Hunting (OTCPK:HNTIY) said that its Asia Pacific operating segment has won a new, significant Oil Country Tubular Goods contract that management estimates to be worth up to $91M with Cairn Oil and Gas, Vedanta Limited, for its operations in Rajasthan, India.
The contract is for an estimated 100 wells and is to extend up to three years.
The OCTG will be supplied with Hunting’s proprietary SEAL-LOCK XD premium connection.
Based on the timing of the first deliveries of this order, management now believes that 2023 FY EBITDA will be in the range of $92M-$94M, which represents a further increase to the guidance issued at its 2022 FY results in March 2023.
