National Energy Services Reunited Corp. Holds a Groundbreaking Ceremony for NESR’s Oilfield Research and Innovation Center (NORI) in Dhahran Techno Valley in Saudi Arabia
DHAHRAN - Saudi Arabia, Feb. 25, 2020 (GLOBE NEWSWIRE) -- National Energy Services Reunited Corp. (“NESR” or the “Company”) (NASDAQ: NESR) (NASDAQ: NESRW), a national, industry-leading provider of
integrated energy services in the Middle East and North Africa (“MENA”) and Asia Pacific regions, today announced that it held a groundbreaking ceremony for NESR Oilfield Research and Innovation
(NORI) Center in Dhahran, Saudi Arabia.
Once completed, NORI will create an open platform that will host international innovators to develop oilfield research and innovative technologies in Saudi Arabia. The agreement to establish NORI was signed in September 2018 between NESR and Dhahran Techno Valley Company ("DTVC"), a wholly owned subsidiary of King Fahd University of Petroleum and Minerals ("KFUPM"). NORI is aligned with Saudi Aramco’s IKTVA program and will enhance NESR’s local content while also adding significant value to Dhahran Techno Valley and the Saudi oil and gas industry.
Dr. Muhammad M. Al-Saggaf, President of King Fahd University of Petroleum and Minerals (KFUPM), stated, “Dhahran Techno Valley brings together a large number of national and international energy and technology companies in one place, and is poised to be a hub of innovations and startups that is world-scale. Dhahran Techno Valley provides the necessary infrastructure, services, and the appropriate climate to incubate the development of new technologies as part of the implementation of the Saudi Vision 2030. The Saudi Vision 2030 emphasizes the importance of strengthening the technology sector in general, and energy technologies in particular, in order to support the knowledge-based economy, and maximize the creation of startups. The start of construction of NORI is a significant milestone in this regard and it is heartening to see a local company like NESR taking such giant strides in such a short period. I wish them all the best for the success of NORI."
Dr. Mohammed Y. Al-Qahtani, Saudi Aramco's Senior Vice President for Upstream, commented, "We are very pleased to see the progress of NORI. NORI’s model, akin to the larger technological changes we are seeing globally, will create an open platform for innovative technology companies in the upstream space to come to the Kingdom and will benefit the Saudi oil and gas industry. Rapid commercialization of innovative technologies will stimulate innovation, create jobs, drive growth in new industrial sectors, and help to further diversify the Kingdom’s economy. Moreover, Dhahran Techno Valley plays a crucial role in enabling the creation of start-ups from early stage or mature technologies. Through NORI, the DTV ecosystem will benefit from the excellent opportunities resulting from these levels of technologies and translate them into a dynamic environment where ideas happen and young Saudi entrepreneurs can find the support, technology, tools and enablers they need to take their businesses to the next level bringing new ideas to market in energy related domains. This is a first of a kind approach in the industry and I look forward to the completion of NORI and wish NESR a bright future."