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NATIONAL ENERGY SERVICES REUNITED CORP.

(NESR)
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National Energy Services Reunited : NESR Secures $150 Million in Contract Awards with IOCs in the MENA Region

06/02/2021 | 05:09am EDT

02 Jun 2021

HOUSTON, TX / ACCESSWIRE / June 2, 2021 /National Energy Services Reunited Corp. ('NESR') (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ('MENA') region, today reported multiple contract awards with major international oil companies ('IOCs') for Integrated Rigless Services ('Rigless Services') and Drilling and Completion Fluids ('Completion Fluids') in the MENA region which will be executed over the next three years for up to $150 million.

'These awards by IOCs showcase our ability to deliver on multi-service line contracts with complex workflows and are a vindication of our project management and execution capabilities to be a reliable partner to both international and national customers in the MENA region,' said Sherif Foda, Chairman of the Board and Chief Executive Officer of NESR. 'Both these contracts are significant, with the Rigless Services award a step up from our traditional single service line operation to now multiple service line offerings in the country and the Completion Fluids award a further expansion of our Drilling Fluids business and a first for us in that geography. I would also like to take this opportunity to thank our customers for the trust they have placed in us to deliver these contracts, which allows us to further strengthen our presence and increase our capabilities to serve them in their operations.'

About National Energy Services Reunited Corp.

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.

Forward-Looking Statements

This communication contains forward-looking statements (as such 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 deemed forward-looking statements. Terms such as 'may,' 'might,' 'would,' 'should,' 'could,' 'project,' 'estimate,' 'predict,' 'potential,' 'strategy,' 'anticipate,' 'attempt,' 'develop,' 'plan,' 'help,' 'believe,' 'continue,' 'intend,' 'expect,' 'future,' and terms of similar import (including the negative of any of these terms) may identify 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, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.

The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the 'SEC').

You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.

For inquiries regarding NESR, please contact:

Christopher Boone or Dhiraj Dudeja
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com

SOURCE: National Energy Services Reunited Corp

View source version on accesswire.com :
https://www.accesswire.com/650037/NESR-Secures-150-Million-in-Contract-Awards-with-IOCs-in-the-MENA-Region

Disclaimer

NESR - National Energy Services Reunited Corp. published this content on 02 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2021 09:08:04 UTC.


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Financials (USD)
Sales 2021 967 M - -
Net income 2021 52,9 M - -
Net Debt 2021 365 M - -
P/E ratio 2021 21,4x
Yield 2021 -
Capitalization 1 092 M 1 092 M -
EV / Sales 2021 1,51x
EV / Sales 2022 1,08x
Nbr of Employees 5 581
Free-Float 35,0%
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Number of Analysts 6
Last Close Price 11,98 $
Average target price 17,58 $
Spread / Average Target 46,8%
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Managers and Directors
Sherif Foda Executive Chairman & Chief Executive Officer
Christopher L. Boone Chief Financial Officer
Salih Merghani Vice President-Operations
Thomas D. Wood Independent Director
Antonio Jose Campo Mejia Lead Independent Director
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