Oil and gas services firm Hunting confident as Gulf of Mexico activity picks up

Oil and gas services company Hunting today shrugged off the impact of the tax hike on North Sea oil assets said it was confident of meeting full-year expectations as it was seeing investment in new oil and gas resources rise and as activity in the Gulf of Mexico restarts.

The company, whose equipment is used in the construction and maintenance of oil wells, said today it expected to see new orders in the U.S. as drilling recommenced there following a halt in activity in the wake of the Gulf of Mexico oil spill in 2010.

"Hunting remains well placed to take advantage of the increased investment in new oil and gas resources around the globe," Chief Executive Dennis Proctor said in a statement.

Oil and gas companies are expected to spend 16 percent more this year on exploration and production than last year, according to a recent survey, as their hunt for oil takes them to new territories and as they target harder to extract resources.

Hunting added that it continued to look at acquisition opportunities and said it had around £280 million cash to help fund deals.

The company shrugged off an unexpected tax hike on oil firms operating in the UK North Sea, saying its European business remained resilient.