Maritime Jobs
Saturday, March 22, 2025

Hunting Slashes 25% of Workforce

June 29, 2020

Image for illustration; Credit: Hunting

Image for illustration; Credit: Hunting

Oilfield services group Hunting Plc has cut its workforce by a fourth as low oil prices and weak demand slammed most of its business units in the second quarter, the company said on Monday.

The manufacturer and services provider, which had 2,956 employees across its global operations at the end of last year, said it would cut 739 jobs by the end of the month.

Hunting, which manufactures a wide range of tools and solutions used in oil and gas exploration, said it would close three distribution centres in North America and two manufacturing facilities in Oklahoma City and Texas.

"Our business is likely to continue to see volatile trading throughout Q3 2020, but the group's cost base has now been recalibrated to current market conditions," Chief Executive Jim Johnson said.

Sales at the company's biggest unit Hunting Titan slumped nearly 40% during the half-year, compared with the second half of 2019, hammered by reduced U.S. onshore activity levels.

The British firm also announced a more than 50% cut in its $22 million budgeted annual capital expenditure.

Global energy companies have cut their spending to save cash after oil prices collapsed on weak fuel demand due to the coronavirus crisis.

Hunting, however, said it does not anticipate drawing down on its $160 million secured revolving credit facility at this time, as its cash position remains healthy. 

(Reporting by Shanima A in Bengaluru; Editing by Shailesh Kuber)

Featured Jobs

Medical Services Officer

Military Sealift Command

Chief Steward

Military Sealift Command

Second Assistant Engineer

Military Sealift Command

Damage Control Assistant Leader

Military Sealift Command

Damage Control Leader

Military Sealift Command

Third Officer - Mixed Work Schedule

Military Sealift Command

Featured Employers

GOLDEN GATE BRIDGE, HIGHWAY AND TRANSPORTATION DISTRICT

Based in San Francisco, the District consists of three operating divisions including Bridge, Bus, an

Military Sealift Command

The Military Sealift Command (MSC) is a United States Navy organization that controls most of the re

SEAVIEW MARINE MARINE SERVICES & SHIP SUPPLY LLC

Our activity is formed with wide range of stock items which includes Fresh , Frozen, Dry  stores and

Massachusetts Maritime Academy

Massachusetts Maritime Academy is a fully accredited, four-year, co-educational state university off

NYC Ferry

NYC Ferry operated by Hornblower aims to provide a new, affordable way to travel between waterfront