National Energy Services Reunited Corp. (“NESR”) (NASDAQ: NESR) (NASDAQ: NESRW a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, through its subsidiary, National Oil Technology Company, today signed an agreement with Dhahran Techno Valley Company (“DTVC”), a wholly owned subsidiary of King Fahd University of Petroleum (“KFUPM”). The agreement calls for the creation of a global center for the development of scientific research in DTVC.
The agreement was signed by Prof. Dr. Sahel N. Abduljauwad, Acting Rector of King Fahd University of Petroleum and Minerals, and Chairman of the Board of Directors of Dhahran Techno Valley Company, and Sherif Foda, CEO and Chairman of NESR, in the presence of senior management of Saudi Aramco led by Dr. Mohammed Y. Al-Qahtani, Senior Vice President for Upstream, Saudi Aramco and Chairman of the DTVC Advisory Committee. The signing ceremony was held at the KFUPM’s headquarters in Dhahran, Saudi Arabia.
Prof. Dr. Abduljauwad stated, “We are very proud to have NESR join Dhahran Techno Valley and I am very pleased to see this level of investment from NESR to promote scientific research and local content in the energy sector in Saudi Arabia. I am confident that NESR will add significant value to Dhahran Techno Valley and the Saudi oil and gas industry with this investment and commitment.”
Prof. Dr. Abduljauwad added, “Dhahran Techno Valley brings together the largest number of national and international energy companies in one place and is now the largest of its kind in the world. Techno Valley provides the necessary infrastructure, services, and the appropriate climate to incubate the development of new technologies as part of the implementation of the Saudi Vision 2030. The Saudi Vision 2030 emphasizes the importance of strengthening the technology sector in general, and energy technologies in particular, in order to support the knowledge-based economy.”
Dr. Qahtani stated, “We are very pleased to see NESR as the first company from this region investing at such a scale. I also believe that NESR’s approach to create an open platform for innovative technology companies to come to the Kingdom is a unique approach and will be beneficial to the Saudi oil and gas industry. I look forward to seeing the results of their efforts and wish them the best for the future.”
Sherif Foda commented, “We are very excited to partner with Techno Valley and KFUPM. We strongly believe that with this investment, we are taking an important step to develop fit-for-purpose techniques and technologies for Saudi Arabia as well as the whole region. This is a key milestone for NESR and we plan to also bring our technical partners from North America to this center, which will allow them to customize and develop technologies in Saudi Arabia for the local industry. This will also be a great opportunity to provide high-end technical opportunities for Saudi engineers and researchers and an important vehicle for partnership between the Saudi academic and industrial sectors.”
Mr. Foda added, “I would like to take this opportunity to thank Prof. Dr. Abduljauwad and Dr. Qahtani and the management of Saudi Aramco, KFUPM and DTVC for their support and guidance in this endeavor.”