Oil & Gas News

Enteq Technologies Reports 45% Increase in Revenue in 2022

Enteq Technologies (Enteq), an energy services technology and equipment supplier, announces a 45% increase in revenue in 2022 with new entry into new regions and energy transition sectors.

EnteqBuilding on this, the SABER Tool (Steer-At-Bit Enteq Rotary Tool), Enteq’s game-changing alternative to traditional rotary steerable system (RSS) for directional drilling, has successfully achieved its testing milestones to date. 

The SABER Tool uses a novel and simple concept of internally directed pressure differentials to steer at the drill bit, removing the need for traditional pistons and pads that are susceptible to rapid wear and reliability issues. 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. 

Since taking on the development of the SABER Tool, from Shell’s initial proof of concept, Enteq has continued to focus on development and testing of the tool, significantly simplifying the design and offering the industry a solution that has a wider operational range and can be seamlessly integrated with customers’ equipment. The commercial adaptation of the tool utilizes proven, industry standard, or off-the-shelf, components to minimize technology development risk. 

Neil Bird, VP Advanced Drilling Systems at Enteq, commented: “The SABER Tool was developed and proven to work downhole by Shell before we took on the technology and refined the concept towards a commercial system. We have put a lot of time, money and effort into testing, while listening to the market to understand its wants and needs to further advance the tool. While the concept had already been proven, our engineering team has further de-risked the project and we have built a system that will be commercially viable.” 

The global drilling market is currently estimated to be worth at least USD $11B. Enteq’s CEO, Andrew Law, said: “We know that the drilling market, and in particular the RSS market, is strong. We’re confident this is set to continue into the future, and we’re excited by the potential to use our technology to support energy transition applications. When we set out to commercialize SABER, we wanted to ensure that we were creating an RSS that would improve the efficiency of operations now, and well into the future. With SABER, we’re confident that we’re able to do that and we’re looking forward to providing a solution that customers can feel confident in investing in. 

“When you look at the oil and gas industry, for example, there are only a handful of businesses supplying the global market in this sector and we know that there is demand there for alternative, innovative technologies.”

SABER was initially launched in March 2021 and has since undergone further testing and enhancements. Mr. Bird also commented: “SABER offers operators and drilling companies a trusted solution – Enteq is a safe pair of hands, if you will. We have a steady and loyal customer base through our MWD and LWD offering who are incredibly interested in SABER and we’ve put a lot of work into understanding what the market wants – gaining significant interest globally. We’re currently in the position of identifying commercial partners across several regions to facilitate the roll-out of SABER as the industry go to in RSS technology.”

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