NESR Awarded $200 Million in New Slickline Contracts Across Multiple Countries
National Energy Services Reunited (NESR) has secured new Slickline contracts worth $200 million across Kuwait and Oman. The five-year contracts mark NESR's expansion in its Drilling & Evaluation segment, particularly in rigless activity.
These contracts represent NESR's first entry into Slickline services in Oman and Kuwait, building upon their existing stronghold in Saudi Arabia and Egypt. The expansion aligns with NESR's "portfolio pull through" strategy, where success in one or two countries is replicated across the MENA region.
CEO Sherif Foda highlighted that these contracts position NESR among the top three providers of Slickline services in the MENA region. The awards complement NESR's growth in evaluation services, including Cased Hole Wireline and Surface Well Testing, while bringing geographic diversification to their Slickline operations.
National Energy Services Reunited (NESR) ha ottenuto nuovi contratti Slickline per un valore di 200 milioni di dollari in Kuwait e Oman. Questi contratti quinquennali segnano l'espansione di NESR nel segmento Drilling & Evaluation, in particolare nelle attività senza piattaforma.
I contratti rappresentano il primo ingresso di NESR nei servizi Slickline in Oman e Kuwait, rafforzando la loro presenza già consolidata in Arabia Saudita ed Egitto. Questa espansione è in linea con la strategia "portfolio pull through" di NESR, che consiste nel replicare il successo ottenuto in uno o due paesi in tutta la regione MENA.
Il CEO Sherif Foda ha sottolineato che questi contratti posizionano NESR tra i primi tre fornitori di servizi Slickline nella regione MENA. Questi riconoscimenti completano la crescita di NESR nei servizi di valutazione, inclusi Cased Hole Wireline e Surface Well Testing, apportando al contempo una diversificazione geografica alle loro operazioni Slickline.
National Energy Services Reunited (NESR) ha asegurado nuevos contratos Slickline por un valor de 200 millones de dólares en Kuwait y Omán. Estos contratos de cinco años marcan la expansión de NESR en su segmento de Perforación y Evaluación, especialmente en actividades sin plataforma.
Estos contratos representan la primera incursión de NESR en servicios Slickline en Omán y Kuwait, fortaleciendo su posición ya establecida en Arabia Saudita y Egipto. La expansión está alineada con la estrategia "portfolio pull through" de NESR, que consiste en replicar el éxito obtenido en uno o dos países a lo largo de la región MENA.
El CEO Sherif Foda destacó que estos contratos sitúan a NESR entre los tres principales proveedores de servicios Slickline en la región MENA. Estos contratos complementan el crecimiento de NESR en servicios de evaluación, incluyendo Cased Hole Wireline y Surface Well Testing, aportando además una diversificación geográfica a sus operaciones Slickline.
National Energy Services Reunited (NESR)는 쿠웨이트와 오만에서 2억 달러 규모의 Slickline 계약을 새로 체결했습니다. 이 5년 계약은 NESR의 시추 및 평가 부문, 특히 리그리스 활동에서의 확장을 의미합니다.
이번 계약은 NESR가 오만과 쿠웨이트에서 Slickline 서비스를 처음 시작하는 것으로, 사우디아라비아와 이집트에서의 기존 강력한 입지를 기반으로 합니다. 이 확장은 NESR의 "포트폴리오 풀 스루" 전략과 일치하며, 한두 개 국가에서의 성공을 MENA 지역 전역으로 확장하는 전략입니다.
CEO 셰리프 포다는 이번 계약이 NESR를 MENA 지역 내 Slickline 서비스 상위 3개 업체 중 하나로 자리매김하게 한다고 강조했습니다. 이 계약들은 Cased Hole Wireline 및 Surface Well Testing을 포함한 평가 서비스에서의 NESR 성장과 더불어 Slickline 운영의 지리적 다각화를 가져옵니다.
National Energy Services Reunited (NESR) a obtenu de nouveaux contrats Slickline d'une valeur de 200 millions de dollars au Koweït et à Oman. Ces contrats de cinq ans marquent l'expansion de NESR dans son segment Forage & Évaluation, notamment dans les activités sans plateforme.
Ces contrats représentent la première entrée de NESR dans les services Slickline à Oman et au Koweït, renforçant leur présence déjà solide en Arabie Saoudite et en Égypte. Cette expansion s'inscrit dans la stratégie "portfolio pull through" de NESR, qui consiste à reproduire le succès obtenu dans un ou deux pays à travers la région MENA.
Le PDG Sherif Foda a souligné que ces contrats positionnent NESR parmi les trois principaux fournisseurs de services Slickline dans la région MENA. Ces contrats complètent la croissance de NESR dans les services d'évaluation, notamment le Cased Hole Wireline et le Surface Well Testing, tout en apportant une diversification géographique à leurs opérations Slickline.
National Energy Services Reunited (NESR) hat neue Slickline-Verträge im Wert von 200 Millionen US-Dollar in Kuwait und Oman gesichert. Die fünfjährigen Verträge markieren die Expansion von NESR im Bereich Bohr- und Evaluierungsdienstleistungen, insbesondere bei riglosen Aktivitäten.
Diese Verträge stellen den ersten Einstieg von NESR in Slickline-Dienstleistungen in Oman und Kuwait dar und bauen auf der bereits starken Präsenz in Saudi-Arabien und Ägypten auf. Die Expansion entspricht der "Portfolio Pull Through"-Strategie von NESR, bei der Erfolge in ein oder zwei Ländern auf die gesamte MENA-Region übertragen werden.
CEO Sherif Foda betonte, dass diese Verträge NESR zu einem der drei führenden Anbieter von Slickline-Dienstleistungen in der MENA-Region machen. Die Aufträge ergänzen das Wachstum von NESR im Bereich Evaluierungsdienstleistungen, einschließlich Cased Hole Wireline und Surface Well Testing, und sorgen gleichzeitig für eine geografische Diversifizierung der Slickline-Aktivitäten.
- Secured new contracts worth $200 million in Kuwait and Oman
- Five-year contract duration provides long-term revenue visibility
- Geographic expansion of Slickline services beyond Saudi Arabia and Egypt
- Achieved top 3 provider status for Slickline services in MENA region
- Strategic expansion of Drilling & Evaluation segment portfolio
- None.
Insights
NESR's $200M Slickline contracts in Kuwait and Oman diversify revenue, expand service footprint, and validate their regional growth strategy.
The $200 million in five-year Slickline contracts represents significant business development for National Energy Services Reunited Corp. These agreements mark NESR's strategic expansion of Slickline services beyond their established markets in Saudi Arabia and Egypt, now entering Kuwait and Oman where they already have other business lines operating.
This development perfectly illustrates NESR's "portfolio pull through" strategy in action - leveraging expertise in certain services from specific countries to expand those capabilities across their entire Middle East and North Africa footprint. The contracts specifically strengthen their Drilling & Evaluation segment, which has been focused on expanding evaluation services including Cased Hole Wireline and Surface Well Testing.
The multi-year nature of these contracts provides valuable revenue visibility in the often volatile energy services sector. According to CEO Sherif Foda, these wins position NESR as a top-three provider of Slickline services in the MENA region, strengthening their competitive positioning.
From a strategic perspective, this expansion provides two key benefits: geographic diversification reduces concentration risk, while service line expansion creates opportunities for integrated service offerings. The long-term contracts create a more stable business foundation upon which NESR can potentially build additional service offerings.
These contract awards validate management's expansion strategy and demonstrate successful execution of their stated business objectives. While the press release doesn't specify the profit margin expectations or exact revenue timing across the five-year period, the total contract value represents meaningful business for NESR.
HOUSTON, TX / ACCESS Newswire / April 29, 2025 / National Energy Services Reunited Corp. ("NESR" or the "Company") (Nasdaq:NESR)(Nasdaq:NESRW) an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced multiple, five-year Slickline contract awards in Kuwait and Oman.
Totaling US
NESR CEO & Chairman Sherif Foda commented, "These two new entries for NESR Slickline further our MENA leadership position in this demanding evaluation services space. Following our philosophy of expanding Slickline beyond its current stronghold in Saudi and Egypt, we are very pleased to see the segment extend into Oman and Kuwait for the first time, augmenting our already well-established business in these anchor countries. Besides volume, this brings geographic diversification to Slickline and a competitive advantage in being a top three provider of such services in the region."
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact may be forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such forward-looking statements may relate to, among other things, the Company's expectations related to its business performance, financial condition and results of operation. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our filings with the Securities and Exchange Commission ("SEC"), including those factors discussed under the caption "Risk Factors" in such filings.
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 any forward-looking statements 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.
About NESR
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 6,000 employees, representing more than 60 nationalities in 16 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.
For media inquiries, please contact:
Lubna Hamdan
National Energy Services Reunited Corp.
971502670225
lubna@nesr.com
For inquiries regarding NESR, or for investor queries, please contact:
Blake Gendron
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp
View the original press release on ACCESS Newswire
FAQ
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