National Energy Services Reuni Stock Price, News & Analysis

National Energy Services Reunited Corp. (NESR) has secured a long-term contract for Directional Drilling services in Kuwait, which includes MWD, Performance Drilling, Well Engineering, and LWD for five years, with a potential one-year extension. This contract, complementing a similar deal in Saudi Arabia, aims to enhance NESR's Drilling & Evaluation segment by utilizing advanced technologies and increasing operational efficiency. CEO Sherif Foda emphasized the company's commitment to local value creation and the successful integration of this contract into their expanding portfolio.

LiqTech International (NASDAQ: LIQT) and National Energy Services Reunited Corp. (NASDAQ: NESR) have signed a distribution agreement for LiqTech's produced water treatment filtration solution, targeting fifteen countries in MENA and Southeast Asia. LiqTech’s filtration technology aims at re-injecting clean brine, meeting regulatory standards. Their commercial test unit has successfully treated over 99% of feedwater, surpassing quality benchmarks. NESR will leverage its industry relationships to integrate this advanced technology into its water treatment services, enhancing their ESG Impact segment.

National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) received a delisting determination letter from Nasdaq on November 1, 2022, due to the failure to file its Annual Report on Form 20-F for 2021 by the deadline. This puts the company's shares at risk of delisting. However, trading will not be suspended immediately, as the company intends to request a hearing to appeal this decision. The letter also mentions that past financial statements for several years need to be restated. Additionally, the company’s Board extended the validity of its warrants until June 2025.

National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) will participate in several key industry events, including:

• Future Investment Initiative in Riyadh, KSA, from October 25-27, where CEO Sherif Foda will present on October 26;
• Abu Dhabi International Petroleum Exhibition & Conference from October 31 to November 4;
• U.N Climate Change Conference (COP 27) on November 11;
• Bank of America Energy Conference on November 16-17 in Miami.

Founded in 2017, NESR is a leading provider of integrated energy services in the MENA region.

National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced a long-term contract for Directional Drilling services in Saudi Arabia, which includes Measurement While Drilling and Well Engineering services for up to four years. This contract follows successful field trials and partnerships, notably with PHX Energy Service Corp., showcasing NESR's ability to deliver efficient drilling solutions. The CEO highlighted the importance of this contract in expanding NESR's market presence and introducing next-gen technologies in the drilling sector.

National Energy Services Reunited Corp. (NESR) has announced an acquisition of a minority stake in W. D. Von Gonten Engineering LLC (WDVG), valued at approximately 4 times the estimated 2022 EBITDA. The acquisition primarily involves NESR shares priced at $10 each, along with a minor cash component. This strategic move enhances NESR's capabilities in petroleum engineering and reservoir studies, while offering the option to increase its stake in the future. The integration will augment NESR’s Research and Development efforts at its facility in Saudi Arabia's Dhahran Techno Valley.

National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) announced a Strategic Implementation Agreement with ADNOC during the Make It In The Emirates Forum to enhance localization efforts in the UAE. This agreement will allow NESR to expand its manufacturing footprint and implement advanced technologies, starting with a high-efficiency bulk cement facility. The initiative aligns with UAE's focus on in-country value (ICV) and aims to support energy transition through ESG Impact technologies. The partnership is set to bolster NESR's operational capabilities within the MENA region.

National Energy Services Reunited Corp. (NESR) announced the need for restating consolidated financial statements for fiscal years ending December 31, 2018-2020, as well as unaudited quarterly statements for the first three quarters of 2021. The adjustments are primarily due to inaccuracies related to accounts payable and accrued liabilities that affect the opening balance sheet of 2021. NESR is collaborating with its auditor to file these restated statements in compliance with NASDAQ requirements. The aggregate restatement amount is expected to remain within the previously estimated range.

National Energy Services Reunited Corp. (NESR) will participate in several investor conferences starting May 19, 2022. These include the Tudor, Pickering & Holt Disrupting Hotter ‘N Hell Conference in Houston and a Barclays virtual tour. CEO Sherif Foda will also present at the EF Hutton Group Louisiana Energy Conference on June 3 and the J. P. Morgan Energy Conference on June 22-23. An investor presentation is available on the company's website. NESR is a leading oilfield services provider in the MENA region, employing over 5,000 people in 15 countries.