ABU DHABI, UNITED ARAB EMIRATES / ACCESSWIRE / November 15, 2021 / National Energy Services Reunited Corp. ("NESR") (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced an investment in Qube Technologies ("Qube"), a provider of continuous emissions monitoring technology that enables oil and gas operators to better detect, measure, and reduce methane and other greenhouse gas ("GHG") emissions. Founded in 2018, Qube continuously collects gas concentration, atmospheric, and other operational data to locate, quantify, and classify emissions by source and severity. In 2021, Qube received the world's first regulatory approval to replace standard leak detection and repair ("LDAR") practices with Qube's continuous monitoring platform, which has been shown to lead to faster repairs that vastly reduce emissions and improve operational performance and safety.
"Being here at ADIPEC in Abu Dhabi alongside industry thought leaders like ADNOC, and following the recently-announced Saudi Green Initiative and ongoing discussions at the COP26 Climate Summit, it is clear that the oil & gas industry is moving quickly to establish leadership on energy transition and GHG emissions reduction," said Sherif Foda, Chairman of the Board and Chief Executive Officer of NESR. "Today's pivotal investment and collaboration announcement with Qube will sharpen NESR's focus in the realm of emissions detection & monitoring, technologies that will aid key MENA producers in both quantifying the overall Scope 1 & Scope 2 footprint, and also in pinpointing the source of harmful gas leaks. Emissions detection, in conjunction with water management, flare reduction, and other key subsegments encompass a multi-pronged NESR ESG Impact growth strategy that mirrors the multi-faceted customer approach to upstream decarbonization. We are excited to foster Qube's unique, metal-oxide sensor technology and software platform in the MENA region, in collaboration with their team and with our joint investors, including SCF Ventures."
Strategic investors joining the funding round include SCF Ventures ("SCF"), the early-stage investment vehicle within SCF Partners, a leading equity capital and strategic growth fund in the energy services sector; individuals from Pine Brook, a private equity firm that specializes in business building and growth investments in energy and other areas; and Ian Bruce, former president and CEO of Peters & Co., a leading Canadian energy investment bank. Qube Technologies will be featured at ADIPEC at the NESR stand No. 5350 in Hall 5.
About Qube Technologies
Qube is a Calgary based start-up developing a low-cost environmental surveillance technology. Qube's mission is to help primary industries, such as oil and gas, cost effectively detect, quantify, and reduce methane and other emissions. Qube is currently working with some of the leading operators across Western Canada and the United States and has support from a wide range of investors and government bodies.
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 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, 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, Drilling Fluids and Rig Services.
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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").
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SOURCE: National Energy Services Reunited Corp