Enteq Upstream PLC Market Share and Internal Sales Appointment (4896M)
January 08 2019 - 4:00AM
UK Regulatory
TIDMNTQ
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 +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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END
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