NESR announced that it has secured several multi‑year cementing contracts totaling roughly $300 million, with a five‑year term. The awards include a significant contract in Kuwait and additional prominent contracts across North Africa, solidifying the company’s leading position in the MENA region’s cementing services market.
The long‑term nature of the contracts provides NESR with a steady revenue stream over the next five years, reinforcing its strategy of deepening embedded relationships with national oil companies and positioning the firm to capture a larger share of the growing unconventional gas and oil development activity in the region.
"Based on our philosophy of fortifying our biggest segments in core countries and pulling‑through these capabilities to new areas, we are pleased to see these new awards that solidify our leading position in Cementing for years to come," said Sherif Foda, Chairman and Chief Executive Officer.
"The benefit of regional scale in segments like Cementing include operational agility and the ability to enhance our offering with new technologies. We’re honored to now have such a solid position in Kuwait, and humbly thank our dearest clients for their trust. New awards across North Africa demonstrate our ability to expand quickly outside of our core Gulf footprint, and underscore the growth potential in Libya and beyond," added Foda.
Investors welcomed the announcement, citing the long‑term revenue visibility and strategic expansion into North Africa as positive indicators of NESR’s continued growth trajectory in the MENA market.
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