REG - Enteq Technologies - Appointment of new CFO

Enteq TechnologiesAnnouncement

01/06/2023 07:00

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RNS Number : 2540B  Enteq Technologies PLC  01 June 2023

Enteq Technologies plc

 

("Enteq" or the "Company")

 

Appointment of new CFO

 

Enteq Technologies plc (AIM: NTQ.L) the energy services technology and
equipment supplier, is pleased to announce the appointment of Mark Ritchie as
Chief Financial Officer ("CFO"), who will commence his role on 16 June 2023,
succeeding the current CFO David Steel.

Mark Ritchie is an associate member of the Chartered Institute of Management
Accountants and has over 20 years' financial experience, ten years of which
have been spent in Board level roles in private equity ("PE") backed
businesses. He most recently held the role of Finance and Support Services
Director at Richard Irvin FM Limited (construction industry, PE backed:
RCapital LLP) and prior to that he was Group Finance and IT Director of ICR
Integrity Limited (oil and gas services, PE backed: Graphite Capital). He has
extensive strategic financial, commercial, M&A and successful business
transformation experience with a track record of international expansion and
business growth.

David joined the Company in October 2012 shortly after Enteq was admitted to
AIM in 2011 and has served as a director of the Company since June 2014. David
will remain with the Company until the end of July 2023 to ensure an orderly
handover of responsibilities.

Andrew Law, CEO of Enteq Technologies plc, commented:

"We are delighted to announce Mark's appointment as our new CFO. He has a
strong track record of scaling up businesses, including those in the energy
services sector. With his significant experience and dynamic approach combined
with his strong commercial acumen he will be of great value as we enter a new
phase of corporate development and look forward to a period of growth as we
commence the exciting phase of introducing the game changing SABER technology
to the drilling market."

"On behalf of the Board, our employees and shareholders I would also like to
personally thank David for his hard work and dedication to the Company. David
has made a significant contribution to Enteq over the past decade. We wish him
well in his future endeavours."

 

For further information, please contact:

 

Enteq Technologies
plc
+44 (0)20 8087 2202

www.enteq.com (http://www.enteq.com)

Andrew Law, Chief Executive Officer

David Steel, Chief Financial Officer

 

finnCap Ltd (NOMAD and Broker)
            +44 (0)20 7220 0500

Ed Frisby, Fergus Sullivan (Corporate Finance)

Andrew Burdis, Barney Hayward (ECM)

 

 

About SABER

SABER (Steer-At-Bit Enteq Rotary Tool) is an evolution of traditional rotary
steerable systems (RSS). SABER directional drilling technology is based on
intellectual property licenced from Shell and subsequent Enteq developments.
SABER will widen Enteq's addressable market, accessing the large rotary
steerable drilling market, where the SABER tool can offer a differentiated and
cost-effective alternative to the traditional technology. SABER utilises
internal hydraulic pressure differentials to create side force at the drill
bit for geo-steering, rather than pushing against the borehole wall (pads and
pistons) to change direction. The advantage of internalising the steering
mechanism is expected increased reliability and reduced downtime. The Company
is bringing SABER to commercialisation. For additional information please
visit www.enteq.com/products/rotary-steerable-system-srss/
(https://www.enteq.com/products/rotary-steerable-system-srss/)

 

INFORMATION REQUIRED UNDER RULE 17 AND SCHEDULE 2, PARAGRAPH (G) OF THE AIM
RULES FOR COMPANIES ("AIM RULES")

 Full name:                    Mark Ritchie
 Age:                          43
 Shareholding in the Company:  None
 Current directorships and/or partnerships:            Historic directorships and/or partnerships (within the last five years):
 Scarf                                                 Chemical Injection Utilities Limited

                                                       ICR (Investment 1) Limited

 Scarf Enterprises (Scotland) Limited                  ICR (Investment 2) Limited

                                                       ICR Integrity (Group) Limited

                                                       ICR Integrity (Holdings) Limited

                                                       ICR Integrity Limited

                                                       Moss Mechanical On Site Services Limited

                                                       North East Corrosion Engineers Limited

                                                       Quickflange UK Limited

                                                       Richard Irvin FM Limited

                                                       Walker Technical Resources Limited

 

There is no further information to be disclosed in relation to the director
appointment pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM
Rules.

 

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