LONDON (Alliance News) - Oilfield services and technology company Enteq Upstream PLC on Wednesday said it expects to post full-year results in line with its forecasts, despite the second half of its financial year being hit by tough conditions in the oil and gas market.
Enteq said it expects revenue and underlying earnings before interest, taxation, depreciation and amortisation in line with its expectations, having implemented cost cuts in recent months in order to mitigate the impact of the tough conditions in oil and gas markets on its profitability.
It will book a non-cash impairment charge in the year and a loss on bad debts of around USD800,000 due to the difficult market.
Enteq said sales opportunities outside the North American market are still being pursued.
It intends to publish its first-half results on June 16.
Shares in Enteq were untraded Wednesday, having last traded at 17.40 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Enteq Tech (NTQ)