LONDON (dpa-AFX) - Hunting PLC (HTG.L) has acquired UK-based Flexible Engineered Solutions (Group) Holdings Limited (FES) for £50 million in cash, marking a strategic move to expand its offshore and subsea footprint under the Hunting 2030 Strategy.
The acquisition brings proprietary subsea fluid transfer technologies aligned with Hunting's deepwater and ultra-deepwater operations and is expected to be earnings accretive in its first full year.
FES's solutions, deployed globally in regions like the Gulf of Mexico and West Africa, serve key markets including oil and gas and offshore renewables. The deal enhances cross-selling opportunities across Hunting's subsea divisions and provides entry into floating wind markets. The acquisition was funded from existing resources, with senior FES management remaining post-transaction.
CEO Jim Johnson said the acquisition strengthens Hunting's portfolio with high-margin, mission-critical technologies and adds international scale. FES will integrate under Hunting's Subsea Technologies unit.
In 2024, FES generated £31.3 million in revenue and £6.7 million in adjusted EBITDA. The company boasts a strong order book and pipeline, IP-backed product range, and relationships with major energy players.
Hunting retains ~$40 million in cash and is reviewing its capital allocation strategy following the deal. A webcast detailing the acquisition's strategic value will be held today, with the H1 2025 trading update scheduled for July 9.
Tuesday HTG.L closed at £285.5, or 7.94% higher on the LSE.
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