NESR Awarded $200 Million in New Slickline Contracts Across Multiple Countries

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

News Market Reaction – NESR

+0.79%

+0.79% Session move

In the trading session that priced this news, NESR gained 0.79%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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$200 million, the multiyear contracts represent new awards in a key growth service line within NESR's Drilling & Evaluation ("D&E") segment. Consistent with the expansion of evaluation services like Cased Hole Wireline and Surface Well Testing, these contracts underscore the "portfolio pull through" strategy in D&E, whereby leadership in a certain product or service, in one or two countries, is replicated across NESR's entire MENA footprint, particularly in its burgeoning share of rigless activity.

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

How much are NESR's new Slickline contracts worth in Kuwait and Oman?

NESR's new Slickline contracts in Kuwait and Oman are worth US$200 million total, spanning a five-year period. These contracts represent new market entries for NESR's Slickline services in both countries.

What regions does NESR (NASDAQ:NESR) operate its Slickline services in 2025?

As of April 2025, NESR operates Slickline services across multiple MENA countries, with strong presence in Saudi Arabia and Egypt, and new expansions into Kuwait and Oman, making it a top three provider in the region.

How do the new contracts affect NESR's market position in MENA?

The new contracts strengthen NESR's leadership position in evaluation services across MENA, making it a top three provider of Slickline services in the region while adding geographic diversification to their portfolio.

What is NESR's expansion strategy for Slickline services?

NESR follows a 'portfolio pull through' strategy, expanding successful services from established markets (Saudi Arabia and Egypt) across their entire MENA footprint, particularly focusing on rigless activity growth.

What business segment do the new NESR Slickline contracts fall under?

The new Slickline contracts fall under NESR's Drilling & Evaluation (D&E) segment, representing new awards in a key growth service line alongside other evaluation services like Cased Hole Wireline and Surface Well Testing.