Latest news with #SABERTool
The National
30-04-2025
- Business
- The National
Scottish energy technology firm falls into administration
Enteq Technologies suspended shares this morning after the firm announced the cease in trading. The AIM-listed company established its Aberdeen base in the city centre's Queen's Gardens at the end of 2023 but had warned of potential cashflow issues. Although it continued to develop its flagship SABER drilling technology, seen as a promising alternative to traditional rotary steerable systems, the share price of the company plummeted from £9 last April to just 43p at market close yesterday. READ MORE: Historic golf course rescued after huge flood shut it down The SABER Tool (Steer-At-Bit Enteq Rotary Tool)can be used in both oil and gas extraction as well as emerging sectors such as geothermal drilling and methane capture. The operations, engineering and manufacturing are all based in Houston, Texas, with their executive leadership based in Aberdeen and London. Customers are spread across the globe in North America, China, the Middle East, and Europe. The company's search for a buyer did not result in any offers, with a statement this morning, adding: 'Enteq continues to require funding however the Board now no longer considers that suitable funding can realistically be raised,' the company said in a statement. 'The board has continued to seek advice on its appropriate next steps, and regrettably has concluded that, after detailed consideration of the Company's current financial situation, it will not be able to meet its liabilities as they fall due and is therefore required to take the necessary steps to seek to preserve value for creditors. 'The board has consequently resolved to appoint Managing Directors from Alvarez & Marsal Europe LLP as administrators to the Company. It is anticipated that the administrators will be appointed during the course of today or tomorrow.' The future of the company's staff and drilling technology is currently unclear.
Zawya
19-03-2025
- Business
- Zawya
Enteq launches SABER Vertical for Mideast, Africa
Enteq Technologies (Enteq), the specialist energy services engineering and technology company, has launched SABER Vertical, an advanced drilling solution designed to enhance efficiency and reduce operational complexity for vertical and top-hole drilling. SABER Vertical extends the existing advantages of Enteq's directional drilling rotary steerable system (RSS), The SABER Tool, to vertical drilling, offering a low-service requirement and modular design that minimises both equipment needs and overall costs. In regions such as the Middle East and Africa, vertical wells are often drilled in remote and demanding environments, making traditional methods expensive and logistically complex. Engineered in response to market demand and industry challenges, this innovative solution provides operators with greater accuracy, control and wellbore stability, helping to deliver a lower total cost of ownership than other systems available today. The modular design enables adaptability to multiple hole sizes, reducing equipment requirements and enhancing operational flexibility. Its optimised wellbore stability improves drilling accuracy and control, ensuring greater precision throughout the process. The solution is also low-risk and can be deployed globally in a variety of environments, making it a practical and scalable option for operators worldwide. Andrew Law, CEO at Enteq, said: "SABER Vertical is the result of listening to our customers and understanding the unique challenges of the market. It is inevitable that incumbent solutions for these applications are expensive due to the required large tool size, limiting commercially suitable options available to the market. With its compact design and cost-effective nature, SABER Vertical delivers a much-needed alternative, helping operators improve efficiency without compromising on performance." -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
18-03-2025
- Business
- Zawya
Enteq launches SABER Vertical with a view on Middle East and African projects
United Kingdom: Enteq Technologies (Enteq), the specialist energy services engineering and technology company, today launches SABER Vertical, an advanced drilling solution designed to enhance efficiency and reduce operational complexity for vertical and top-hole drilling. SABER Vertical extends the existing advantages of Enteq's directional drilling rotary steerable system (RSS), The SABER Tool, to vertical drilling, offering a low-service requirement and modular design that minimises both equipment needs and overall costs. In regions such as the Middle East and Africa, vertical wells are often drilled in remote and demanding environments, making traditional methods expensive and logistically complex. Engineered in response to market demand and industry challenges, this innovative solution provides operators with greater accuracy, control and wellbore stability, helping to deliver a lower total cost of ownership than other systems available today. The modular design enables adaptability to multiple hole sizes, reducing equipment requirements and enhancing operational flexibility. Its optimised wellbore stability improves drilling accuracy and control, ensuring greater precision throughout the process. The solution is also low-risk and can be deployed globally in a variety of environments, making it a practical and scalable option for operators worldwide. Andrew Law, CEO at Enteq, said: "SABER Vertical is the result of listening to our customers and understanding the unique challenges of the market. It is inevitable that incumbent solutions for these applications are expensive due to the required large tool size, limiting commercially suitable options available to the market. With its compact design and cost-effective nature, SABER Vertical delivers a much-needed alternative, helping operators improve efficiency without compromising on performance." About Enteq Technologies Enteq Technologies (Enteq) is the specialist energy services engineering and technology company best known for its revolutionary, field-proven SABER Tool (Steer-At-Bit Enteq Rotary Tool) directional drilling technology. Listed on the London Stock Exchange's AIM, Enteq Technologies is a proudly independent UK and Houston-based engineering firm, world-renowned for its downhole high-temperature (HT) expertise. The ingenuity of the SABER Tool approach lies in the application of proven, patented technologies in novel ways to achieve a sleek, elegant, and mechanically simple design, thereby improving reliability and project uptime versus traditional RSS (rotate steerable system) solutions. The SABER Tool is field-proven and ready for commercial deployment. The Tool is set to drive operational efficiency across the world's directional drilling applications, including hydrocarbon production, geothermal energy, methane capture and CCS (carbon capture and storage). Media contact:
