National Energy Services Reunited Corp. Announces Creation of its ESG IMPACT Segment at the Future Investment Initiative Forum in Riyadh
RIYADH, SAUDI ARABIA / ACCESSWIRE / January 27, 2021 /National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today announced the creation of Environmental, Social and Governance Impact Segment ("ESG IMPACT"), which will operate independently from the existing Production and Drilling & Evaluation Services segments. This announcement coincides with the launch of the 4th edition of the Future Investment Initiative ("FII"), which is focused on reimaging and reenergizing the global economy amid the ongoing challenges under the theme of "The Neo-Renaissance."
"Since inception, NESR has prioritized positive impact on communities through economic empowerment and local value creation. The ESG IMPACT segment will address key issues that are relevant to the communities in which we operate, such as water conservation and aquifer protection, and tackle larger global challenges like climate change mitigation, where we can make a significant impact as an industry. The Oil and Gas industry has long acted as a catalyst for global growth and has been a foundation upon which the global economy has been built over the last century. Going forward, we believe our industry can lead and address complex global challenges by adopting, adapting, improving the performance of our industry, and minimizing our collective environmental footprint through leveraging our tremendous research, engineering, and project management capabilities across the globe." commented Sherif Foda, Chairman of the Board and CEO of NESR, speaking at the FII in Riyadh.
NESR continues to be focused on improving its ESG performance and on delivering services in the most effective, efficient, and sustainable manner and the new ESG IMPACT segment is envisaged to host a portfolio of product lines and services to mitigate climate change, enhance water management and conservation, minimize environmental waste in the industry, and introduce innovative energy solutions. The Climate Change mitigation product line will focus on the objective of establishing real time monitoring of greenhouse gas emission from oilfield operations, including wellhead, gathering stations, and gas processing facilities. In addition, it will focus on flare gas treatment and its capture and transportation to the nearest power plant or gas gathering station. The Water Conservation and Management product line will focus on delivering fresh water from produced water that is today either wasted or injected for reservoir pressure management or into disposal wells. Another application will address the sulfate removal from well water or sea water, eliminating the need to use higher quality aquifer water for oilfield applications. To address these challenges and in line with our existing strategy of partnering with technology innovators, NESR has partnered with Salttech O&G, BV from the Netherlands and Clean TeQ Pty Ltd. from Australia to bring innovative water technologies to the Oil and Gas industry in the MENA Region.
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its 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 its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
This communication contains forward-looking statements (as such 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 and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the 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 in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.
The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon 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 the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired 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 revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, 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 because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
For inquiries regarding NESR, please contact:
Christopher Boone or Dhiraj Dudeja
National Energy Services Reunited Corp.
SOURCE:National Energy Services Reunited Corp
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