Why National Energy Services Reunited Stock Soared Nearly 8% Higher Today
Key Points
The oilfield services company announced a series of new contracts for cementing work.
These projects are located in Kuwait and North Africa.
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A set of deals from international clients was imbuing National Energy Services Reunited (NASDAQ: NESR) stock with plenty of energy on Monday. Investors eagerly piled into the company's shares on the news, and with that, the oilfield services specialist closed the trading session nearly 8% higher.
A $300 million gusher
Well before market open that day, NESR announced that it had secured several contracts for cementing work with clients in Kuwait and North Africa. The company did not identify any of the customers, although the major ones in the region are national oil companies. It also did not get more specific with geography. It did say that the new deals are collectively worth around $300 million.
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It also added that this work will enhance what the company considers to be its leading position in the Middle East and North Africa region for cementing.
In the press release touting these upcoming projects, NESR quoted CEO Sherif Foda as saying that "The benefit of regional scale in segments like cementing include operational agility and the ability to enhance our offering with new technologies."
He also said that the "new awards across North Africa demonstrate our ability to expand quickly outside of our core Gulf footprint, and underscore the growth potential in Libya and beyond."
Looking for more
$300 million is a significant number for NESR, even when stretched out over a span of several years -- last year's total revenue for the company, after all, was a bit over $1.3 billion. So this is undeniably a win, and although it was not so forthcoming with the details (security might have been a consideration, given the war in the region), it seems this work is a good foundation for those expansion hopes.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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