Enteq Upstream looks to continue its international growth after reaping the benefits of a North American drilling boom.
The oilfield services technology and equipment supplier announced its turnover had peaked at $24million for the financial year with approximately $1.9m EBITDA – a 25% increase on last year’s figures.
Enteq credited strong North American drilling markets for its improved financial performance. The firm is also set to increase its international stronghold by establishing sales channels into Russia, China and the Middle East.
Chief executive Martin Perry said: “Enteq has met financial expectations for the year ended March 2014 and maintains a strong cash balance.
“In a more stable North American market and through investment in internal product development, international business expansion and strategic new technologies we expect to maintain margins with similar levels of revenue growth and incremental cash generation.”
A year end cash balance, at around $19m, will also see the firm continue to invest in its drilling product line and technology
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