LONDON: Hunting PLC (LSE: HTG), a precision engineering company, announced Friday that it has acquired the Organic Oil Recovery (OOR) technology from its founding shareholders for $17.5 million. The deal includes the entire portfolio of intellectual property—comprising over 25 patents—the distribution rights, and a California-based laboratory.
The acquisition positions Hunting as the global rights holder for OOR technology, enabling the company to accelerate commercialization efforts across North America and other key markets worldwide. OOR is an enhanced oil recovery solution designed to maximize oil reserves while reducing costs, water usage, and hydrogen sulfide levels. It also extends the economic lifespan of producing fields.
As part of the agreement, Hunting will pay a 15% royalty on revenue generated from the technology over the next 15 years. Field trials with leading exploration and production companies are already underway across North America, Europe, the Middle East, and Asia Pacific.
Hunting recently secured $60 million in orders from operators in the UK North Sea and is forecasting strong growth as the industry embraces enhanced oil recovery solutions. To support further expansion, the company plans to establish a laboratory in the UAE, improving service lead times for clients in the Eastern Hemisphere.
All technical staff from the OOR business will transition to Hunting as employees or consultants. CEO Jim Johnson described the acquisition as a pivotal step toward achieving the company’s Hunting 2030 Strategy, emphasizing its margin-enhancing potential and global scalability.
“This remarkable technology is being evaluated by blue-chip customers worldwide,” Johnson said. “The benefits to operators are clear, and this acquisition firmly positions Hunting to advance our strategic goals in the years to come.”