Customer concentration
A small number of customers account for a large share of revenue, so contract changes can materially affect results.
- Scope
- Four customers accounted for 49%, 9%, 8% and 7% of 2025 revenue.
- Materiality
- high
National Energy Services Reunited Corp.
National Energy Services Reunited Corp. is a British Virgin Islands company headquartered in Houston that provides products and services to the oil and natural gas industry. Its operations are concentrated in the Middle East and North Africa, with additional activity across other parts of Asia, and it serves energy customers through field-service contracts and equipment-supported service delivery.
18,1 %
12,4 %
3,9 %
+1,7 %
1.04
0.89
| % | |
|---|---|
| Oilfield services | 55% Field services delivered at customer locations for drilling and production activity. |
| Drilling-related services | 20% Services tied to drilling operations, including personnel, equipment, and logs-based work. |
| Equipment and consumables | 15% Company-owned equipment and supplies used to execute customer callouts. |
| Maintenance and refurbishment | 10% Repair, upgrade, and refurbishment work for operating assets and field equipment. |
NESR sells primarily to national oil companies and other energy-industry customers in the MENA region...
- National oil companies (NOCs)primary
Buy recurring field services and equipment-supported work for drilling and production programs in MENA.
- Integrated oil and gas operatorssecondary
Purchase specialized services for wellsite operations, maintenance, and drilling support.
- Regional energy contractorssecondary
Use NESR for subcontracted field services and technical capacity on specific projects.
NESR is centered in the MENA region, where most of its operations and primary customers are located...
- •Primary operations are in the Middle East and North Africa
- •The company also operates in multiple countries across Asia
- •Customer concentration is tied to regional energy markets
- •Geographic concentration increases exposure to local instability
- •Houston is the corporate headquarters; operations are offshore
NESR’s strategy is built around serving national oil companies and other large regional energy customers with...
01
Retain and renew major customer contractsshort-term
A few customers represent a large share of revenue, so continuity matters.
02
Maintain field equipment and technical capacitymedium-term
Service delivery depends on equipment availability and skilled personnel.
03
Preserve regional operating reachmedium-term
The company’s footprint across MENA and Asia supports customer access and market coverage.
NESR is exposed to cyclical oil and gas spending, because customer demand rises and falls with exploration,...
Regional political and economic instability
Operations and customers are concentrated in MENA and Asia, where government actions and instability can disrupt activity.
- Scope
- Primary operations and customers are located outside the U.S.
- Materiality
- high
Oil and gas price sensitivity
Lower commodity prices can reduce customer drilling and development spending.
- Scope
- Demand for field services depends on upstream activity levels.
- Materiality
- high
Equipment and capital intensity
The business requires maintenance, upgrades, refurbishment, and new equipment to operate effectively.
- Scope
- Field-service assets and operating equipment.
- Materiality
- medium
Cybersecurity and supplier disruption
Service delivery depends on timely equipment and secure operating systems.
- Scope
- Operational systems and third-party suppliers.
- Materiality
- medium
Over-time revenue recognition
Affects unbilled revenue, receivables, and quarterly revenue timing
Goodwill impairment
Could create large non-cash charges and reduce equity
Allowance for credit losses
Affects operating expense and net receivables
Property, plant and equipment impairment
Can lead to asset write-downs and depreciation changes
Uncertain tax positions
Can affect tax expense and liabilities
: 29.4.2026