7 May 2020
Enteq Upstream plc
("Enteq" or the "Company")
Enteq, the oilfield services technology and equipment supplier, announces award of a new material contract from a new international customer.
On 7 May 2020, Enteq received confirmation and a cash deposit relating to a contract valued at $1.0m with a new customer, for operations in China. The contract is for Enteq's core Measurement While Drilling technology in combination with an 'At Bit' product jointly developed with and supplied by collaboration partner Well Resolutions Technology. The order will be delivered to the customer during the summer of 2020.
Martin Perry, CEO of Enteq Upstream plc, commented:
"Despite the recent market turbulence, this order demonstrates Enteq's continuing ability to deliver proven, cost effective, solutions for our customers' needs. The new customer relationship broadens Enteq's presence in China and demonstrates the continued value of our technology partnerships."
For further information, please contact:
Enteq Upstream plc +44 (0)149 461 8739
Martin Perry, Chief Executive Officer
David Steel, Finance Director
Investec Bank plc (NOMAD and Broker) +44 (0)20 7597 5970
Chris Treneman, Patrick Robb, David Anderson
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