DHAHRAN - Saudi Arabia, Feb. 25, 2020 (GLOBE NEWSWIRE) -- National Energy Services Reunited Corp. (“NESR” or the “Company”) (NASDAQ: NESR) (NASDAQ: NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) and Asia Pacific regions, today announced that it held a groundbreaking ceremony for NESR Oilfield Research and Innovation (NORI) Center in Dhahran, Saudi Arabia.
Once completed, NORI will create an open platform that will host international innovators to develop oilfield research and innovative technologies in Saudi Arabia. The agreement to establish NORI was signed in September 2018 between NESR and Dhahran Techno Valley Company ("DTVC"), a wholly owned subsidiary of King Fahd University of Petroleum and Minerals ("KFUPM"). NORI is aligned with Saudi Aramco’s IKTVA program and will enhance NESR’s local content while also adding significant value to Dhahran Techno Valley and the Saudi oil and gas industry.
Dr. Muhammad M. Al-Saggaf, President of King Fahd University of Petroleum and Minerals (KFUPM), stated, “Dhahran Techno Valley brings together a large number of national and international energy and technology companies in one place, and is poised to be a hub of innovations and startups that is world-scale. Dhahran Techno Valley provides the necessary infrastructure, services, and the appropriate climate to incubate the development of new technologies as part of the implementation of the Saudi Vision 2030. The Saudi Vision 2030 emphasizes the importance of strengthening the technology sector in general, and energy technologies in particular, in order to support the knowledge-based economy, and maximize the creation of startups. The start of construction of NORI is a significant milestone in this regard and it is heartening to see a local company like NESR taking such giant strides in such a short period. I wish them all the best for the success of NORI."
Dr. Mohammed Y. Al-Qahtani, Saudi Aramco's Senior Vice President for Upstream, commented, "We are very pleased to see the progress of NORI. NORI’s model, akin to the larger technological changes we are seeing globally, will create an open platform for innovative technology companies in the upstream space to come to the Kingdom and will benefit the Saudi oil and gas industry. Rapid commercialization of innovative technologies will stimulate innovation, create jobs, drive growth in new industrial sectors, and help to further diversify the Kingdom’s economy. Moreover, Dhahran Techno Valley plays a crucial role in enabling the creation of start-ups from early stage or mature technologies. Through NORI, the DTV ecosystem will benefit from the excellent opportunities resulting from these levels of technologies and translate them into a dynamic environment where ideas happen and young Saudi entrepreneurs can find the support, technology, tools and enablers they need to take their businesses to the next level bringing new ideas to market in energy related domains. This is a first of a kind approach in the industry and I look forward to the completion of NORI and wish NESR a bright future."
Sherif Foda, NESR CEO and Chairman of the Board, commented, "We are very excited about the progress of NORI, which will allow NESR to develop fit-for-purpose techniques and technologies for Saudi Arabia and the whole region. We plan to bring our technical partners from North America and the rest of the world to NORI, which will allow them to customize and develop technologies in Saudi Arabia for the local industry. This will also be a great opportunity to provide employment opportunities for Saudi engineers and researchers and an important vehicle for partnership between Saudi Aramco and Saudi academic and industrial sectors. I would like to take this opportunity to thank Dr. Al-Saggaf and Dr. Al-Qahtani and the management of Saudi Aramco, KFUPM and DTVC for their continued support.”
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 4,000 employees, representing more than 40 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as 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, Fluids and Rig Services.
About Dhahran Techno Valley Holding Company
The Dhahran Techno Valley Holding Company (DTVC) – a wholly owned subsidiary of the King Fahd University of Petroleum and Minerals (KFUPM) – is a key driver of the Dhahran Techno Valley Ecosystem, which was created to promote a knowledge-based economy in Dhahran and in the Eastern Province of Saudi Arabia. This ecosystem includes KFUPM, national champions such as Saudi Aramco, SABIC and SEC, technology partners and small to medium size enterprises. DTVC is composed of a holding structure that includes a holding company (Dhahran Techno Valley Holding Company) and five subsidiaries and branches (Dhahran Valley Technology Development Company, Dhahran Valley Knowledge Company, Business Park Complex Company, Dhahran Valley Business Services Company and University Schools Company).
Forward-Looking Statements
This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company’s recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company’s future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.
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: 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”).
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
For inquiries regarding NESR, please contact:
Christopher Boone or Dhiraj Dudeja
National Energy Services Reunited Corp.
832-925-3777