14th Oct 2014 08:44
LONDON (Alliance News) - Enteq Upstream PLC Tuesday said trading in the first half was in line with expectations, with growth in both revenue and earnings before income, taxation, depreciation and amortisation in the period.
The oilfield services company said revenue in the first half to September 30 was approximately 45% of its full-year expectations, with both gross margins and costs as planned.
It said revenue and its adjusted EBITDA during the first six months has shown significant growth against the comparable period a year earlier.
The group said its North American land rig count remains stable at levels slightly ahead year-on-year, despite a recent fall in oil prices.
Enteq said its Directional Drilling and Measurement While Drilling arms won new customers in North America in the first half and is continuing to win repeat business from a number of independent directional drillers in the market.
During the first half, the company said it competed its first significant system shipments in China and the Middle East.
"The first half of this financial year has demonstrated further organic progress in the business as a result of on-going investment, integration and market development," said Enteq Chief Executive Officer Martin Perry.
"Our first sales into the high potential Chinese and Middle Eastern markets represent a notable development in our sales and marketing efforts," Perry added.
Enteq shares were trading flat 23.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Enteq Tech