Enteq Upstream PLC Trading Statement (2541C)
April 12 2017 - 2:00AM
UK Regulatory
TIDMNTQ
RNS Number : 2541C
Enteq Upstream PLC
12 April 2017
12 April 2017
Enteq Upstream plc
("Enteq" or the "Company")
Year-end Trading Update
Enteq, the oilfield services technology and equipment supplier,
is pleased to provide an update for the financial year ended 31
March 2017.
The Board expects to report full year revenues and underlying
EBITDA in-line with its expectations. Enteq has continued to
preserve cash, with a balance of $15.3m as at 31 March 2017
compared to $15.1m reported as at 31 March 2016.
Market conditions have seen some improvements since the
beginning of 2017. The number of drilling rigs operating in the USA
has risen from approximately 400 in April 2016, to the current
level in excess of 800. However, global factors continue to cause
some instability in the oil price and accordingly the Board's
expectations for capital investment in new drilling equipment
remain cautious.
Enteq has continued to develop markets outside North America,
including the fulfillment of the previously announced initial
contract in Saudi Arabia.
Whilst still maintaining a low-cost base, Enteq has continued to
invest in new product development. This has resulted in the recent
filing of two UK and two U.S. patent applications.
The Company expects to report its full year results for the year
ended 31 March 2017 on 14 June 2017.
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)207 597 4000
Chris Treneman, Patrick Robb, David Anderson
* Underlying EBITDA is defined as operating profit before
depreciation, amortisation, provisions and exceptional items.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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April 12, 2017 02:00 ET (06:00 GMT)
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