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Investing.com -- National Energy Services Reunited Corp. (NASDAQ:NESR) stock rose 4% in premarket trading Wednesday following the company’s announcement of a contract win with Saudi Aramco for completion services in the Jafurah and other unconventional gas fields in Saudi Arabia.
The five-year contract involves significant mobilization of completion services and a broad scope of work that will support Saudi Arabia’s next phase of unconventional gas development, part of the Kingdom’s Vision 2030 energy diversification plan. The company did not disclose the financial terms of the agreement.
NESR, which provides integrated energy services across the Middle East and North Africa region, has been operating in Jafurah since 2019, when it initially deployed its fracturing capabilities to the project.
"The Jafurah development is a significant project through which the Kingdom has contributed to improving the blueprint for successful unconventional resources development worldwide," said Sherif Foda, NESR’s CEO and Chairman. He added that the company’s efficiency "remains competitive even with the best of US shale operations."
According to NESR, drilling and completion activity may increase beyond current levels over the course of the contract to support the project’s scale and production targets. The Jafurah field is considered a key component of Saudi Arabia’s strategy to increase its natural gas production and reduce its dependence on oil.
The company highlighted that this contract represents a cornerstone achievement that will allow it to continue building its presence in the Saudi energy ecosystem.
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