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 US 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 game-changing alternative to traditional rotary steerable systems (RSS) for directional drilling.
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.