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Finance

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

Published by Global Banking & Finance Review

Posted on October 28, 2026

2 min read

· Last updated: October 28, 2026

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Hunting Reduces Profit Forecast for 2026 Amid Middle East Conflict and Delays

Hunting's 2026 Profit Outlook Impacted by Regional Instability and Operational Delays

Oct 28 (Reuters) - British energy services firm Hunting 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.

Key Financial Forecasts and Revisions

Here are some details:

Revised Profit Expectations

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

Market Conditions and Sector Impact

• 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

Management Commentary

• 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

Operational Developments and Regional Performance

Kuwait Oil Company Tender and Shipment Delays

• 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

Segment Performance

Europe, Middle East and Africa

• 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

North America

• The company's North America business reported a slowdown due to supply chain issues

(Reporting by Simone Lobo in Bengaluru; Editing by Jochelle Mendonca)

Key Takeaways

  • Hunting lowered its full‑year 2026 EBITDA guidance further to $128–133 million due to intensified Middle East volatility, from an earlier $138–141 million forecast
  • Restructuring of its EMEA operations has restored profitability in that segment, while North America was hampered by supply‑chain delays
  • A delayed Kuwait Oil Company (KOC) tender is expected before end‑2026, with shipments now pushed to H2 2027, impacting short‑term earnings

Frequently Asked Questions

How has the Middle East conflict affected Hunting's financial results?
The conflict has caused unpredictable attacks and logistical challenges, negatively impacting short-term trading, especially in the third and fourth quarters.
When does Hunting expect a decision on the Kuwait Oil Company tender?
Hunting anticipates a decision on the Kuwait Oil Company tender before the end of 2026, with product shipments starting by the second half of 2027.
Which segments of Hunting's business have been affected?
While the Europe, Middle East and Africa segment returned to profitability after restructuring, the North America business saw a slowdown due to supply chain issues.

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