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") is an international provider of integrated energy services focused on the Middle East and North Africa (MENA) region, with additional operations in the Asia Pacific region. Its ordinary shares trade under the symbol NESR and its warrants under NESRW on the Nasdaq Capital Market. This news page aggregates company announcements, operational updates and financial disclosures related to NESR and its role in the crude petroleum and natural gas extraction value chain as an oilfield services provider.
Readers can find coverage of NESR’s contract awards and project activity across key MENA markets. Recent releases describe multi-billion dollar unconventional completion services awards in Saudi Arabia associated with Aramco’s Jafurah and other unconventional plays, multi-year downhole drilling contracts in Kuwait spanning Drilling & Evaluation segments, and Production Services contracts in Algeria and Libya covering coiled tubing, nitrogen and pumping services, cementing and hydraulic fracturing. NESR has also highlighted integrated drilling services and well delivery campaigns in Jordan in collaboration with Kuwait Drilling Company.
NESR’s news flow also includes quarterly financial results, where the company reports revenues, net income, adjusted EBITDA and other performance metrics, along with commentary from management on operational execution, contract transitions and capital structure. In addition, the company publishes updates on its Environmental & Decarbonization Applications (NEDA) segment, such as initiatives using desalinated produced water treated by NEDA to illustrate circular resource use and environmental stewardship.
Investors, analysts and other stakeholders can use this page to follow NESR’s earnings announcements, conference call schedules, regional contract wins, sustainability initiatives and capital markets actions involving NESR and NESRW. Regularly reviewing these updates provides context on how the company’s Production Services, Drilling and Evaluation Services and NEDA activities evolve across its 16-country footprint.
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.
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) will participate in several key industry events, including:
- Future Investment Initiative in Riyadh, KSA, from October 25-27, where CEO Sherif Foda will present on October 26;
- Abu Dhabi International Petroleum Exhibition & Conference from October 31 to November 4;
- U.N Climate Change Conference (COP 27) on November 11;
- Bank of America Energy Conference on November 16-17 in Miami.
Founded in 2017, NESR is a leading provider of integrated energy services in the MENA region.
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced a long-term contract for Directional Drilling services in Saudi Arabia, which includes Measurement While Drilling and Well Engineering services for up to four years. This contract follows successful field trials and partnerships, notably with PHX Energy Service Corp., showcasing NESR's ability to deliver efficient drilling solutions. The CEO highlighted the importance of this contract in expanding NESR's market presence and introducing next-gen technologies in the drilling sector.
National Energy Services Reunited Corp. (NESR) has announced an acquisition of a minority stake in W. D. Von Gonten Engineering LLC (WDVG), valued at approximately 4 times the estimated 2022 EBITDA. The acquisition primarily involves NESR shares priced at $10 each, along with a minor cash component. This strategic move enhances NESR's capabilities in petroleum engineering and reservoir studies, while offering the option to increase its stake in the future. The integration will augment NESR’s Research and Development efforts at its facility in Saudi Arabia's Dhahran Techno Valley.
National Energy Services Reunited Corp. (NASDAQ:NESR, NESRW) announced a Strategic Implementation Agreement with ADNOC during the Make It In The Emirates Forum to enhance localization efforts in the UAE. This agreement will allow NESR to expand its manufacturing footprint and implement advanced technologies, starting with a high-efficiency bulk cement facility. The initiative aligns with UAE's focus on in-country value (ICV) and aims to support energy transition through ESG Impact technologies. The partnership is set to bolster NESR's operational capabilities within the MENA region.
National Energy Services Reunited Corp. (NESR) announced the need for restating consolidated financial statements for fiscal years ending December 31, 2018-2020, as well as unaudited quarterly statements for the first three quarters of 2021. The adjustments are primarily due to inaccuracies related to accounts payable and accrued liabilities that affect the opening balance sheet of 2021. NESR is collaborating with its auditor to file these restated statements in compliance with NASDAQ requirements. The aggregate restatement amount is expected to remain within the previously estimated range.