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Investing.com -- National Energy Services Reunited Corp (NASDAQ:NESR) stock rose 2.3% after the company announced multiple five-year downhole drilling contract awards in Kuwait worth $100 million.
The contracts span several Drilling & Evaluation segments, including Fishing & Remedial Services, Downhole Tools, Tubing & Casing Running, and other advanced drilling services, the company said. These multi-year awards strengthen NESR’s position in Kuwait, a market the company describes as a "bastion for robust activity growth" in the Middle East and North Africa region.
"These awards further cement our position in Kuwait, following our recently announced contract win in Slickline, and support our advancement across a broad swath of services within D&E," said Sherif Foda, CEO and Chairman of NESR.
The company noted that the new contracts extend its leadership in drilling services from its existing strong position in Oman. NESR is also making significant investments in Kuwait, including the development of an Advanced Innovation Valley to enhance its service capabilities in the country.
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