Enteq Upstream PLC – Interim Results

Enteq Upstream PLC – Interim Results

AIM traded Enteq Upstream plc, the Oil & Gas drilling technology company, today announces its interim results for the six months ended 30 September 2018.

Key Features

  • Stable commodity prices and activity in USA with international opportunities beginning to materialise.
  • Revenue showing steady improvement.
  • Progressive growth in adjusted EBITDA.
  • Investment in technology and the rental fleet of MWD systems; cash balance US$ 11.8m (US$ 15.3m in September 2017).

Financial Metrics

Six months to:
30 Sept 2018
US$m
30 Sept 2017
US$m
Revenue 4.2 2.5
Consolidated adjusted EBITDA1 0.6
Loss before tax 0.4 0.3
Adjusted loss per share (cents)2 0.4 0.6
Cash 11.8 15.3

Outlook

  • Core market of North American land drilling expected to remain near current levels.
  • Further international growth prospects.
  • Technology partnerships will increase available market.
  • Current engineering projects will broaden product offering.
  • Current market conditions give stable platform for growth.

Martin Perry, CEO of Enteq Upstream plc, commented:

“Enteq has returned to progressive growth in adjusted EBITDA and investments are being made from existing cash reserves into both new technology and strategic opportunities.  Management believe that the returns from these investments will both broaden the market that can be addressed by Enteq and increase market share.  Outside North America management continue to pursue opportunities which could be significant in scale. Providing the oil price remains at a level to sustain investment in the drilling sector, Enteq is confident of continuing growth.”

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