Enteq Technologies PLC has released its year-end trading update, highlighting its focus on SABER development and commercialization while maintaining a lean overhead base. The cash balance as of March 31, 2024, was $3.0m, reflecting ongoing investment in SABER and steps taken towards full commercialization of the tool. The revenue for the full year is expected to be around $0.9m, with an adjusted EBITDA loss of approximately $2.9m, reflecting disciplined overhead management and liquidity maximization for SABER commercialization.

The SABER Tool and personnel are currently undergoing a structured customer test program in Australia and have successfully demonstrated steering ability in a live drilling environment. The recent downhole active drilling program in the USA has proven additional technical capabilities of the tool, leading to ongoing commercial discussions with potential customers and strategic partners. The build-program for the further fleet of equipment is progressing as planned, with major items now in stock at the Houston facility.

Andrew Law, CEO of Enteq Technologies plc, expressed satisfaction with the technical and commercial progress made, stating, "Following the recent Catoosa testing, it has been encouraging to see good levels of engagement with potential strategic partners and customers in the industry."

The SABER Tool, based on a concept originally developed by Shell, offers a novel approach to steering the bit while drilling the well, providing an alternative to existing Rotary Steerable Systems (RSS). With the exclusive global license for this technology and IP from Shell, Enteq is preparing the SABER Tool for commercial deployment, aiming to drive operational efficiency across directional drilling applications, including hydrocarbon production, geothermal energy, methane capture, and CCS (carbon capture and storage).

Enteq's focus on SABER commercialization and the progress made in customer testing and engagement with industry partners indicate a positive trajectory for the company's innovative technology in the energy services sector.