# Enteq Technologies confidence in meeting Board expectations for the full financial year

- Link: https://www.directorstalkinterviews.com/enteq-technologies-confidence-in-meeting-board-expectations-for-the-full-financial-year/4121092540
- Published: 2022-02-24T07:16:00+00:00
- Author: Amilia Stone

**Enteq Technologies plc** ([LON:NTQ](https://www.directorstalkinterviews.com/company/enteq-technologies/ntq.l))
the energy services technology supplier, has announced an update on the general 
business and the progress of the SABER technology development.

**Business Update**

Sales and orders since 30 September 2021 have continued in-line with the update 
provided in the Interim Results announcement on 18 November 2021. The strength is
primarily due to the increase in active drilling rigs and tightening of surplus 
capacity in North America, following the rising oil and gas prices, making up for
a delayed recovery in China.   

Year to date trading, together with the current order book, continues to provide
confidence in the Board’s expectations for the full financial year. Revenues have
included third-party products sold under the new distribution agreements as also
announced in November 2021.

**SABER Development**

The SABER field-testing and development programme has continued to progress and 
develop since the status previously announced in the Interim results for the six
months ended 30 September 2021.

A lease has been signed to establish a SABER technology centre in the Cheltenham/
Gloucester area. This area is recognised within the industry as a global centre 
of excellence for rotary steerable system (RSS) technology development. 

Recent downhole testing performed with an international customer and field-test 
partner has confirmed the ability of the SABER control system to perform in a dynamic
downhole environment.  Further surface testing at a third party facility has proven
that ample steering forces can be generated by SABER, as well as providing valuable
information to optimise the continuing downhole test programme.  A technical webinar
series is scheduled to start in March to further strengthen customer engagement.

Enteq Technologies’ current medium term cashflow forecast shows sufficient internal
funds to continue the development through to building up a significant SABER rental
fleet. Should an accelerated introduction to market of SABER be required, Enteq’s
relationship bank, HSBC plc, has granted the Company an overdraft facility of USD
1.0m to provide additional growth related working capital.

The RSS market has a global size of over $2bn and the SABER technology is targeted
at a range of applications across the energy sector; geothermal drilling, methane
capture and oil and gas operations.

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