NESR Announces More Than $100M of Contract Awards in North Africa

Author: Charles Gross | January 03, 2022 06:42am
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 totaling more than USD$100 million over a three-year period commencing in 2022 and evenly split between the Production and Drilling and Evaluation segments in North Africa countries. These pivotal awards mark the expansion of NESR into evaluation service lines in Algeria and Egypt, and further expansion of production services in Algeria. "In Algeria, we have expanded and improved our position in coiled tubing by adding fracturing and stimulation services," said Sherif Foda, Chairman of the Board and CEO of NESR. "We secured a strong position with a few clients in well testing and slickline services where we have gained accretive market share to become a major player in these service lines. In Egypt, we secured the largest scope of cased-hole wireline and tubing-conveyed perforation services for one of the major operators in the country and added a testing service contract for another client." Mr. Foda added, "consistent with our accretive expansion strategy, we are committed to growing our business and establishing strong, long-term anchor contracts that enable us to demonstrate superior service delivery and fit-for-purpose technology over multiple years. We are proud to be able to secure these awards where previously we were not considered as a viable option because of either technology offerings or scale. We diligently addressed these qualification requirements over the last couple of years by demonstrating the scale and depth of delivery on our existing contracts and our performance in other countries in the region. We are grateful to our esteemed customers in Algeria and Egypt for their belief in NESR as the National Champion worthy of these expanded, longer-term, service partnerships. While the entire MENA region is poised for one of the strongest, multi-year upcycles that the industry has experienced in several decades, we believe that certain countries in North Africa will be no different, especially relative to the recent activity levels that were clearly impacted by the global pandemic over the past couple of years."

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