NESR Secures Over $175 Million in Contracts & Provides Operational Update
HOUSTON, TX / ACCESSWIRE / August 7, 2023 / National Energy Services Reunited Corp. ("NESR" or "the Company")(OTC PINK:NESR)(OTC PINK:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced multiple contract awards spanning a number of service lines in key countries across both the GCC and North Africa. Some of these contracts extend up to a 5-year term.
These multi-year contracts total more than US $175 million, and represent both new awards & extensions across service lines in both the Drilling & Evaluation ("D&E") and Production Services ("PS") segments. In D&E particularly, expanded scope and geographic diversification in key service lines such as Tubular Running Services (TRS), Fishing, and Downhole Tools among others, underscore the progress that NESR has made in cultivating portfolio "cross-selling" since the time of the Company's formation in 2018.
NESR CEO & Chairman Sherif Foda commented, "Activity growth in the region continues apace, as the commitment to both oil capacity expansion and also domestic natural gas development continue to drive the MENA rig count beyond historical levels. The recent contract awards further solidify our multi-year outlook, represent attractive resource deployments, and above all signify the ardent support of our valued customers across key countries. When we founded NESR, one of the key strategic pillars was to expand the reach of our unique D&E portfolio beyond its stronghold in Oman. Contract awards over the past several quarters have been transformational in this strategic endeavor, as has recent Research & Development progress in the commercialization of our next-generation drilling technologies."
Stefan Angeli, Chief Financial Officer added, "We continue to witness unprecedented growth with the activities in the MENA region, and the Company had record revenue of $283 million in the second quarter of 2023, which was approximately 10% higher sequentially and 36% higher year on year. We appreciate the continued support of our customers, shareholders, lenders and especially our employees across all the countries."
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact may be forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate to, among other things, the Company's expectations related to completion of the restatement and the timing and filing of its SEC periodic reports, the Company's plans and ability to regain listing of its securities on Nasdaq or another national or international stock exchange, and the Company's expectations related to its business performance, financial condition and results of operation. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties, including without limitation the identification of errors or adjustments in the ongoing restatement process, the impact of the delayed SEC report filings on the Company's business, including its customers, suppliers, counterparties, and lenders, and the extent of any material weakness or significant deficiencies in the Company's internal control over financial reporting. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our filings with the SEC, including those factors discussed under the caption "Risk Factors" in such filings.
About NESR
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.
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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