National Energy Services Reunited Corp. to Acquire Gulf Energy SAOC and National Petroleum Services - Seite 3

Hilal Al Busaidy, CEO and Co-Founder of Gulf Energy SAOC, stated, "We see this business combination as an excellent way to integrate two complementary businesses with highly-experienced operators, allowing the combined entity to further strengthen our footprint across key markets." Yasser Al Barami, Chairman and Co-Founder of Gulf Energy SAOC, added, "We are extremely proud of all the successes of GES and the growth it has demonstrated since its inception. We look forward to joining with NPS. We strongly believe that with our entrepreneurial experience and Sherif's experience in the region and globally, we will be uniquely positioned to deliver the best services to our customers and advance in-country economic development. The sky is the limit."

Adnan Ghabris, CEO of National Petroleum Services highlighted, "The combination of GES and NPS will provide clients with more than a dozen services across more than 10 countries in Middle East and North Africa. The combined company will be a comprehensive provider of services with a scalable platform in the region. This will create the largest indigenous MENA-focused oilfield services player."

Andy Waite, Co-President of SCF Partners highlighted, "SCF Partners' strategy has been to identify and invest in sub-sectors in the energy services industry that have significant long-term growth potential, and partner with exceptional management teams to build market-leading companies. In NESR we saw an opportunity to do the same and are very pleased with NESR's acquisitions, as well as the team Sherif has assembled along with the NPS and GES teams."

The transaction is expected to be completed by the end of the year, pending stockholder approval and other customary closing conditions.

Advisors

J.P. Morgan acted as the sole financial advisor to NESR on its acquisitions of NPS and GES. Citigroup and Freshfields Bruckhaus Deringer acted as the sell-side advisers to NPS. Maxim Group LLC and National Bank of Canada Financial Inc. acted as underwriters.

About National Energy Services Reunited Corp.
www.nesrco.com

NESR is a Special Purpose Acquisition Company ("SPAC") formed in the British Virgin Islands and headquartered in Houston, Texas. The company raised $229 million in its IPO to acquire companies in the energy services sector globally. NESR is led by CEO Sherif Foda, who is also one of the shareholders of the company.