Enteq Upstream PLC - AGM Statement
("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
Enteq reports that year to date trading shows progressive growth, with the financial performance in the six months to
Both half year revenue and adjusted EBITDA are likely to be ahead of management expectations.
Enteq continues to benefit from the ongoing success of their equipment rental program in USA despite some reduction in rig count during recent months.
Enteq has made further gains in international markets, particularly in
On-going technology partnerships are now delivering commercial returns and are contributing to sales opportunities.
The recently announced development project with Shell for a Rotary Steerable System will further enhance Enteq's product range, leading to a significantly increased market potential.
Cash balances have reduced from the
The Company plans to release its interim results for the six months ending
"Enteq has delivered sequential growth for each equivalent period over the last 3 years. The investment in building partnerships, bringing engineering projects closer to market and developing a broader international customer base are beginning to show the anticipated returns. Recent advances in
For further information, please contact:
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Chris Treneman, Patrick Robb, David Anderson
This information is provided by RNS, the news service of the
Quick facts: Enteq Upstream PLC
Market Cap: £7.74 m
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