Press Releases

NESR Inaugurates Flagship Innovation Center NORI In Saudi Arabia’s Dharan Techno Valley

Mon, 27 Feb 2023

DHARAN TECHNO VALLEY, KINGDOM OF SAUDI ARABIA / ACCESSWIRE / February 27, 2023 / National Energy Services Reunited Corp. ("NESR" or "the Company") (NASDAQ:NESR)(NASDAQ:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced the inauguration & opening of its NESR Oilfield Research & Innovation ("NORI") Center in Saudi Arabia's Dharan Techno Valley ("DTV").

The NORI facility, located in the heart of Saudi Arabia's industrial research, technology and academic hub, will enhance NESR's ability to drive energy sector research & innovation across the MENA region, while also augmenting the Company's alignment specifically with Saudi Arabia's Vision 2030. A flagship student exchange program with King Fahd University of Petroleum & Minerals ("KFUPM") will further support NESR's leading in-country personnel development & IKTVA investment. NORI also houses the recently acquired W. D. Von Gonten state-of-the-art Reservoir Characterization lab, supporting unmatched Geological & Geophysical research with a particular focus on the burgeoning unconventional resources in Saudi Arabia and across the MENA region. Furthermore, NORI will feature an artificial intelligence ("AI") based Operational Intelligence lab that will support multiple segments, including NESR's rapidly evolving hydraulic fracturing and directional drilling product lines. Key ESG Impact decarbonization technologies and research initiatives will also be domiciled in NORI.

NESR CEO & Chairman Sherif Foda commented, "With the ushering in of a new activity upcycle in the MENA region, NESR is proud to inaugurate a world class R&D center that will both deepen the NESR commitment to in-country investment in Saudi Arabia, and also strengthen key strategic initiatives across the entire region. NORI is now the nexus for NESR in connecting investment capital to human capital and cutting-edge technology development, and I am excited that ongoing and future R&D initiatives will now emanate from this state-of-the-art facility. NORI was constructed with NESR's long-term strategy in mind, namely that of technological expansion in both the core services business and also decarbonization solutions & partnerships in the ESG Impact segment. A facility equipped with solar power and water recycling capabilities further underscores NESR's commitment to a more sustainable O&G future. I would like to thank our esteemed customer, Saudi Aramco, as well as KFUPM, DTVHC and the Ministry of Energy for their overwhelming support and attendance of this inauguration event."

Mr. Nasir K. Al-Naimi, Aramco Executive Vice President of Upstream, commented "NESR's commitment to building a collaborative, open technology platform is powerful testament to its alignment with Saudi Vision 2030 and IKTVA. Thanks to this milestone, I have no doubt that NESR, in partnership with Saudi Aramco and KFUPM, will be able to scale new heights of technological innovation."

Dr. Muhammad Al-Saggaf, KFUPM President, commented "The NORI facility stands in a class of its own, and I look forward to seeing the many innovations that emerge over the coming decades. We see NESR as a rising leader in terms of the positive engagement that the O&G industry can have with younger generations of engineering graduates. Through NESR's commitment to the KFUPM Student Early Employment and Development Program, we hope to solidify our relationship with NESR and further strengthen our relationship by providing skilled graduates to join the job market."

About National Energy Services Reunited Corp.

Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 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.

Forward-Looking Statements

This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the potential scope and timing of the financial restatement, plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.

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You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.

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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