Good Q1 EBITDA: The group has traded in line with expectations across all product areas in Q1, with EBITDA of $38.7m and an EBITDA margin of 14% (compared to $28.9m and 12% margin in Q1 2024). OCTG had another good quarter (helped by the KOC orders) and Perforating Systems (Titan) is benefitting from the actions taken to restructure the business. Subsea was solid. The group has seen a reduction in cash balances from $105m at the start of the year to $58m, as is usual in Q1, due to maturity of certain bank acceptance drafts and the purchase of $3.4m shares for the EBT. The restructuring of EMEA continues with $10m annualised cost savings targeted. The order book is $439m, down from $507m at the start of the year. This reflects the reduction in OCTG as expected, offset by the new $38m orders in Subsea. No comment on FY guidance: Previous guidance for full-year EBITDA of $135-145m was not explicitly reiterated in the statement. However, we understand from management that this guidance has not been withdrawn and we think the company will see how things play out through Q2 before revisiting it at the half-year. The recent decline in the oil price is obviously increasing uncertainty and customers are moving more slowly as a result. For now, however, we would not expect significant changes to full-year consensus forecasts (currently $140m EBITDA, according to Visible Alpha). Minimal tariff impact: Management has assessed the potential impact of US tariffs on the business and expects minimal impact for Hunting Titan, the North American and Subsea businesses and no impact in EMEA or APAC. M&A ongoing: The group continues to assess a number of bolt-on opportunities, especially in the subsea and intelligent well completion business. Clearly the current environment increases uncertainty, but management believes Hunting is a good buyer with a strong balance sheet and is therefore in a good position.