Enteq sells XXT and invests in new facility to focus on novel RSS solution, SABER
Enteq Technologies (Enteq), the energy services technology and equipment supplier, announces the sale of its XXT MWD (measurement while drilling) intellectual property and associated assets to Rime Downhole for a multi-million figure sum. The sale comes as Enteq expands to new US headquarters in Houston, Texas, as it drives the continued development of SABER.
The Enteq XXT technology is well known throughout the industry for high reliability and delivering highly cost-efficient operations. The sale will enable Enteq to focus its attention, investment and resources towards the development of its SABER Tool.
The SABER Tool (Steer-At-Bit Enteq Rotary Tool), is Enteq’s game-changing alternative to traditional rotary steerable systems (RSS) for directional drilling. SABER is designed to offer a robust, reliable, simple, and cost-effective alternative to current RSS options for use in oil and gas, geothermal and methane capture applications. SABER underwent its first round of testing earlier this year and is undergoing development ahead of further testing in the USA this summer.
Andrew Law, CEO at Enteq, said: “Our goal is to take novel ideas and disruptive technologies, such as SABER, to enhance and progress the sectors we work in.
“The sale of XXT doesn’t mean an exit from MWD for Enteq, in fact, it reflects our focus on developing differentiated specialist MWD products and rotary steerable technologies, where there is a larger addressable market. The sale also increases the cash position of the business to underpin the development of SABER. The Enteq team will deliver a smooth transition to Rime Downhole to ensure continuity and technical support to our customers.”
The sale comes as Enteq invested in new operating facilities in Houston, Texas in early April. The new facility is in an ideal location to support customers and partners with new workshop and office space.
Speaking of the new facility, Law added: “Houston has always been an important strategic base for us, but it was time for an upgrade. The facility was previously owned and used by a famous Youtuber, so while ‘quirky’ would be the best way to describe it, it reflects and embodies our creative, innovative spirit that we have applied across the business, our solutions, and particularly to the development of SABER. This space crucially offers us with plenty of room to grow the team and, in time, our technology offering.”
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About Enteq Technologies’ SABER Tool
The SABER Tool (Steer-At-Bit Enteq Rotary Tool) is a step change in directional drilling technology, developed by Enteq Technologies and based on a concept created by Shell. The ingenuity of the SABER Tool approach lies in the application of proven technologies in novel ways to achieve a sleek, elegant, and mechanically simple design, thereby improving reliability and project uptime versus traditional RSS solutions.
Rather than using pads or plates for steering, the SABER Tool uses an internally directed pressure differential system across the bit face. By removing these external contact points, the tool reduces wear and improves reliability, while also achieving true at-bit steering for the first time. The sleek, plain collar design also allows for a smoother borehole, further improving reliability, uptime and cost efficiency.
Listed on the London Stock Exchange, Enteq Technologies is a proudly independent UK and Houston-based engineering firm world-renowned for its high-temperature (HT) LWD/MWD solutions – expertise that makes the SABER Tool one of the world’s few directional drilling designs suitable for HT applications.
