Enteq Upstream PLC (LON:NTQ) has landed a new US$900,000 order for equipment to be deployed in Saudi Aramco drilling operations.
The AIM-quoted oil and gas technology firm received the order via its new strategic partner in the Kingdom of Saudi Arabia, Sawafi Aljazeera Oilfield Products and Services. The order is for Enteq’s recently released XXH product, which is an ultra-high durability version of Enteq's Measurement While Drilling technology.
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Enteq noted that the order will be used in the process of Sawafi obtaining full supplier accreditation with Saudi Aramco.
"The Sawafi partnership in Saudi Arabia has the potential to add significant strategic value to our business,” said Martin Perry, Enteq chief executive in a statement.
“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."
It is anticipated that the equipment will be delivered to the customer during September, and, the company said it expects to recognise the revenue when the accreditation process is finalised, which is expected to be before March 31, 2021.