HOUSTON, Dec. 19, 2019 /PRNewswire/ -- NexTier Oilfield
Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company") today
announced that one of its wholly owned subsidiaries recently
commenced operations on a specific opportunity in the Middle
East North Africa ("MENA") Region to support completion operations,
including the operation of hydraulic fracturing and wireline
equipment under an agreement supporting an affiliate of National
Energy Services Reunited Corp. ("NESR"). This endeavor
provides NexTier an exciting growth opportunity and provides NESR
with market leading unconventional operational technologies and
processes for its customers in the region.
The agreement positions NexTier and NESR to become preferred
partners for the various unconventional programs across the region
and leaders in well completions in one of the most prolific
geographic regions for oil and gas production.
"We are extremely excited about the opportunity to partner with
a company the caliber of NESR to provide completions equipment and
services," said Robert Drummond,
President and Chief Executive Officer of NexTier. "We look
forward to working alongside our new partner and are committed to
delivering leading service quality and safety in this new
geographic region. This partnership is accretive to
our current frac portfolio, is a win-win for both sides, and is an
exciting new chapter in NexTier's ongoing evolution."
"NexTier's track record in U.S. unconventional land completions
for market-leading safety performance, operational efficiency and
customer partnership made NexTier our top choice to partner with,"
said Sherif Foda, Chairman and Chief Executive Officer for
NESR. "We are excited to establish this new relationship, and
this is in-line with our strategy to bring the latest technology to
the region."
About NexTier Oilfield Solutions
Headquartered in Houston,
Texas, NexTier is an industry-leading U.S. land oilfield
service company, with a diverse set of well completion and
production services across the most active and demanding basins.
Our integrated solutions approach delivers efficiency today,
and our ongoing commitment to innovation helps our customers better
address what is coming next. NexTier is differentiated
through four points of distinction, including safety performance,
efficiency, partnership and innovation. At NexTier, we
believe in living our core values from the basin to the boardroom,
and helping customers win by safely unlocking affordable, reliable
and plentiful sources of energy.
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield
services providers in the MENA and Asia
Pacific regions. With over 4,000 employees,
representing more than 40 nationalities in over 15 countries, the
Company helps its customers unlock the full potential of their
reservoirs by providing Production Services such as Cementing,
Coiled Tubing, Filtration, Completions, Stimulation, Pumping and
Nitrogen Services. The Company also helps its customers to
access their reservoirs in a smarter and faster manner by providing
Drilling and Evaluation Services such as Drilling Downhole Tools,
Directional Drilling, Fishing Tools, Testing Services, Wireline,
Slickline, Fluids and Rig Services.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks and uncertainties and are made pursuant
to the safe harbor provisions of Section 27A of the Securities Act
of 1993, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. Where a forward-looking statement expresses or
implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. The words "believe," "continue,"
"could," "expect," "anticipate," "intends," "estimate," "forecast,"
"project," "should," "may," "will," "would" or the negative thereof
and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond the Company's control.
Statements in this press release regarding the Company that are
forward-looking, including future financial and operating results,
are based on management's estimates, assumptions and projections,
and are subject to significant uncertainties and other factors,
many of which are beyond the Company's control. These factors and
risks include, but are not limited to, (i) the competitive nature
of the industry in which the Company conducts its business,
including pricing pressures; (ii) the ability to meet rapid demand
shifts; (iii) the impact of pipeline capacity constraints and
adverse weather conditions in oil or gas producing regions; (iv)
the ability to obtain or renew customer contracts and changes in
customer requirements in the markets the Company serves; (v) the
ability to identify, effect and integrate acquisitions, joint
ventures or other transactions; (vi) the ability to protect and
enforce intellectual property rights; (vii) the effect of
environmental and other governmental regulations on the Company's
operations; (viii) the effect of a loss of, or interruption in
operations of, one or more key suppliers, including resulting from
product defects, recalls or suspensions; (ix) the variability of
crude oil and natural gas commodity prices; (x) the market price
and availability of materials or equipment; (xi) the ability to
obtain permits, approvals and authorizations from governmental and
third parties; (xii) the Company's ability to employ a sufficient
number of skilled and qualified workers to combat the operating
hazards inherent in the Company's industry; (xiii) fluctuations in
the market price of the Company's stock; (xiv) the level of, and
obligations associated with, the Company's indebtedness; and (xv)
other risk factors and additional information. For a more detailed
discussion of such risks and other factors, see the Company's
filings with the Securities and Exchange Commission (the "SEC"),
including under the heading "Risk Factors" in Item 1A of the
Company's Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31, 2018, filed
on February 27, 2019 and August 19, 2019, respectively, and in other
periodic filings, available on the SEC website or
www.NexTierOFS.com. The Company assumes no obligation to update any
forward-looking statements or information, which speak as of their
respective dates, to reflect events or circumstances after the date
of this press release, or to reflect the occurrence of
unanticipated events, except as may be required under applicable
securities laws. Investors should not assume that any lack of
update to a previously issued "forward-looking statement"
constitutes a reaffirmation of that statement.
Investor Contact:
Daniel Jenkins
Vice President – Investor Relations
(713) 325-6000
investors@nextierofs.com
Marc Silverberg
Managing Director (ICR)
marc.silverberg@icrinc.com
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SOURCE NexTier Oilfield Solutions