Welcome to our dedicated page for National Energy Services Reuni news (Ticker: NESR), a resource for investors and traders seeking the latest updates and insights on National Energy Services Reuni stock.
National Energy Services Reunited Corp. (NESR) is an integrated energy services company listed on Nasdaq under the symbol NESR. The company describes itself as one of the largest national oilfield services providers in the Middle East and North Africa (MENA) and Asia Pacific regions, with operations organized around Production Services and Drilling and Evaluation Services. The NESR news feed on Stock Titan aggregates company-issued updates, financial disclosures and other coverage related to its oilfield services activities.
News about NESR often centers on quarterly financial results, where the company reports revenues, net income, Adjusted EBITDA and other metrics through press releases that accompany its Form 6-K filings. These announcements typically include commentary from management and details drawn from the unaudited condensed consolidated interim financial statements filed with the U.S. Securities and Exchange Commission.
Investors and industry followers can also find contract and award announcements in the NESR news stream. Recent communications describe multi-year completion services contracts in Saudi Arabia’s Jafurah and other unconventional plays, integrated drilling and well delivery campaigns in Jordan in collaboration with Kuwait Drilling Company, Production Services awards in Algeria and Libya, and downhole drilling awards in Kuwait across several Drilling and Evaluation service lines.
Another recurring theme in NESR’s news is its Environmental & Decarbonization Applications (NEDA) segment, which focuses on recycling, treating and reusing produced water. The company has highlighted initiatives such as commissioning artwork created from desalinated produced water treated by NEDA, using this to illustrate its approach to environmental stewardship in the energy services context.
NESR also issues updates about investor conferences and industry events, detailing management participation in energy, clean technology, utilities and regional investor tours. By following NESR news on Stock Titan, readers can monitor these financial updates, contract wins, sustainability initiatives and investor outreach activities in one place.
National Energy Services Reunited Corp. (NESR) announced the successful negotiation of contract extensions worth $100 million for its subsidiary, Gulf Energy, in Oman. These contracts, extending up to five years, reflect the company's strong service delivery and trust with clients amidst an improving oilfield services market. NESR CEO Sherif Foda emphasized the company's commitment to 'Omanization' and local talent development as part of its broader localization strategy. The extensions indicate NESR's reliability and innovative technology application, enhancing operational decarbonization.
Founded in 2017, NESR operates across MENA and Asia Pacific, providing a range of energy services to optimize reservoir potential. The company prides itself on having over 5,000 employees from more than 60 nationalities.
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) has inaugurated its NESR Oilfield Research & Innovation (NORI) Center in Dharan Techno Valley, Saudi Arabia. This facility aims to enhance energy sector research across the MENA region and aligns with Saudi Arabia's Vision 2030. The NORI Center features advanced labs, including a Reservoir Characterization lab and an AI-based Operational Intelligence lab, focusing on hydraulic fracturing and drilling products. The center will also support key environmental, social, and governance (ESG) initiatives. CEO Sherif Foda emphasized the center's role in connecting capital, human resources, and technological advancement.
National Energy Services Reunited Corp. (NESR) has secured a long-term Wireline Services contract in Saudi Arabia, enhancing its service offerings over a nine-year term. This contract will allow NESR to provide advanced Cased-Hole & perforation services, showcasing innovative technologies in the Wireline segment. CEO Sherif Foda emphasized the strategic importance of this contract in diversifying their technology portfolio. NESR, a leading oilfield services provider in the MENA region, aims to leverage this opportunity to strengthen its market position and enhance operational capabilities.
National Energy Services Reunited Corp. (NASDAQ:NESR)(NASDAQ:NESRW) announced receipt of a determination letter from Nasdaq on January 4, 2023, stating it is not in compliance with listing requirements due to unfiled financials for June 30, 2022, and failure to hold a required annual meeting. The company must respond to Nasdaq by January 11, 2023, and is working to file its 2021 20-F report by April 25, 2023, to regain compliance. NESR faces additional scrutiny regarding past financial statements that need restatement.
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced on December 16, 2022, receipt of a letter from Nasdaq granting an extension for compliance with Nasdaq Listing Rule 5250(c)(1). The company must file its 2021 Annual Report on Form 20-F by April 25, 2023. Previous annual financial statements for 2018-2020 are currently being restated, necessitating this compliance action. NESR is committed to resolving these issues promptly to maintain its Nasdaq listing.
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