NESR expands portfolio with multi-year contracts across key service lines in GCC and North Africa.
National Energy Services Reunited Corporation (NESR), a prominent global integrated energy services provider operating in the Middle East and North Africa (MENA) region, has solidified its position with a series of substantial contracts worth USD 175 million. These strategic agreements, spanning vital service lines in major GCC and North African countries, underscore NESR’s commitment to enhancing its portfolio and amplifying its foothold in the industry.
NESR – Contract wins and strategic expansions
NESR has successfully secured a range of multi-year contracts, encompassing both new awards and extensions, within its drilling and evaluation (D&E) and production services segments. The diversity and depth of these agreements are indicative of NESR’s persistent efforts to foster cross-selling initiatives since its inception in 2018.
Strategic D&E advancements
The company’s impressive progress in tubular running services (TRS), fishing, downhole tools, and other key D&E service lines highlights NESR’s commitment to portfolio diversification. This strategic evolution underscores NESR’s achievements in extending its D&E offerings beyond Oman.
NESR’s CEO and Chairman, Sherif Foda, remarked, “The award of these contracts mirrors the unwavering support and confidence of our esteemed clientele across key nations. As the MENA rig count continues to surge due to amplified oil capacity expansion and domestic natural gas development, these recent contract triumphs further strengthen our multi-year outlook and showcase our resource deployment capabilities.”
Record revenue and financial milestones
Stefan Angeli, Chief Financial Officer of NESR, emphasized the remarkable growth trajectory in the MENA region, noting that the company achieved record-breaking revenue of $283 million in the second quarter of 2023. This achievement represents a significant year-on-year increase of 36% and a sequential rise of approximately 10%. Angeli extended his appreciation to NESR’s stakeholders, including customers, shareholders, lenders, and dedicated employees across various countries.
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