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15 Jan 2015 07:00
15 January 2015
Enteq Upstream plc
("Enteq" or the "Company")
Market and Trading Update
Enteq, the oilfield services technology and equipment supplier, provides an update on its markets and current trading for the year ending 31 March 2015.
In response to recent oil price weakness, Enteq is witnessing reduced levels of capital equipment purchases and budgetary indications from its North American customer base. As a result the Board now anticipate reporting sales for the year ending 31 March 2015 substantially below both current expectations and those achieved in 2014.
Enteq's short term priority is to continue implementing cost reductions across the business in order to protect profitability and cash until the market stabilises.
Enteq continues to develop short and medium term business opportunities outside North America in regions which have had a less immediate impact from the reduced oil prices.
Enteq's balance sheet remains strong, with significant fixed assets and working capital. Cash is being maintained at approximately $14m.
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 4000
Chris Treneman, Patrick Robb, David Anderson
Vigo Communications +44 (0) 20 7016 9571
Peter Reilly, Patrick d'Ancona
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