Cactus: and NESR announce collaboration in the Middle East
Cactus, Inc. (“Cactus”) (NYSE: WHD), a leading supplier of wellhead and pressure control equipment, and National Energy Services Reunited Corp. (“NESR”) (NASDAQ: NESR) (NASDAQ: NESRW),, a leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, announced the conclusion of a agreement for the supply and deployment of Cactus fracturing rental equipment in the Middle East, as well as other initiatives in key markets.
Scott Bender, President and CEO of Cactus, said, “The differentiated nature of Cactus’ products and delivery of services has allowed us to significantly expand our presence in unconventional basins in the United States over the years. in recent years. Thanks to this new agreement with NESR, we are extending this model to customers in the MENA region. We have highlighted the Middle East as an area of potential future growth and are pleased to have officially deployed assets and personnel to the region, working with NESR. We are excited about expanding unconventional oil and gas development business in the Middle East and look forward to leveraging NESR’s broad footprint and excellent customer relationships to grow the business.
“I am quite happy to see this agreement with Cactus come to fruition and the progress we have made with our customers in this area. As Scott mentioned, it has been a significant effort on the part of both companies to reach the execution phase given the stringent pressure equipment requirements, ”said Sherif Foda, Chairman of the Board and CEO of NESR. “I believe our partnership with Cactus will bring together two big names that will give our customers the ability to leverage Cactus efficiency and expertise with the execution capabilities and market access of NESR. I look forward to expanding this relationship and bringing significant value to our customers in the region. ”
About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of high-tech wellhead and pressure control equipment. Its products are sold and leased primarily for unconventional onshore oil and gas wells and are used during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all of its products and rental items to assist with the installation, maintenance and handling of wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in major oil and gas producing regions including the Permian, Marcellus, Utica, Haynesville, Eagle Ford, Bakken and SCOOP / STACK, among others, and in Eastern Australia.
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national providers of petroleum services in the MENA and Asia-Pacific regions. With more than 5,000 employees, representing more than 60 nationalities in more than 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 assessment services such as downhole drilling tools, directional drilling, fishing tools, drilling services. testing, cables, runners, drilling fluids and platform services.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are external to Cactus. control, which could cause actual results to differ materially from the results discussed in forward-looking statements.
Forward-looking statements can be identified by the use of forward-looking terminology, including “may”, “believe”, “expect”, “intend”, “anticipate”, “estimate”, “continue”. “,” “,” Hope “or other similar words and include the Company’s expectations for future performance contained in this document. These statements discuss future expectations, contain projections of operating results or financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on forward-looking statements, which may be affected by assumptions used or by known risks or uncertainties. Therefore, no forward-looking statement can be guaranteed. When reviewing these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s annual report on Form 10-K, all quarterly reports on Form 10-Q, and other documents that the Company files with securities. and the Foreign Exchange Commission. The risk factors and other factors mentioned therein could cause actual results to differ materially from those contained in any forward-looking statement.