Hunting (Hunting PLC (LSE:HTG) shares plunged more than 15% in early trading on Friday after the precision engineering group reported a 6% fall in first-half revenue to $497 million and cut full-year EBITDA guidance, with weaker-than-expected results adding to investor concerns over delayed Kuwait Oil Company orders.
The precision engineering group's stock dropped to 401.50p, down 72p from Thursday's close of 473.50p, having opened at 426.50p.
The share price touched a low of 380p during the session, wiping more than £100 million off Hunting's market value.
Hunting revised its full-year EBITDA guidance down to between $138 million and $141 million, citing delays to the Kuwait Oil Company (KOC) tender process expected to cost around $10 million.
Traders seemed rattled by this, which means a deferment in any new contract recognition until 2027.
Strong performances in the Subsea Technologies and Perforating Systems product groups were offset by weaker results from OCTG and Advanced Manufacturing.
The Board declared an interim dividend of 7 cents per share, up from 6.2 cents a year earlier.
Chief Executive Jim Johnson said the group's earnings quality was strengthening despite the headline decline.