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Energy technology company Enteq has announced that it has received a rental contract valued up to $1.1 million (£0.79 million) over the next 18 months from an existing North American customer.
The order relates to the rental of Enteq's core Measurement While Drilling ("MWD") technology for a minimum of 8 months.
A deposit has been received relating to the first tranche of equipment, valued at up to $0.8 million (£0.58 million), which will be delivered shortly. There is an option for an additional tranche of up to $0.3 million (£0.22 million), which, if confirmed will be expected within the next month, with the equipment to be delivered soon after.
Andrew Law, CEO of Enteq Upstream plc, commented: It is reassuring to see that the US land market is starting its recovery. This contract award is yet further confirmation that Enteq continues to provide commercially effective solutions and dependable technologies to our customers, the independent directional drilling companies.
At 2:38pm: (LON:NTQ) Enteq Upstream share price was 0p at 14.7p