Water Tower Research Publishes Initiation of Coverage Report on National Energy Services Reunited Corp., "Exposed to the World's Steadiest Oilfield Service Markets"

Company Overview - National Energy Services Reunited Corp. (NESR) is the largest publicly listed pure-play diversified oilfield service company focused on national oil company (NOC) and international oil company (IOC) customers in the Middle East and North Africa (MENA) region [2] - NESR operates in over 15 countries, with significant operations in Saudi Arabia, Oman, Kuwait, UAE, Iraq, Algeria, and Egypt, and is exploring new opportunities in Libya [2] - The MENA region is characterized as one of the most stable oilfield service markets globally, with NOCs focused on maintaining or increasing production capacity [2] Financial Performance - For FY24, NESR reported adjusted EBITDA of approximately $310 million on total revenue of$1.3 billion, with free cash flow totaling $124 million [5] - The company's FY25 and FY26 adjusted EBITDA estimates are$318 million and $338 million, respectively [5] - As of December 31, 2024, NESR had$108 million in cash and net debt of $279 million, trading at 2.7x and 2.2x FY25 and FY26 adjusted EBITDA estimates, with an 18.7$200 million in incremental revenue [3] - Through its NEDA platform, NESR is developing decarbonization technologies in the MENA region, including a closed-loop technology for recycling produced water in Saudi Arabia [4]