Kuwait Drilling Company secures $200 million Jordan contract with NESR

HOUSTON - Kuwait Drilling Company (KDC) has secured a $200 million integrated drilling services contract in Jordan in collaboration with National Energy Services Reunited Corp. (NASDAQ:NESR), according to a press release issued Wednesday. NESR, currently trading at $93.29 and near its 52-week high, has demonstrated strong financial performance with revenue reaching $114.5 billion in the last twelve months.

The four-year campaign involves drilling 80 wells and builds upon the companies’ ongoing cooperation across several countries in the Middle East and North Africa region.

Under the partnership structure, KDC will provide rigs and associated drilling services, including mobilization, rig operation, maintenance, logistics, and safety management. NESR will deploy complementary well construction services aimed at minimizing waste and non-productive time.

The contract follows the companies’ previous collaboration on ten lump sum turnkey wells in Jordan. Dr. Abdulazeez Al-Rashed, KDC Chairman, said the award establishes the company as a leader for integrated projects in Jordan and neighboring countries.

"This award represents strong continuation of our extremely fruitful collaboration with KDC on similar, integrated well delivery projects across the region," said Sherif Foda, NESR CEO and Chairman.

NESR, founded in 2017, is a major oilfield services provider in the MENA and Asia Pacific regions with over 6,000 employees across 16 countries. The company offers various production services including hydraulic fracturing, cementing, and stimulation, as well as drilling and evaluation services. For detailed analysis and Fair Value assessment of NESR, access the comprehensive Pro Research Report available exclusively on InvestingPro, along with 10+ additional investment insights about the company.

In other recent news, National Energy Services Reunited reported second-quarter results that exceeded expectations, despite facing global market challenges. The company posted adjusted earnings per share of $0.21, surpassing the analyst estimate of $0.18. Revenue for the quarter reached $327.4 million, exceeding the consensus estimate of $315.97 million and marking an 8.0% sequential increase from the first quarter. Year-over-year, revenue saw a slight increase of 0.7%. In addition to these earnings results, Piper Sandler raised its price target for National Energy Services Reunited stock to $13.00 from $11.00, maintaining an Overweight rating. Piper Sandler’s decision reflects optimism about the company’s growth in the MENA region, even though it trimmed its 2025 and 2026 EBITDA estimates by 5% and 4%, respectively. These developments highlight National Energy Services Reunited’s ability to navigate challenging market conditions while achieving growth.

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