Cash-laden Hunting dons pith helmet

HUNTING, the oil services group, is ready to spend about $134 million (£94m) on four acquisitions in the coming weeks.

The London-based company is on a worldwide expansion drive after selling midstream services business Gibson Energy near the peak of the oil boom last year for 517m.

The sale has created a war chest of about 370m, and chief executive Dennis Proctor said yesterday that due diligence on four companies should lead to deals "in the next month or two".

Proctor said the timing of the sale was largely down to luck. However, the firm now plans to take advantage of a slump in the oil market to snap up companies that introduce it to high-growth markets and regions.

Hunting has looked at some 50 companies in recent months, with most seeking a sale because the owners simply wanted out or because of debt problems caused by the credit crunch.

"I don't think there's an investment bank in the City that hasn't come in here with a glossy folder saying, 'take a look at this'," Proctor said.

With the price of crude slumping from record highs, Proctor said valuations of oil services companies had fallen by 30 per cent since the sale of Gibson. He was speaking as the company reported a 25 per cent rise in full-year pre-tax profits from continuing operations to 58.9m.