National Energy Services Reunited Corporation (NESR), an international, industry-leading provider of integrated energy services in the Middle East and North Africa (Mena) region, has secured multiple contracts worth $175 million spanning a number of service lines in major countries across both the GCC and North Africa.
Some of these contracts extend up to a 5-year term, said the company in a statement.
These multi-year contracts represent both new awards and extensions across service lines in both drilling and evaluation (D&E) and production services segments, it added.
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, said a top official.
"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," remarked NESR CEO and Chairman Sherif Foda.
"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," he stated.
"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," he added.
Chief Financial Officer Stefan Angeli said: "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," he added.
