National Energy Services Reuni Stock Price, News & Analysis

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.

National Energy Services Reunited Corp. (NESR) has successfully deployed the Kinetic Blowout Stopper (K-BOS) in the Middle East and Africa region, marking a significant advancement in safety technology. The K-BOS, with a 15,000 psi rating, can instantly seal and has been operational since its initial deployment in August 2021. This safety valve enhances operational reliability and environmental safety, particularly in high H₂S gas conditions. NESR will showcase K-BOS during ADIPEC 2021, highlighting its potential for both safety and cost-efficiency in oil and gas operations.

SCF Ventures has announced an investment in Qube Technologies, a company specializing in continuous emissions monitoring technology for the oil and gas sector. Founded in 2018, Qube's IoT devices monitor gases like methane, offering significant emissions reduction—up to 90%—compared to traditional methods. This investment aims to enhance the deployment of Qube's systems, aligning with global commitments to reduce methane emissions. Key stakeholders in this funding round include NESR, a leading energy services provider, and other strategic investors.

National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced an investment in Qube Technologies, focusing on continuous emissions monitoring solutions to enhance methane and greenhouse gas detection in the oil and gas sector. This strategic collaboration aims to boost NESR's capabilities in emissions detection amidst growing regulatory scrutiny and industry shifts towards sustainability. The investment aligns with ongoing efforts in the MENA region to reduce GHG emissions and support the energy transition.

National Energy Services Reunited Corp. (NESR) reported third-quarter 2021 results with revenue of $218 million, a decrease of 7% sequentially. The company achieved net income of $2 million and adjusted net income of $7 million, while diluted EPS stood at $0.02, down 75% year-over-year. Free cash flow reached $17 million, demonstrating strong liquidity. The company also refinanced its debt, enhancing financial flexibility with an expanded borrowing capacity of $860 million, including a green credit facility. Despite challenges from COVID-19, NESR aims to capitalize on growth in the MENA region.