NESR Announces Launch of NEDA and ROYA at IPTC & Provides Operational Update
12 Feb 2024
DHAHRAN, KINGDOM OF SAUDI ARABIA / ACCESSWIRE / February 12, 2024 / National Energy Services Reunited Corp. ("NESR" or the "Company") an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced the launch of key technologies and provided an operational update during the International Petroleum Technology Conference ("IPTC") in Saudi Arabia.
Following the opening of IPTC by HRH Prince Saud Bin Nayef Bin Abdul-Aziz Al Saud and HRH Prince Abdulaziz Bin Salman Bin Abdul-Aziz Al Saud, NESR launched its Roya advanced drilling platform and its NESR Environmental & Decarbonization Applications ("NEDA") segment, which encompasses a growing portfolio of solutions that were previously launched under NESR ESG Impact.
Sherif Foda, Chairman & Chief Executive Officer commented, "We are honored to launch our key strategic technologies during the prestigious IPTC held in Dhahran and hosted by our esteemed customer, Aramco. Our ROYA platform of advanced drilling technologies, comprised of a rotary steerable ("RSS") RoyaSteer, measurement-while-drilling ("MWD") tool RoyaStream, and logging-while-drilling ("LWD") tool RoyaSeek, paves the way for NESR to participate in all high-end drilling opportunities. Additionally, our new segment NEDA, translated from Arabic as "call to action", signifies our belief that decarbonization of the sector is fundamental to the success of the energy industry. Following our initial start back in Riyadh during FII in 2021, we have made great progress with the recent inauguration of a Carbon-Light Brine facility in Iraq, and also in completing two successful water zero liquid discharge ("ZLD") projects with Aramco. Now is the time to pursue scalable projects across all NEDA subsegments, including water treatment, flare management, heat capture, and emissions detection. We are very excited about the future of the company and the richness of our portfolio in both core businesses and in our decarbonization efforts."
Stefan Angeli, Chief Financial Officer, also commented on recent operational results, "I am happy to report that the Company recorded fourth quarter 2023 revenue of $308 million which was approximately 3% higher sequentially and 18% higher year-on-year. Full year 2023 revenue of $1,146 million, which grew 26% year-on-year, was underpinned by the solid activity ongoing in the MENA region."
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact may be forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate to, among other things, the Company's expectations related to its business performance, financial condition and results of operation. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our filings with the SEC, including those factors discussed under the caption "Risk Factors" in such filings.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 6,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
For inquiries regarding NESR, please contact:
Blake Gendron - VP Investor Relations & Business Development
National Energy Services Reunited Corp.
SOURCE: National Energy Services Reunited Corp
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