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National Energy Services Reunited Corp. Announces Multiple Contract Awards in Oman
MUSCAT, OMAN / ACCESSWIRE / October 21, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR) (NASDAQ:NESRW), a national,
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"MUSCAT, OMAN / ACCESSWIRE / October 21, 2020 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") (NASDAQ:NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") and Asia Pacific regions, today reported multiple extensions and awards to Gulf Energy SAOC (\"GES\") in the Sultanate of Oman by Petroleum Development of Oman (\"PDO\") valued at over $1 billion. With these awards, NESR has cemented its position in Oman for the foreseeable future and has opened new growth avenues to expand its product lines over the next decade in the Sultanate of Oman and in the MENA region.These contract extensions include Cementing, Coil Tubing and Stimulation, Fishing and Milling, and Downhole Tools contracts for a period up to nine years, including a main term of five years with two possible extensions of two years each, with contracts expiring between 2030 and 2032. In addition, a new contract for Directional Drilling and Turbine Drilling was also awarded for a term of up to six years.Raoul Restucci, Managing Director, PDO, commented: \"I am pleased to see local companies, such as Gulf Energy, come of age due to PDO's localization efforts and In-Country Value Strategy, which while delivering world class technology advances for the upstream sector also ensures creation of jobs, training and learning opportunities for Omanis and enhancements in the domestic supply chain and manufacturing. Companies such as Gulf Energy are leading the change in transforming the upstream sector in Oman as well as the region, and I wish them the best for the future.\"Salman Al Maimani, PDO Wells Contract Manager, commented \"PDO has always encouraged and supported local companies to take on ever larger work scopes and expects market leading delivery and technologies within a competitive framework. We also believe that to create a successful business we need to provide the local companies enough runway so that they can build a sustainable enterprise around a stable framework. Hence, we are very pleased to see the progress GES has made up to this point, and these contract extensions and awards are in line with our strategy to reward the best performers who show the potential to further contribute to PDO's In-Country Value objectives. I wish GES the best for the future and...