Enteq provided earnings guidance for the year ended 31 March 2016. In the period to 31 March 2016 there has been further dramatic reductions in both oil prices and rig activity in North America, down approximately 60% from that of a year ago. Enteq, in common with most businesses in the oil & gas sector, and in particular in drilling related products and services, has accordingly faced a challenging year. The Board expects to report both full year revenues and underlying EBITDA in-line with its expectations.

The Board has additionally decided that it is appropriate to match its own structure with current activities and further reduce its own costs. Accordingly, following the AGM in September 2016, Neil Warner will stand down as Chairman and leave the Company and Raymond Garcia will step down from the Board (but remain as Chief Operating Officer, based in Texas, USA).