National Energy Services Reunited Corp. Announces Contract Awards in United Arab Emirates

Rhea-AI Summary

National Energy Services Reunited Corp. (NESR) announced contract awards in the UAE valued at up to $100 million for Coiled Tubing, Nitrogen, and Stimulation Services over three years, with two optional one-year extensions.

The company aims to consolidate its presence in the UAE, contributing to local economic growth by hiring and training talent. NESR emphasizes its commitment to the UAE's In-Country Value (ICV) Program, enhancing investments in the region.

Positive

• Contract awards valued at up to $100 million in the UAE.
• Strengthened presence in the UAE, promoting local hiring and training.
• Participation in the UAE's In-Country Value (ICV) Program.

Negative

• None.

HOUSTON, TX / ACCESSWIRE / August 11, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today reported multiple contract awards in the United Arab Emirates (UAE) valued at up to $100 million for Coiled Tubing, Nitrogen and Stimulation Services for a period of three years with two optional one-year extensions.

''NESR is pleased to further consolidate our presence in the United Arab Emirates, one of our founding countries in the Middle East and where we have longstanding history and deep roots. Such awards enable us to increase our contributions to the UAE economy through hiring and training local talent and broadening our investments in the UAE. NESR is continuously looking to expand its footprint as an active participant in the national In-Country Value (ICV) Program," said Sherif Foda, Chairman of the Board and CEO of NESR. Mr. Foda added, "I would like to thank our customers in the UAE for their trust in NESR, and we look forward to delivering top quality services to them."

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

This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.

The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, particularly during extended periods of low oil and gas prices, political disturbances, war, terrorist acts, public health crises and threats, including risks from the COVID-19 outbreak, ongoing actions taken by businesses and governments and resulting significant disruption in international economies, international financial and oil markets, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").

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:

Christopher Boone or Dhiraj Dudeja
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com

SOURCE: National Energy Services Reunited Corp.

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FAQ

What are the recent contract awards for NESR in the UAE?

NESR announced contract awards valued at up to $100 million for Coiled Tubing, Nitrogen, and Stimulation Services.

How long is the duration of the contracts awarded to NESR?

The contracts are for a period of three years, with two optional one-year extensions.

What is NESR's focus in enhancing its operations in the UAE?

NESR aims to contribute to the UAE economy through local hiring and training, and by participating in the In-Country Value (ICV) Program.

What does NESR specialize in?

NESR specializes in integrated energy services, including hydraulic fracturing, cementing, and coiled tubing services.