NESR Secures Nine-Year Wireline Platform Contract in Saudi Arabia
National Energy Services Reunited Corp. (NESR) has secured a long-term Wireline Services contract in Saudi Arabia, enhancing its service offerings over a nine-year term. This contract will allow NESR to provide advanced Cased-Hole & perforation services, showcasing innovative technologies in the Wireline segment. CEO Sherif Foda emphasized the strategic importance of this contract in diversifying their technology portfolio. NESR, a leading oilfield services provider in the MENA region, aims to leverage this opportunity to strengthen its market position and enhance operational capabilities.
- Secured a long-term Wireline Services contract in Saudi Arabia for nine years.
- Expanded service offerings to include advanced Cased-Hole & perforation services.
- Opportunity to showcase innovative technologies in the Wireline segment.
- Strengthened market position in the MENA region, particularly in Saudi Arabia.
- None.
RIYADH, KINGDOM OF SAUDI ARABIA / ACCESSWIRE / January 10, 2023 / 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, today announced that the Company has been awarded a long-term, Wireline Services ("Wireline") platform contract in Saudi Arabia, which greatly expands the scope of services provided over a nine (9) year contract term.
Within the expanded scope of the contract, NESR will now provide advanced Cased-Hole & perforation services, in addition to the broad suite of services currently performed. This contract gives NESR the opportunity to introduce & showcase innovative technologies within the Wireline product line that span the well construction and production value chain. The NESR Wireline business has grown successfully in multiple countries over the Company's history and has now a solid presence, especially in Egypt & Iraq in addition to the Kingdom.
NESR CEO & Chairman Sherif Foda commented, "Ongoing enhancement of our technology portfolio is a key growth pillar that encompasses all of our product and service lines, and this anchor Wireline contract in Saudi further highlights our strategy of technology diversification on top of leading execution and service delivery. This contract allows us to expand the scope of services provided, and since wireline is a particularly technology-rich segment within energy services, there is substantial potential for this expansion of scope. I want to thank Aramco for their trust and their collaborative support of our burgeoning Wireline portfolio, part of which we plan to highlight alongside the anticipated opening of the NESR Oilfield Research Center (NORI) in Dharan Techno Valley in early 2023."
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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