National Energy Services Reunited Corp (NESR), an international provider of integrated energy services in the MENA region, today announced multiple contract awards worth $175 million covering 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, the company said in an operational update.
The contracts include both awards and extensions across service lines in both the Drilling & Evaluation and the Production Services segments.
NESR CEO and 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…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.”
NESR’s Middle East presence
In March, NESR was awarded a long-form well testing contract from Saudi Aramco. The Houston-based service firm.
A month later, NESR also secured multiple well intervention contract extensions in Oman totaling $100 million.
NESR reported a revenue of $283 million in the second quarter of 2023, which was approximately 10% higher sequentially and 36% higher year on year.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions.