Enteq Technologies PLC (AIM:NTQ) has seen a boost from the rising crude price, which is feeding through into revenues as more oil drill rigs come online.
The North American active rig count steadily increased throughout the year from 430 to approximately 670 in March 2022, said the oil and gas drillings services group.
As a result, reported revenue for the second half of the financial year to end-March 2022 will be in the region of US$4.9mln, compared to the first half's US$2.3mln, making US$7.2mln for the year overall.
Outside the US and Canada, the active rig count has also started to pick up but is lagging approximately six months behind North America.
A new customer in Central Asia also helped the recovery, said Enteq, which added it has now stopped doing business in Russia with minimal business impact.
China has been slower to recover but is being offset by an increase in revenues elsewhere.
Underlying profit (adjusted EBITDA) for the year is expected to be US$0.3mln with a cash balance of US$4.9mln at the year-end.
Development of its new guiding and drill-positioning technology, SABER, is also on track with sufficient cash to take it through commercialisation in 2022, said the statement.
Testing has proved it can perform effectively and will be a disruptor in geothermal, oil and gas and methane capture markets that are worth over US$1.9bn annually.