Shares of National Energy Services Reunited Corp (NASDAQ:NESR) climbed 2.3% following the announcement that the company has secured multiple five-year drilling service contracts in Kuwait, valued at $100 million.
These contracts cover a range of Drilling & Evaluation (D&E) services, including Fishing & Remedial Services, Downhole Tools, Tubing & Casing Running, as well as other specialized drilling offerings. According to NESR, the agreements significantly reinforce its market position in Kuwait, which it describes as a “bastion for robust activity growth” in the MENA (Middle East and North Africa) region.
“These awards further cement our position in Kuwait, following our recently announced contract win in Slickline, and support our advancement across a broad swath of services within D&E,” said Sherif Foda, Chairman and CEO of NESR.
The company emphasized that these new wins build on its already established foothold in Oman, helping to expand its leadership in drilling services across the region. In tandem, NESR is investing heavily in Kuwait, including the launch of an Advanced Innovation Valley aimed at elevating its operational capabilities and technology offerings in the country.
National Energy Services Reunited stock price
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