(Alliance News) - Hunting PLC on Tuesday said its Asia Pacific operating segment has won a significant new oil country tubular goods contract with Cairn Oil & Gas, Vedanta Ltd, for its operations in Rajasthan, India.

The contract is worth up to USD91 million and is for an estimated 100 wells, the London-based international energy services group said. With this order, Hunting's sales order book now is about USD575 million.

Based on the timing of the first deliveries of this order, Hunting now anticipates 2023 earnings before interest, tax, depreciation and amortisation to be in the range of USD92 million to USD94 million. It would be a jump of at least 77% from Ebitda of GBP52.0 million posted for 2022.

Further, Chief Executive Jim Johnson said: "US market activity remains stable and with the orders received for China, Guyana, Brazil and now India, Hunting continues to see a strong growth profile given our standing and recognition with major energy companies, coupled with the strong international market sentiment being reported in many regions."

Hunting shares rose 15% to 230.94 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News reporter

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