National Energy Services Reunited Corp. Announces the Completion of Its Business Combination With Gulf Energy SAOC and National Petroleum Services
DUBAI, United Arab Emirates, June 10, 2018 (GLOBE NEWSWIRE) -- National Energy Services Reunited Corp. ("NESR") (NASDAQ:NESR) (NASDAQ:NESRW), announces the completion of its business combination with Gulf Energy SAOC ("GES") and National Petroleum Services ("NPS") on June 6, 2018. The combined company creates an industry-leading provider of integrated energy services and solutions in the Middle East and North Africa ("MENA") region. Following the closing of the transaction, NESR's common stock and warrants will continue to trade on the NASDAQ Capital Market stock exchange under the ticker "NESR" and "NESRW," respectively.
"We are pleased to announce that National Energy Services Reunited Corp. is now ready and eager to deliver the highest quality of services to our esteemed customers in the MENA region," said Sherif Foda, Chairman of the Board and CEO of NESR. "When we set out on this journey, we envisioned to create a truly national services company which has its roots in the MENA region. With the closing of these acquisitions, I believe we achieved our objective and have set the stage for our future growth strategy. Our key goals are to create employment opportunities, significantly expand local manufacturing and be recognized as one of the best service providers in the area. I would also like to thank our shareholder base which has supported these transactions, and I look forward to working with our great team of employees of NPS and GES to fulfill our vision."
The transaction was approved by the board of directors of NESR and by shareholders at a special meeting in lieu of an annual meeting on May 18, 2018. At $10.00 per share, NESR will have an aggregate market capitalization following the business combination and completion of redemptions of approximately $1.1 billion. As a result of the business combination, former GES and NPS shareholders including Mubadarah Investments LLC, Al Nowais Investments and Sheikh Suhail Bahwan, now collectively own a significant portion of the combined company, representing approximately 46% of the proforma market capitalization. Major shareholders who provided capital for the acquisitions include SCF Partners along with Viburnum Funds, The Olayan Group, and Waha Capital PJSC.
About National Energy Services Reunited Corp.
NESR is a leading oil and gas services provider in the MENA region. NESR began as a special purpose acquisition corporation, or SPAC, focused on investing in global oil & gas services space in May 2017. In November 2017, NESR announced the acquisition of two of the most prominent oilfield services companies in the MENA region: GES and NPS. These transactions were completed in June 2018.
About SCF Partners
Founded in 1989, SCF Partners ("SCF") provides equity capital and strategic growth assistance to build leading energy service and equipment companies that operate throughout the world. The firm is headquartered in Houston, Texas and has additional offices in Calgary, Singapore and Aberdeen. SCF currently oversees approximately $2 billion under management and has built more than 70 platform services companies, completing over 300 growth acquisitions, through partnerships with energy services and equipment entrepreneurs.
About Viburnum Funds
Viburnum Funds Pty Ltd. ("Viburnum") is an Australian high conviction, active ownership investment manager of public and private equities. Their private equity strategy focuses on investments in expansion and replacement capital for mid-market resource services firms operating in Asia and Australasia. Founded in 2007, Viburnum is headquartered in Perth, Australia with offices in Singapore and Melbourne.
About Olayan Group
The Olayan Group (the "Group"), a private multinational enterprise, is an international investor and a diverse commercial and industrial concern with operations in the Middle East. With offices in Saudi Arabia, Europe, and the US, the Group's global investment team focuses on public and private equities, real estate, fixed income securities, and other specialized assets. The commercial side of the Group comprises more than 40 companies and is centered in Saudi Arabia, where the Group originated in 1947. They are engaged in distribution, manufacturing, and services. Many of these companies operate in partnership with leading multinational or regional firms. Some have operations in other Gulf countries and the wider Middle East.
About Waha Capital
Waha Capital ("Waha") is an Abu Dhabi-listed investment company that offers shareholders and third-party investors exposure to high-potential opportunities in diversified asset classes. The company manages assets across several sectors, including aircraft leasing, healthcare, financial services, fintech, energy, infrastructure, industrial real estate and capital markets. Through its Principal Investments unit, Waha has established a strong investment track-record, deploying capital in sectors that display robust demand fundamentals and that have been prioritized by governments in the Middle East and North Africa region. The company has also built a strong capability in managing global and regional credit and equity portfolios, which have enhanced the diversification and liquidity of Waha's balance sheet. The excellent performance of the company's principal investments and capital markets portfolios has laid the foundations for the launch of an asset management business aimed at third-party investors. Established in 1997, Waha benefits from a roster of prominent local shareholders that includes Mubadala Development Company, and a distinguished board, chaired by H.E. Salem Rashid Al Noaimi.
About Mubadarah Investments LLC
Founded by Hilal Al-Busaidy and Yasser Al Barami, Mubadarah, along with its majority holdings in GES, has investment interests in energy, mining, hospitality, manufacturing and healthcare in Oman as well as across the Middle East and North Africa Region. Mubadarah's vision is to be one of the fastest growing corporates in the region and to be a leader in In Country Value creation with their investments.
About Al Nowais Investments
AlNowais Investments is an investment company headquartered in Abu Dhabi, UAE, that owns and controls a diverse array of subsidiary companies. Founded in the late 1970s by members of AlNowais family, the group has evolved from a local business to a regional conglomerate with a successful track record of investing in multiple markets and sectors. Over the past three decades, AlNowais Investments has enjoyed significant growth and has become a trusted investment name in the MENA Region. AlNowais Investments owns controls and manages a diversified portfolio of companies which operate in multiple vital sectors, including: engineering and construction, oilfield services, healthcare, communication systems and technology, electromechanical and chemical industries, construction industries, real estate, hospitality and infrastructure projects. We make strategic principal investments in businesses in select industries that exhibit exceptional potential for growth and expansion. We originate, develop and execute large-scale projects in the energy and infrastructure sectors in partnership with leading players in these industries.
About Sheikh Suhail Bahwan, Chairman of Suhail Bahwan Group (Holding) LLC.
From a small trading enterprise at Muttrah, Oman in 1965, the Suhail Bahwan Group has grown to become a multibillion-dollar corporate enterprise with over 40 companies in the Sultanate of Oman and across the Gulf Region, North Africa and South Asia, guided by the vision and the wisdom of His Majesty Sultan Qaboos Bin Said. As one of the largest and most professionally managed business organizations in the Middle East, the Group's diversified businesses cover almost every aspect of people's lives - from automobiles, electronics, computers, travel, lifestyle and healthcare to agriculture, construction, engineering, information technology, manufacturing, oil and gas services and telecommunications - thus helping customers realise their dreams and aspirations to lead a quality life. With an inspired workforce of over 15,000 employees, the Suhail Bahwan Group believes that understanding and anticipating customer needs is crucial to its continued success, and strives to provide customers with world-class products and services at the best value for money.
Forward Looking Statements
This communication includes certain statements that may constitute "forward-looking statements" for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the benefits of the transaction described in this communication; the future financial performance and capital structure of NESR following the transaction; and changes in NESR's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this communication, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing NESR's views as of any subsequent date, and NESR does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, NESR's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include NESR's ability to maintain the listing of its ordinary shares and warrants on the NASDAQ Capital Market following the business combination, NESR's ability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, the price of oil, natural gas and natural gas liquids, competition and the ability of NESR to grow and manage growth profitably following the transaction; changes in applicable laws or regulations; the possibility that NESR may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated in NESR's public filings with the Securities and Exchange Commission.
For inquiries regarding NESR, please contact:
National Energy Services Reunited Corp.
Joseph Caminiti or Steve Calk
Alpha IR Group
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: National Energy Services Reunited Corp. via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
2018 Online Journalism Awards finalists and James Foley Award recipient announced14.8.2018 19:29 | Pressemelding
WASHINGTON, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Finalists for the 2018 Online Journalism Awards, representing a wide range of local and international media, nonprofit, public, academic and emerging technology organizations, were announced today by the Online News Association. Thirteen of the awards come with $58,500 in prize money, courtesy of John S. and James L. Knight Foundation, the Gannett Foundation , the University of Florida College of Journalism and Communications and Journalism 360. These awards honor data journalism, visual digital storytelling, investigative journalism, immersive storytelling, public service, technical innovation, student journalism and general excellence. This year’s awards introduced a new category for Excellence in Collaboration and Partnerships, honoring newsrooms and companies who formed innovative partnerships or collaborations to cover a topic or story with a digital focus. In addition, the General Excellence category now has a micro size group for new
Pinnacle Studio 22 Ultimate Amps Up Video Editing with New Pro-inspired Features14.8.2018 15:11 | Pressemelding
New Three- and Four-Point Editing, Color Grading, and MultiCam Capture Lite deliver advanced video editing options to bring your videos even closer to pro OTTAWA, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Introducing Pinnacle Studio™ 22 Ultimate, Pinnacle’s flagship video editing software that offers powerful features, precise editing controls, and premium effects to create eye-catching video projects with professional flair. With new Three- and Four-Point Editing, Color Grading, dynamic Split Screen videos, MultiCam Capture Lite, and more, Pinnacle Studio 22 Ultimate gives users a complete collection of pro-inspired features to express their unique vision and achieve stunning results. “Pinnacle Studio Ultimate is the go-to choice for users looking for true creative control and a sophisticated editing experience from a consumer video editor,” said Michel Yavercovski, Senior Director of Product Management for Pinnacle. “With the latest version, we’re pushing this even further with a pro-inspire
Keesal, Young & Logan and Mitratech Announce TAP Workflow Automation Partnership with the Launch of Keesal Propulsion Labs14.8.2018 15:02 | Pressemelding
NEW YORK, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Keesal, Young & Logan (KYL) and Mitratech announced today the TAP Workflow Automation partnership to help a greater number of legal professionals quickly implement standardization and compliance across a wide range of legal processes, starting with KYL’s own clients. But it doesn’t stop there. The partnership has resulted in the launch of Keesal Propulsion Labs (KPL) designed to position KYL as an extension of their clients’ teams — helping them to expand and connect their tech stack to solve complex legal and business process challenges. “The goal of KPL is to break down the walls between solution providers, law firms and clients so they can operate as one unit and transform legal operations into a center of excellence that drives innovation across the entire organization,” said Justin Hectus, CIO/CISO at KYL. “By creating cross-ecosystem collaboration, we are uniting people, processes, and compliance, to help mitigate risk and position the
Meltwater launches data science platform Fairhair.ai to tame real-time market signals found in world’s online data14.8.2018 15:00 | Pressemelding
AI-powered platform democratises analytics of forward-looking indicators based on insights from the outside, known as Outside Insight SAN FRANCISCO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- In the quest to become data-driven, companies are increasingly investing in Business Intelligence software to gain a competitive advantage. Yet the insights generated by those tools are mostly fuelled by data from within a company’s walls, instead of the real-time market signals found externally online – from consumer opinions to corporate filings. This outside data can unlock key indicators about an industry or competitor, but harnessing the volume and variety of global data is a time-intensive task. And although advances in artificial intelligence have made it easier to capture and analyse this data to create powerful insights, most commercial AI tools are one-size-fits-all models with limited capabilities. That’s why Meltwater – a pioneer of media intelligence and curator of the world’s most diverse col
Gratomic Provides Update on Perpetuus Graphene Development Program14.8.2018 14:00 | Pressemelding
TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Gratomic Inc. (“GRAT” or the “Company”) (TSX-V: GRAT) (FRANKFURT:CB81, WKN:A2JAP3). Gratomic, is pleased to provide an update on its previously announced Graphene development program primarily targeted towards elastomer and polymer tire markets, launched with its European partner, Perpetuus Carbon Technologies Limited (“Perpetuus”), a wholly owned subsidiary of Perpetuus Advanced Materials. As disclosed by Gratomic on April 22, 2018, Perpetuus and Gratomic executed a letter of collaboration pursuant to which Perpetuus undertook to build three specialized process tooling chambers (“Chambers”) to be used solely for processing Graphite from Gratomic’s Aukam Graphite mine in Namibia. The first of such Chambers has passed the testing phase and is ready to process the Aukam sourced Graphite, the second Chamber is presently under construction with the third to follow immediately thereafter. Photos accompanying this announcement are available at http:
CrownBio Expands Genetically Engineered Model Selection Via Strategic Alliance with Shanghai Model Organisms Center (SMOC)14.8.2018 14:00 | Pressemelding
Alliance enables researchers to access thousands of GEMMs SAN DIEGO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Crown Bioscience, a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, has entered a strategic alliance with Shanghai Model Organisms Center (SMOC) to exclusively license and commercialize SMOC’s comprehensive collection of genetically engineered models, including proprietary transgenic and reporter models for oncology, cardiovascular and immunology research. SMOC leverages expertise in several gene editing technologies to develop conventional knockout (KO), conditional KO, transgenic knock-in and humanized models. These capabilities are now exclusively available to CrownBio’s international clients for custom model generation, breeding, IVF, rapid expansion and re-derivation capabilities. “The strategic alliance with SMOC helps CrownBio become a leading global provid
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom