National Energy Services Reunited Corp. (NESR), 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.
Contract Scope is 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.”
