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18 Aug 2020 07:00
18 August 2020
Enteq Upstream plc
("Enteq" or the "Company")
Contract award
Enteq, the oilfield services technology and equipment supplier, announces a contract from a new international customer.
On 17 August 2020, Enteq received a Purchase Order and confirmation of a cash deposit payment in respect to a conditional contract valued at $0.9m for equipment to deploy in Saudi Aramco's drilling operations. The contract is with Enteq's new strategic partner in the Kingdom of Saudi Arabia, Sawafi Aljazeera Oilfield Products and Services Co. Ltd "Sawafi". This order is for the recently released XXH product, an ultra-high durability version of Enteq's Measurement While Drilling technology. Future opportunities are anticipated for Enteq's technology partner equipment and new product releases.
The equipment will be delivered to the customer during September 2020 and will be used in the process of Sawafi obtaining full supplier accreditation with Saudi Aramco. The revenue will be recognised by Enteq when such accreditation is finalised which is expected to be prior to 31 March 2021.
Martin Perry, CEO of Enteq Upstream plc, commented:
"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."
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
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
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