Enteq Upstream floats higher on contract win

Enteq Upstream floats higher on contract win

Enteq Upstream PLC (LON:NTQ) bobbed higher on Thursday after it announced the award of a new material contract with a new international customer.

The oilfield services firm said it had received confirmation of the contract on 7 May alongside a cash deposit valued at US$1mln for the customer’s operations in China.

READ: Enteq Upstream says financial results will be in-line with expectations, details response to coronavirus impacts

The deal is for Enteq’s core Measurement While Drilling technology in combination with an ‘At Bit’ product jointly developed with and supplied by collaboration partner Well Resolutions Technology.

The order is scheduled to be delivered to the customer during the summer of 2020.

“Despite the recent market turbulence, this order demonstrates Enteq’s continuing ability to deliver proven, cost effective, solutions for our customers’ needs. The new customer relationship broadens Enteq’s presence in China and demonstrates the continued value of our technology partnerships”, said Enteq chief executive Martin Perry.

Shares in the company jumped 6.8% to 11.8p in late-afternoon trading.

Published at Thu, 07 May 2020 14:32:00 +0000-Enteq Upstream floats higher on contract win