National Energy Services Reunited Corp. (NESR) has been awarded contracts worth US$660 million by Saudi Aramco for coiled tubing, stimulation and cementing services for a five year period.
The deal is with with the National Petroleum Technology Company, a subsidiary of NESR, that also includes a possible extension of up to 2 years.
“These awards are key as they provide a baseline for our growing operations in Saudi Arabia” said Sherif Foda, Chairman of the Board and CEO of NESR. “As a premier national service provider, we have made significant investments in training and developing the national workforce in Saudi Arabia to deliver top level service quality. At NESR, we are committed to playing a positive role in the development of the communities in which we operate and that drives our commitment to leadership in IKTVA. These contracts allow us to grow our investments in our ongoing initiatives in Saudi Arabia.”
Dr. Mohammed Y. Al-Qahtani, senior vice president for Upstream, Saudi Aramco said: “NESR is a key partner for Saudi Aramco, and we are very pleased to see National Petroleum Technology Company, a subsidiary of NESR, progress in such a short span of time. As we have previously stated, 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 per cent by 2021 and contribute to the Vision 2030, Saudi Arabia’s national transformational program. With these awards, we would also like to see NESR introduce innovative technologies to address our challenges.”