- Oil and gas drilling technology company Enteq reported wider on asset writedowns following a challenging backdrop for energy companies as oil prices fell sharply.

For the year ended 31 March 2020, pre-tax losses deepened to $7.8m from $0.2m on-year increased by 7% to $10.9m, primarily due to international revenue rising from $1.0m in the year to March 2019 to $3.2m this year.

The company recorded an exceptional write off of $4.2m and a $2.7m write down of specific products held in inventory amid uncertain market conditions in both the short and medium term.

'The North American market experienced a challenging year with revenue falling from $9.2m to $7.7m, primarily due to the oilfield services companies concentrating on reducing their debt burden, with a rapid decline in revenues since the outbreak of the virus pandemic and dramatic oil price reductions,' the company said.

The US markets uncertain of short-term recovery, but stabilisation in the oil price would support international opportunities, the company said.

At 8:57am: [LON:NTQ] Enteq Upstream share price was -1.25p at 14.25p

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