Business
NESR Announces Launch of NEDA and ROYA at IPTC & Provides Operational Update
DHAHRAN, KINGDOM OF SAUDI ARABIA / ACCESSWIRE / February 12, 2024 / National Energy Services Reunited Corp. ("NESR" or the "Company") an international,
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"DHAHRAN, KINGDOM OF SAUDI ARABIA / ACCESSWIRE / February 12, 2024 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") an international, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") region, today announced the launch of key technologies and provided an operational update during the International Petroleum Technology Conference (\"IPTC\") in Saudi Arabia.Following the opening of IPTC by HRH Prince Saud Bin Nayef Bin Abdul-Aziz Al Saud and HRH Prince Abdulaziz Bin Salman Bin Abdul-Aziz Al Saud, NESR launched its Roya advanced drilling platform and its NESR Environmental & Decarbonization Applications (\"NEDA\") segment, which encompasses a growing portfolio of solutions that were previously launched under NESR ESG Impact.Sherif Foda, Chairman & Chief Executive Officer commented, \"We are honored to launch our key strategic technologies during the prestigious IPTC held in Dhahran and hosted by our esteemed customer, Aramco. Our ROYA platform of advanced drilling technologies, comprised of a rotary steerable (\"RSS\") RoyaSteer, measurement-while-drilling (\"MWD\") tool RoyaStream, and logging-while-drilling (\"LWD\") tool RoyaSeek, paves the way for NESR to participate in all high-end drilling opportunities. Additionally, our new segment NEDA, translated from Arabic as \"call to action\", signifies our belief that decarbonization of the sector is fundamental to the success of the energy industry. Following our initial start back in Riyadh during FII in 2021, we have made great progress with the recent inauguration of a Carbon-Light Brine facility in Iraq, and also in completing two successful water zero liquid discharge (\"ZLD\") projects with Aramco. Now is the time to pursue scalable projects across all NEDA subsegments, including water treatment, flare management, heat capture, and emissions detection. We are very excited about the future of the company and the richness of our portfolio in both core businesses and in our decarbonization efforts.\"Stefan Angeli, Chief Financial Officer, also commented on recent operational results, \"I am happy to report that the Company recorded fourth quarter 2023 revenue of $308 million which was approximately 3% higher sequentially and 18% higher year-on-year. Full year 2023 revenue of $1,146 million, which grew 26% ...