Welcome to our dedicated page for National Energy Services Reuni news (Ticker: NESRW), a resource for investors and traders seeking the latest updates and insights on National Energy Services Reuni stock.
National Energy Services Reunited Corp (NESR) provides essential oilfield services across the Middle East, North Africa, and Asia Pacific regions. This news hub offers investors and industry professionals direct access to the company's latest financial updates, operational developments, and strategic initiatives.
Track official press releases covering quarterly earnings, technology deployments in drilling evaluation, and regional expansion efforts. Our curated collection includes updates on production services like hydraulic fracturing operations and cementing projects, along with drilling innovations supporting energy producers in complex reservoirs.
Key updates feature partnerships with national oil companies, advancements in water treatment solutions, and operational efficiency milestones. Bookmark this page for real-time notifications about tender awards, equipment fleet expansions, and leadership announcements impacting the energy services sector.
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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.
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.
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.
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