National Energy Services Reunited Corp.
Under the Symbol:
National Energy Services Reunited Corp. Announces Multiple Contract Awards in Bahrain
Monday, July 8, 2019 7:00 AM
HOUSTON, TX / ACCESSWIRE / July 8, 2019 / National Energy Services Reunited Corp. (“NESR” or the “Company”) (NASDAQ: NESR) (NASDAQ: NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) and Asia Pacific regions, today reported multiple awards of contracts for well intervention services by Tatweer Petroleum - Bahrain Field Development Company W.L.L.
Mr. James Kenneth Eastlack, CEO of Tatweer Petroleum commented: “We are pleased to see NESR expanding and we look forward to their successful activities in the Kingdom of Bahrain.”
''We are pleased to establish a strong presence in the Kingdom of Bahrain which we will achieve with solid investment as well as recruiting and developing the talented national workforce. NESR is steadfast in its commitment to be a partner and key enabler in the Kingdom of Bahrain’s extensive upstream growth plans,” said Sherif Foda, Chairman of the Board and CEO of NESR. “The E&P Industry has a long history in Bahrain as this is where the first well was drilled in the region, and with the new discovery in Khalij Al-Bahrain Basin, the E&P industry in Bahrain is poised to take a big leap forward under the guidance of H.E. Shaikh Mohammad bin Khalif Al Khalifa, Minister of Oil.”
Mr. Foda added: “As has been aptly stated by H.E. Minister of Oil, this high-quality tight oil and gas reservoir will require a newer approach and will need higher intensity and more complex services. This in turn provides opportunities to enterprising service providers like NESR who can bring all the required technology and best practices to help economically access these reservoirs. I would also like to take this opportunity to thank Tatweer Petroleum and H.E. Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, for their trust in NESR and allowing us to contribute towards the nation’s Economic Vision 2030.”
About Tatweer Petroleum - Bahrain Field Development Company W.L.L.
In December 2009, Tatweer Petroleum - Bahrain Field Development Company W.L.L. assumed responsibility for the stewardship and revitalization of the mature Bahrain Field and the execution of all activities related to the petroleum operations pursuant to the terms and conditions of the Development and Production Sharing Agreement (DPSA). The DPSA, dated 26th April 2009, was entered into between the National Oil and Gas Authority (NOGA) and Occidental, Mubadala, and The Oil and Gas Holding Company (nogaholding).
As of July 2016, the Company is wholly owned by nogaholding, the business and investment arm of NOGA of the Kingdom of Bahrain, which acts as the steward for the Government’s investment in a diversified range of energy-related companies. Tatweer Petroleum is now responsible for all upstream operations in the Kingdom, including oil and gas exploration, development, and production activities, in addition to gas distribution and sales.
The Company’s primary goal is to increase the production of oil and the availability of gas to meet the future energy demands of the Kingdom of Bahrain, in line with the nation’s Economic Vision 2030.
Tatweer Petroleum utilizes the latest oil exploration, production, and recovery technologies whilst upholding its commitment to the highest standards of health, safety, and environmental protection, and the development of Bahraini nationals. This will support the Company’s contribution to energizing the Kingdom’s economic growth and social prosperity while maximizing value for stakeholders.
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 3,700 employees, representing more than 40 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Cementing, Coiled Tubing, Filtration, Completions, Stimulation and 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, Fluids and Rig Services.
This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company’s recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company’s future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.
The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company’s recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company’s ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company’s recent business combination; estimates of the Company’s future revenue, expenses, capital requirements and the Company’s need for financing; the risk of legal complaints and proceedings and government investigations; the Company’s financial performance; success in retaining or recruiting, or changes required in, the Company’s officers, key employees or directors; current and future government regulations; developments relating to the Company’s competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company’s most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”).
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
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National Energy Services Reunited Corp.
SOURCE: National Energy Services Reunited Corp.