Hunting, the precision engineering group, has been awarded an order totalling $31 million for its titanium stress joints ('TSJs'), which forms part of a phase three deepwater gas development in the Turkish area of the Black Sea.
Hunting's Subsea Spring business unit, located in Houston, Texas, will supply six TSJs, which include the Group's patented 'Direct Pull-thru Tube' technology, to be utilised on the second and third floating production, storage and offloading vessels operating on this deepwater development. The contract is anticipated to be completed over the next 24 months, with the first delivery expected in Q1 2027.
The award follows Hunting's maiden contract for the phase two development received in 2024, which is currently under production and will be completed by 2026. Together, the two awards represent c.$51.6 million of revenue for the Group.
Hunting is actively pursuing additional contract opportunities in this phase three development for its recently acquired Flexible Engineered Solutions ('FES') product portfolio, demonstrating the increased revenue potential in the high growth deepwater sub-segment from the Group's enhanced product offering. This is in line with Hunting's broader growth strategy, outlined at the Group's Capital Markets Day in September 2023, which detailed the Group's ambition to expand its subsea operations.
Following this contract win, Hunting's Subsea product group now carries a sales order book totalling c.$125 million, up from $72.5 million at 31 December 2024. Further updates on the Group's order book will be presented at the 2025 half year results on 28 August 2025.
Commenting on the new contract, Jim Johnson, Chief Executive said: 'Our continued success in the Turkish area of the Black Sea demonstrates the international demand and strength of Hunting's titanium stress joint product offering. This order continues the Group's run of success deploying this product line into key offshore regions including the Black Sea, Guyana, and the Gulf of Mexico.
'Our revenue opportunities have also been expanded with the acquisition of FES in June, which forms part of our 2030 Strategy to target revenue from the longer cycle segment of the industry, which is less impacted by short-term commodity price volatility.'
Source: Hunting
