NESR Successfully Deploys ROYA Platform & Secures Drilling Awards Exceeding $200 Million

Rhea-AI Summary

National Energy Services Reunited (NESR) has successfully completed its first ROYA drilling campaign in Kuwait and secured multiple directional drilling awards worth over $200 million across core countries. The company deployed its integrated RoyaSteer® Rotary Steerable System and RoyaStream® Measurement-While-Drilling tool, which has already drilled over 70,000 feet in the Americas. The new contracts span 3-5 years across Saudi Arabia, Oman, and Kuwait, enabling NESR to strategically implement its high-end drilling solutions.

Positive

• Secured multiple drilling contracts worth over $200 million
• Successfully completed first ROYA drilling campaign in Kuwait
• Contracts span 3-5 years across multiple Middle Eastern countries
• Technology proven with over 70,000 feet drilled in Americas
• RoyaSeek® LWD tool successfully deployed in two MEA countries

Negative

• None.

ABU DHABI, UAE / ACCESSWIRE / November 3, 2024 / 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 that the Company completed its first ROYA drilling campaign successfully in Kuwait. Additionally, the Company secured multiple directional drilling ("DD") awards across its core countries, with a total value exceeding $200 million.

The successful ROYA deployment in Kuwait marks a key milestone for NESR's integrated RoyaSteer® Rotary Steerable System ("RSS") and RoyaStream® Measurement-While-Drilling ("MWD") tool, with which the team efficiently drilled an entire interval in a single run. The technology passed the internal NESR benchmarks in MEA, following extensive testing in the Americas where the technology has drilled more than 70,000 feet. Similarly, NESR's RoyaSeek® Logging-While-Drilling ("LWD") tool has already been deployed successfully in two countries in MEA.

In conjunction with the successful run, NESR also announced multiple directional drilling awards in Saudi Arabia, Oman, and Kuwait, with total value exceeding $200 million across contracts spanning from three (3) to five (5) years. The contracts provide for the deployment of directional drilling services with the opportunity of full ROYA platform services, enabling NESR to roll out its RSS, LWD & MWD high-end DD solutions strategically and deliberately with respect to tool durability and optimization.

NESR Chairman & CEO Sherif Foda commented, "Coinciding with ADIPEC this week, we are extremely proud to announce the successful ROYA drilling campaign in Kuwait, which represents the culmination of over six years of collaborative directional drilling technology development, from concept to prototype field testing and finally commercial deployment. The successful run is a strong indication of NESR's competitive viability in the sophisticated, high-end drilling market, and while we have more track record to build, I am extremely proud of our entire team for notching this crucial achievement. I would like to express my deep appreciation to our dear customer, for their support of this endeavor and their belief in NESR to enter this challenging tier of directional drilling."

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. 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 SEC, including those factors discussed under the caption "Risk Factors" in such filings.

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 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.

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 the original press release on accesswire.com

FAQ

What is the value of NESR's new drilling contracts in 2024?

NESR secured multiple directional drilling contracts exceeding $200 million across Saudi Arabia, Oman, and Kuwait.

Where has NESR (NASDAQ:NESR) completed its first ROYA drilling campaign?

NESR completed its first ROYA drilling campaign in Kuwait, using its RoyaSteer® Rotary Steerable System and RoyaStream® Measurement-While-Drilling tool.

How long are NESR's new drilling contracts in Saudi Arabia, Oman, and Kuwait?

The new contracts span from three to five years across these countries.

How many feet has NESR's ROYA technology drilled in the Americas?

The ROYA technology has drilled more than 70,000 feet during extensive testing in the Americas.