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NESR Announces Update on Previously Issued Financial Statements and Full Year Revenue of 2021
HOUSTON, TX / ACCESSWIRE / March 14, 2022 / On March 10, 2022, subsequent to the companywide adoption of a new SAP ERP system and the ensuing ongoing
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / March 14, 2022 / On March 10, 2022, subsequent to the companywide adoption of a new SAP ERP system and the ensuing ongoing reconciliation process, the management of National Energy Services Reunited Corp. (\"NESR\" or \"the Company\") (NASDAQ:NESR)(NASDAQ:NESRW) concluded and recommended to the Audit Committee of the Company's Board of Directors, and the Audit Committee agreed, that the Company's consolidated U.S. GAAP financial information and related disclosures (\"SEC Fillings\") for the fiscal year ended December 31, 2018, December 31, 2019 and December 31, 2020 filed with the United States Securities and Exchange Commission (the \"SEC\"), contain errors primarily related to accounts payable reconciliations and accrued liabilities. Therefore, the U.S. GAAP statements for the foregoing years will need to be restated and should no longer be relied upon. The Company is working to determine whether these issues also have any material impact on the financial statements for the unaudited quarterly financial statements for the first three quarters of 2021. Based on a preliminary analysis, the Company currently believes that the aggregate amount of the restatement, for all of the impacted and potentially impacted time periods, will be in the range of $60 to $90 million.The Company's management and Audit Committee have discussed the same with KPMG Assurance and Consulting Services LLP, the Company's former independent public accounting firm, as well as PricewaterhouseCoopers (Dubai Branch) the Company's present independent public accounting firm that will be conducting the 2021 audit.Members of the Audit Committee of the Company's Board of Directors are overseeing the process of addressing these findings as the Company works diligently to understand and address the causes of this issue and finalize the effects of the reconciliations and subsequent restatements. The Company is working to file restated financial statements related to prior periods as soon as practicable.While the year-end audit is ongoing and has not been completed, the Company currently anticipates reporting Q4-2021 revenue of $219 million and full year 2021 revenue of $885 million.About National Energy Services Reunited Corp.Founded in 2017, NESR is one of the largest national oilfield services providers in the Middle East and North Africa ...