Enteq Technologies (Enteq), the energy services technology and equipment supplier, has sold 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.
Enteq says its 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 an alternative to traditional rotary steerable systems (RSS) for directional drilling. Saber is said to be 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 US 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.”