HOUSTON, Texas /ACCESSWIRE/July 18, 2022/ National Energy Services Reunited Corp. (“NESR” or “the Company”) (NASDAQ:NESR) (NASDAQ:NESRW), a leading international provider of integrated energy services in the Middle East and North Africa (“MENA”) and Asia Pacific , announced today that it has agreed to acquire a minority stake in WD Von Gonten Engineering LLC (“WDVG”), a leading reservoir characterization and geology and geophysics (“G&G;”) laboratory and consulting company resulting from the merger of WD Von Gonten Laboratories LLC and WD Von Gonten & Co. Petroleum Engineering Consulting.

This acquisition, valued at approximately 4 times estimated 2022 EBITDA, was financed primarily through the issuance of NESR shares valued at $10 per share and a minority cash portion. It represents a company that is both well positioned for outsized market growth in the coming years and significantly enhances NESR’s capabilities in petroleum engineering studies, basic analysis, modeling and reservoir simulation. and associated consultancy services in the MENA region. NESR will also have the only option to acquire an additional stake and become the majority owner of WDVG in subsequent years. During this time, NESR will receive state-of-the-art customized laboratory equipment that will ensure the realization of its vision of having the most advanced research and development center in the region focused on unconventional studies in the research facility on oilfields of NESR (“NORI”) in the heart of Saudi Arabia. Dhahran Techno Valley later this year.

WDVG CEO and President Bill Von Gonten said, “I am very pleased to see this transaction complete with NESR, as it will allow both WDVG Consulting and WDVG Labs to grow into one of the key regions growth over the next decade. long history in North America and a dominant position for high-end specialized basic research and analysis in Latin America. With this transaction, we will add another pillar to our global position. Over the past year, with the help of the open and collaborative collaboration of NESR MENA Platform, we have made significant inroads with customers in the region and are at the forefront of secular development trends. beyond just conventional oil production. Our specialized laboratory and consulting services are highly complementary to NESR’s unparalleled execution capabilities, and we are excited to leverage NESR’s in-country value strategy capabilities (“ ICV”) to enable similar scientific development at the local level. »

NESR President and CEO Sherif Foda commented, “Bill is a visionary leader in the G&G; oilfield space, and since founding his company in 1995, he has built an impressive track record of analytical high-resolution baseline by a team of high-calibre PhD scientists, specialization in geomechanics and reservoir characterization, and collaboration between a range of independent oil companies, majors, IOCs, NOCs, universities , Banks and Private Investments This strategic addition of a truly differentiated oilfield laboratory and consulting business is critical to the overall positioning of our portfolio, and we look forward to further collaboration with Bill and his team. Additionally, the addition of WDVG’s state-of-the-art laboratory equipment to NORI in the Techno Valley will strengthen our collaboration with academia and enable the exchange of scientists and researchers between the United States and the MENA region where we develop joint programs to benefit from what has been achieved around the world over the past decade. dition, the demand for natural gas and unconventional resources is expected to explode in the coming years in the region, and having such expertise and state-of-the-art laboratory capabilities at the heart of this business will ensure that our customers have access to the latest technologies, testing facilities and intellectual power. Overall, we are very excited about the future of the region and this transaction will bring tangible and intangible benefits to our customers in this multi-year bull cycle. »

About National Energy Services Reunited Corp.

Founded in 2017, NESR is one of the largest national oil service providers in the MENA and Asia-Pacific regions. With over 5,000 employees, representing more than 60 nationalities in more than 15 countries, the Company helps customers unlock the full potential of their reservoirs by providing production services such as hydraulic fracturing, cementing, coiled tubing, filtration, completions, stimulation, pumping and nitrogen. Services. The company also helps customers access their reservoirs smarter and faster by providing drilling and appraisal services such as down-the-hole drilling tools, directional drilling, fishing tools, materials, cables, slicklines, drilling fluids and drilling services.

About WD Von Gonten & Co. Petroleum Engineering

Founded in 1995 and currently employing a combination of highly talented and qualified reservoir engineers, geologists and petrophysicists. WD Von Gonten & Co. has a reputation for providing the most widely accepted range of petroleum engineering, geological services and petrophysical modeling to domestic and international oil and gas companies, midstream companies and financial institutions. WD Von Gonten Co’s multidisciplinary approach to reservoir engineering makes the company one of the most unique in the industry.

About WD Von Gonten Laboratories LLC

Established in 2013 by Bill Von Gonten in College Station and now located in Houston, WD Von Gonten Laboratories, LLC is a state-of-the-art laboratory focused on the analysis and interpretation of core and geomechanical properties of low permeability reservoirs, ultimately providing customers with recommendations regarding landing point optimization and fracturing. WD Von Gonten Laboratories customers include large and small oil and gas operators, as well as many other industry-related companies in the United States, Canada, Argentina, United Arab Emirates, Saudi Arabia, Australia , Mexico, China and Paraguay.

Forward-looking statements

This communication contains forward-looking statements (as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. Terms such as “may”, “could”, “should”, “should”, “could”, “project”, “estimate”, “predict”, “potential”, “strategy”, “anticipate”, “attempt , “”develop”, “plan”, “help”, “believe”, “continue”, “intend”, “expect”, “future”, and terms of similar significance (including negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements contained in this communication may include, but are not limited to , statements regarding the potential scope and timing of financial restatement, management’s plans and objectives for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, the capital structure or other financial elements, the per future financial position of the Company, plans and opportunities for expansion, and assumptions underlying or relating to such statement.

Forward-looking statements are not intended to predict or guarantee actual results, performance, events or circumstances and may not be realized as they are based on the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions. and are subject to a number of risks and uncertainties and other influences, many of which are beyond the Company’s control. Actual results and the timing of certain events and circumstances may differ materially from those described in the forward-looking statements due to these risks and uncertainties. Factors that could influence or contribute to the accuracy of any forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the amount, scope and timing of any financial restatement that may be required, information that may be discovered in the course of the Company’s completion of reconciliations of its financial results and related analysis; the ability to recognize the anticipated benefits of the Company’s recent business combination transaction, which could be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the ability to the Company to integrate acquired businesses and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company’s recent business combination; estimates of the Company’s future revenues, expenses, capital requirements and financing needs of the Company; the risk of legal claims and lawsuits and government investigations; the financial performance of the Company; success in retaining or recruiting, or required changes in, officers, key employees or directors of the Company; current and future government regulations; developments relating to the Company’s competitors; changes in applicable laws or regulations; the possibility that the Company will be adversely affected by other economic and market conditions, political disturbances, war, acts of terrorism, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company’s most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”).

You are cautioned not to place undue reliance on forward-looking statements due to the associated risks and uncertainties and risk factors. The Company disclaims any obligation to update any forward-looking statements contained in this communication to reflect new information or future events or circumstances or otherwise, except as required by law. You should read this communication together with other documents that the Company may file or provide from time to time with the SEC.

For questions regarding the NESR, please contact:

Blake Gendron – Vice President Investor Relations and Business Development
National Energy Services Reunited Corp.
832-925-3777
[email protected]

THE SOURCE: National Energy Services Company United

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