Enteq Technologies PLC on Wednesday said it anticipated strong demand in the energy industry for new competition as it reported an increased loss.

The Ascot, England-based energy services technology and equipment supplier said pretax loss widened to $3.1 million in the financial year ended March 31 from $1.6 million a year prior. The company does not generate revenue.

Administrative expenses increased to $3.3 million from $1.7 million.

For the current financial year, the company anticipates demand for efficient competition.

Chief Executive Officer Andrew Law said: ‘With a fundamentally robust energy market, we expect to see strong demand in the industry for new competition, notably in the rotary steerable system sector of drilling. As such, we have been making progress towards securing customer agreements to cover the key regions around the world. With the technology now having been proven in trials including full operational test environments, we look forward to successful conclusion of the current customer test, and then on to commercial/revenue generating activity commencing shortly.’

Enteq shares rose 1.9% to 6.88 pence each on Wednesday morning in London.

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