LONDON (Alliance News) - Oilfield services company Enteq Upstream PLC issued a warning on its full-year sales on Thursday on the back of the impact of the falling oil price on its North American customer base.
The company said it expects its sales for the year to March 31 to be substantially lower than current expectations and against the year before, owing to a slump in capital equipment purchases and budget cuts in its North American customer base.
The group said its priority in the short term will be to cut costs in order to protect profitability until market conditions improve.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Enteq Tech (NTQ)