13th Jun 2018 10:28
LONDON (Alliance News) - Enteq Upstream PLC said Wednesday it nearly halved its annual loss due to stabilisation in the North American market.
Shares in Enteq Upstream were down 12% at 33.00 pence on Wednesday morning.
The oil and gas drilling equipment supplier said that in its financial year ended March 31 it recorded a pretax loss of USD600,000, substantially narrowed from its USD1.1 million loss the previous year.
The company's revenue climbed to USD6.5 million from USD4.8 million.
Enteq attributed its improved results to more stability in oil prices and the North American directional oil drilling market. The number of oil rigs in North America rebounded to more than 1,000 from around 840 over the course of the company's financial year, Enteq said, widening the market for its drilling equipment. However, the number remains below the 2,000 deployed in 2014, the company noted.
Enteq will not pay a dividend.
"North American drilling is again delivering good returns from shale producing oil," said Enteq Chairman Iain Paterson.
"Outside North America there are increasingly more initiatives to exploit shale-based oil and gas and also further investment in conventional drilling and production," Paterson continued.
Related Shares:
Enteq Tech