PDO Dishes Out $1B+ Contracts to GES
National Energy Services Reunited Corp. (NASDAQ: NESR) has revealed that Petroleum Development Oman has dished out multiple contract extensions and awards to Gulf Energy SAOC (GES) in the Sultanate of Oman worth more than $1 billion.
The contract extensions include cementing, coil tubing and stimulation, fishing and milling and downhole tools contracts for a period of up to nine years, including a main term of five years with two possible extensions of two years each. In addition, a new contract for directional drilling and turbine drilling was also awarded for a term of up to six years.
NESR noted that, with these awards, it has cemented its position in Oman for the “foreseeable” future and opened new growth avenues to expand its product lines over the next decade in the country and the wider Middle East North Africa region.
“We would like to thank the ministry of energy and minerals and PDO for their continued faith and confidence in our capabilities as well as the differentiated level of service which GES has delivered over the years,” GES Vice President, Sultan Al-Ghafri, said in a company statement.
“The last fifteen years have seen GES, a local Omani company, grow from a startup to one of the largest oilfield service providers in Oman and the region. These awards and extensions allow GES to further grow and contribute to the Oman exploration and production industry and get to the next level,” he added.
“GES has invested heavily in both building manufacturing and operating facilities and these awards allow us to build on this base to bring cutting edge technologies for the benefit of our customers in Oman and train and deploy Omani nationals as we have done in the past,” Al-Ghafri went on to state.
Raoul Restucci, the managing director of PDO, said, “I am pleased to see local companies, such as Gulf Energy, come of age supported by PDO's localization efforts and In-Country Value Strategy, which while delivering world class technology development for the upstream sector also ensures creation of jobs, training and learning opportunities for Omanis and enhancements in the domestic supply chain and manufacturing”.
“Companies such as Gulf Energy are leading the change in transforming the upstream sector in Oman as well as the region, and I wish them the best for the future,” he added.
NESR, which was founded in 2017, describes itself as one of the largest national oilfield services providers in the MENA and Asia Pacific regions. GES is part of NESR, as is the National Petroleum Services company.
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