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Enteq Upstream PLC - oil & gas drilling technology company based in Buckinghamshire - Signs a USD900,000 contract with its new Saudi Arabian partner Sawafi Aljazeera Oilfield Products and Services Co Ltd. Says the order is for equipment to deploy in Saudi Aramco's drilling operations and is for the recently-released XXH product which is an ultra-high durability version of Enteq's Measurement While Drilling technology.
The equipment will be delivered in September and will be used in the process of Sawafi obtaining full supplier accreditation with Saudi Aramco. Revenue will be recognised by Enteq when the accreditation is finalised which is expected to be before March 31, 2021.
"The Sawafi partnership in Saudi Arabia has the potential to add significant strategic value to our business. Enteq equipment has been proven to be both reliable and robust in the toughest oilfield environments around the world. We look forward to a long-term, strategic and mutually beneficial relationship with our partners at Sawafi for both current and future technology," says Enteq Chief Executive Martin Perry.
Current stock price: 13.00 pence
Year-to-date change: down 49%
By Ife Taiwo; ifetaiwo@alliancenews.com
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