Enteq Technologies PLC (AIM:NTQ) - Administration

Enteq Technologies PLC (AIM:NTQ), an Aberdeen drilling firm, entered administration on 30 April.

The company has been struggling with cash flow issues related to the development of its SABER drilling technology, an alternative to traditional rotary steerable systems.

Enteq acquired the technology from Shell in 2019 and has since been working to commercialise it. The company said the board concluded Enteq couldn’t meet its liabilities as they came due and appointed Paul Berkovi and Robert Croxen of Alvarez & Marsal as joint administrators.