Welcome to our dedicated page for National Energy Services Reunited news (Ticker: NESR), a resource for investors and traders seeking the latest updates and insights on National Energy Services Reunited stock.
National Energy Services Reunited Corp. provides integrated oilfield and energy services for oil and natural gas customers in the Middle East and North Africa. NESR news commonly covers quarterly financial results, contract awards, customer activity across MENA markets, and service-line updates in areas such as cementing, stimulation, coiled tubing, drilling, evaluation, pressure control, and well testing.
The company's updates also address its Production Services and Drilling and Evaluation Services activities, regional mobilization and utilization trends, and Environmental & Decarbonization Applications, or NEDA, which includes sustainability-focused solutions such as produced-water recycling.
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.
Summary not available.
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.