Last checked at 26 Sep 2018 07:00
Enteq Upstream plc
("Enteq" or the "Company")
AGM Trading Statement
Enteq, the oilfield services technology and equipment supplier, will make the following statement at its Annual General Meeting which takes place at 12.00 noon today at 30 Gresham Street, London EC2V 7QP.
Enteq will report that year to date trading is in line with management expectations, building from the levels of revenue and adjusted positive EBITDA achieved during the second half of the previous year. Incremental sales have been made to new customers for rental equipment in North America and Measurement While Drilling (MWD) systems in the international markets.
Enteq has maintained its investment in technology including a collaborative development of a seamless "At-Bit" solution which is now commercially available. This provides critical measurements from immediately behind the drill bit for faster drilling responses. Spending has increased on internal R&D projects as well as adding resource to the previously announced UK government funded project. Patent applications relating to both novel methods of data communication and power transfer in the drill-string have now been published and further patent applications are in the process of being filed.
Since the year end further investment of cash has been made in the rental fleet of MWD systems and in strategic inventory. The head count in the business is cautiously increasing, primarily in the areas of R&D and production.
If the sector remains stable, Enteq is confident of further profitable market penetration and will continue to invest in all areas of opportunity.
The Company plans to release its interim results for the six months ending 30 September 2018 on 15 November 2018.
For further information, please contact:
Enteq Upstream plc +44 (0)1494 618741
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (Nomad and Broker) +44 (0) 20 7597 5970
Chris Treneman, Patrick Robb, David Anderson