-- Precision engineering company Hunting said in its Q1 2026 trading update on Wednesday that its operations and personnel in Dubai and Saudi Arabia remained safe and largely unaffected by the ongoing conflict in the Middle East.
The company said that as of now, it expected minimal impact on its profitability for the year, as a result of the war, while adding that it would ultimately depend on how long the conflict lasts. It also said that the higher commodity prices were yet to translate into increased US or international rig counts, as operators adopt a "wait and see" approach.
It, however, noted that it remains well placed to benefit from any increase in activity, while CEO Jim Johnson added that they "remain vigilant regarding Middle East volatility."
During Q1, the company continued to build on its energy-related subsea sales order book, which include $63.5 million of orders secured for a project in Guyana for its titanium stress joints.
The company said the OCTG, or oil country tubular goods, pipeline reached $1 billion, despite some delays in the Middle East that are expected to be resolved in Q2 2026.
Also, the company revealed on Wednesday that it has finalized the combination of its EMEA and Asia Pacific operations into one 'International' operating segment, starting from Jan. 1, 2027.