NESR Announces Successful Partnership with PHX Energy and Start of Directional Drilling Operations in the Middle East
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) has announced the successful launch of its Directional Drilling operations in the Middle East, collaborating with PHX Energy Services Corp. This initiative marks a significant achievement, breaking existing records through the use of PHX's advanced technology. The collaboration aims to enhance operational efficiencies for regional operators, showcasing NESR's open-source technology strategy. With a workforce exceeding 5,000 across 15 countries, NESR continues to position itself as a leading provider of energy services in the MENA region.
- Successful launch of Directional Drilling operations in the Middle East.
- Collaboration with PHX Energy demonstrates advanced technology application.
- Breaks existing records in directional drilling efficiency.
- None.
HOUSTON, TX / ACCESSWIRE / March 25, 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, today announced the successful start of its Directional Drilling operations in the Middle East, in partnership with PHX Energy Services Corp. ("PHX Energy") (PHX).
John Hooks, Chairman of the Board and CEO of PHX Energy stated, "with the introduction of PHX Energy's Atlas Downhole Motors and Velocity Systems, I am very glad that we have been able to showcase our leading technologies which have contributed to the transformation of the North American drilling landscape. The results in the Middle East region speak for themselves and we firmly believe that with the further adoption of this latest generation of technologies, layered with the local expertise and execution abilities of NESR, operators in the region will be able to drill more efficient and faster wells."
"I am quite pleased with the results of our promising efforts in Directional Drilling as we have broken existing records with this first run of PHX Energy's Atlas Downhole Motors and Velocity Systems compared to all other technologies in the market for similar products. As we have all along said, our open-source technology platform strategy has been to partner with best-in-class technology providers and then apply our local knowledge to develop custom solutions for our customers. This partnership and subsequent execution is a testament to the success of our strategy," said Sherif Foda, Chairman of the Board and CEO of NESR. "In the last few years, we have implemented this methodology primarily on the Production Services product lines and now we are seeing our efforts in the Drilling and Evaluation sphere gain momentum. I thank our customers for their continued trust in us and for giving us this opportunity to deliver on what we promised 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.
About PHX Energy Services Corp.
Since its inception in 1995, PHX Energy has grown to be one of the largest horizontal and directional drilling service providers in the industry, with a demonstrated track record of reducing costs, decreasing operating risk, and maximizing operational efficiencies. PHX Energy delivers progressive drilling solutions to unconventional markets around the world and is committed to developing leading-edge drilling and measurement technologies, attracting and cultivating the industry's top professionals, and achieving continuous improvement through a systematic approach to reliability, quality and safety. Headquartered in Calgary Alberta, PHX Energy operates in Canada, the US, Russia and Albania.
The common shares of PHX Energy are traded on the Toronto Stock Exchange under the symbol "PHX".
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:
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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