Enteq Technologies plc, an energy services technology supplier, has provided an update at its Annual General Meeting (AGM). The company has decided to focus on the Rotary Steerable Systems (RSS) sector, which has an estimated annual market size of over $2 billion. Enteq is investing in the engineering for its potentially disruptive technology, SABER, and has invested $1.9 million since April 2023. A commercial contract is in place, and customer-testing operations are planned later in the year. The company has also been focused on improving its cash position, with a cash balance of $5.1 million as of September 28, 2023.

In a board update, Enteq announced that Iain Paterson, a Non-Executive Director and former Chairman, will retire from the board. The company intends to make a new board appointment of an individual with direct and relevant experience in the RSS and Directional Drilling sector.

Andrew Law, CEO of Enteq, stated that the SABER project has reached a pivotal milestone, with successful testing in an operational environment. The company has generated cash to support the SABER project through the sale of the XXT product line and the sale of property. Law expressed gratitude to Iain Paterson for his support and looks forward to announcing the intended new appointment in due course.

Overall, Enteq Technologies is focusing on the RSS sector and investing in the development of its SABER technology. The company has improved its cash position and announced a change in the board composition.