DENVER--(BUSINESS WIRE)--Gradiant Energy Services (“GES”), a leading service provider for produced and flowback water treatment and recycling solutions, announced today that it has entered into a Memorandum of Understanding (“MOU”) with one of the of the largest oilfield services provider in the Middle East, North Africa (MENA) and Asia, National Energy Services Reunited Corp. (NESR) (NASDAQ: NESR).
The MOU sets forth the terms and understanding between both companies to deploy GES’ technologies and equipment in the MENA region where NESR operates. Both companies are set to join efforts to bring GES unique water technical solution capabilities leveraging NESR’s strong operational reputation, footprint and resources in the Middle East and Asia.
“GES is regarded as the company of choice for unique and tough water challenges. Our track record across the space is the result of our deep expertise around water solutions,” said Danny Jimenez, Chairman and CEO of Gradiant Energy Services. “Middle East Oil and Gas operators have learned about the value we bring to clients in places like the Permian and over the last year or so, we have received direct inbound requests from relevant operators in that region to provide them with our technical solutions. When we explored ways to enter the market, we found NESR’s presence and strong reputation in the region to be a unique combination for a partnership.”
Sherif Foda, CEO and Chairman of the Board of NESR commented: “We believe that sustainable water strategies and preserving freshwater resources need to be front and center in the execution of the extensive unconventional and conventional gas programs in the region. Water conservation, in every area we operate in, is an important pillar of NESR’s overall ESG strategy. NESR is taking the lead in introducing technologies and know how, to help our customers continue to produce in an environmentally sustainable manner from these reservoirs. We have been looking very closely into this space for quite some time and after evaluating the wide spectrum of methodologies and technologies available, we decided to partner with GES because of their deep expertise in operation and research. GES will help NESR provide clients with specific and differentiated technical water treatment solutions so our clients can achieve their production goals in an environmentally responsible manner.”
About Gradiant Energy Services
Gradiant Energy Services (GES™) is a solutions provider addressing industry’s toughest water challenges through custom-engineered solutions and game-changing technologies. We serve oil and gas operators seeking safe, reliable, economic, environmental and efficient treatment, reuse and recycling of flowback and produced water. GES is headquartered in Denver, Colorado. For more general company information, visit www.gradiantenergyservices.com. For additional information, please contact Julie Villalobos at jvillalobos@gradiant.com or (432) 315 1007.
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. For more general company information, visit www.nesr.com. For additional information, please contact Dhiraj Dudeja at dhiraj@nesr.com or (832) 925 3777.
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.