Omani firm wins oilfield contracts worth $1 billion

MUSCAT: Leading Omani oilfield services provider Gulf Energy SAOC (GES) has won several contracts from Petroleum Development of Oman (PDO) valued at over $1 billion, its parent firm National Energy Services Reunited Corp (NESR) announced on Thursday.

These contract extensions include Cementing, Coil Tubing and Stimulation, Fishing and Milling, and Downhole Tools contracts for a period up to nine years, including a main term of five years with two possible extensions of two years each, with contracts expiring between 2030 and 2032. In addition, a new contract for Directional Drilling and Turbine Drilling was also awarded for a term of up to six years.

Raoul Restucci, Managing Director, PDO, commented: "I am pleased to see local companies, such as Gulf Energy, come of age due to PDO's localisation efforts and In-Country Value Strategy, which while delivering world class technology advances for the upstream sector also ensures creation of jobs, training and learning opportunities for Omanis and enhancements in the domestic supply chain and manufacturing. Companies such as Gulf Energy are leading the change in transforming the upstream sector in Oman as well as the region, and I wish them the best for the future."

Salman al Maimani, PDO Wells Contract Manager, commented, "PDO has always encouraged and supported local companies to take on ever larger work scopes and expects market leading delivery and technologies within a competitive framework. We also believe that to create a successful business we need to provide the local companies enough runway so that they can build a sustainable enterprise around a stable framework. Hence, we are very pleased to see the progress GES has made up to this point, and these contract extensions and awards are in line with our strategy to reward the best performers who show the potential to further contribute to PDO's In-Country Value objectives. I wish GES the best for the future and hope they continue to contribute to PDO's and Oman's success in the coming years."

Sultan al Ghafri, Gulf Energy Vice President commented: "We would like to thank the Ministry of Energy and Minerals and PDO for their continued faith and confidence in our capabilities as well as the differentiated level of service which GES has delivered over the years. The last fifteen years have seen GES, a local Omani company, grow from a startup to one of the largest oilfield service providers in Oman and the region. These awards and extensions allow GES to further grow and contribute to the Oman E&P Industry and get to the next level. GES has invested heavily in both building manufacturing and operating facilities and these awards allow us to build on this base to bring cutting edge technologies for the benefit of our customers in Oman and train and deploy Omani nationals as we have done in the past."

With these awards, NESR has cemented its position in Oman for the foreseeable future and has opened new growth avenues to expand its product lines over the next decade in the Sultanate of Oman and in the MENA region, said Houston-headquartered NESR. Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions.