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Halliburton for the Middle East and North Africa.

A regional Schlumberger, focused on the MENA and Asian markets.

Like Halliburton or Schlumberger, but focused on oilfields in the Middle East and Asia.

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• Drilling & Completion Services: This category encompasses a wide range of services necessary for the drilling of new oil and gas wells and their preparation for hydrocarbon extraction.
• Production & Remedial Services: These services focus on maintaining, optimizing, and enhancing the productivity of existing oil and gas wells throughout their operational lifecycle.

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Sherif Foda, Chairman of the Board & CEO

Sherif Foda has served as the Chairman and Chief Executive Officer of NESR since its inception in 2017. He founded NESR as a Special Purpose Acquisition Company (SPAC) to create the first and largest energy services company from the Middle East and North Africa (MENA) region publicly listed on the Nasdaq Stock Market. With over 25 years of experience in the energy industry, Mr. Foda spent a significant part of his earlier career at Schlumberger Limited (NYSE: SLB), holding various senior global roles including Senior Advisor to the Chairman, President of the Production Group, and President of Europe and Africa. He also served as Vice President and Managing Director of the Arabian market and Worldwide Vice President for Well Intervention. Mr. Foda previously served as a board member of Energy Recovery, Inc. (Nasdaq: ERII), a technology company, and currently chairs the board of directors of WDVG Engineering and GLC Energy Company, as well as serving on the board for Al Fanar Venture philanthropy.

Stefan Angeli, Chief Financial Officer

Stefan Angeli has been the Chief Financial Officer of NESR since February 8, 2022. Prior to joining NESR, Mr. Angeli served as CFO for Stratum Reservoir, a private equity portfolio company that focused on reservoir characterization, laboratory services, and instrumentation for the upstream, downstream, and mining sectors.

Jennifer Howard, General Counsel

Jennifer Howard joined NESR as the General Counsel in November 2024, bringing over 22 years of legal experience. Her career began at the global law firm Vinson & Elkins, and she has spent the majority of her career in-house within the oil and gas industry. Before NESR, she was the Assistant General Counsel and Assistant Corporate Secretary for Archrock (NYSE: AROC) and held legal positions with Exterran.

Salih Merghani, Vice President, Operations

Salih Merghani holds the title of Vice President, Operations at NESR.

Naif Al-Hadrami, Executive Director, Saudi Arabia

Naif Al-Hadrami serves as the Executive Director for Saudi Arabia, where he is responsible for all of NESR's operations in the Kingdom. Previously, he was the Production Group Director at NESR, overseeing all production group segments in the Arabian region, including fracturing, coiled tubing, cementing, stimulation, and artificial lift operations in Saudi Arabia and Bahrain. Before joining NESR, Mr. Al-Hadrami was the Managing Director of Bin Jabr Group, an oil and gas service provider based in the United Arab Emirates.

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The key risks to National Energy Services Reunited (NESR) involve significant financial and operational challenges.

1. Financial Reporting, Accounting, and Internal Control Weaknesses
   NESR has faced substantial issues with its financial reporting, accounting practices, and internal controls, which led to multi-year restatements of financial statements and charges from the U.S. Securities and Exchange Commission (SEC). The company had pervasive deficiencies in its accounting and controls, including its supply-chain, finance, and accounting functions, dating back to June 2018. As of August 2024, NESR was still in the process of remediating material weaknesses in its internal control over financial reporting (ICFR), and these weaknesses had not been fully resolved. These ongoing issues can negatively impact investor confidence, damage the company's reputation, and result in increased professional costs and potential legal or regulatory actions.
2. Delisting from Nasdaq and Trading on OTC Market
   National Energy Services Reunited's shares and warrants were delisted from Nasdaq effective April 28, 2023. This delisting stemmed from the company's failure to file its Annual Report on Form 20-F for 2021 by the specified deadline. Consequently, NESR's securities are now quoted on the OTC Expert Market. This move to an over-the-counter market significantly reduces the liquidity and visibility of the company's stock, making it more challenging for shareholders to sell their holdings and potentially affecting the company's ability to attract new capital.
3. Customer Concentration and Execution Risk
   While NESR recently secured a major multi-billion-dollar unconventional hydraulic fracturing contract in Saudi Arabia, which is expected to be a significant growth driver, this also heightens the risk of customer concentration. The company's business has concentrated exposure to a limited number of national oil companies. This reliance on a few key clients amplifies the potential for execution strain if there are shifts in contract timelines, payment schedules, or overall regional conditions. The success of these large, capital-intensive contracts also depends heavily on NESR's ability to manage capital expenditures and working capital effectively as projects scale up.

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National Energy Services Reunited (NESR) operates primarily in the Middle East and North Africa (MENA) and Asia Pacific regions, offering a comprehensive range of oilfield services across two main segments: Production Services and Drilling and Evaluation Services.

The addressable market for NESR's main products and services is significant within its core regions.

Overall Oilfield Services Market (Middle East and North Africa)

The Middle East and North Africa (MENA) Oilfield Services Market was valued at approximately USD 43.25 billion in 2024. This market is projected to grow to about USD 69.45 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 6.1% from 2026 to 2032.

Other estimates for the broader Middle East Oilfield Service Market indicate a valuation of USD 235.94 billion in 2024, with projections to reach USD 541.32 billion by 2035, growing at a CAGR of 7.84% from 2025 to 2035.

Market Size by Service Type (Middle East and North Africa)

• Completion and Production Services: This segment holds a dominant share in the MENA oilfield services market, accounting for approximately 37% in 2024. NESR's Production Services include hydraulic fracturing, cementing, coiled tubing, stimulation, pumping, nitrogen services, filtration, completions, artificial lift, and production assurance chemicals.
• Drilling Services: In the Middle East oilfield services market, the Drilling Services segment accounted for 32.2% in 2024. NESR's Drilling and Evaluation Services encompass drilling and workover rigs, directional drilling, fishing tools, testing services, wireline, slickline, drilling & completion fluids, and well testing.

Tier-One Directional Drilling Market (Global)

The tier-one directional drilling market, which includes rotary steerable, Logging While Drilling (LWD), and Measurement While Drilling (MWD) technologies, is estimated to be over USD 2 billion annually on a global scale.

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National Energy Services Reunited (NESR) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions.

1. Strong MENA Market Activity and Strategic Positioning: NESR is benefiting from a healthy macro outlook and durable upstream spending in the Middle East and North Africa (MENA) region. The company is strategically positioned in key growth areas like Kuwait and Libya, which are anticipated to lead percentage-based growth. Additionally, Saudi Arabia's increased focus on gas and unconventional resource development, exemplified by projects such as Jafurah, presents a significant growth opportunity for NESR.
2. Expansion of Technology Offerings and New Services: A key driver for NESR is its continuous expansion of technology and service offerings. This includes the rollout of its ROYA directional drilling platform and the NEDA decarbonization portfolio. The company is also exploring frontier areas like produced water treatment and mineral recovery, which are expected to open new addressable markets and contribute to sustained performance.
3. New Contract Awards and Robust Backlog: NESR has been successful in securing new multi-year contracts, which are building a foundational backlog for future revenue. Recent contract awards in regions like North Africa and Kuwait underscore this trend, providing multi-year visibility and contributing to the company's objective of reaching $2 billion in revenue.
4. Diversified Country and Technology Mix: NESR's balanced strategy, combining diverse country operations with a broad range of technological offerings, enhances its resilience against market fluctuations. This diversification in both geographical reach and technological capabilities is expected to continue supporting consistent revenue growth.
5. Market Share Gains and Segment Leadership: NESR aims to outpace the broader sector by leveraging its competitive advantages and newly secured contracts to gain market share across the MENA region. The company's management has articulated a clear goal of achieving a top-three position in every segment within its operational countries, which is a key factor for future outperformance.

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Share Repurchases

• National Energy Services Reunited (NESR) has not reported significant share repurchases over the last 3-5 years.
• The company's 5-Year Share Buyback Ratio was -2.20% as of June 2025, indicating a net issuance of shares rather than repurchases over that period.
• While "potential stock buybacks post year-end" have been mentioned for 2025, no specific authorized dollar amounts or actual repurchases have been detailed.

Share Issuance

• The number of shares outstanding for NESR increased by 1.41% in one year.
• The negative 5-Year Share Buyback Ratio of -2.20% as of June 2025 suggests overall share issuance over the period.
• Proceeds from the exercise of stock options and anti-dilution rights totaled $18.2 million for the first nine months of 2025.

Outbound Investments

• In May 2021, NESR completed the acquisition of a business from Action Energy Company W.L.L. for a total consideration of $60.6 million.
• The acquisition included $36.8 million in cash consideration at closing, $17.2 million in deferred cash consideration, and earnouts amounting to $6.6 million.
• NESR also acquired liabilities totaling $8.3 million as part of the Action Energy Company acquisition.

Capital Expenditures

• Capital expenditures in the last 12 months (prior to November 2025) were $112.27 million.
• For the full year 2024, capital expenditures were $105 million. For the first half of 2025, CapEx was $59.9 million.
• Expected capital expenditures for the full year 2025 are approximately $125 million (±$20 million), with a primary focus on countercyclical investment, active tender pipelines across the MENA region, and strategic investments in technology, including proprietary RSS tools and ESG initiatives.