British energy services firm Hunting lowered its forecast for 2026 core profit on Wednesday to between $128 million and $133 million, down from $138 million to $141 million. It was the second reduction this year, after a cut at interim results about two months earlier. Chief executive Jim Johnson said the protracted and deepening conflict in the Middle East had affected results in the third quarter and into the fourth quarter, with the short-term trading outlook deteriorating in recent weeks. Year-to-date core profit to the end of September was about $89 million, according to the company’s update.

Second cut in a few months

The company pointed to logistical problems and attacks on shipping and regional infrastructure, which it said were holding back tender activity for oil country tubular goods, the steel pipe used in oil wells. Rig activity in Saudi Arabia has declined, slowing work on the Jafurah unconventional development and affecting its Hunting Titan business. A decision on a major Kuwait Oil Company tender is now expected before the end of 2026, with product shipments starting in the second half of 2027. Hunting said its Europe, Middle East and Africa segment returned to profitability in the third quarter after restructuring, while North America slowed on supply-chain problems, and its shares fell sharply on the day.

Saudi rig activity and tenders slow

The Kuwait tender decision and any easing of regional shipping risks are now the key dates for investors watching whether the company can stabilise its outlook, while the return to profitability in Europe, the Middle East and Africa shows the restructuring has at least steadied one part of the business.

Sources: Reuters, Hunting Q3 2026 Trading Update.