Management Succession Plan

RNS Number : 0475F

Enteq Upstream PLC

12 November 2020

 

Enteq Upstream plc

Management Succession Plan

AIM traded Enteq Upstream plc ("Enteq", the "Company" or the "Group"), the energy services technology and equipment supplier, today announces changes to the structure of the Board of Directors (the "Board") which will come into effect on 1 April 2021.  These changes, in line with an orderly succession plan, will enable and support the delivery of a focused strategy for technology innovation and earnings growth in a consolidating sector.

Andrew Law, currently the Commercial Director, will become the Chief Executive Officer ("CEO").  Andrew's background in engineering and management with the major oilfield service companies Schlumberger and Weatherford means he is well placed to drive Enteq's technology strategy as well as to take advantage of potential further inorganic opportunities.  Andrew joined Enteq in January 2019 and has successfully grown the Company's market presence outside the USA, co-ordinating all sales, support and operational functions.

Martin Perry, the founder of Enteq and CEO since its IPO on AIM in July 2011, in moving to the role of Non-executive Chairman remains committed to driving Enteq forwards and will contribute to a broader perspective of potential growth opportunities for Enteq. 

Neil Hartley, who joined the Board in April 2020, will take the role of Senior Independent Non-Executive Director. Neil's considerable industry, finance and transaction related experience stem from his background with Schlumberger and senior positions with McKinsey & Company, Simmons & Company, First Reserve Corporation and most recently with Buckthorn Partners.

Iain Paterson, the current Chairman, will continue as a Non-executive Director.  David Steel continues to serve on the Board with the new title of Chief Financial Officer.

Iain Paterson, Chairman, commented:

"In a further response to the contraction of the USA land drilling markets in 2020, the Board has chosen to restructure in order to match the scale of the executive management to the current operations while continuing to address growth opportunities. Andrew Law, who is well qualified and proven in the business, will drive forward the on-going strategy for development and commercialisation of our innovative new technology as well as continuing his success in establishing new geographical markets and customers for equipment outside USA.  After having served 9 years as a Non-executive Director of Enteq,  over 4 of which were as Chairman, I am delighted to be stepping back in order to allow Martin Perry, the current CEO, to carry on playing an active role in the Company.  Martin will continue to support Andrew, whilst also reviewing strategic growth opportunities with further support from the considerable industry and financial experience of Neil Hartley."

For further information, please contact:

Enteq Upstream plc   [phone]

Iain Paterson, Chairman

Martin Perry, Chief Executive Officer

David Steel, Finance Director

Investec Bank plc (Nomad and Broker)   [phone]

Chris Treneman, Patrick Robb, David Anderson

 

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