ADNOC Awards Cementing Services To NESR
National Energy Services Reunited Corp. (NESR) has secured a significant contract for Cementing Services in Abu Dhabi from ADNOC, part of a $658 million framework agreement involving five service providers. This contract, extending up to seven years, aligns with ADNOC's efforts to enhance crude oil production capacity while supporting the UAE economy through its in-country value (ICV) program. NESR aims to leverage sustainable technologies in its operations, reflecting its commitment to local investment and collaboration with ADNOC.
- Awarded a major contract for Cementing Services from ADNOC valued at a portion of $658 million.
- The contract extends up to seven years, indicating a long-term partnership.
- Aligns with ADNOC's ICV program to boost local economic investment.
- Opportunity to deploy next-generation sustainable technologies.
- None.
ABU DHABI, UNITED ARAB EMIRATES / ACCESSWIRE / March 17, 2022 / National Energy Services Reunited Corp. ("NESR" or "the Company") (NASDAQ:NESR) (NASDAQ:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, has announced that the Company has been awarded one of the major contracts for Cementing Services ("Cementing") in Abu Dhabi from ADNOC. In total, the announced award of framework agreements to five oilfield service providers is valued at
NESR CEO & Chairman Sherif Foda commented, "We are proud to have again been selected among a short list of service suppliers, to support ADNOC's clear and unmistakable ambition for sustainable oil production capacity growth. Following on our recent announced award for Testing services with ADNOC onshore, this pivotal Cementing contract underscores our alignment with ADNOC's ICV vision and affords us the opportunity to deploy next-generation sustainable technologies across multiple service segments."
Mr. Foda continued, "I want to sincerely thank ADNOC leadership for their trust in us as a marquee service platform and partner. As the National Champion of the MENA region, NESR will continue to invest locally in its people, equipment and supply chain as its scope and share of services expand. ADNOC is a foremost leader in ICV empowerment, for which NESR's growth strategy is uniquely aligned."
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
Forward-Looking Statements
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You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
For inquiries regarding NESR, please contact:
Blake Gendron - VP Investor Relations & Business Development
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp.
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