Enteq Upstream PLC Management Succession Plan (0475F)
November 12 2020 - 2:00AM
UK Regulatory
TIDMNTQ
RNS Number : 0475F
Enteq Upstream PLC
12 November 2020
Enteq Upstream plc
Management Succession Plan
AIM traded Enteq Upstream plc ("Enteq", the "Company" or the
"Group"), the energy services technology and equipment supplier,
today announces changes to the structure of the Board of Directors
(the "Board") which will come into effect on 1 April 2021. These
changes, in line with an orderly succession plan, will enable and
support the delivery of a focused strategy for technology
innovation and earnings growth in a consolidating sector.
Andrew Law, currently the Commercial Director, will become the
Chief Executive Officer ("CEO"). Andrew's background in engineering
and management with the major oilfield service companies
Schlumberger and Weatherford means he is well placed to drive
Enteq's technology strategy as well as to take advantage of
potential further inorganic opportunities. Andrew joined Enteq in
January 2019 and has successfully grown the Company's market
presence outside the USA, co-ordinating all sales, support and
operational functions.
Martin Perry, the founder of Enteq and CEO since its IPO on AIM
in July 2011, in moving to the role of Non-executive Chairman
remains committed to driving Enteq forwards and will contribute to
a broader perspective of potential growth opportunities for
Enteq.
Neil Hartley, who joined the Board in April 2020, will take the
role of Senior Independent Non-Executive Director. Neil's
considerable industry, finance and transaction related experience
stem from his background with Schlumberger and senior positions
with McKinsey & Company, Simmons & Company, First Reserve
Corporation and most recently with Buckthorn Partners.
Iain Paterson, the current Chairman, will continue as a
Non-executive Director. David Steel continues to serve on the Board
with the new title of Chief Financial Officer.
Iain Paterson, Chairman, commented:
"In a further response to the contraction of the USA land
drilling markets in 2020, the Board has chosen to restructure in
order to match the scale of the executive management to the current
operations while continuing to address growth opportunities. Andrew
Law, who is well qualified and proven in the business, will drive
forward the on-going strategy for development and commercialisation
of our innovative new technology as well as continuing his success
in establishing new geographical markets and customers for
equipment outside USA. After having served 9 years as a
Non-executive Director of Enteq, over 4 of which were as Chairman,
I am delighted to be stepping back in order to allow Martin Perry,
the current CEO, to carry on playing an active role in the Company.
Martin will continue to support Andrew, whilst also reviewing
strategic growth opportunities with further support from the
considerable industry and financial experience of Neil
Hartley."
For further information, please contact:
Enteq Upstream plc +44 (0) 1494 618739
Iain Paterson, Chairman
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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