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National Energy Services Reunited Corp. (NESR) is a prominent oilfield services provider in the MENA and Asia Pacific regions, with a listing on NASDAQ. The company, with over 5,000 employees from diverse nationalities across 15 countries, offers a wide range of production and drilling services. NESR prides itself on being the MENA region's 'national champion' in the oil and gas industry, operating in key basins to deliver exceptional services.
National Energy Services Reunited Corp. (NESR) has announced an acquisition of a minority stake in W. D. Von Gonten Engineering LLC (WDVG), valued at approximately 4 times the estimated 2022 EBITDA. The acquisition primarily involves NESR shares priced at $10 each, along with a minor cash component. This strategic move enhances NESR's capabilities in petroleum engineering and reservoir studies, while offering the option to increase its stake in the future. The integration will augment NESR’s Research and Development efforts at its facility in Saudi Arabia's Dhahran Techno Valley.
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) announced a Strategic Implementation Agreement with ADNOC during the Make It In The Emirates Forum to enhance localization efforts in the UAE. This agreement will allow NESR to expand its manufacturing footprint and implement advanced technologies, starting with a high-efficiency bulk cement facility. The initiative aligns with UAE's focus on in-country value (ICV) and aims to support energy transition through ESG Impact technologies. The partnership is set to bolster NESR's operational capabilities within the MENA region.
National Energy Services Reunited Corp. (NESR) announced the need for restating consolidated financial statements for fiscal years ending December 31, 2018-2020, as well as unaudited quarterly statements for the first three quarters of 2021. The adjustments are primarily due to inaccuracies related to accounts payable and accrued liabilities that affect the opening balance sheet of 2021. NESR is collaborating with its auditor to file these restated statements in compliance with NASDAQ requirements. The aggregate restatement amount is expected to remain within the previously estimated range.
National Energy Services Reunited Corp. (NESR) will participate in several investor conferences starting May 19, 2022. These include the Tudor, Pickering & Holt Disrupting Hotter ‘N Hell Conference in Houston and a Barclays virtual tour. CEO Sherif Foda will also present at the EF Hutton Group Louisiana Energy Conference on June 3 and the J. P. Morgan Energy Conference on June 22-23. An investor presentation is available on the company's website. NESR is a leading oilfield services provider in the MENA region, employing over 5,000 people in 15 countries.
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced it received a notice from Nasdaq on May 6, 2022, regarding non-compliance with timely filing requirements due to the delayed submission of its annual report on Form 20-F for the year ended December 31, 2021. The company must submit a plan by July 5, 2022, to regain compliance, with a potential extension until October 31, 2022, if accepted. This notice does not affect the trading status of its securities on Nasdaq. NESR is working on completing the Form 20-F, impacted by the ongoing restatement of prior financial statements.
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.
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) announced the awarding of an integrated Production Services contract by Cairn Oil & Gas in India, effective Q3 2022. The contract encompasses various services, including Coiled Tubing and Hydraulic Fracturing, aimed at enhancing Cairn's energy supply across key regions in Rajasthan. This partnership will not only foster significant investment but also aims to create in-country value, aligning with NESR's localization strategy. CEO Sherif Foda emphasized the contract's role in extending NESR's operational footprint in India and investing in sustainable energy technologies.
National Energy Services Reunited Corp. (NESR) has secured a significant contract for Cementing Services in Abu Dhabi from ADNOC, part of a $658 million framework agreement involving five service providers. This contract, extending up to seven years, aligns with ADNOC's efforts to enhance crude oil production capacity while supporting the UAE economy through its in-country value (ICV) program. NESR aims to leverage sustainable technologies in its operations, reflecting its commitment to local investment and collaboration with ADNOC.
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) announced on March 10, 2022, that its financial statements for the fiscal years 2018-2020 contain errors mainly related to accounts payable and accrued liabilities, necessitating restatement. The anticipated aggregate amount of restatement is between $60 million and $90 million. While the year-end audit is ongoing, Q4-2021 revenue is projected at $219 million and full-year revenue at $885 million. The Audit Committee is overseeing the resolution of these discrepancies with KPMG and PricewaterhouseCoopers.
National Energy Services Reunited Corp. (NESR) announced the immediate appointment of Stefan Angeli as Chief Financial Officer, succeeding Chris Boone. Angeli brings over 35 years of finance experience, including roles at Schlumberger and Stratum Reservoir. His responsibilities will include overseeing financial reporting, treasury, and risk management. The company has also rescheduled its upcoming earnings conference call. NESR, a prominent energy services provider in MENA and Asia Pacific, emphasizes its commitment to growth and shareholder value.
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