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NESR and HSBC Announce First Sustainability-Linked Loan for MENA's Oilfield Services Industry
HOUSTON, TX / ACCESSWIRE / December 9, 2021 / 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 / December 9, 2021 / 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 secured a sustainability-linked loan (\"SLL\") with HSBC Bank Middle East - the first SLL of its kind within the MENA Oilfield Services (\"OFS\") sector.The loan terms are linked to three key performance indicators (\"KPIs\") that are tied to the following environmental, social, and governance (ESG) indicators, and will be tracked within the agreement span:Environmental - Wastewater Reduction: NESR has set ambitious targets to reduce water waste, which incorporates both water stewardship in traditional OFS product lines and in water treatment projects within the newly formed ESG Impact segment.Social - HSE Training: NESR will drive growth in employee health, safety & environment (\"HSE\") training hours, which underpins the company's strategy of MENA localization and the empowerment of talent within the region. Training growth is also expected to enhance the safety, quality, and reliability of NESR service delivery.Governance - Supplier Compliance: NESR will increase its network of local suppliers that qualify with the Company's supplier governance policies. This not only aligns with MENA localization efforts but also should improve the durability and flexibility of the NESR supply chain.In addition to the quantitative KPIs above, NESR has also pledged to establish a formal company carbon reduction strategy. As part of its inaugural ESG Report and broader decarbonization strategy, NESR is currently evaluating a Science-Based Target initiative (\"SBTi\") and expects to finalize targets in the coming year.\"As the National Champion of MENA, we are proud to be the first of our MENA-centric oilfield services peers to enter into an ambitious, sustainability-linked loan of this type with our valued partner lenders,\" said Sherif Foda, Chairman of the Board and Chief Executive Officer of NESR. \"The loan also underscores our commitment to action, not just talk, within the broader framework of upstream decarbonization and energy transition. Our participation and conversations at the recent regions high level conferences punctuate the...