Saudi Aramco Awards $300 Million Integrated Conventional Fracturing Contract to NESR
National Energy Services Reunited Corp. (NESR), an oilfield services provider, has secured a $300 million contract for Integrated Rig-less Stimulation and Testing Services in Saudi Arabia. The contract spans three years with a potential two-year extension and includes services such as fracturing, wireline, and logistics. CEO Sherif Foda expressed pride in their selection, emphasizing collaboration with Saudi Aramco on sustainability initiatives. The firm aims to enhance technology adoption while reducing the carbon footprint of operations, aligning with both partners' net-zero goals.
- Awarded a $300 million contract for Integrated Rig-less Stimulation and Testing Services over three years.
- Option for a two-year extension, indicating potential for long-term revenue growth.
- Collaboration with Saudi Aramco aligns with sustainability goals, enhancing company reputation.
- None.
DHAHRAN, SAUDI ARABIA / ACCESSWIRE / April 18, 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 one of the major contracts for Integrated Rig-less Stimulation and Testing Services ("Conventional Fracturing") in Saudi Arabia. These contracts are for a total period of three years with an option for a further extension of two years and are worth approximately USD
NESR CEO & Chairman Sherif Foda commented, "We were the first national service provider in the region to successfully execute multiple integrated stimulation projects across the region and we are extremely proud to have been selected among a short list of service providers for this flagship fracturing award. We look forward to delivering innovative processes and technologies to take this project to the next level as our client leads the way in technology adoption and efficiency. In addition, we look forward to working closely with Saudi Aramco, in line with their net-zero and sustainability goals, to minimize the carbon footprint of these operations, introduce breakthrough Zero Liquid Discharge technologies to recycle the produced water, and to provide minerals and freshwater not only to the operations but to the community around us. It is always a pleasure to work closely with Saudi Aramco not only as the world's most reliable energy provider but also as a world class technology incubator and adopter of disruptive innovations."
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.
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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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