- National Energy Services Reunited Corp. (NESR, Financial) secures $200 million in Slickline contracts in Kuwait and Oman.
- The five-year contracts extend NESR's geographic reach and diversify its service portfolio in the MENA region.
- NESR is now among the top three providers of Slickline services in the region.
National Energy Services Reunited Corp. (Nasdaq: NESR) has announced the acquisition of new Slickline contracts valued at $200 million across Kuwait and Oman. These contracts span a duration of five years and signify NESR's entrance into new markets for Slickline services beyond its established strongholds in Saudi Arabia and Egypt.
The contracts are part of NESR's strategic expansion within its Drilling & Evaluation segment, aligning with the company's "portfolio pull through" strategy. This approach involves leveraging successful service models from one or two countries to expand capabilities throughout the broader MENA region. The contracts also bolster NESR's presence in rigless activity, a growing focus area for the company.
According to NESR CEO Sherif Foda, these agreements not only fortify the company's leadership in the Slickline service space but also enhance geographic diversification and increase competitive advantage, cementing NESR's status as a top-three provider of such services in the MENA region.
Beyond the immediate financial implications, these multiyear contracts provide NESR with enhanced revenue visibility in the often volatile energy services sector, supporting the company's growth and stability objectives. This strategic move positions NESR to further capitalize on integrated service offerings and expand its footprint across the Middle East and North Africa.
