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Enteq Technologies PLC on Wednesday said it has sold its freehold premises in Houston, Texas for $2.5 million.
Ascot, England-based Enteq is an energy services technology and equipment supplier.
The company said that the sale will support its strategic growth, including its new Saber tool product line which is in the final test phases.
The book value of the property at September 30 was $2.1 million.
Enteq noted that the sale proceeds are expected to be recognised as an exceptional item in the current financial year’s results.
The company also said it will shortly relocate its Houston Product Centre, including its Measurement While Drilling operation, to alternative leased premises near George Bush Intercontinental Airport in Houston. Enteq has entered into a three-year lease for the new premises, which has an annual rental expense of about $97,500.
The company expects that the new location will have ‘significantly’ lower annual after tax running costs than its old premises. This will result in overall operating expenses cost saving,
Enteq plans to post a year-end trading statement in April.
Chief Executive Andrew Law said: ‘I am delighted on a number of fronts, not only does this provide additional capital for SABER growth and development, our new premises are in a much more accessible location for our customers, suppliers and industry partners. We are looking forward to establishing the new facility with renewed focus on commercialising SABER as well as providing MWD technologies complementary to SABER.’
Shares in Enteq were flat at 11.00 pence each in London on Wednesday afternoon. Over the past 12 months the stock is down 21%.
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