Business
ADNOC Awards Cementing Services To NESR
ABU DHABI, UNITED ARAB EMIRATES / ACCESSWIRE / March 17, 2022 / National Energy Services Reunited Corp. ("NESR" or "the Company") (NASDAQ:NESR)
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"ABU DHABI, UNITED ARAB EMIRATES / ACCESSWIRE / March 17, 2022 / 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, has announced that the Company has been awarded one of the major contracts for Cementing Services (\"Cementing\") in Abu Dhabi from ADNOC. In total, the announced award of framework agreements to five oilfield service providers is valued at $658 million USD, a strong portion of which includes NESR's scope for Cementing services up to seven years. The awards build on ADNOC's recent drilling-related investments to support its crude oil production capacity expansion, and through ADNOC's flagship in-country value (\"ICV\") program, has the potential to see over 65% of the total investment directly bolster the UAE economy.NESR CEO & Chairman Sherif Foda commented, \"We are proud to have again been selected among a short list of service suppliers, to support ADNOC's clear and unmistakable ambition for sustainable oil production capacity growth. Following on our recent announced award for Testing services with ADNOC onshore, this pivotal Cementing contract underscores our alignment with ADNOC's ICV vision and affords us the opportunity to deploy next-generation sustainable technologies across multiple service segments.\"Mr. Foda continued, \"I want to sincerely thank ADNOC leadership for their trust in us as a marquee service platform and partner. As the National Champion of the MENA region, NESR will continue to invest locally in its people, equipment and supply chain as its scope and share of services expand. ADNOC is a foremost leader in ICV empowerment, for which NESR's growth strategy is uniquely aligned.\"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 reser...