MUSCAT, OMAN / ACCESSWIRE / December 7, 2020 / Petroleum Development Oman (PDO) has announced a partnership with integrated oilfield services provider Gulf Energy SAOC (GES) for the creation of 600 job opportunities for Omanis in its product line services in both Oman and abroad.
As part of PDO's long established In-Country Value program and the continued creation of job opportunities for skilled Omanis, PDO has agreed with GES to employ 150 Omanis every year for the next four years in Wells Construction, Intervention and Industrial Services. This will help in localizing these jobs and provide support in building Omani capabilities to reach their potential in both the local and international arenas.
The Memorandum of Collaboration (MOC) detailing this initiative was signed at a ceremony held under the auspices of His Excellency Dr Mohammed bin Hamad Al Rumhy, Minister of Energy and Minerals.
The focus on both creating job opportunities nationally and internationally supports Oman Vision 2040 to shape "A dynamic labor market that is attractive to talent and responsive to demographic, economic, knowledge and technical changes."
PDO Managing Director Raoul Restucci, who signed the MOC with Gulf Energy SAOC, said: "Today's collaboration with Gulf Energy SAOC introduces a paradigm shift in PDO's partnership with its contracting community to create and sustain In-Country Value during these challenging times. Job creation for Omanis is very clearly a primary focus for ICV and its impact is not only witnessed by the country at large but by every single family of employed personnel who benefit from it." Mr. Restucci added, "Expanding building Omani capabilities beyond the local labor market is a milestone in developing global citizens who are competitive in the international labour market. This is closely aligned with Oman Vision 2040 and supports internationalization of the Sultanate's capabilities abroad."
Vice President of GES in Oman Sultan Al Ghafri said, ''The signature of this MoC coincides with the 50th anniversary of the National Day of Oman and further demonstrates our commitment to develop the Omani workforce, not only in Oman but in the entire region. Our duty is to give back to our country and provide training, development and employment opportunities to the younger generation, who will enhance our presence in the region. With the support of the Ministry of Energy & Minerals in Oman and PDO, we have managed to reach one of the highest percentages of Omanization in the country while maintaining superior levels of service quality and new technology-introduction as evident by our performance in the latest contracts. Now, with the longer-term contracts, we can ensure we continue to invest in new resources and human capital to serve our country and create economic value for the Sultanate."
NESR Chairman and CEO Sherif Foda commented: "Since the beginning of our journey, we committed to have a nontraditional approach to employment. We will actually exceed 100% Omanization with this addition, which means we need to ensure we create job opportunities for the talented Omanis outside of Oman to enhance their skills and broaden their knowledge. Last year we inaugurated our first manufacturing facility for casing hardware in Nizwa. We are already exporting tools and hardware to neighboring countries from our earlier manufacturing facility for two of our business units. We will continue to work on new projects and initiatives, ensuring we play a positive role and have a real impact in the economic development of Oman and the MENA region, a cornerstone of our ESG strategy. I would like to thank the Ministry of Energy & Minerals and PDO for their support of GES, the Omani National Champion, and we look forward to creating more social and economic value in the Sultanate for many years to come."
About Petroleum Development of Oman
Petroleum Development Oman (PDO) is the major exploration and production company in the Sultanate. It accounts for about 70% of the country's crude-oil production and nearly all of its natural-gas supply. The company is owned by the Government of Oman (which has a 60% interest), the Shell Group (which has a 34% interest), Total (which has a 4% interest) and Partex (which has a 2% interest). Gas fields and processing plants are operated by PDO exclusively on behalf of the Government.
About National Energy Services Reunited Corp.
Founded in 2017, National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ: NESR) (NASDAQ: NESRW) is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 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 more efficient 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.
About Gulf Energy SAOC
GES, established in 2006, is one of the leading integrated oilfield services providers in the Sultanate of Oman. GES is also the first Omani company to list on the NASDAQ through NESR. Today, GES under the auspices of NESR provides innovative oil & gas field services and solutions in the MENA region and has three API approved facilities that are fully equipped with the latest technologies. With over 1,000 employees and more than 30 contracts with different clients in Oman, GES helps its customers unlock the full potential of their reservoirs by providing a wide range of services including: performance drilling & evaluation services, drilling technology solutions, drilling and completion fluids technology & services, fishing & remedial services, well intervention services, production & completion services, and work-over services.
Forward-Looking Statements
This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.
The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
For inquiries regarding NESR, please contact:
Christopher Boone or Dhiraj Dudeja
National Energy Services Reunited Corp.
832-925-3777
[email protected]
SOURCE: National Energy Services Reunited Corp. via EQS Newswire