NESR Secures Multiple Contract Awards Across Several Drilling & Evaluation For More Than $150M

Author: Benzinga Newsdesk | October 11, 2021 06:04am

National Energy Services Reunited Corp. ("NESR") (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced multiple contract awards across several Drilling & Evaluation ("D&E") service lines in key GCC countries. Totaling more than USD$150 million, these multi-year contracts encompass Slickline Services ("Slickline"), Tubular Running Services ("TRS"), and Testing Services ("Testing") with multiple national oil companies ("NOCs").

"As the world emerges from the global pandemic, the MENA region is positioning for a sustained, multi-year upcycle in which our key customers are aiming for substantial activity and production capacity growth," said Sherif Foda, Chairman of the Board and Chief Executive Officer of NESR. "These marquee contract awards both strengthen our conviction in the MENA upstream outlook, and also underpin key strategic growth initiatives in our D&E segment, specifically. We have invested heavily to grow our Evaluation services by adding the latest generation Slickline technology, and in enhancing our partnerships with innovative downhole technologies addressing the clients' needs for advanced answer products. Meanwhile, we continue to capitalize on our TRS business and enlarge our footprint by entering new countries. Finally, our Testing service line is a key segment for ESG improvement, and we are working with our clients across several initiatives to eliminate flaring during exploration and Testing operations. Our aim is to continue to differentiate and showcase the company's ability to execute in technically challenging operating environments. I am grateful to our customers that continue to place trust in both our service delivery platform and in our strategy of localization and in-country workforce empowerment."

Posted In: NESR NESRW