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12 Apr 2017 07:00
12 April 2017
Enteq Upstream plc
("Enteq" or the "Company")
Year-end Trading Update
Enteq, the oilfield services technology and equipment supplier, is pleased to provide an update for the financial year ended 31 March 2017.
The Board expects to report full year revenues and underlying EBITDA in-line with its expectations. Enteq has continued to preserve cash, with a balance of $15.3m as at 31 March 2017 compared to $15.1m reported as at 31 March 2016.
Market conditions have seen some improvements since the beginning of 2017. The number of drilling rigs operating in the USA has risen from approximately 400 in April 2016, to the current level in excess of 800. However, global factors continue to cause some instability in the oil price and accordingly the Board's expectations for capital investment in new drilling equipment remain cautious.
Enteq has continued to develop markets outside North America, including the fulfillment of the previously announced initial contract in Saudi Arabia.
Whilst still maintaining a low-cost base, Enteq has continued to invest in new product development. This has resulted in the recent filing of two UK and two U.S. patent applications.
The Company expects to report its full year results for the year ended 31 March 2017 on 14 June 2017.
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)207 597 4000
Chris Treneman, Patrick Robb, David Anderson
* Underlying EBITDA is defined as operating profit before depreciation, amortisation, provisions and exceptional items.
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