Hunting has secured a record $145m OCTG order with Kuwait Oil Company (KOC), boosting its order book to record levels of c.$665m. Given the quantum of the order, management now expects FY24 EBITDA to be towards the top end of guidance ($125-135m). The contract win supports the company’s growth ambitions and the ‘Hunting 2030’ strategy to deliver revenue and profit growth through OCTG, and in geographies such as the Middle East. The order further demonstrates the advantages of Hunting’s broad portfolio and multiple avenues for long-term growth, as well as Hunting’s competitive advantage in the OCTG sector across multiple target geographies. Record OCTG (Oil Country Tubular Goods) contract boosts a record order book Hunting has announced a record $145m order with KOC through its distributor in Kuwait. The order comprises a large quantity of premium OCTG casing, to be supplied by Hunting via its end-to-end integrated OCTG supply chain in Asia. The casing will be threaded with Hunting’s proprietary SEAL-LOCK premium connection technology, the same used across its facilities in Asia Pacific. Hunting has a leading-edge manufacturing capability across Asia and the Middle East. The company has invested heavily since 2019 to provide a platform to establish a leading strategic supply chain in the region, manufacturing capability, and connection technology to support its growth ambitions in the key regions. Revenue is expected to be recognised from late Q4 24 into FY25. Given the timing of revenue recognition and working capital movements, more detailed guidance will be provided at interim results in July. Importantly, previous guidance on its working capital efficiency target remains unchanged at 40% and 35% of annualised revenues in 2024 and 2025, respectively. We leave our forecasts unchanged as we await the further guidance. The order will be funded from the group’s existing $150m Asset Based Lending (ABL) facility and the company highlights that accelerated receivable solutions and bank acceptance bonds are also being put in place to shorten the overall cash conversion cycle.