand our impact
on the environment. We are targeting a reduction
in our scope 1 and 2 greenhouse gas emissions
by 50% from our 2019 baseline year and to
purchase 50% of our energy from renewable
sources by the end of the decade.
We will enhance our carbon and climate
reporting to enable our stakeholders
to understand Hunting’s impact on
the environment
Hunting now reports scope 1, 2 and 3 emissions
and will continue to seek enhancement to our
scope 3 data collection in the year ahead.
Assurance of our 2023 scope 1 and 2 data
was completed in the year.
We are committed to ethical ways of
doing business, which includes transparent
business dealings and having a zero
tolerance to modern slavery
Hunting’s culture encourages the highest levels
of ethical behaviour and to this end has strong
anti-bribery and corruption, modern slavery
and sanctions policies.
Progress in the year
Related KPIs
Total recordable incident rate; internal manufacturing
reject rate; total scope 1 and 2 emissions; CO
2
intensity
factor; total purchased electricity; and renewable
energy purchased.
SEE PAGES 18 AND 19
Related risks
5
6
7
8
10
SEE PAGES 104 TO 109
01
Our total scope 1 and 2 GHG emissions
of 22,233 tonnes were down year-on-
year (2023 – 22,599 tonnes, restated),
despite activity and revenue
increasing 13% in the year.
02
Our reporting of scope 3 emissions
was expanded in the year, with data
collected from four out of five
operating segments against 11
of the 15 scope 3 pillars.
03
Our CO
2
intensity factor was
21.2kg/$k of revenue (2023 – 24.3kg/$k
of revenue, restated) demonstrating
a further reduction in the year as our
operating efficiencies increased.
04
Electricity purchased from renewable
sources was 21% (2023 – 23%).
05
Zero environmental fines or incidents
in the year (2023 – zero).
06
The recordable incident rate was
0.93 (2023 – 0.91) and our internal
manufacturing reject rate was
0.31% (2023 – 0.2%) in the year.
07
In the year, our voluntary turnover
rate was 10.3% (2023 – 13.5%), and
the average tenure of our employees
is nine years (2023 – nine years),
which helps us mitigate HSE risk.
08
Hunting had zero (2023 – zero)
bribery-related fines in the year.
Hunting 2030 Strategy
continued
Hunting PLC
Annual Report and Accounts 2024
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Other Information
Investment proposition
Hunting PLC’s investment case
is based on technology, precision
engineering core competencies,
and a deep knowledge of the
global energy and advanced
manufacturing industries.
Our strategy and expertise will
drive long-term growth, providing
leverage to deliver our value
proposition into new sectors.
Our core competencies
Our strategic differentiators
position us competitively
Our sectors of focus
are resilient
Our financial returns
are gaining momentum
Leadership in:
• Systems, design and precision
engineering;
• Bespoke manufacturing; and
• Metallurgy and materials.
Investing in our people to provide:
• Innovation and a competitive edge,
protected through patents and
trademarks;
• Engineering and technical leadership
to attract blue-chip customers from
multiple end-markets; and
• A premium service culture.
Global operating presence
in key locations and exposure to
high-growth markets with proven
controls over:
• Quality assurance;
• Health and safety; and
• Carbon emissions.
Strong, experienced management
team to:
• Pursue growth across complex
and competitive sectors;
• Diversify revenue to ensure long-term
resilience;
• Navigate through market cycles; and
• Ensure M&A targets are aligned with
our long-term strategy.
Diversified portfolio:
Hunting has a diversified portfolio of
market-leading technologies, products
and services that address many areas
of the energy and non-oil and gas supply
chain. The Group holds over 400 patents
and trademarks across key technologies
and geographies.
Efficiency:
Our precision-engineered products are
highly reliable and assist in higher safety
protocols and more efficient procedures
for our customers, wherever they
are deployed.
Commercial agility:
Hunting is able to leverage its world-
class engineering and manufacturing
capabilities into the energy transition
sector and into high-quality non-oil and
gas markets and industries through its
global presence. Our commercial agility
within the markets we serve helps us
to remain a technology leader, often
with a compelling market share.
Our ESG principles:
Hunting has an established culture based
on its highly skilled and trained workforce,
resulting in strong quality-assured
products and a robust HSE record.
Our ESG principles help us drive growth
and internal efficiencies, increase safety
for both our workforce and that of our
customers, and lower carbon emissions
through operational effectiveness and
technological innovation.
Oil and gas:
The global energy industry, particularly
oil and gas, is a long-term driver of
economic growth. This is likely to
be the case for many years to come.
Energy transition:
Energy transition opportunities are
complementary to our core oil and gas
markets, which is a further area of
long-term growth for the Group.
Other non-oil and gas:
Aviation, commercial space, defence,
medical, and power generation sectors
have long-term growth prospects.
These are resilient markets that support
economic prosperity and use our
precision engineering expertise, which
will reduce cyclicality in our earnings.
Strong growth profile:
Hunting has increased its revenue, profits
and cash flows as market conditions
have improved across the year.
Improved margins:
Stronger pricing and higher facility
utilisation levels have enhanced
operating margins and earnings.
Improved earnings:
Increased earnings have led to higher
shareholder and capital returns in the
form of dividend distributions and
capital growth.
Cash generation:
Consistently turning profit into free
cash flow.
Strong balance sheet:
• Improving balance sheet efficiency;
• Financial stability; and
• Revolving Credit Facility and Term
Loan provide liquidity.
Progressive financial returns:
• Revenue and profit growth;
• Fixed cost reduction strategy, delivering
a more efficient business platform;
• Increasing EBITDA to free cash flow
conversion; and
• Dividend growth.
Hunting 2030 Strategy
continued
Hunting PLC
Annual Report and Accounts 2024
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Other Information
Hunting’s proprietary premium and semi-premium
connections include our SEAL-LOCK™,
WEDGE-LOCK™ and TEC-LOCK™ families of
connections. Our strategy, which has extended
over many years, is to provide customers with a
connection that will assist in the development of
any resource type, whether that be conventional
vertical wells, highly deviated deep-water wells
or high-torque extended length wells. We pride
ourselves on being able to assist in the supply
of a connection, no matter how challenging
the well environment is.
In recent years, we have evolved our offering to
better address customer needs by providing raw
material OCTG feedstock at the most competitive
price, while applying our best-in-class premium
connections for our customers.
In North America, this has meant focusing
our sales of connections using the extensive
OCTG distributor network across the US, where
a customer relies on Hunting to source the OCTG
at a competitive price, with our connection being
added. This gives Hunting and the client
independence from any one steel mill or OCTG
producer and gives maximum cost flexibility to
the customer when it is planning a well design.
Internationally, Hunting uses several Chinese
steel mills as its strategic supply channel for
OCTG, where Hunting has developed compelling
relationships over many years. Combining
Hunting’s connections with this competitively
priced OCTG feedstock has enabled Hunting
to challenge larger players in the OCTG market
and has allowed Hunting to be highly competitive
within much larger OCTG contracts – the success
with Kuwait Oil Company (“KOC”) being a key
example of our success in recent years.
In May/June 2024, we announced the securing of
orders totalling $231m, supplying c.90,000 tonnes
of OCTG with Hunting’s SEAL-LOCK XD™
connection applied. The winning of this order
was the result of five years of qualification of both
the Chinese OCTG from Henyang Valin Steel,
and Hunting’s premium connections. The project
was for deepwater gas developments offshore
Kuwait, which is part of a wider strategy to
increase domestic production in-country. Project
teams from KOC, Hunting and Henyang worked
hard to complete the qualification processes,
with Hunting also completing a smaller order
at the start of the year for KOC to confirm quality
and supply logistics.
The KOC orders are being completed in eight
shipments, four of which were delivered in 2024,
with the remainder to be completed in H1 2025
– supporting our 2025 financial targets.
Hunting would like to thank KOC for its support
and confidence.
Growing OCTG internationally
Hunting PLC
Annual Report and Accounts 2024
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Financial Statements
Other Information
Key Performance Indicators
Financial
Revenue
$m
1,048.9
2024
2023
929.1
2022
725.8
Revenue is earned from products and services sold
to customers from the Group’s principal activities
(see notes 2 and 3).
Dividend per share declared*
cents
11.5
2024
2023
10.0
2022
9.0
The amount in cents returned to Ordinary shareholders
in relation to the financial year (see NGM Q).
Sales order book*
$m
508.6
2024
2023
565.2
2022
473.0
The sales order book comprises the value of all orders
booked and expected to be recognised as revenue
in future periods (see NGM T).
Total cash and bank/(borrowings)*
$m
104.7
2024
2023
(0.8)
2022
24.5
Total cash and bank/(borrowings) comprises cash
at bank and in hand, fixed-term funds, money market
funds and short-term deposits less bank overdrafts
and bank borrowings (see NGM K).
Free cash flow*
$m
139.7
2024
2023
(0.5)
2022
(60.4)
All cash flows before transactions with shareholders
and investments by way of acquisition (see NGM P).
Adjusted diluted earnings per share*
cents
31.4
2024
2023
20.3
2022
4.7
Adjusted earnings attributable to Ordinary
shareholders, divided by the weighted average number
of Ordinary shares in issue during the year adjusted
for all potentially dilutive Ordinary shares (NGM B).
Non-oil and gas revenue
$m
75.1
2024
2023
75.9
2022
47.6
Revenue earned from products and services sold
to customers in non-oil and gas sectors (see note 2).
EBITDA*
$m
126.3
2024
2023
102.4
2022
49.3
Adjusted results before interest, tax, depreciation,
impairment and amortisation (see NGM C). EBITDA
has been restated to include the Group’s share
of associates’ and JVs’ results for the year.
Adjusted profit before tax*
$m
75.6
2024
2023
50.0
2022
10.2
Profit before tax excluding adjusting items
(see NGM B).
Working capital to annualised revenue ratio*
%
29
2024
2023
46
2022
44
Working capital as a percentage of annualised revenue
(see NGM E).
Total shareholder return*
%
0
2024
2023
(9)
2022
102
Total shareholder return is a measure of the
Company’s performance over time. It factors in
share price appreciation and dividends paid to show
the total return to the shareholder expressed as an
annualised percentage.
Return on average capital employed*
%
9
2024
2023
6
2022
1
Adjusted profit before interest and tax, for the previous
12 months, as a percentage of average gross capital
employed (see NGM S).
*Non-GAAP measure (“NGM”) see pages 255 to 262.
Hunting PLC
Annual Report and Accounts 2024
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Financial Statements
Other Information
Key Performance Indicators
continued
Non-financial
Global onshore capital investment
$bn
147.7
2024
2023
145.1
2022
135.0
The estimated onshore/land-based drilling and
production expenditures of the industry as reported
by Spears & Associates in their
Drilling & Production
Outlook – December 2024
.
Global offshore capital investment
$bn
66.8
2024
2023
67.5
2022
53.5
The estimated offshore drilling and production
expenditures of the industry as reported by
Spears & Associates in their
Drilling & Production
Outlook – December 2024
.
Global onshore average rig count
#
1,490
2024
2023
1,560
2022
1,517
The average onshore global rig count during 2024
as reported by Baker Hughes Inc.
Average WTI crude oil price
$ per barrel
76
2024
2023
78
2022
94
The average price recorded in the year for West Texas
Intermediary crude oil.
Global offshore average rig count
#
201
2024
2023
205
2022
189
The average offshore global rig count during 2024
as reported by Baker Hughes Inc.
Average Henry Hub natural gas price
$ per mmBtu
2.41
2024
2023
2.66
2022
6.54
The average price recorded in the year for Henry Hub
natural gas.
Market Indicators
Total recordable incident rate (OSHA method)
#
0.93
2024
2023
0.91
2022
0.97
The US Occupational Safety and Health Administration
(“OSHA”) incident rate is calculated by multiplying
the number of recordable incidents by 200,000 and
then dividing that number for the number of labour
hours worked.
Internal manufacturing reject rate
%
0.31
2024
2023
0.20
2022
0.13
Percentage of parts rejected during the manufacturing
process.
CO
2
e intensity factor
kg/$k of revenue
21.2
2024
2023
24.3
2022
30.9
CO
2
e intensity factor is defined as kilogrammes CO
2
of scope 1 and 2 greenhouse gas emissions, divided
by $’000 of revenue.
Total purchased electricity
GWh
50.2
2024
2023
49.4
2022
43.4
The Group’s total electricity purchased during the year.
Renewable electricity purchased
GWh
10.5
2024
2023
11.4
2022
8.7
The Group’s electricity purchased from renewable
or sustainable sources during the year.
Total scope 1 and 2 emissions
tonnes CO
2
e
22,233
2024
2023
22,599
2022
22,422
Scope 1 and 2 greenhouse gas emissions in tonnes,
reported in line with the Greenhouse Gas Protocol,
published by the World Resources Institute.
Hunting PLC
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Financial Statements
Other Information
Business Model
What we do
Hunting is a global engineering
group that provides precision-
manufactured equipment and
premium services, which create
sustainable value for our
customers. We are focused
on high-value end-markets
that recognise and value our
manufacturing capabilities.
Our
markets
Our pillars
for value
creation
Delivering
value for our
stakeholders*
Shareholders and
lenders
Employees
Customers and
suppliers
Environment and
climate
Government
and communities
Proprietary
technology
Strategic locations
Quality assured
products
Training
Critical
supply chains
Blue-chip
customers
and suppliers
Expertise in
materials
and engineering
Responsible
and sustainable
practices
Energy –
oil and gas
Energy –
transition
technologies
Non-oil
and gas
*Monitoring is through KPIs
(see pages 18 and 19) and
achievement of Hunting 2030
Strategy objectives
(see pages 10 to 16).
Hunting PLC
Annual Report and Accounts 2024
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Financial Statements
Other Information
2050
1990
2000
2010
2020
2030
2040
300
500
450
400
350
250
200
150
100
50
0
60%
100%
90%
80%
70%
50%
40%
30%
20%
10%
0%
Exajoules
Business Model
continued
Our markets
Energy – oil and gas
Our primary market focus is the oil and gas
sector of the global energy industry. Affordable
and secure energy has been the foundation
of economic growth for many decades, with
a technology and geographic landscape that
constantly changes. Global crude oil demand
is currently c.100 million barrels per day and,
as the chart opposite demonstrates, this is likely
to remain unchanged for decades to come.
Our products and services are developed to
support this global need. The oil and gas industry
is a complex, well-regulated, multi-faceted sector
with a wide range of technological needs to
address the extraction of hydrocarbons in a safe
and responsible manner. Hunting’s products are,
therefore, aimed at addressing the needs of our
customers, whether that be integrated energy
groups, international service companies, or
national or independent oil and gas companies.
To deliver this daily demand for oil and gas, the
industry needs technology and equipment that
are high-performance, engineered solutions.
Hunting’s major product groups are summarised
on pages 44 to 53, and range from onshore-
focused well completion solutions produced by
our Perforating Systems business (our Hunting
Titan operating segment) to equipment used
in deepwater developments produced by our
Subsea businesses (our Subsea Technologies
operating segment). A key market indicator for
Hunting’s businesses is the annual capital
expenditures allocated by the industry’s
stakeholders. In 2024, the global investment
in crude oil and natural gas production was
c.$214.5 billion. This is likely to be stable for many
years to come as the world maintains its reliance
on traditional energy solutions.
Energy – transition technologies
As western economies increase efforts
to decarbonise their energy needs, exciting
market opportunities are opening to the Group.
Geothermal energy is a primary energy source
that is seeing strong growth potential in the short
term, to deliver cleaner sources of heat and
energy. These developments are presenting
complex engineering challenges to the energy
industry. Hunting sees high growth opportunities
for its OCTG product group as our premium
connections and strategic supply channels offer
critical solutions to many clients. Carbon capture,
usage and storage (“CCUS”) is another solution
being accelerated to reduce atmospheric carbon.
CCUS projects demand high-end materials and
engineered solutions that will enable these
projects to operate for many decades.
Non-oil and gas
Hunting has manufactured products and
technologies for the aviation industry for many
years. The Group has key defence-related
accreditations within its Advanced Manufacturing
businesses, which enable Hunting to participate
in government contracts including the naval
and air force segments, supplying engine shafts
for military aircraft and periscope tubes for
submarines. In recent years, the Group has also
manufactured components for the commercial
space sector, which demands our unique
precision engineering skills and expertise.
Hunting manufactures key components for the
power generation sector, including turbine shafts,
and is also focused on developing accessories
for the medical sector.
IEA projected fossil fuel demand: 1990-2050
Source: IEA – World Energy Outlook
Oil
Coal
Natural gas
Share of fossil fuels (right axis)
Hunting PLC
Annual Report and Accounts 2024
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Financial Statements
Other Information
01
We develop proprietary
technology
The development of new technology and
products is a key element of our business model
and strategy.
This intellectual property and know-how is
introduced to our blue-chip customers as the
drive for more efficient and safer delivery of oil
and gas continues, as well as addressing the
challenging environments that the geothermal
and CCUS sectors operate in.
In 2024, the Group held 412 patents
and trademarks.
Related risks
1
3
4
5
6
7
8
9
10
02
We manufacture close to where
our clients need us
Hunting has a global operating presence in
strategic locations to ensure that we are close to
where our customers are drilling and developing
any resource type. Our established operating
footprint ensures that we can support our
customers in the oil and gas industry and it can
be leveraged to address global geothermal and
CCUS projects.
At 31 December 2024, we manufactured in
11 countries (2023 – 11), from 25 operating sites
(2023 – 27) and supplied through 14 distribution
centres (2023 – 16).
Related risks
1
2
6
Risks to our pillars for value creation
1
Increased competition and market consolidation
2
Geopolitical instability
3
Adverse movement in commodity prices
4
Information technology and cyber security
5
Our ability to achieve our strategic goals depends
on how we react to external and internal forces
6
Legal and compliance risk
7
Loss of key executives or staff and shortage of key staff
8
Climate change and energy transition
9
Product quality and reliability
10
Work environment issues including health and safety
03
We leverage our brand and reputation
through strong quality assured products
The Hunting brand is supported by our strong
reputation for quality assurance and health and
safety. These credentials drive customer loyalty and
form the basis of most industry tenders, which
support our success in increasing our market share
in key product lines and multiple end-markets.
During 2024, the Group manufactured
15.6m parts (2023 – 23.0m) with an internal
manufacturing reject rate of 0.31% (2023 – 0.20%).
The reject rate for goods shipped was 0.0006%
in the year (2023 – 0.0006%). These metrics
demonstrate the impressive quality and reliability
of our products. This performance strengthens
Hunting’s standing in its end-markets.
Related risks
1
4
5
7
9
10
04
We train our employees and
keep them safe
Our health and safety protocols have
been developed to keep our employees safe,
with our safety performance measured using
an industry-wide performance indicator,
which is monitored closely.
In 2024, the Group had 25 recordable incidents
(2023 – 24) leading to a total recordable incident
rate of 0.93 (2023 – 0.91) compared to the
industry standard of 4.0.
Related risks
4
5
7
10
Business Model
continued
Our pillars for value creation
Hunting PLC
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06
We target blue-chip customers
and suppliers
Hunting is a trusted supplier to some of the
world’s leading energy companies, including
integrated energy companies, national oil
companies, international services groups,
independent oil and gas producers, as well as
leading engineering companies who operate in
the global aviation, commercial space, defence,
medical, and power generation sectors.
We target clients and end-markets who value
strongly assured products and services, and
who demand high-performance technology
and products.
We have developed long-standing relationships
with our customers through our market-leading
reputation for HSE, quality assurance and
reliability, differentiated technology, availability
and delivery, and customer service and support.
Related risks
1
3
4
5
9
10
07
We leverage our expertise
in materials and engineering
Hunting’s workforce comprises highly
skilled engineers and machinists who lead
the development and manufacture of our
high-performance technology and products.
Our expertise in mechanical and materials
engineering and metallurgy ensures that
our products will perform in high-pressure,
high-temperature environments.
We can leverage this expertise into energy
transition markets as well as high-value,
non-oil and gas markets, such as aviation,
commercial space, defence, and medical,
for diversification opportunities.
Related risks
1
4
5
7
10
08
We operate in a responsible
and sustainable way
Hunting’s responsible and sustainable approach
to its global operations includes the monitoring
of waste and emissions to ensure we have a
minimal impact on the environment.
We have recycled for many years and, more
recently, have started to monitor our carbon and
climate impact, with initiatives being introduced
to reduce this impact.
The Group announced new carbon intensity
targets in March 2025 as part of the Board’s
drive to improve our carbon reduction credentials
and to assist in the preparation of a Net Zero
transition plan.
Related risks
4
6
7
8
9
10
05
We provide critical
supply channels
Our products are often manufactured using critical
raw materials, which enable them to perform in
highly challenging environments.
We work hard to provide competitive supply
channels to lower our customer’s project costs
without compromising on quality.
Hunting is an independent provider of premium
and semi-premium connections and precision
engineered accessories for all energy resource
types, providing cost agility for our customers.
The Group has several strategic partnerships,
including our joint venture partner Jindal SAW in
India, which produces OCTG pipe and tubulars,
to which Hunting’s premium connections are
applied, for the local Indian energy market.
This venture meets local content requirements.
The Group also has strategic supply chain
partners to support the accelerating energy
transition sector, including the ten-year alliance
with Jiuli and the five-year strategic partnership
with CRA-Tubulars, whereby Hunting has secured
exclusive sales, manufacturing and distribution
rights over their TCT (titanium-lined carbon fibre
tubing) technology in North America and Europe.
Related risks
1
2
5
7
9
Risks to our pillars for value creation
1
Increased competition and market consolidation
2
Geopolitical instability
3
Adverse movement in commodity prices
4
Information technology and cyber security
5
Our ability to achieve our strategic goals depends
on how we react to external and internal forces
6
Legal and compliance risk
7
Loss of key executives or staff and shortage of key staff
8
Climate change and energy transition
9
Product quality and reliability
10
Work environment issues including health and safety
Business Model
continued
Hunting PLC
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Other Information
Delivering value for
our stakeholders
The Group’s stakeholders enable
the delivery of Hunting’s business
model and strategy. Stakeholder
engagement forms a key element
of our culture and is an area that
has increased over the past few
years. Understanding the needs
of our shareholders, customers,
suppliers, and workforce is
achieved through regular dialogue.
Shareholders
and lenders
Employees
Customers
and suppliers
Environment
and climate
Governments
and communities
Our shareholders and
lenders provide equity and
loan capital to the Group.
The Directors regularly
engage with shareholders
and lenders to discuss
performance, strategy,
governance, and other
matters. This feedback
is used to refine our
strategic plans.
Hunting’s employees deliver
our strategic plans and are
the Group’s most important
asset. We are committed
to diversity across the
organisation, the training
and development of our
workforce, and keeping
them safe through stringent
health and safety policies.
The Board meets regularly
with management and the
workforce through site
visits and engagement
programmes.
Our customers are critical
to the financial success
of the Group. Customer
dialogue helps us shape
our product development
strategy and provides focus
to our service offering.
Hunting continuously strives
to deliver a secure supply
chain for our customers
and in the year signed new
strategic agreements.
The Group is committed
to strong environmental
stewardship. Our operating
principals are focused on
containing and reducing
our carbon footprint,
maximising recycling,
reducing waste streams
and increasing our climate
change commitments.
The Group continued
its engagement with local
regulators, tax authorities
and governments in the
year. Hunting continues to
assist communities through
a wide range of activities,
including fund-raising
events and donations. Each
region develops their own
community initiatives to align
with local cultural practices.
11.5 cents
2024 dividend per
share declared
9 years
Average employee tenure
412
Patents and trademarks
21%
Electricity from
renewable resources
$70k
Charitable donations
Business Model
continued
Hunting PLC
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Other Information
Shareholders
Hunting’s shareholders provide a key source
of capital to enable growth for the longer term.
The Group is a listed public company, with
one class of Ordinary shares quoted on the
London Stock Exchange in the Equity Shares
Commercial Companies category.
At 31 December 2024, the total number
of Ordinary shares in issue was 164.9m
(2023 – 164.9m), with 1,237 (2023 – 1,263)
shareholders on the register.
The Board is responsible for setting the
Company’s dividend policy. The Group’s current
practice is to declare dividends in US dollars but
pay in Sterling.
Returns achieved by shareholders, by holding
the Company’s Ordinary shares, are measured
through total shareholder return (“TSR”).
A TSR performance metric forms a large portion
of the longer-term remuneration paid to the
executives of the Group, with demanding vesting
targets measured against our industry peers.
In 2024, Hunting PLC’s Ordinary shares achieved
a TSR of 0% on an annualised basis. For the
definition of TSR please see page 18.
Total shareholder return
%
0
2024
2023
(9)
2022
102
Shareholder engagement
Regular shareholder engagement meetings are
organised through an annual calendar of work
arranged through our investor relations function.
The Chief Executive and Finance Director
meet with institutional investors following the
publication of the Group’s half- and full-year
financial results and throughout the year; attend
investor conferences in the UK, Europe and the
US to meet potential and existing shareholders;
hold one-to-one meetings with existing and
potential shareholders; and engage with private
and retail investors through channels such as
Investor Meets Company.
The Company holds a hybrid AGM in April each
year, which enables investors to attend in-person
or engage online through a webcast.
During the year, the Company hosted a facility
tour in the US for an institutional investor.
Further, the Company Chair and Senior
Independent Director meet investors annually to
discuss governance, succession, remuneration
and other matters. No specific agenda is set for
these meetings and they are designed to offer
open discussion and engagement.
Topics covered at the meetings held in the
year included, among others, the Company’s
progress against the Hunting 2030 Strategy, the
new Directors’ Remuneration Policy, and capital
allocation focusing on dividends, share buybacks
and M&A activity.
Dividend per share declared
cents
11.5
2024
2023
10.0
2022
9.0
Business Model
continued
Shareholders
and lenders
Board engagement and decision making
– shareholders
The Directors receive a report from the investor
relations function detailing the Company’s
major shareholders at each Board Meeting,
with a briefing by the Chief Executive, Finance
Director and Company Secretary on meetings
with shareholders that have occurred recently.
The Audit and Risk Committee reviews
dividend proposals as part of its regular
programme of work and makes a
recommendation to the Board following
a review of the financial performance for
the relevant reporting period. Dividends
are announced along with each set of Group
results and are usually paid in May and
October. The Directors are proposing a 2024
Final Dividend of 6.0 cents per share, which
will be subject to approval by shareholders
at the 2025 AGM.
During Q1 2024, the Directors concluded
a consultation and engagement process with
the Company’s major institutional investors
in respect of a new Directors’ Remuneration
Policy (“Policy”) and Long-Term Incentive
Plan (“Plan”). Strong shareholder support
was received for the new Policy, with an 85%
vote in favour and a 96% vote in favour of the
new Plan at the 2024 AGM. The 2023 Annual
Report on Remuneration received a 76% vote
in favour, which led to a further shareholder
engagement process being undertaken by
the Directors in June 2024. A response
statement to this engagement process was
posted on the Company’s website in August
2024, in line with the requirements of the 2018
UK Corporate Governance Code.
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Other Information
Business Model
continued
Lenders
In October 2024, the Group entered into a new
funding arrangement for $300m of committed
borrowing facilities to finance the ongoing working
capital requirements of the existing business and
to support Hunting’s stated organic and
inorganic growth strategy.
The new funding arrangements comprise a
$200m revolving credit facility (“RCF”) and a
$100m term loan. These facilities replaced the
$150m Asset Based Lending (“ABL”) facility and
increase the Company’s access to committed
liquidity, extending the maturity of bank
borrowing facilities to 2028.
The new facilities are provided by a four-bank
syndicate including Wells Fargo, HSBC, First Abu
Dhabi Bank, and Emirates NBD.
A conventional earnings-based covenant regime
is attached to the facilities and includes a leverage
test (being the ratio of total net debt to adjusted
EBITDA not exceeding 3.0:1) and an interest
cover test (being the ratio of consolidated
EBITDA to consolidated net finance charges
not being less than 4.0:1).
The $200m RCF has been arranged with an
initial tenor of four years, expiring on 16 October
2028, with an option that allows the Company
to extend the contracted maturity date by an
additional 12-month term.
The $100m term loan has been arranged with a
three-year tenor and, pursuant to the conditions
of the facility agreement, was fully drawn on
signing of the facilities. After an initial 12-month
period, the term loan amortises with eight
quarterly repayments of $9.4m (the first such
payment due in September 2025) and a final
$25.0m repayment in September 2027.
On signing of the new facilities, the Group’s
$150m ABL facility was repaid and cancelled,
with drawings under the new term loan used,
in part, for this purpose. Combined with the
$104.7m of total cash and bank/(borrowings)
recorded at year-end, the Group now has
$344.8m of liquidity available to pursue growth
opportunities, including bolt-on acquisitions
noted above.
Board engagement and decision making
– lenders
The Directors are briefed at each Board
meeting by the Finance Director on the
Group’s financial position and the relationship
with members of the bank lending group.
During H2 2024, an extensive schedule of
meetings with potential lenders was organised
by the Group Treasurer, where the Company’s
medium-term strategy and funding needs
were presented ahead of final agreement
with the new lending group for the RCF
and term loan.
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Other Information
Hunting’s reputation, which has been built over
many years, is underpinned by its highly skilled
employees, who are key to fulfilling the Group’s
strategic objectives. At 31 December 2024,
the Group had 2,367 employees (2023 – 2,420)
across its global operations.
The Group is committed to training and
developing all employees, which includes
Health and Safety training, professional
development, and general career development
initiatives. To retain our staff, our employees are
fairly remunerated with a competitive base salary.
Given the competitive landscape of our industry,
our base levels of pay are well above minimum
wage thresholds. Employees are offered benefits
on joining the Group, including healthcare cover,
post-retirement benefits and, in certain instances
when Group outperformance in terms of
operational or financial targets has been delivered,
participation in annual bonus arrangements.
The Group has a strong reputation for being
a responsible employer, which is reflected in the
average tenure of nine years (2023 – nine years)
and voluntary workforce turnover rate of 10.3%
(2023 – 13.5%). This demonstrates Hunting’s
commitment to its employees and its drive
to nurture a mutually beneficial relationship
between the Company and its employees.
Hunting takes diligent steps to achieve full
compliance with all relevant regional laws
covering employment and minimum wage
legislation. As a responsible employer, full
and fair consideration is given to applications
for positions from disabled persons.
The Group’s ethics policies support equal
employment opportunities across all of Hunting’s
operations. While the Board, through the work
of the Ethics and Sustainability Committee,
monitors the Group’s culture, including our
procedures to comply with our published Code
of Conduct, responsibility for our employees lies,
for the most part, with local management to
enable local matters to be addressed, with all
businesses complying with the Group’s ethical
employment and human rights policies as
published in the Hunting PLC Code of Conduct
(www.huntingplc.com).
Year-end employees
#
2,367
2024
2023
2,420
2022
2,258
Training
The Group operates an embedded Health and
Safety training programme for its employees, with
an on-boarding programme for new employees.
The Group also provides ethics training through
a Code of Conduct course, to ensure awareness
of our published policies. The programme
incorporates anti-bribery and corruption, modern
slavery, fraud, and tax modules to ensure our
employees understand their responsibilities
on joining the Group.
Following feedback gathered in the 2023 employee
engagement survey, additional training courses
were offered to employees, including financial
training and personal development training.
Extensive IT and cyber-related training courses
are published for completion by all employees
of the Group.
Further, the Director of QAHSE implemented
new data collection procedures to collate all HSE
training sessions completed with our machinists
and shop-floor workers, which includes daily
and weekly toolbox briefings.
For further information on employee attraction,
retention and development, and employee
engagement, see pages 78 to 80.
Health and safety
The Group is committed to achieving and
maintaining the highest standards of safety for
its employees and other stakeholders. Hunting
has a culture of aiming for best practice and
employs rigorous Health and Safety practices.
We work very hard to ensure that there are no
fatalities and the Group targets zero recordable
incidents, with each local business required to
develop tailored Health and Safety policies to suit
their environment. These incorporate the Group’s
approach to putting safety first and, at a minimum,
comply with local regulatory requirements.
The Group monitors health and safety through
a number of key performance metrics, which
are reported to the Ethics and Sustainability
Committee twice a year.
Please see pages 86 and 87 for more
information on compliance with the SASB
reporting framework.
For further reporting on Health and Safety,
see page 79.
Business Model
continued
Employees
Hunting PLC
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Other Information
Business Model
continued
Diversity and inclusion
The Company recognises the benefits of having
a diverse workforce, which include attracting and
retaining the best people for the job, supporting
and delivering high performance, and increasing
the effectiveness of the Company.
To this end, Hunting aims to build and maintain
a working culture that is inclusive of all and values
diversity. Hunting believes that promoting and
developing diversity is everyone’s responsibility.
The Company’s aim is to promote equality and
good relations between employees of a diverse
background and eliminate discrimination.
Hunting is committed to providing a safe working
environment where staff are treated with respect
and ensuring that our employees enjoy prejudice-
free decision making, taking into account all
stakeholder interests.
Hunting is also committed to building a working
environment in which all individuals can make
best use of their skills, free from discrimination,
victimisation, harassment and/or bullying, and
in which all appointments are based on merit.
Hunting has an embedded culture of equal
opportunities for all employees, regardless of
gender, sexual orientation, race, colour, nationality,
disability, neurodiversity, age, religion or belief,
marital or civil partnership status, pregnancy
or on maternity/paternity leave.
Hunting’s policies promote the gender and
ethnicity suggestions made in the Hampton
Alexander Review and the Parker Review, and
these are taken into consideration as the Board
is refreshed over the coming years, along with
the requirements published by the Financial
Conduct Authority noted on page 122.
For further reporting on diversity and inclusion,
see page 80.
Human rights
We are committed to respecting and upholding
the human rights of all our employees.
As part of the Code of Conduct training,
a module on human rights is included.
For further reporting on our approach to human
rights, see page 77.
Modern slavery
Our Modern Slavery statement can be found
on our website (www.huntingplc.com).
Whistleblowing
The Board of Hunting has established procedures
whereby employees can raise concerns, in
confidence, by contacting the Company Chair
or Senior Independent Director.
The Group also uses an independent
whistleblowing service operated by SafeCall.
Contact information for both these lines of
reporting is published on staff noticeboards
across the Group’s facilities and within the Group’s
magazine published twice yearly, the “
Hunting
Review
”, which is available to all employees.
Employee engagement survey
During 2023, Hunting completed its second
all-employee engagement survey using the
Gallup Q12 poll.
The survey asked several key questions about
employee engagement and satisfaction, including
the question: “On a five-point scale, how satisfied
are you with your organisation as a place to
work?”. The Directors were pleased that the
score for this question was 4.07 out of 5 points,
which is consistent with our 2019 score of 4.06.
The average score across all 12 questions
was 3.88 out of 5, a 0.10 increase from 2019.
This result is statistically significant because
most companies experienced a downward
trend between pre- and post-pandemic
surveys, and we are delighted that we saw
a slight improvement instead.
Other feedback was received through the
survey, including areas of improvement, which
management are currently working to address.
The survey is to be repeated in 2025.
In April 2024, the Company celebrated its 150th
anniversary with employee engagement events
organised at most of the Group’s facilities. For
further information on this important milestone,
please see the case study on pages 8 and 9.
Gallup Q12 employee engagement results –
average score out of 5
3.88
2023
2019
3.78
2022
0.00
Board engagement and decision making
– employees
Through the Ethics and Sustainability
Committee, the Board has formalised the
reporting of Human Resources and HSE
matters, with the Group’s Chief HR Officer
and Director of QAHSE providing reports
at each meeting.
These senior managers are also members
of the Executive Committee.
The Directors organised an employee
engagement event at the Group’s OCTG
facility in AmeriPort in December 2024,
where employees were able to ask
questions to the Board.
All reports to the Group’s SafeCall service
are taken seriously, with care being taken
to retain confidentiality and anonymity of all
callers. Each report is investigated thoroughly,
with the Board receiving briefings from Keith
Lough, the Company’s Senior Independent
Director. During the year, the Group received
three reports to the SafeCall service
(2023 – six). One additional report was received
outside of the SafeCall service. For further
reporting on our approach to business ethics,
see pages 76 and 77.
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Other Information
Business Model
continued
Customers
and suppliers
Our customers
As a key participant in the equipment supply
chain, Hunting’s broad portfolio of products
and services enables the Group to cover a large
proportion of the needs of the global energy
industry, including onshore and offshore drilling
projects and conventional and unconventional
resource development, supported by selected
high-value services to help our customers
achieve their strategic objectives.
A common theme across all our businesses
is our ability to add value for our customers,
which is achieved by providing high-technology
products that lower the cost of operation, resolve
technical problems, or simply enable a job to
be completed more quickly or safely, without
compromising on quality. Hunting continues
to engage its customer base proactively to assist
its customers in meeting their strategic objectives
and we continue to liaise with customers regarding
technology developments that will lower their
production costs or increase in-field safety.
Customer engagement
Customer engagement is key to the Group’s
understanding of the short- to medium-term
needs of our various clients. This dialogue helps
us shape our strategy and focus our product
research and development programmes. In the
year, the Group continued to launch new products
that directly addressed customer needs, some of
which resulted from close customer collaboration
in response to in-field technical challenges.
During the year, the Company was awarded two
orders from KOC totalling $231m as a result of
over five years of engagement with KOC to get our
suppliers’ steel pipe and our connections certified
to enable us to participate in relevant tenders.
As part of our active dialogue and engagement
with our customer base, key clients are usually
invited to our facilities to review our production
capabilities and processes, review new
technology and brainstorm on future projects.
Customer contact reports are a regular feature of
our sales function, which often include issues or
concerns, in-field performance feedback and
overall customer satisfaction.
Customer perception and satisfaction surveys
undertaken by an independent third party are
also employed to provide customer feedback
to the Company.
Hunting’s customer-facing sales teams are directly
supported by the Group’s engineering, quality
assurance and health, safety and environment
teams, who all assist in the provision of key
operational performance information that supports
global tenders and the overall sales function.
During the year, the Group’s sales teams attended
several international trade shows, including
ADIPEC in Abu Dhabi and the Geothermal Rising
Conference in Hawaii, which enables engagement
with existing, as well as potential, customers
to take place.
Anti-bribery and corruption (“ABC”)
The Group has processes and procedures in
place to monitor and assess the risk of bribery
and corruption occurring.
Hunting’s Code of Conduct training course
includes detailed modules on ABC compliance
and risk assessment procedures.
Twice a year, each major business unit
completes a risk assessment process, detailing
management’s views on its risk profile against
16 key ABC considerations, and the mitigating
controls in place for each of these risks.
As part of the Group’s Internal Audit function’s
work programme, a review of these risk registers
is undertaken where the bribery and corruption
risk profile is challenged.
Customer-related ethics and governance
Hunting’s close relationship with its customers
is also enhanced by our ethical policies and
transparent ways of doing business.
All our major customers receive our Code
of Conduct, which includes a commitment
to be transparent in our business dealings.
Due diligence on new customers is also
completed to ensure the Group complies with
international trading and sanctions legislation.
Where relevant, we ask our clients to complete
“end-user” declarations to confirm that Hunting’s
products do not conflict or breach trading
restrictions or sanctions legislation. The Group
also has strong entertainment and hospitality
approval policies, which support our
commitment to conduct business with the
highest ethical standards.
Our suppliers
Hunting’s supplier base facilitates the Group in
achieving its purpose of providing highly trusted
and innovative products for our customers.
The Group ensures that critical materials are not
sourced from a single supplier, which provides
assurance to our customers that Hunting will
always be able to deliver.
Long lead-time material supplies are regularly
reviewed to ensure market pricing remains
competitive. Hunting’s management of its supply
chain includes working with a wide range of
suppliers with regular two-way dialogue on
quality expectations.
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Other Information
Often, supply chain managers visit the facilities
of our suppliers to review procedures, including
quality assurance, HSE performance and
employment practices.
In the case of new suppliers, including those who
provide key components, first article inspection
procedures are in place prior to issuing the order,
to ensure quality and delivery expectations are met.
During the year, Hunting’s premium threading facility
in Nashik, India, received its API licence, which
has enabled the joint venture with Jindal SAW
to tender for additional opportunities in-country
as drilling accelerates across the sub-continent.
In August, Hunting expanded its strategic
partnership with CRA-Tubulars B.V., who are
developing and testing their titanium composite
pipe technology to support commercialisation
and to accelerate opportunities within the CCUS
sub-sector of the market.
The Company was a signatory to the UK’s
Prompt Payment Code and will begin reporting
on our payment practices in 2025 under the
new The Reporting on Payment Practices and
Performance (Amendment) Regulations 2024.
The Company remains committed to paying
at least 95% of its suppliers within the agreed
payment terms and to promptly advise them
if there is a dispute to ensure that disruptions
to the supply chain are kept to a minimum.
Supplier-related ethics and governance
As with the Group’s customer base, Hunting
completes due diligence on its supplier base
and communicates its ethics policies to its
major suppliers.
The Group’s Supplier Code of Conduct was
rolled out to major suppliers during 2023 and
2024, and is issued to suppliers together with
our Modern Slavery policy, which highlights the
Group’s ethical trading and fair labour policies.
Board engagement and decision making
– customers and suppliers
In parallel with the commercial dialogue and
engagement undertaken by our leadership
teams with our customers, the Board of
Hunting, in support of its statutory stakeholder
duty, has approved the development of the
Group’s strategy by reviewing and approving
capital investment projects that directly
support future customer needs. The Board
approved these capital investments, either
as part of the approval of the Strategic Plan
or Annual Budget process.
Board approvals are also required for contracts
over a certain monetary value, such as with
the two KOC orders.
In each case, the Board was satisfied that there
was good alignment between the final capital
allocation and the Board’s consideration of
customer matters.
The Board, through the work of the Ethics
and Sustainability Committee, reviews the
Group’s supply chain risk profile and reviews
engagement reports on the Group’s dialogue
with suppliers. This leads to discussion and
challenge by the Directors.
For further reporting on our approach
to business ethics, see pages 76 and 77.
Business Model
continued
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Other Information