LONDON (ShareCast) - Oil service firm Hunting (LSE: HTG.L - news) said should current market conditions and commodity prices prevail,
trading throughout the remainder of the year will be challenging.
Overall trading in the first half of 2009 has been satisfactory, said Hunting, with trading in the Middle East and Southeast Asia good.
Conversely, the rapid decline of drilling activity in North America to 57% of the high level in August 2008 has impacted certain operations in the region.
Well Construction and Well Completion have borne the brunt of that decline. The financial impact will be mitigated through cost cuts, which will include a 16% reduction in staff numbers in the divisions.
The group however said it remains confident the long term fundamentals are solid and that any recovery in global economies will improve demand for oil and natural gas.
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