StockMarketWire.com - Oilfield services technology and equipment supplier Enteq Upstream has been awarded a contract by a new strategic partner in the Kingdom of Saudi Arabia, Sawafi Aljazeera Oilfield Products and Services.

Enteq said it received a purchase order on 17 August and confirmation of a cash deposit payment in respect of a conditional contract valued at $0.9m for equipment to deploy in Saudi Aramco's drilling operations.

The order is for the recently released XXH product, which is an ultra-high durability version of Enteq's measurement while drilling technology, with the equipment due to be delivered to the customer during September 2020, and will be used in the process of Sawafi obtaining full supplier accreditation with Saudi Aramco.

Chief executive Martin Perry said: 'The Sawafi partnership in Saudi Arabia has the potential to add significant strategic value to our business.'

He added: 'We look forward to a long-term, strategic and mutually beneficial relationship with our partners at Sawafi for both current and future technology.'


At 9:14am: [LON:NTQ] Enteq Upstream share price was +0.75p at 12.75p



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