NESR Secures Multiple Downhole Drilling Awards Totaling $100 Million in Kuwait
Rhea-AI Summary
National Energy Services Reunited Corp. (NASDAQ:NESR) has secured multiple five-year downhole drilling contracts in Kuwait worth $100 million. The contracts cover various Drilling & Evaluation (D&E) segments, including Fishing & Remedial Services, Downhole Tools, Tubing & Casing Running, and other advanced drilling services.
These awards strengthen NESR's position in Kuwait, following their recent Slickline contract win. The company is making significant investments in the AIV Advanced Innovation Valley to enhance its service leadership position in Kuwait. NESR, founded in 2017, is a major oilfield services provider in the MENA and Asia Pacific regions, employing over 6,000 people across 16 countries.
Positive
- None.
Negative
- Significant investment requirements for AIV Advanced Innovation Valley
- High dependence on Middle East market conditions
News Market Reaction
On the day this news was published, NESR gained 9.35%, reflecting a notable positive market reaction. Argus tracked a peak move of +10.3% during that session. Our momentum scanner triggered 25 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $63M to the company's valuation, bringing the market cap to $731M at that time.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, TX / ACCESS Newswire / July 28, 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 downhole drilling contract awards in Kuwait, totaling US
These incremental, multi-year awards span a number of Drilling & Evaluation ("D&E") segments, including Fishing & Remedial Services, Downhole Tools, Tubing & Casing Running, and scope for other advanced drilling services. These awards reflect continued NESR leadership in an important sector of drilling services, extended from the Company's strong position in Oman, and in a Kuwait market that remains a bastion for robust activity growth within the MENA region.
NESR CEO & Chairman Sherif Foda commented, "These awards further cement our position in Kuwait, following our recently announced contract win in Slickline, and support our advancement across a broad swath of services within D&E. We sincerely thank our dear clients for their trust in our capabilities, support of our healthy investment in people and innovation in the country, especially with the significant investment we are undertaking for the AIV Advanced Innovation Valley to enhance our position as one of the preferred service leaders in Kuwait."
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 regarding the exchange offer and consent solicitation. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties, including that NESR will be able to complete the exchange offer and consent solicitation. 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 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 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 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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