National Energy Services Reunited Corp. to Acquire Gulf Energy SAOC and National Petroleum Services

• Creates regional oilfield services leader in the Middle East and North Africa (MENA) region
• Provides platform to accelerate growth and bring new technology to the region
• Combines experienced management team with deep sector expertise and successful track record through cycles
• Brings together diverse and strategic group of large institutional investors
• Forms the first and only NASDAQ-listed national oilfield services company in MENA region

HOUSTON, Nov. 12, 2017 (GLOBE NEWSWIRE) -- National Energy Services Reunited Corp. ("NESR") (NASDAQ:NESR) announced today that it has entered into definitive agreements to combine with Gulf Energy SAOC ("GES") and National Petroleum Services ("NPS") for an aggregate purchase price of approximately $1.1 billion, or 5.4x the Company's estimated 2018 EBITDA. GES and NPS (collectively the "business combination" or the "Company") are leading regional oilfield services companies offering a mix of drilling, completion and production services and equipment in the MENA and Asia Pacific regions. Following closing, the Company's primary operating locations will be in Dammam, Saudi Arabia, Muscat, Oman and Dubai, UAE, with local headquarters in Houston, Texas. More than 3,000 people will be employed in more than a dozen countries across the region. Upon closing, the Company plans to retain the leadership of both GES and NPS in management, senior advisory roles or board positions.

NESR is funding the transaction with $229 million of cash and equity contributions from SCF Partners and other notable regional and international investors. The majority of the existing stakeholders in GES and NPS plan to maintain their position in the Company, and receive a significant portion of their consideration in NESR shares. NESR has also secured a backstop of up to $100 million to help fund any potential redemptions requested by NESR shareholders in connection with the business combination. The transaction was structured to balance the interests of management, employees and stockholders.

NPS is one of the leading providers of integrated energy services in the MENA region, having established long-term relationships with leading international and national oil companies and built a strong market presence in GCC (Gulf Cooperation Council) countries. Led by CEO Adnan Ghabris since 2008, NPS shareholders are among the most significant investors in the region.