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National Energy Services Reunited Corp. (NESR) is one of the largest national oilfield services providers in the MENA and Asia Pacific regions, founded in 2017. NESR stands out as the first company from the MENA region to be listed on the NASDAQ. With over 5,000 employees representing more than 60 nationalities across more than 15 countries, NESR is dedicated to helping its customers unlock the full potential of their reservoirs.
NESR offers a comprehensive range of Production Services including:
- Hydraulic Fracturing
- Cementing
- Coiled Tubing
- Filtration
- Completions
- Stimulation
- Pumping
- Nitrogen Services
Additionally, the company provides Drilling and Evaluation Services to enable smarter, faster, and more efficient access to reservoirs. These services include:
- Drilling Downhole Tools
- Directional Drilling
- Fishing Tools
- Testing Services
- Wireline
- Slickline
- Drilling Fluids
- Rig Services
NESR has recently achieved several milestones, including multiple contract awards worth over $175 million, spanning a number of service lines in key countries across both the GCC and North Africa. The company continues to expand its strategic portfolio, particularly in Drilling & Evaluation services such as Tubular Running Services, Fishing, and Downhole Tools.
The company remains committed to sustainability and innovation. In collaboration with Saudi Aramco, NESR has successfully implemented Zero Liquid Discharge (ZLD) technology for water management. This groundbreaking technology aims to enhance produced water treatment and establish circular water economies.
NESR also inaugurated its flagship 'Carbon Light' oilfield brine plant in North Rumaila, Iraq, leveraging cutting-edge technologies to reduce the carbon footprint and water waste associated with brine supply. This initiative aligns with NESR's commitment to decarbonization and responsible water stewardship.
Financially, the company has witnessed unprecedented growth in the MENA region, with record revenues and significant improvements in its balance sheet. As of the latest reports, NESR recorded revenue of $300 million in Q3 2023, with optimistic projections for continued growth.
NESR remains a key player in the oilfield services industry, driven by a mission to deliver exceptional service quality and innovation, fostering strong relationships with customers, and maintaining a focus on sustainability and operational excellence.
National Energy Services Reunited Corp. (NESR) reported impressive financial results for the full year 2023, showcasing significant growth in revenue, operating cash flow, net income, and adjusted EBITDA. The company's revenue of $1.146 billion marked a 26% year-over-year increase, with an operating cash flow of $177.0 million (91% improvement), and a net income of $12.6 million. Adjusted EBITDA stood at $262.3 million, highlighting the company's strong financial performance. Additionally, NESR's diluted EPS for 2023 was $0.13, with adjusted diluted EPS at $0.53, including $0.40 per share of Charges and Credits.
The company's CEO and CFO expressed confidence in NESR's position in the MENA region, emphasizing strategic investments and operational excellence that drove the record-breaking results in 2023. Looking ahead, NESR anticipates continued growth and success based on tight service capacity and market demand. In Q1 2024, the company generated $297 million in revenue, reflecting a 15% increase from the previous year. NESR's strong financial performance and strategic investments position it well for future growth and success in the energy services sector.
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