ABU DHABI, United Arab Emirates / ACCESSWIRE / March 17, 2022 / National Energy Services Reunited Corp. (“NESR” or the “Company”) (NASDAQ: NESR) (NASDAQ: NESRW ), an international, industry-leading integrated energy provider of energy services companies in the Middle East and North Africa (“MENA”) region, announced that it has been awarded one of the major contracts for cementing services (“cementing”) in Abu Dhabi from ADNOC .The total value of the announced framework agreements awarded to five oilfield service providers is $658 million, a significant portion of which includes NESR’s seven-year scope of cementing services.The award builds on ADNOC’s recent drilling-related investments to support the expansion of its crude oil capacity and is likely to see over 65% of total investment directly support the UAE economy through ADNOC’s flagship Domestic Value (“ICV”) programme.
Sherif Foda, CEO and Chairman of NESR, commented: “We are proud to be re-named to the list of service providers to support ADNOC’s clear and unambiguous ambition to achieve sustainable oil capacity growth. Following our recent announcement of acquiring testing services with ADNOC Onshore after the award, this critical cementing contract underscores our alignment with ADNOC’s ICV vision and provides us with the opportunity to deploy the next generation of sustainable technologies across multiple service areas.”
Mr. Foda continued: “I would like to express my sincere gratitude to ADNOC leadership for their trust in us as a subtitle service platform and partner. As a national champion in the MENA region, NESR will continue to make local investments in its people, equipment and supply chain as it NESR’s growth strategy is unique in this regard, as ADNOC is the foremost leader in ICV enablement.”
Founded in 2017, NESR is one of the largest national oilfield service providers in the MENA and Asia Pacific regions.The company has more than 5,000 employees from more than 60 countries in more than 15 countries, helping it by providing production services such as hydraulic fracturing, cementing, coiled tubing, filtration, completions, stimulation, pumping and nitrogen. Clients unleash the full potential of their reservoir services.The company also helps its customers access their reservoirs in a smarter, faster way by providing drilling and evaluation services such as drilling tools, directional drilling, fishing tools, testing services, wireline, wireline, drilling fluids and rig services .
This communication contains forward-looking statements (as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended).Any and all statements contained in this communication that are not statements of historical fact may be considered forward-looking statements.Terms such as “may”, “may”, “will”, “should”, “could”, “project”, “estimate”, “forecast”, “potential”, “strategy”, “anticipate”, “attempt”, etc. , “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “anticipate,” “future,” and terms of similar import (including the negative of any of these terms) recognize Forward-Looking Statements.However, not all forward-looking statements may contain one or more of these identifying terms.Forward-looking statements in this communication may include, but are not limited to, statements regarding the potential scope and timing of financial restatements, management plans and objectives for future operations, revenue or loss forecasts, earnings or losses per share, capital expenditures, dividends, capital structure or other financial items, the company’s future financial performance, expansion plans and opportunities, and assumptions upon which any such statements are based or related.
Forward-looking statements are not intended to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based on the company’s current forecasts, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to risks and uncertainties sexual and other influences, many of which are beyond our control.As a result of these risks and uncertainties, the actual results and timing of certain events and circumstances may differ materially from those described in the forward-looking statements.Factors that could affect or contribute to the accuracy of forward-looking statements or cause actual results to differ materially from those anticipated or expected may include, but are not limited to: the amount, scope and timing of any financial restatements that may be required Findings during the course of performance reconciliation and related analysis; ability to recognize the expected benefits of the company’s recent business combination transactions, which may be affected by factors such as oil, gas, LNG prices, competition, and the company’s ability and ability to integrate acquired businesses after the merger Profitably growing and managing growth of the company’s business; integration costs associated with the company’s recent business mergers; estimates of the company’s future revenues, expenses, capital needs, and the company’s financing needs; risks of legal complaints and lawsuits and government investigations; the company’s financial performance successful retention or recruitment of company officers, key employees or directors, or making necessary changes; current and future government regulations; developments relating to the company’s competitors; changes in applicable laws or regulations; the company may be affected by other economic and market conditions , political unrest, war, acts of terrorism, international currency fluctuations, commercial and/or competitive factors; and other risks and inconsistencies set forth in the Company’s most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”). Certainty.
Due to the risks and uncertainties associated with forward-looking statements and risk factors, you are cautioned not to place undue reliance on forward-looking statements.Unless required by law, the company undertakes no obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise.You should read this communication in conjunction with other documents that the Company may file or provide with the SEC from time to time.
Blake Gendron – Vice President, Investor Relations and Business Development National Energy Services Reunited Corp. 832-925-3777investors@nesr.com
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