National Energy Services Reunited Corp. (NASDAQ:NESR) shares surged 16% after the company announced that it had secured a multi-billion dollar contract from Saudi Aramco to provide completion services for the Kingdom’s unconventional gas fields.
The five-year agreement covers extensive mobilization of completion operations across Aramco’s Jafurah field and other unconventional gas projects in Saudi Arabia. The deal is seen as a major milestone that will underpin the next phase of growth in the country’s Vision 2030 energy diversification strategy, which aims to expand natural gas production and reduce dependence on oil revenues.
According to NESR, drilling and completion activity is expected to increase throughout the duration of the contract to meet the project’s scale and production goals. The company has been active in Jafurah since 2019, when it first deployed its hydraulic fracturing capabilities in the region.
“The Jafurah development is a significant project through which the Kingdom has contributed to improving the blueprint for successful unconventional resources development worldwide,” said Sherif Foda, NESR’s Chief Executive Officer and Chairman. “Today, our efficiency remains competitive even with the best of US shale operations, supported in part by our agile adoption of new technologies and processes.”
Headquartered in Dubai and listed on the Nasdaq, NESR provides integrated energy services across the Middle East and North Africa (MENA) region, supporting upstream operations for leading oil and gas producers. The company called the Jafurah contract a “cornerstone achievement,” emphasizing that it plans to build on the project as a foundation for continued participation in Saudi Arabia’s growing energy ecosystem.