NESR Secures Its First Multi-Year Directional Drilling Services Contract in Kuwait

KUWAIT CITY, KUWAIT / ACCESSWIRE / November 28, 2022 / National Energy Services Reunited Corp. ("NESR" or "the Company") (NASDAQ:NESR) (NASDAQ:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, has announced that the company has been awarded a long term contract for Directional Drilling services in Kuwait, covering Directional Drilling ("DD"), Measurements while Drilling ("MWD"), Performance Drilling, Well Engineering and Logging While Drilling ("LWD") services for five years, with an option to extend an additional year.

Alongside the similar, recently announced Directional Drilling services contract in Saudi Arabia, this award in Kuwait represents another key DD anchor contract, through which the Company will introduce its burgeoning portfolio of high end MWD and LWD technologies as they are commercialized. Overall, these multi-year platform contracts are anticipated to enhance both the growth and margin profile of the Drilling & Evaluation ("D&E") segment, as equipment in these specialized product lines are deployed with the higher anticipated drilling rig increase.

NESR CEO & Chairman Sherif Foda commented, "Following multiple years of heavy investment and R&D focus, we are pleased to announce another pivotal D&E anchor contract that encompasses not only Directional Drilling, but also the highly-consolidated MWD and LWD product lines, for which we want to ensure that we introduce our portfolio over the life of these contracts similar to our approach in Saudi & Oman. Our footprint in Kuwait has expanded substantially over the past twelve months, and this award is further proof of NESR's regional platform approach to accelerate in-country value creation & growth. I want to thank our client at Kuwait Oil Company for their belief not only in the technology that NESR can deliver, but also in the Company's manufacturing, supply chain, and service platform that will further support the localization of these augmented D&E capabilities."

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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For inquiries regarding NESR, please contact:

Blake Gendron - VP Investor Relations & Business Development
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com

SOURCE: National Energy Services Reunited Corp.