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NATIONAL ENERGY SERVICES REUNITED CORP.

(NESR)
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National Energy Services Reunited : NESR Secures Multiple D&E Awards For More Than $150M

10/11/2021 | 06:12am EST

11 Oct 2021

HOUSTON, TX / ACCESSWIRE / October 11, 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 announced multiple contract awards across several Drilling & Evaluation ("D&E") service lines in key GCC countries. Totaling more than USD$150 million, these multi-year contracts encompass Slickline Services ("Slickline"), Tubular Running Services ("TRS"), and Testing Services ("Testing") with multiple national oil companies ("NOCs").

"As the world emerges from the global pandemic, the MENA region is positioning for a sustained, multi-year upcycle in which our key customers are aiming for substantial activity and production capacity growth," said Sherif Foda, Chairman of the Board and Chief Executive Officer of NESR. "These marquee contract awards both strengthen our conviction in the MENA upstream outlook, and also underpin key strategic growth initiatives in our D&E segment, specifically. We have invested heavily to grow our Evaluation services by adding the latest generation Slickline technology, and in enhancing our partnerships with innovative downhole technologies addressing the clients' needs for advanced answer products. Meanwhile, we continue to capitalize on our TRS business and enlarge our footprint by entering new countries. Finally, our Testing service line is a key segment for ESG improvement, and we are working with our clients across several initiatives to eliminate flaring during exploration and Testing operations. Our aim is to continue to differentiate and showcase the company's ability to execute in technically challenging operating environments. I am grateful to our customers that continue to place trust in both our service delivery platform and in our strategy of localization and in-country workforce empowerment."

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:

Blake Gendron
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/667520/NESR-Secures-Multiple-DE-Awards-For-More-Than-150M

Disclaimer

NESR - National Energy Services Reunited Corp. published this content on 11 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 October 2021 10:11:01 UTC.


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Financials (USD)
Sales 2021 897 M - -
Net income 2021 29,4 M - -
Net Debt 2021 355 M - -
P/E ratio 2021 31,3x
Yield 2021 -
Capitalization 908 M 908 M -
EV / Sales 2021 1,41x
EV / Sales 2022 1,11x
Nbr of Employees 5 581
Free-Float 43,7%
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Mean consensus BUY
Number of Analysts 7
Last Close Price 9,94 $
Average target price 17,58 $
Spread / Average Target 76,9%
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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
Sector and Competitors