Enteq, the oilfield services technology and equipment supplier, announces a contract from a new international customer.
On 17 August 2020, Enteq received a Purchase Order and confirmation of a cash deposit payment in respect to a conditional contract valued at $0.9m for equipment to deploy in Saudi Aramco’s drilling operations. The contract is with Enteq’s new strategic partner in the Kingdom of Saudi Arabia, Sawafi Aljazeera Oilfield Products and Services Co. Ltd “Sawafi”, a subsidary of Alturki Holdings. This order is for the recently released XXH product, an ultra-high durability version of Enteq’s Measurement While Drilling technology. Future opportunities are anticipated for Enteq’s technology partner equipment and new product releases.
The equipment will be delivered to the customer during September 2020 and will be used in the process of Sawafi obtaining full supplier accreditation with Saudi Aramco. The revenue will be recognised by Enteq when such accreditation is finalised which is expected to be prior to 31 March 2021.
Martin Perry, CEO of Enteq Upstream plc, commented:
“The Sawafi partnership in Saudi Arabia has the potential to add significant strategic value to our business. Enteq equipment has been proven to be both reliable and robust in the toughest oilfield environments around the world. We look forward to a long-term, strategic and mutually beneficial relationship with our partners at Sawafi for both current and future technology.”
Marwan Younis, Managing Director of Sawafi commented:
“Sawafi is constantly seeking the latest and best technologies that allow us to provide our clients with the most effective, efficient means to achieve their business objectives. We are excited about partnering with Enteq as another means of providing our customers with the best service possible.”