26th Sep 2018 11:07
LONDON (Alliance News) - Enteq Upstream PLC said on Wednesday its year-to-date trading is in line with management expectations.
The oilfield services and equipment supplier said it first-half performance built on the revenue and adjusted earnings before interest, taxes, deprecation and amortisation achieved during the second half of the financial year that ended March 31. In that year, Enteq reported a pretax loss of USD600,000 on revenue of USD6.5 million. Revenue was up 35% from the year before.
Incremental sales were made to new customers for rental equipment in the North America region, as well as Measurement While Drilling systems in the international markets.
Enteq said it has maintained its investment in technology, including a collaboration in the development an "At-Bit" solution, which provides critical measurements from immediately behind the drill bit for faster drilling responses.
"If the sector remains stable, Enteq is confident of further profitable market penetration and will continue to invest in all areas of opportunity," the company said in a statement.
Enteq Upstream will release its interim results on November 15.
Shares in Enteq Upstream were up 5.5% at 29.00 pence on Wednesday.
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