Enteq Upstream PLC Contract Award (3736W)
August 18 2020 - 2:00AM
UK Regulatory
TIDMNTQ
RNS Number : 3736W
Enteq Upstream PLC
18 August 2020
18 August 2020
Enteq Upstream plc
("Enteq" or the "Company")
Contract award
Enteq, the oilfield services technology and equipment supplier,
announces a contract from a new international customer.
On 17 August 2020, Enteq received a Purchase Order and
confirmation of a cash deposit payment in respect to a conditional
contract valued at $0.9m for equipment to deploy in Saudi Aramco's
drilling operations. The contract is with Enteq's new strategic
partner in the Kingdom of Saudi Arabia, Sawafi Aljazeera Oilfield
Products and Services Co. Ltd "Sawafi". This order is for the
recently released XXH product, an ultra-high durability version of
Enteq's Measurement While Drilling technology. Future opportunities
are anticipated for Enteq's technology partner equipment and new
product releases.
The equipment will be delivered to the customer during September
2020 and will be used in the process of Sawafi obtaining full
supplier accreditation with Saudi Aramco. The revenue will be
recognised by Enteq when such accreditation is finalised which is
expected to be prior to 31 March 2021.
Martin Perry, CEO of Enteq Upstream plc, commented:
"The Sawafi partnership in Saudi Arabia has the potential to add
significant strategic value to our business. Enteq equipment has
been proven to be both reliable and robust in the toughest oilfield
environments around the world. We look forward to a long-term,
strategic and mutually beneficial relationship with our partners at
Sawafi for both current and future technology."
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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