NESR Announces More Than $100 Million of Contract Awards in North Africa
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced contract awards exceeding USD $100 million over a three-year span, starting in 2022, primarily in North Africa. These contracts, split between Production and Drilling and Evaluation segments, signify NESR's expansion into Algeria and Egypt. With enhancements in coiled tubing and well testing services, NESR aims to secure long-term partnerships while adapting to MENA's anticipated upcycle post-pandemic.
- Awarded contracts over USD 100 million for three years.
- Expansion into Algeria and Egypt enhances service offerings.
- Improved positioning in coiled tubing with added fracturing services.
- Secured key contracts in well testing and slickline services.
- None.
HOUSTON, TX / ACCESSWIRE / January 3, 2022 / 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, today announced multiple contract awards totaling more than USD
"In Algeria, we have expanded and improved our position in coiled tubing by adding fracturing and stimulation services," said Sherif Foda, Chairman of the Board and CEO of NESR. "We secured a strong position with a few clients in well testing and slickline services where we have gained accretive market share to become a major player in these service lines. In Egypt, we secured the largest scope of cased-hole wireline and tubing-conveyed perforation services for one of the major operators in the country and added a testing service contract for another client."
Mr. Foda added, "consistent with our accretive expansion strategy, we are committed to growing our business and establishing strong, long-term anchor contracts that enable us to demonstrate superior service delivery and fit-for-purpose technology over multiple years. We are proud to be able to secure these awards where previously we were not considered as a viable option because of either technology offerings or scale. We diligently addressed these qualification requirements over the last couple of years by demonstrating the scale and depth of delivery on our existing contracts and our performance in other countries in the region. We are grateful to our esteemed customers in Algeria and Egypt for their belief in NESR as the National Champion worthy of these expanded, longer-term, service partnerships. While the entire MENA region is poised for one of the strongest, multi-year upcycles that the industry has experienced in several decades, we believe that certain countries in North Africa will be no different, especially relative to the recent activity levels that were clearly impacted by the global pandemic over the past couple of years."
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, 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.
Blake Gendron
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp
View source version on accesswire.com:
https://www.accesswire.com/680581/NESR-Announces-More-Than-100-Million-of-Contract-Awards-in-North-Africa
FAQ
What were the recent contract awards announced by NESR?
Which countries are involved in NESR's recent contract awards?
What services does NESR plan to expand in Algeria?
How does NESR's contract acquisition impact its business strategy?
When does the contract period for NESR's awards begin?
