Hunting PLC, a global precision engineering group, has announced a major subsea order and provided a trading update for Q3 2023. The company has received a $59 million order for titanium stress joints, which will be completed over the next 28 months. This order confirms the success of Hunting's stress joint technology for application to Floating, Production, Storage and Offloading facilities. The company's total sales order book has increased as a result of this new order.

In terms of the trading update, Hunting's trading performance in Q3 2023 has continued to be positive, driven by strong international demand for oil and gas. The company's EBITDA for the year-to-date is $75 million, nearly double compared to the same period in 2022. The EBITDA result in Q3 2023 is similar to Q2 and well ahead of Q1 2023, demonstrating the strength of the company's diverse product portfolio. The balance sheet remains strong, with net assets of $865 million as of September 30, 2023.

Hunting's product lines have reported strong performance in the year-to-date. The OCTG, Premium Connections, and Accessories businesses have seen robust growth, particularly in South America and Asia Pacific. The Perforating Systems business has faced headwinds due to the reducing North American onshore rig count, but EBITDA results remain solid. The Advanced Manufacturing product group, specifically the Dearborn business, has reported strengthening results with increasing pricing and margins. The Subsea Technologies product lines have also performed well, with record results in the Stafford business and ongoing activity in the Spring business.

Overall, Hunting remains positive about the outlook, driven by international activity and the industry's long-term investment themes. The company's 2023 full-year guidance remains unchanged at $96-100 million for EBITDA.