Enteq Technologies plc (LON:NTQ) the energy services technology supplier, will make the following statement at its Annual General Meeting which takes place at 11.00am today at the offices of Cavendish Financial plc, 1 Bartholomew Close, London, EC1A 7BL.
AGM Statement
The international market for Rotary Steerable Systems (RSS), a speciality technology for downhole drilling, is currently estimated at over $2bn annually (*). Enteq has made the strategic decision to focus on the RSS sector where there is a large addressable market for Enteq’s range of new technologies, notably the potentially disruptive technology, SABER, as well as differentiated specialist Measurement While Drilling (MWD) technologies.
Enteq continues to invest in the engineering for SABER, with $1.9m invested since 1 April 2023, and plans are in place for the subsequent fleet-build. A commercial contract is in place and customer-testing operations are planned later in the year as part of this contract.