NESR and Ulterra Announce Partnership in the Middle East

Rhea-AI Summary

NESR (NASDAQ:NESR, NESRW) has partnered with Ulterra Drilling Technologies to deploy PDC drill bits across the MENA and Asia regions. This collaboration aims to enhance drilling optimization and expand customer reach. John Clunan, CEO of Ulterra, emphasized the partnership's potential to increase sales and improve performance. Sherif Foda, CEO of NESR, highlighted the agreement as a key addition to their Drilling Services portfolio. Established in 2017, NESR is a major oilfield services provider in the MENA and Asia Pacific regions, offering comprehensive energy services.

Positive

• Strategic partnership with Ulterra to deploy PDC drill bits enhances service offering.
• Expected to improve sales and expand customer base for both NESR and Ulterra.
• Complementary technology between NESR's services and Ulterra's drill bits could enhance operational performance.

Negative

• None.

HOUSTON, TX / ACCESSWIRE / September 15, 2021 / National Energy Services Reunited Corp. ("NESR") (NASDAQ:NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region and Ulterra Drilling Technologies, L.P. ("Ulterra"), an independent supplier and manufacturer of polycrystalline diamond compact ("PDC") drill bits, announced that they have entered into an agreement to deploy and use Ulterra PDC bits across various countries in the MENA and Asia region.

John Clunan, President and Chief Executive Officer of Ulterra stated, "We are very pleased with the collaboration with NESR as it will allow us to leverage our drill bits offering with NESR's footprint across MENA and Asia regions to rapidly grow sales for both companies. Drilling optimization has always been a key focus area for us to serve customers globally and working with NESR will help us expand our customer base and provide those customers with our PDC bits that improve performance and challenge the limits. As we have shown in North America with our market leading position and growth over the last few years, we are confident that we can continue to grow our international presence and further advance our mark in the region."

"As we have previously stated, we have made several organic and inorganic long-term investments as well as establishing new partnerships to grow our Drilling & Evaluation Services segment." Said Sherif Foda, Chairman of the Board and CEO of NESR. "This new agreement with Ulterra is another piece to the puzzle and will be a key addition to our growing portfolio in the Drilling Services. With Ulterra's PDC bits we will be able to offer our customers a market leading and proven drill bit technology that will also complement our performance driven drilling solutions. Our mission has always been to supply our customers with best-in-class technologies. We look forward to working with Ulterra to create new opportunities for success."

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.

About Ulterra

Ulterra Drilling Technologies is one of the largest pure-play, independent supplier and manufacturer of PDC drill bits to the oil and gas industry. Originally founded in 2005 and strategically headquartered in Fort Worth, Texas, Ulterra is the North America industry leader and one of the fastest-growing PDC drill bit companies in the world. With field service locations throughout the world, including the United States and Canada, Ulterra is advantageously located near the drilling activity providing direct support to operators around the globe. Ulterra's unmatched speed to market is dedicated to the complete design, manufacture, and delivery of customized drilling solutions with advantaged application-specific technology. Ulterra works alongside operators supplying them with consistently high quality, innovative designs customized to target performance limitations to increase productivity and monetary efficiencies.

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, political disturbances, war, terrorist acts, 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:

Blake Gendron
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com

SOURCE: National Energy Services Reunited Corp.

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FAQ

What does the partnership between NESR and Ulterra involve?

The partnership involves deploying Ulterra's PDC drill bits across the MENA and Asia regions, aiming to enhance drilling optimization.

How will the NESR and Ulterra collaboration benefit investors?

The collaboration is expected to increase sales and expand the customer base, potentially leading to improved financial performance.

What are the stock symbols for NESR?

The stock symbols for National Energy Services Reunited Corp. are NASDAQ:NESR and NASDAQ:NESRW.

When was the partnership between NESR and Ulterra announced?

The partnership was announced on September 15, 2021.