National Energy Services Reuni Stock Price, News & Analysis

National Energy Services Reunited Corp. (NESR), an oilfield services provider, has secured a $300 million contract for Integrated Rig-less Stimulation and Testing Services in Saudi Arabia. The contract spans three years with a potential two-year extension and includes services such as fracturing, wireline, and logistics. CEO Sherif Foda expressed pride in their selection, emphasizing collaboration with Saudi Aramco on sustainability initiatives. The firm aims to enhance technology adoption while reducing the carbon footprint of operations, aligning with both partners' net-zero goals.

National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) announced the awarding of an integrated Production Services contract by Cairn Oil & Gas in India, effective Q3 2022. The contract encompasses various services, including Coiled Tubing and Hydraulic Fracturing, aimed at enhancing Cairn's energy supply across key regions in Rajasthan. This partnership will not only foster significant investment but also aims to create in-country value, aligning with NESR's localization strategy. CEO Sherif Foda emphasized the contract's role in extending NESR's operational footprint in India and investing in sustainable energy technologies.

National Energy Services Reunited Corp. (NESR) has secured a significant contract for Cementing Services in Abu Dhabi from ADNOC, part of a $658 million framework agreement involving five service providers. This contract, extending up to seven years, aligns with ADNOC's efforts to enhance crude oil production capacity while supporting the UAE economy through its in-country value (ICV) program. NESR aims to leverage sustainable technologies in its operations, reflecting its commitment to local investment and collaboration with ADNOC.

National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) announced on March 10, 2022, that its financial statements for the fiscal years 2018-2020 contain errors mainly related to accounts payable and accrued liabilities, necessitating restatement. The anticipated aggregate amount of restatement is between $60 million and $90 million. While the year-end audit is ongoing, Q4-2021 revenue is projected at $219 million and full-year revenue at $885 million. The Audit Committee is overseeing the resolution of these discrepancies with KPMG and PricewaterhouseCoopers.

National Energy Services Reunited Corp. (NESR) announced the immediate appointment of Stefan Angeli as Chief Financial Officer, succeeding Chris Boone. Angeli brings over 35 years of finance experience, including roles at Schlumberger and Stratum Reservoir. His responsibilities will include overseeing financial reporting, treasury, and risk management. The company has also rescheduled its upcoming earnings conference call. NESR, a prominent energy services provider in MENA and Asia Pacific, emphasizes its commitment to growth and shareholder value.

National Energy Services Reunited Corp. (NESR) announced the award of a USD $169 million contract for Testing Services in Abu Dhabi from ADNOC Onshore. This contract is set for up to five years, focusing on surface testing while minimizing environmental impacts. CEO Sherif Foda emphasized the importance of this contract in enhancing NESR's presence in the UAE and supporting ADNOC's oil production capacity goals. The initiative aligns with UAE's commitment to reducing carbon footprints and advancing innovative energy solutions.

National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) will release its fourth-quarter financial results for 2021 on February 9, 2022. A conference call is scheduled for 8:00 AM ET on the same day to discuss the results. Investors can participate via U.S. toll-free or international lines, and a live webcast will be available on the company's website. NESR, founded in 2017, provides integrated energy services across the MENA and Asia Pacific regions, employing over 5,000 staff worldwide.

National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced contract awards exceeding USD $100 million over a three-year span, starting in 2022, primarily in North Africa. These contracts, split between Production and Drilling and Evaluation segments, signify NESR's expansion into Algeria and Egypt. With enhancements in coiled tubing and well testing services, NESR aims to secure long-term partnerships while adapting to MENA's anticipated upcycle post-pandemic.