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) will participate in several investor conferences starting May 19, 2022. These include the Tudor, Pickering & Holt Disrupting Hotter ‘N Hell Conference in Houston and a Barclays virtual tour. CEO Sherif Foda will also present at the EF Hutton Group Louisiana Energy Conference on June 3 and the J. P. Morgan Energy Conference on June 22-23. An investor presentation is available on the company's website. NESR is a leading oilfield services provider in the MENA region, employing over 5,000 people in 15 countries.
National Energy Services Reunited Corp. (NASDAQ:NESR, NASDAQ:NESRW) announced it received a notice from Nasdaq on May 6, 2022, regarding non-compliance with timely filing requirements due to the delayed submission of its annual report on Form 20-F for the year ended December 31, 2021. The company must submit a plan by July 5, 2022, to regain compliance, with a potential extension until October 31, 2022, if accepted. This notice does not affect the trading status of its securities on Nasdaq. NESR is working on completing the Form 20-F, impacted by the ongoing restatement of prior financial statements.
National Energy Services Reunited Corp. (NESR), an oilfield services provider, has secured a $300 million contract for Integrated Rig-less Stimulation and Testing Services in Saudi Arabia. The contract spans three years with a potential two-year extension and includes services such as fracturing, wireline, and logistics. CEO Sherif Foda expressed pride in their selection, emphasizing collaboration with Saudi Aramco on sustainability initiatives. The firm aims to enhance technology adoption while reducing the carbon footprint of operations, aligning with both partners' net-zero goals.
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.