National Energy Services Reunited Corp. signs an agreement with DTVC to open a research center in Saudi Arabia

Sept. 12, 2018  |   Innovation

اتفاقية
KFUPM DTVC and National Energy Services Reunited Corp. Officials post for a group photo

HOUSTON – United States and DHAHRAN - Saudi Arabia, September 11, 2018 – National Energy Services Reunited Corp. (“NESR”) (NASDAQ: NESR) (NASDAQ: NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, through its subsidiary, National Oil Technology Company, today signed an agreement with Dhahran Techno Valley Company (“DTVC”), a wholly owned subsidiary of King Fahd University of Petroleum and Minerals (“KFUPM”). The agreement calls for setting up a global center for the development of scientific research in DTVC.

The agreement was signed by Dr. Sahel N. Abduljauwad, Acting Rector of King Fahd University of Petroleum and Minerals, and Chairman of the Board of Directors of Dhahran Techno Valley Company, and Sherif Foda, CEO and Chairman of NESR, in the presence of senior management of Saudi Aramco, led by Mohammed Y. Al-Qahtani, Senior Vice President for Upstream, Saudi Aramco, and Chairman of the DTVC Advisory Committee, at a ceremony held at KFUPM's headquarters in Dhahran, Saudi Arabia.

Dr. Abduljauwad stated that, "We are very proud to have NESR join Dhahran Techno Valley and I am very pleased to see this level of investment from NESR to promote scientific research and local content in the energy sector in Saudi Arabia. I am confident that NESR would add significant value to Dhahran Techno Valley and to the Saudi oil and gas industry with this investment and commitment."

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KFUPM Rector Dr. Sahel N. Abduljauwad and NESR CEO and Chairman Mr. Sherif Foda.

Dr. Abduljauwad added, "Dhahran Techno Valley brings together the largest number of national and international energy companies in one place and is now the largest of its kind in the world.  Dhahran Techno Valley provides the necessary infrastructure, services, and the appropriate climate, to incubate 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 a knowledge-based economy."

Sherif Foda, Chief Executive Officer of the National Petroleum Services Company, said, "I am very excited to partner with Dhahran Techno Valley and KFUPM. We strongly believe that, with this investment, we are taking an important step to develop fit-for-purpose techniques and technologies for Saudi Arabia as well as the whole region. This is a key milstone for NESR and we plan to also bring our technical partners from North America to this center, 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 high-end technical opportunities for Saudi engineers and researchers and an important vehicle for partnership between Saudi academia and the industrial sectors”

Mr. Foda added: "I would like to take this opportunity to thank Prof. Dr. Abduljauwad, and Mr. Qahtani and the management of Saudi Aramco, KFUPM and DTVC for their support and guidance in this endeavor.”

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 3,200 employees, representing more than 40 nationalities in over 14 countries, the Company helps its customers unlock the full potential of its reservoirs by providing Production Services such as Cementing, Coiled Tubing, Filtration, Completions, Stimulation and Fracturing, and Nitrogen Services. The Company also helps its customers to access reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services like Drilling Downhole Tools, Directional Drilling Fishing Tools, Testing Services, Wireline, Slickline, Fluids and Rig Services.