Market Share and Internal Sales Appointment

RNS Number : 4896M

Enteq Upstream PLC

08 January 2019

 

8 January 2019

Enteq Upstream plc

("Enteq" or the "Company")

Market share gains 

and

Director of International Sales appointment

Enteq has made recent gains in its International market share through the sale of a second kit to a mainland Europe based customer, for operations in both Hungary and Iceland, the latter being a geothermal application.   The delivery of this kit has taken the total sales value to this new customer to approximately $0.7m during the current financial year.  

In addition, Enteq has recently made deliveries of both its electronic sensors and mechanical components, worth approximately $0.3m, to a new China based partner that provides drilling services and support in both China and Canada.  

The previously announced kit sold to an Indonesia based customer, for use in a geothermal application, has recently completed some successful initial drilling operations.

In North America, the Rocky Mountain oil producing regions have seen an increase of approximately 20 drilling rigs in the second half of 2018, with additional growth expected in 2019. Through innovative equipment and kit rental supply programs, Enteq has enabled its customers based in this region to capture nearly 50% of this rig growth.

Director of International Sales

Enteq is pleased to confirm the appointment of Andrew Law to the new non-board position of Director of International Sales.  Andrew has responsibility for all Enteq's customers in the Eastern Hemisphere with a focus on strategic development of these markets.   Having obtained a degree in Mechanical Engineering, Andrew spent the first ten years of his career with Schlumberger.   Following time with KPMG as an oil and gas specialist in their corporate advisory division, Andrew has most recently held positions with Weatherford as both Global Account Director and General Manager in the Far East and Australasia.

Martin Perry, CEO of Enteq Upstream plc, commented:

"The market share gains in North America validates Enteq's focus on developing innovative commercial structures that address the specific needs of new industry entrants.  The sales in China and Andrew's appointment underlines Enteq's continuing commitment to its strategy of internationalizing its product offerings."

For further information, please contact:

Enteq Upstream plc                                                                     [phone]

Martin Perry, Chief Executive Officer

David Steel, Finance Director

Investec Bank plc (NOMAD and Broker)                                    [phone]

Chris Treneman, Patrick Robb, David Anderson

 

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