National Energy Services Reunited awarded SAR 2.5 bln contracts in Saudi Arabia

Integrated energy services provider, National Energy Services Reunited Corp. (NESR) has secured contracts worth up to SAR 2.5 billion ($660 million) in Saudi Arabia, the Nasdaq-listed firm said in a statement.

The contracts were awarded for coiled tubing and N2, stimulation services and cementing services for a period of five years with possible extensions of up to two years with the National Petroleum Technology Company, a subsidiary of NESR.

“We would like to see local high- caliber firms from Saudi Arabia that have proven their ability to handle complex projects to step up and take a larger role to help achieve Saudi Aramco’s In-Kingdom Total Value Add Program (IKTVA) goals, which aim to increase the company’s locally sourced goods and services to 70 percent by 2021 and contribute to the Vision 2030,” Dr. Mohammed Al-Qahtani, Senior Vice President for Upstream, Saudi Aramco, commented.

“These awards are key as they provide a baseline for our growing operations in Saudi Arabia,” Sherif Foda, Chairman of the Board and CEO of NESR, said.

“As a national service provider, we have made significant investments in training and developing the national workforce in Saudi Arabia to deliver top level service quality,” Foda added.