Enteq appoints new head of finance

Energy service engineering and technology company Enteq announced the appointment of Amir Absoud as its head of finance on Friday, to immediately succeed the current chief financial officer, Mark Ritchie.

The AIM-traded firm said Absoud is a fellow of the Institute of Chartered Accountants in England and Wales, and holds an economics degree from the London School of Economics.

His professional background included experience with PwC in London, working with AIM-listed companies, and holding senior finance roles in oilfield and energy services companies both in the UK and internationally.

With more than two decades of experience, it said Absoud had expertise in designing and managing finance and tax functions, implementing systems, and providing strategic, commercial, and tax advice.

Absoud is the founder and director of Upstreamly, a firm of Chartered Accountants specialising in energy companies, with offices in London and Aberdeen.

Upstreamly would offer Enteq accounting, tax, compliance, and advisory services, in addition to Absoud's role as head of finance.

In that capacity, he would serve as an advisor and observer to the board.

Mark Ritchie, who joined the board in June last year, would remain with the company as a director until 31 May, and as an employee until late June, to ensure a smooth transition of responsibilities.

“I am pleased to welcome Amir to the team; his experience in energy services and growing businesses is directly relevant to Enteq's needs and coupled with his entrepreneurial skill set, I believe he will deliver a positive impact to Enteq,” said chief executive officer Andrew Law.

“The additional support of Upstreamly will provide a high quality, scalable and cost-effective solution to our financial services function.

“On behalf of the board, our employees and shareholders I would also like to personally thank Mark for his support.”

At 1222 BST, shares in Enteq Technologies were down 5% at 8.55p.

Reporting by Josh White for Sharecast.com.