NESR Stock Rises 17% After Winning Multi-Billion-Dollar Saudi Aramco Contract
Synopsis
National Energy Services Reunited said that, over the course of the contract, drilling and completion activity may trend higher than current levels to support the project's scale and production targets.
National Energy Services Reunited Corp (NESR) shares jumped 17% in premarket trading on Wednesday after the company announced it had been awarded a multi-billion-dollar contract as part of Saudi Aramco's tender for completion services in Jafurah and other projects within the Kingdom over a five-year term.
The company said that the contract involves a significant mobilization of completion services and a broad scope of work, which is expected to support the next phase of growth of unconventional gas development, as part of the Kingdom's ambitious “Vision 2030” plan of energy diversification.
National Energy Services Reunited said that over the course of the contract, drilling and completion activity may trend higher than current activity levels, in support of the project scale and production targets.
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