NESR Bids on $3-$4 Billion in Middle East Tenders to Accelerate 3B3 Strategy

IndustryCommodity
โดย Zacks Investment Research·MENA·Read original
Summary · why it matters

National Energy Services Reunited Corp. is participating in Middle East tenders totaling roughly $3-$4 billion, including several large multiyear opportunities, as it aims to accelerate its 3B3 strategy targeting a $3-billion revenue run rate within three years. Management said the contracts often run for five, seven or even nine years, supporting backlog growth and longer-term revenue visibility, and believes stronger contract wins can accelerate that timeline. NESR has maintained uninterrupted service through the ongoing Middle East conflict, which has disrupted energy activity across the region with project shutdowns in Iraq and LNG interruptions in Qatar, and its operating track record has qualified it to bid on larger contract lots previously dominated by bigger service providers. The company has emerged as the region's largest hydraulic-fracturing company while building scale across several production and completion service lines. Other providers stand to benefit from a recovery in Middle East energy spending, with SLB N.V. citing stronger customer engagement around well intervention, shut-in well recovery and infill drilling in markets such as the United Arab Emirates and Qatar, and Baker Hughes Company highlighting major awards for electric motor-driven compression trains tied to a large offshore Middle East field and Aramco's Uthmaniyah gas development. NESR shares have gained 198.8% over the past year compared with the industry's 66.5% growth, and the stock trades at a trailing 12-month EV/EBITDA of 10.33X versus the industry average of 9.09X.

Impact on stocks 4

Energy Transition & Power Demand▲ · 2 stocks
Baker Hughes Co
BKR
▲ PositiveDemandrelevance

Baker Hughes highlighted major awards for electric motor-driven compression trains tied to a large offshore Middle East field and Aramco's Uthmaniyah gas development.

Schlumberger NV
SLB
▲ PositiveDemandrelevance

SLB cited stronger customer engagement around well intervention, shut-in well recovery and infill drilling in UAE and Qatar as Middle East energy spending recovers.

Energy▲ · 2 stocks
SLB N.V.
0SCL
▲ PositiveDemandrelevance

SLB cited stronger customer engagement around well intervention, shut-in well recovery and infill drilling in UAE and Qatar as Middle East energy spending recovers.

Off-coverage companies 1

Saudi AramcoPrivate▲ Positive
Demandrelevance

Aramco's Uthmaniyah gas development is cited as tied to Baker Hughes compression-train awards, signaling ongoing project activity.

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