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Hunting PLC Annual Report and Accounts 2020 Resilience Through a Global Crisis Welcome to Hunting Market Highlights

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Hunting PLC Annual Report and Accounts 2020 Resilience Through a Global Crisis Welcome to Hunting Market Highlights Hunting PLC Annual Report and Accounts 2020 Resilience Through A Global Crisis Welcome to Hunting Market Highlights Hunting is a key supplier to the Average WTI crude Year-end WTI crude upstream oil and gas industry. oil price oil spot price $39 $49 Our strategy is to manufacture per barrel per barrel products and deliver services to our (2019 – $57 per barrel) (2019 – $61 per barrel) customers, wherever in the world they Global average Global average are operating. onshore rig count offshore rig count 1,097 182 Hunting’s product offering extends units units across the life cycle of an oil and gas (2019 – 1,844 units) (2019 – 243 units) well, and this focus allows us to create, Global onshore drilling and Global offshore drilling and distribute and sustain value for our production expenditure production expenditure shareholders and stakeholders. $77.7 $43.4 billion billion (2019 – $155.5 billion) (2019 – $61.1 billion) Hunting is a premium-listed Company, quoted on the London Stock Exchange and is a constituent of the FTSE Financial Highlights All-Share Index. Revenue Total cash and bank at year-end* $626.0 $101.7 million million (2019 – $960.0 million) (2019 – $127.0 million) Underlying (loss) profit Reported (loss) profit from operations* from operations $(16.4) $(220.0) million million (2019 – $94.3 million) (2019 – $46.8 million) Underlying diluted Reported diluted (loss) earnings per share* (loss) earnings per share (10.0) (143.2) cents cents (2019 – 43.9 cents) (2019 – 23.5 cents) * Non-GAAP measure (“NGM”) see pages 203 to 207 and note 26. Contents: Strategic Report Case Study – Organic Oil Recovery 73 Consolidated Statement of Summary of the Year 01 Key Performance Indicators 74 Comprehensive Income 138 At a Glance 02 Directors’ Report and Compliance Consolidated Balance Sheet 139 Chairman’s Statement 04 Statements 76 Consolidated Statement of Changes Our Purpose 06 in Equity 140 Our Culture 08 Corporate Governance Consolidated Statement of Cash Flows 141 Business Model 10 Corporate Governance Overview 80 Notes to the Consolidated Financial – Our Resources 12 Board of Directors and Statements 142 – Our Operating Segments 18 Company Secretary 82 Company Balance Sheet 191 – Our Products and Services 22 Executive Committee 84 Company Statement of Changes – Our Stakeholders 24 Corporate Governance Report 85 in Equity 192 Case Study – Hunting’s COVID Response 34 Remuneration Committee Report 93 Company Statement of Cash Flows 193 Chief Executive’s Statement and Outlook 36 – Remuneration at a Glance 96 Notes to the Company Financial Statements 194 Market Review 40 – Directors’ Remuneration Policy 98 Our Business Strategy 46 – Annual Report on Remuneration 107 Nomination Committee Report 119 Other Information Case Study – Hunting’s Revolutionary Non-GAAP Measures 203 Technologies 48 Audit Committee Report 121 Financial Record 208 Risk Management 50 Shareholder and Statutory Information 209 Group Review 60 Financial Statements Glossary 213 Segmental Review 66 Independent Auditors’ Report 126 Consolidated Income Statement 137 Professional Advisers 216 01 Hunting PLC Annual Report and Accounts 2020 Summary of the Year Operational Highlights Financial Highlights Culture and Purpose $32.8m acquisition of Enpro Subsea Limited (“Enpro”) Strong year-end balance sheet. completed in February 2020. • Net assets of $976.6m (2019 – $1,223.8m), after impairments and • Enpro is a leader in subsea production technology, offering low exceptional items. cost, flexible field development solutions including well production and intervention modules to enhance recovery from oil and gas Total cash and bank of $101.7m at 31 December 2020 wells. Enpro is now integrated into the Subsea business division. (2019 – $127.0m).* • Revenue from Subsea products increased 57% to $69.8m • Reflecting strong cash generation through working capital reduction (2019 – $44.5m), largely as a result of our Enpro and RTI acquisitions. and positive EBITDA generated early in the year. Stakeholders and Model Business Divestment of US Drilling Tools business completed Revenue of $626.0m (2019 – $960.0m) recorded. in December 2020. • 35% year-on-year decline due to COVID-19 and the resulting impact • Hunting transferred key operating assets to Rival Downhole Tools on the global energy industry and other geopolitical factors. LC, in exchange for a 23.5% equity position within the expanded • Oil and gas revenue declined 36% to $586.2m (2019 – $918.7m). Rival business. • Non-oil and gas revenue has been more resilient at $39.8m (2019 – $41.3m), increasing to 6% of revenue (2019 – 4%). New business model in Canada implemented in August 2020. • Hunting has closed its manufacturing operation in Calgary, Alberta, EBITDA of $26.1m delivered in the year (2019 – $139.7m).* and opened a sales office to pursue new business opportunities. • Majority of EBITDA result delivered in Q1, followed by break-even Future customer OCTG requirements are to be completed by result for the balance of the year. in-country licensees. • EBITDA margin of 4% (2019 – 15%). • A field service centre has been retained in Nisku, with Hunting Titan • Year-on-year reduction due to large decline in activity levels and continuing to operate its network of distribution centres across partial under absorption of overheads. Western Canada. Strategy Business Result from operations. Investment in Well Data Labs, a well analytics company, • Underlying loss from operations of $16.4m (2019 – $94.3m profit). completed in February 2021. • Amortisation of acquired intangible assets and exceptional items • Hunting has provided $2.5m in convertible capital financing to totalling $203.6m recorded in the year (2019 – $47.5m). support Well Data’s growth ambitions. • “Middle column” items include $177.9m of asset impairments, • Key investment in the high growth data analytics sub-sector of the $17.3m for the amortisation of acquired intangible assets, $10.3m of drilling market. restructuring costs, $1.4m of acquisition costs and other exceptional credits totalling $3.3m. New products launched in the year to broaden customer • Reported loss from operations of $220.0m (2019 – $46.8m profit). Performance offering. • Completion of detonating cord manufacturing line at Milford, Texas, Total dividends declared in the year of 9.0 cents per share. to increase Hunting Titan’s product offering. The new line has an • Subject to shareholder approval, a Final Dividend of 4.0 cents per annual production capacity of c.3.0 million feet. share, absorbing $6.5m, to be paid on 14 May 2021 to shareholders • New V3.0 ControlFire® switch launched to enable higher level of on the register on 23 April 2021. in-field reliability. • Additional variants of the E-SUB™, H-1® and H-2™ Perforating Systems launched in the year. Governance • Rental offering launched for T-Set™ One setting tool. Non-oil and gas revenue more resilient in the year with good progress in this area within the Advanced Manufacturing group. • Medical and aviation certifications secured at Hunting Electronics to support diversification. Financial Statements Financial • Hunting Dearborn reports increase in non-oil and gas order book, including aviation and space orders. • UK business secured new geothermal project win. Significant restructuring across the Group to align with the prevailing market and to reduce cost base. • Five operating sites and three distribution centres closed or mothballed during the year. • 35% of workforce released as market conditions declined. Board changes. • Bruce Ferguson appointed Finance Director in April 2020, following shareholder approval at the AGM. * Non-GAAP measure (“NGM”) see pages 203 to 207 and note 26. 02 Hunting PLC Annual Report and Accounts 2020 At a Glance Our Operations Our operating facilities need to be close to our customers and are therefore based in or near the main oil and gas producing regions. Conventional oil and gas basins Unconventional oil and gas basins Key operating locations Our Products and Services Oil Country Tubular Perforating Advanced Subsea Intervention Tools Drilling Tools Goods (“OCTG”) Systems Manufacturing Hunting’s Subsea The Group Hunting’s Drilling The Group owns Hunting Advanced business manufactures a range Tools interests are proprietary manufactures Manufacturing manufactures of tools and pressure now held through a connection perforating guns, includes precision hydraulic couplings, control equipment 23.5% interest in Rival technology including energetics charges machining and valves, stress joints, used for intervention Downhole Tools LC. the SEAL-LOCKTM and instrumentation electronics flow access modules activities. and WEDGE-LOCKTM used in well manufacturing, both and accessories premium connections completion activities. utilised in MWD/LWD for application in and the TEC-LOCKTM Products are tools. A range of deep water drilling semi-premium manufactured across non-oil and gas activities. connection. The our global footprint products are also Group manufactures and sold through engineered for the couplings and distribution points in medical, naval, accessories and Canada, China, aerospace and applies premium Indonesia, UAE space sectors. threads to pipe for its and US. customers throughout its global facilities. 03 Hunting PLC Annual Report and Accounts 2020 Group Overview Investment Highlights Culture and Purpose Operating sites Distribution centres — Solid fundamentals for the oil 31 16 and gas industry. 2020 2020 — Strategic focus on the wellbore. (2019 – 36) (2019 – 19) — Proprietary technologies
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