NESR Secures Its First Multi-Year Directional Drilling Services Contract in Kuwait
National Energy Services Reunited Corp. (NESR) has secured a long-term contract for Directional Drilling services in Kuwait, which includes MWD, Performance Drilling, Well Engineering, and LWD for five years, with a potential one-year extension. This contract, complementing a similar deal in Saudi Arabia, aims to enhance NESR's Drilling & Evaluation segment by utilizing advanced technologies and increasing operational efficiency. CEO Sherif Foda emphasized the company's commitment to local value creation and the successful integration of this contract into their expanding portfolio.
- Secured a 5-year contract for Directional Drilling services in Kuwait with a potential extension.
- Incorporation of advanced Measurement While Drilling (MWD) and Logging While Drilling (LWD) technologies.
- Expected enhancement of growth and margin profile in the Drilling & Evaluation segment.
- Recent contract strengthens NESR's footprint in the MENA region.
- None.
KUWAIT CITY, KUWAIT / ACCESSWIRE / November 28, 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 a long term contract for Directional Drilling services in Kuwait, covering Directional Drilling ("DD"), Measurements while Drilling ("MWD"), Performance Drilling, Well Engineering and Logging While Drilling ("LWD") services for five years, with an option to extend an additional year.
Alongside the similar, recently announced Directional Drilling services contract in Saudi Arabia, this award in Kuwait represents another key DD anchor contract, through which the Company will introduce its burgeoning portfolio of high end MWD and LWD technologies as they are commercialized. Overall, these multi-year platform contracts are anticipated to enhance both the growth and margin profile of the Drilling & Evaluation ("D&E") segment, as equipment in these specialized product lines are deployed with the higher anticipated drilling rig increase.
NESR CEO & Chairman Sherif Foda commented, "Following multiple years of heavy investment and R&D focus, we are pleased to announce another pivotal D&E anchor contract that encompasses not only Directional Drilling, but also the highly-consolidated MWD and LWD product lines, for which we want to ensure that we introduce our portfolio over the life of these contracts similar to our approach in Saudi & Oman. Our footprint in Kuwait has expanded substantially over the past twelve months, and this award is further proof of NESR's regional platform approach to accelerate in-country value creation & growth. I want to thank our client at Kuwait Oil Company for their belief not only in the technology that NESR can deliver, but also in the Company's manufacturing, supply chain, and service platform that will further support the localization of these augmented D&E capabilities."
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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