HOUSTON, TX and DHAHRAN, SAUDI ARABIA / ACCESSWIRE / December 12, 2018 / National Energy Services Reunited Corp. (''NESR'') (NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (''MENA'') region, today signed a land lease agreement with Saudi Aramco to build a state of the art operating facility in the newly launched King Salman Energy Park (''SPARK''). SPARK is a 50-square-kilometer energy city megaproject, which will position Saudi Arabia as a global energy, industrial and technology hub. Saudi Aramco will develop, operate, manage and maintain the project's infrastructure in partnership with the Saudi Authority for Industrial Cities and Technology Zones (MODON). SPARK's role in enabling localization within the Kingdom's energy supply chain aligns with the strategic goals of Saudi Aramco's In-Kingdom Total Value Add (IKTVA) program and affirms the Kingdom's commitment to Vision 2030 by serving as an economic catalyst and advancing Saudi Arabia's strong position in the global energy sector. When operational, SPARK is estimated to contribute more than $6 billion to the Kingdom's GDP annually and create up to 100,000 direct and indirect jobs.
Dr. Mohammed Y. Al-Qahtani, Senior Vice President for Upstream, Saudi Aramco stated, ''SPARK will emerge as a key enabler for Saudi Aramco's In-Kingdom Total Value Add Program (IKTVA) which has a mission to raise local content to 70% by 2021. Presently, the Kingdom's requirement for energy-related industries is growing and requires dedicated industrial development focused on the energy sector and SPARK will provide for the development of a world-class energy industry hub to support the same.''
Dr. Qahtani added, ''We're looking forward to collaborating with NESR, one of our first anchor partners at SPARK, and are very encouraged to see NESR take a leading role in developing the energy infrastructure of the Kingdom and the larger region at such an early stage of its journey.''
Sherif Foda, Chairman of the Board and CEO of NESR stated, ''We are very honored to be given the opportunity by Saudi Aramco to be part of this endeavor at its inception. NESR has considerable experience in local manufacturing and indigenizing the supply chain which is already being implemented in the Kingdom. This new facility shall be NESR's flagship operating facility in the Kingdom and will host all our product lines as well as that of our technical partners. I would like to thank Saudi Aramco for reposing their faith in NESR and as a local company, we are very proud of our contributions to the Kingdom's energy industry and look forward to amplifying our efforts in this regard.''
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 3,200 employees, representing more than 40 nationalities in over 14 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Cementing, Coiled Tubing, Filtration, Completions, Stimulation and Fracturing, and Nitrogen Services. The Company also helps its customers to access the reservoirs in a smarter and faster manner by providing Drilling and Evaluation services like Drilling Downhole Tools, Directional Drilling Fishing Tools, Testing Services, Wireline, Slickline, Fluids and Rig Services.
Forward Looking Statements
This communication includes certain statements that may constitute "forward-looking statements" for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, among others, statements about the benefits and synergies of the recently completed business combination transaction. These forward-looking statements are based on information available as of the date of this communication, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing NESR's views as of any subsequent date, and NESR does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, NESR's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include NESR's ability to recognize the anticipated benefits of the contracts; changes in applicable laws or regulations; the possibility that NESR may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated in NESR's public filings with the Securities and Exchange Commission.