Stock Track | Anton Oilfield Plummets 6.48% Intraday on Iraq Export Slump and Sharp Decline in New Orders
Stock Track
Apr 20
Anton Oilfield Services' stock plummeted 6.48% during intraday trading on Monday, extending its recent decline.
The sharp drop follows the company's announcement of a significant 20.3% year-on-year decrease in new orders secured during the first quarter. Orders from the crucial Iraq market fell 12.7%, while other overseas markets saw a dramatic 85.3% contraction.
The company cited disruptions stemming from military conflict involving the US, Israel, and Iran, which erupted in late February. This has substantially reduced oil exports from Iraq due to transport issues through the Strait of Hormuz, leading to delays in project execution for the oilfield services provider.
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