ABU DHABI, UNITED ARAB EMIRATES / ACCESSWIRE / November 16, 2021 / 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, today announced that it has successfully deployed K-BOS 5-1/8" inch bore, 15,000 psi rated working pressure Kinetic Blowout Stopper in the Middle East & Africa ("MEA") region. The K-BOS is a game-changing safety valve that can shear anything (tools strings, tool joints and BHAs) and seal instantly. It is added to the PCE or BOP stack and is compatible with extreme H2S gas conditions with no planned maintenance inside the 3-year recertification interval. It was first deployed successfully in the region in August 2021 and has subsequently met or exceeded operational standards of key customers in the region. K-BOS is the industry's first blowout "stopper" (vs. the conventional "preventer") and is as much an environmental and safety technology as it is a cost-improvement technology. K-BOS will be featured at ADIPEC at the NESR stand No. 5350 in Hall 5.
"As a shareholder and strategic partner, we are very pleased to announce this technological breakthrough for Kinetic Pressure Control, especially during this pivotal meeting of industry leaders at ADIPEC in Abu Dhabi, UAE," said Sherif Foda, Chairman of the Board and Chief Executive Officer of NESR. "The successful deployment of K-BOS in the MENA region in addition to its existing deployment in Deepwater Gulf of Mexico and other Deepwater basins globally highlights the potential of our open technology platform, and also underscores the receptivity of our forward-thinking customers to collaboratively test and commercialize game-changing technology, especially in enhancing the safety and environmental stewardship of upstream operations. The flexibility and versatility of the K-BOS allows for operators to deploy the technology with no disturbance to an existing BOP stack, and for the control system to be either integrated with existing surface controls or run independently of them."
Sherif Foda continued, "We see the K-BOS as a true ESG technology, as it not only takes the probability of dangerous pressure events to nearly zero, but also due to its applicability in high H2S fields that are characteristic throughout MENA. We see ample opportunity to pull this technology through in areas with high H2S and those proximal to local communities, allowing for transformational unlock of reservoirs that were previously hard to reach or present a significant HSE risk.
About Kinetic Pressure Control
Kinetic Pressure Control ("Kinetic") is a leading well control technology company that designs, manufactures, and provides innovative wellhead and pressure control equipment and services. Kinetic's mission is to protect the Oil and Gas industry's social license to operate. Kinetic provides a solution that can stop a blowout and shut in a well no matter the established flow or size, type, or position of a given tubular across the BOP. Kinetic's flagship product, called the Kinetic Blowout Stopper (K-BOS) is best described as "the airbag for the Oil & Gas Industry." The K-BOS' unique design, utilizing the power of kinetic energy, greatly limits the potential threat posed by blowouts by being able to shear and seal anything above the bit in the well, instantly with ultimate reliability. The K-BOS has the potential to be retrofitted to existing subsea stacks or may be added to the stack as a failsafe in the case of high risk coiled tubing, drilling, workover, and snubbing operations.
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 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, 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, Drilling Fluids and Rig Services.
Forward-Looking Statements
This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.
The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
Blake Gendron
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com
SOURCE: National Energy Services Reunited Corp
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