NESR Acquires Stake In SALTTECH BV To Scale Up Circular Water Technology
HOUSTON, TX / ACCESSWIRE / October 29, 2024 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR)(NASDAQ:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced that it has acquired a minority stake in SALTTECH BV ("Salttech"), a Dutch provider of industry-leading thermal desalination technology known by its Dynamic Vapor Recovery ("Dyvar®") process.
Funded through cash, the acquisition follows the successful deployment of Dyvar® on several key pilot projects in the MENA region, including the recently announced Circular Water project deployed successfully with NESR's largest customer. The Dyvar® represents a core component of NESR's growing portfolio of fit-for-purpose water solutions within its NEDA segment, and the acquisition deepens the collaboration between NESR & Salttech in pursuing the sustainable scale-up of this novel, Circular Water concept in Saudi Arabia and other key countries. NESR will also have the sole option to acquire additional stake and become the majority owner of Salttech in subsequent years.
NESR Chairman & CEO Sherif Foda commented, "NESR and Salttech are already several years into the exploration of implementing Dyvar® as a circular water & mineral solution, and are the first to have validated this concept in the field with our largest customer. This acquisition not only signifies the technical acceptance of the Dyvar® in our industry, but also underscores NESR's commitment to bringing leading water technologies into the region to help solve the massive water challenges of MENA. In conjunction with optimizing and scaling up the Dyvar®, our vision with this investment is to domicile in Saudi the manufacturing, ongoing research, and training of national talent to truly localize the Dyvar® in the Kingdom and across the region. We are especially pleased to announce our deepening partnership concurrently with our participation at the Future Investment Initiative 8 (FII) forum, ongoing in Riyadh."
Reimond Olthof, Founder & CEO of SALTTECH BV commented, "Our partnership with NESR embodies a shared vision to address and tackle water challenges in the energy sector. NESR's commitment to sustainable innovation was key in our collaboration to develop a robust ESG solution for water and mineral recovery. The Dyvar® is proven as a reliable water treatment solution already in the mining industry and dairy industry, among others. With NESR as a shareholder, Salttech is poised to accelerate global Dyvar® deployment across these wide-ranging industries, boosting water stewardship in both the MENA region and beyond. NESR's support empowers us to further optimize the cost of sustainable resource recovery across many industry waste streams, from which we remain committed to delivering measurable environmental impact and creating new pathways to sustainability within and outside the oil & gas sector."
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact may be forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate to, among other things, the Company's expectations related to its business performance, financial condition and results of operation. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our filings with the SEC, including those factors discussed under the caption "Risk Factors" in such filings.
About NESR
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 6,000 employees, representing more than 60 nationalities in over 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 Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
For inquiries regarding NESR, please contact:
Blake Gendron
National Energy Services Reunited Corp.
832-925-3777
[email protected]
SOURCE: National Energy Services Reunited Corp.
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