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UK's Hunting cuts annual profit view again as Middle East conflict deepens

By Reuters News

Oct 28 (Reuters) - British energy services firm Hunting HTG.L on Wednesday lowered its annual profit forecast for the second time this year, pressured by conflict in the Middle East and attacks in Saudi Arabia.

Here are some details:

  • The company expects fiscal 2026 core profit between $128 million and $133 million, down from its previous forecast of $138 million to $141 million

  • While robust demand for oil amid shortages has benefited oil services firms operating in the Middle East, unpredictable attacks and logistical challenges have weighed on the sector

  • The conflict "has impacted our overall results in Q3 and into Q4, with a deterioration in the short-term trading outlook seen in recent weeks," CEO Jim Johnson said

  • Hunting expects a decision on a major Kuwait Oil Company tender before the end of 2026 and product shipments to start by the second half of 2027, after warning of a hit to profit due to the tender's delay

  • The company's Europe, Middle East and Africa segment returned to profitability in the third quarter after restructuring, but its North America business reported a slowdown due to supply chain issues

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