Enteq Technologies announced the sale of its XXT MWD (measurement while drilling) intellectual property and associated assets to Rime Downhole for a multi-million figure sum. The sale comes as Enteq expands to new U.S. headquarters in Houston, Texas, as it drives the continued development of SABER.
The Enteq XXT technology is well known throughout the industry for high reliability and delivering highly cost-efficient operations. The sale will enable Enteq to focus its attention, investment and resources towards the development of its SABER Tool.
The SABER Tool (Steer-At-Bit Enteq Rotary Tool) is Enteq’s alternative to traditional rotary steerable systems (RSS) for directional drilling. SABER is designed to offer a robust, reliable, simple, and cost-effective alternative to current RSS options for use in oil and gas, geothermal and methane capture applications. SABER underwent its first round of testing earlier this year and is undergoing development ahead of further testing in the USA this summer.
Enteq Technologies plc (LON:NTQ) develops and supplies equipment for Measurement, Logging and Geo-steering while drilling of wells for the Geothermal, Oil and Gas markets.
