Business
PHX Energy Services Corp. Announces It Has Entered a Technology Partnership With National Energy Services Reunited Corp.
CALGARY, Alberta, March 25, 2021 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) is pleased to announce it has
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"CALGARY, Alberta, March 25, 2021 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. (\"PHX Energy\" or the \"Corporation\") (TSX: PHX) is pleased to announce it has entered into a technology partnership (the “Partnership”) with National Energy Services Reunited Corp (“NESR”) (NASDAQ: NESR). Pursuant to the Partnership, PHX Energy will provide its premium downhole technology, namely the Corporation’s Atlas High Performance Motors (“Atlas”) and Velocity Systems, for use in NESR’s directional drilling operations in the Middle East and North Africa (“MENA”). PHX Energy’s high-performance fleet of equipment is widely recognized in North America for its increased reliability and operating advantages that deliver faster drilling and increased efficiency at the well site. This reputation has led PHX Energy to grow its US market share to the highest level in its history. Through the Partnership, these same advantages will become accessible to operators in NESR’s international markets and PHX Energy and NESR will work in collaboration to deliver directional drilling solutions that provide the same step change in performance that is now demanded in North American drilling operations. A series of preliminarily wells in the Middle East are being drilled using the Corporation’s technology, with the first recently completed and breaking the current operating record in the area. PHX Energy’s strategic initiatives that have positioned the Corporation as the technology leader in the directional drilling sector, have led to an extensive fleet of Atlas Motors and Velocity Systems. With the size of its current Atlas and Velocity fleets, PHX Energy has allocated assets to the Partnership with minimal capital expenditures required. The Partnership is anticipated to grow throughout 2021 and PHX Energy intends to allocate future assets and capital expenditures based on the successes achieved. PHX Energy is committed to maintaining its balance sheet strength and protecting its financial position, especially given the current volatility in the economic and industry conditions. PHX Energy believes the Partnership will further its financial strength, creating another revenue stream that leverages the higher margins generated by its high performance fleet. About PHX Energy Services Corp. The Corporation, through its directional drilling subsidiary entities, provi...