Archived, originally published in December 2017
National Energy Services Reunited Corp. to Acquire Gulf Energy SAOC and National Petroleum Services
- Creates regional oilfield services leader in the Middle East and North Africa (MENA) region
- Provides platform to accelerate growth and bring new technology to the region
- Combines experienced management team with deep sector expertise and successful track record through cycles
- Brings together diverse and strategic group of large institutional investors
- Forms the first and only NASDAQ-listed national oilfield services company in MENA region
HOUSTON, Nov. 12, 2017 (GLOBE NEWSWIRE) -- National Energy Services Reunited Corp. ("NESR") (NASDAQ:NESR) announced today that it has entered into definitive agreements to combine with Gulf Energy SAOC ("GES") and National Petroleum Services ("NPS") for an aggregate purchase price of approximately $1.1 billion, or 5.4x the Company's estimated 2018 EBITDA. GES and NPS (collectively the "business combination" or the "Company") are leading regional oilfield services companies offering a mix of drilling, completion and production services and equipment in the MENA and Asia Pacific regions. Following closing, the Company's primary operating locations will be in Dammam, Saudi Arabia, Muscat, Oman and Dubai, UAE, with local headquarters in Houston, Texas. More than 3,000 people will be employed in more than a dozen countries across the region. Upon closing, the Company plans to retain the leadership of both GES and NPS in management, senior advisory roles or board positions.