Business
National Energy Services Reunited Corp. Provides Update On Financial Statements
HOUSTON, TX / ACCESSWIRE / June 17, 2022 / National Energy Services Reunited Corp. ("NESR" or "the Company") (NASDAQ:NESR)(NASDAQ:NESRW), an international,
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / June 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, today provided the following update on its financial statements:On March 14, 2022, NESR announced that the Company's consolidated US GAAP Financial Information and related disclosures (SEC Filings) for the fiscal years ended December 31, 2018, December 31, 2019, and December 31, 2020 filed with the United States Securities and Exchange Commission (the \"SEC\") needed to be restated, and that there might also be a material impact on the financial statements for the unaudited quarterly financial statements for the first three quarters of 2021. The Company now confirms that the unaudited quarterly financial statements for the first three quarters of 2021 also need to be restated and consequently cannot be relied upon, primarily due to the adjustments related to accounts payable and accrued liabilities from 2018 to 2020 impacting the opening balance sheet of 2021. The Company continues to believe that the aggregate amount of the restatement, for all the impacted time periods, will fall within the previously announced estimated range.The Company is currently working with its auditor for each respective period, to file the restated financial statements for the above-mentioned periods, which it anticipates completing as soon as practicable and in line with NASDAQ's compliance requirements.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 Statemen...