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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) announced the successful negotiation of contract extensions worth $100 million for its subsidiary, Gulf Energy, in Oman. These contracts, extending up to five years, reflect the company's strong service delivery and trust with clients amidst an improving oilfield services market. NESR CEO Sherif Foda emphasized the company's commitment to 'Omanization' and local talent development as part of its broader localization strategy. The extensions indicate NESR's reliability and innovative technology application, enhancing operational decarbonization.
Founded in 2017, NESR operates across MENA and Asia Pacific, providing a range of energy services to optimize reservoir potential. The company prides itself on having over 5,000 employees from more than 60 nationalities.
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) has inaugurated its NESR Oilfield Research & Innovation (NORI) Center in Dharan Techno Valley, Saudi Arabia. This facility aims to enhance energy sector research across the MENA region and aligns with Saudi Arabia's Vision 2030. The NORI Center features advanced labs, including a Reservoir Characterization lab and an AI-based Operational Intelligence lab, focusing on hydraulic fracturing and drilling products. The center will also support key environmental, social, and governance (ESG) initiatives. CEO Sherif Foda emphasized the center's role in connecting capital, human resources, and technological advancement.
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.
National Energy Services Reunited Corp. (NASDAQ:NESR)(NASDAQ:NESRW) announced receipt of a determination letter from Nasdaq on January 4, 2023, stating it is not in compliance with listing requirements due to unfiled financials for June 30, 2022, and failure to hold a required annual meeting. The company must respond to Nasdaq by January 11, 2023, and is working to file its 2021 20-F report by April 25, 2023, to regain compliance. NESR faces additional scrutiny regarding past financial statements that need restatement.
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced on December 16, 2022, receipt of a letter from Nasdaq granting an extension for compliance with Nasdaq Listing Rule 5250(c)(1). The company must file its 2021 Annual Report on Form 20-F by April 25, 2023. Previous annual financial statements for 2018-2020 are currently being restated, necessitating this compliance action. NESR is committed to resolving these issues promptly to maintain its Nasdaq listing.
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.
LiqTech International (NASDAQ: LIQT) and National Energy Services Reunited Corp. (NASDAQ: NESR) have signed a distribution agreement for LiqTech's produced water treatment filtration solution, targeting fifteen countries in MENA and Southeast Asia. LiqTech’s filtration technology aims at re-injecting clean brine, meeting regulatory standards. Their commercial test unit has successfully treated over 99% of feedwater, surpassing quality benchmarks. NESR will leverage its industry relationships to integrate this advanced technology into its water treatment services, enhancing their ESG Impact segment.
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) received a delisting determination letter from Nasdaq on November 1, 2022, due to the failure to file its Annual Report on Form 20-F for 2021 by the deadline. This puts the company's shares at risk of delisting. However, trading will not be suspended immediately, as the company intends to request a hearing to appeal this decision. The letter also mentions that past financial statements for several years need to be restated. Additionally, the company’s Board extended the validity of its warrants until June 2025.
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) will participate in several key industry events, including:
- Future Investment Initiative in Riyadh, KSA, from October 25-27, where CEO Sherif Foda will present on October 26;
- Abu Dhabi International Petroleum Exhibition & Conference from October 31 to November 4;
- U.N Climate Change Conference (COP 27) on November 11;
- Bank of America Energy Conference on November 16-17 in Miami.
Founded in 2017, NESR is a leading provider of integrated energy services in the MENA region.
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