National Energy Services Reunited (NASDAQ:NESR) presented its growth outlook and Middle East-focused investment case during the Lytham Partners Spring 2026 Investor Conference, with Vice President of Investor Relations Blake Gendron saying the company has benefited from its position as a pure-play oilfield services provider in the region.
Gendron described NESR as “the first and only publicly listed oilfield services company that’s pure-play Middle East,” operating in 16 countries across the Gulf Cooperation Council and North Africa with more than 20 product and service lines. He said the company competes with global oilfield services providers while maintaining a local operating model, hiring locally in markets including Saudi Arabia, Oman and the United Arab Emirates.
Revenue Growth and Contract Visibility
Gendron said NESR has grown from approximately $450 million in pro forma revenue when it de-SPAC’d in 2018 to $1.34 billion in 2025. He said the company has “contractual visibility” into a $2 billion revenue run rate this year and has set a new revenue target of $3 billion over the next two to three years, depending on project timing and tender awards.
The company’s business is split between a production services segment, which Gendron said accounts for roughly two-thirds of revenue, and a drilling and evaluation services segment that makes up the remaining third.
He also emphasized the duration of the company’s contracts, saying all are multi-year agreements with an average length of five years. Some contracts run three years, while others extend as long as nine years, he said. Gendron said this visibility gives the company leverage to optimize costs over the life of its contracts.
Middle East Market Position
Gendron argued that the Middle East remains the strongest global market for upstream oil and gas services, citing low production costs and what he described as healthy economics across the value chain. He said the company’s growth has continued despite geopolitical challenges and referenced issues related to the Strait of Hormuz.
He said NESR expects to grow about 40% this year and approximately 25% next year, while continuing to outgrow the broader market thereafter. Gendron characterized the company as a “growth at a reasonable price” investment, with exposure to oil, emerging markets and a newly initiated yield component.
Gendron also said the regional growth story is not limited to oil. He highlighted natural gas development, particularly Saudi Arabia’s Jafurah project, which he said is tied to domestic power demand rather than commodity benchmarks. He also pointed to unconventional gas activity in the UAE and potential opportunities in North Africa, including Libya and Algeria.
Jafurah Contract and Tender Pipeline
Gendron said a major catalyst for the company has been its award of the committed scope for Saudi Arabia’s Jafurah unconventional gas project, which he described as the largest pure oilfield services tender ever awarded globally. The five-year contract is expected to help drive NESR toward its $2 billion revenue run rate and beyond, he said.
“This could potentially be a $1 billion-plus per year, just this one contract,” Gendron said.
He added that NESR continues to pursue a $3 billion tender pipeline and referenced a recently announced $300 million cementing award as an example of additional potential catalysts.
Shareholder Return Program
NESR has also initiated what Gendron called its inaugural shareholder return program. The program includes a $50 million opportunistic share repurchase authorization over 12 months, intended for periods when management sees market dislocation, and a $0.40 per share annual dividend to be paid quarterly beginning in the fourth quarter.
Gendron said the dividend represents a 1.6% annual yield and is designed to be sustainable alongside reinvestment in the business and new technologies. He added that dividend yield is particularly important to investors in the Middle East, which he said represents a significant portion of the company’s shareholder base.
Technology and Financial Profile
Gendron said NESR differentiates itself through a venture capital and open technology platform, which he said allows the company to identify, invest in and adapt technologies from the U.S. or Europe for national oil company customers in the region.
On financial performance, Gendron said NESR has maintained stable margins in the 20% to 25% range and that the company has outperformed peers during both the COVID downturn and more recent periods of geopolitical disruption. He said the company’s growth, margins and free cash flow are compounding, supporting both investment in the business and shareholder returns.
Joe Diaz, managing partner at Lytham Partners, hosted the presentation and said investors interested in meeting with NESR could contact Lytham Partners through the conference platform.
About National Energy Services Reunited (NASDAQ:NESR)
National Energy Services Reunited Corp (NASDAQ: NESR) is a publicly traded oilfield services company formed in 2021 through a business combination that brought together complementary drilling and production service providers. The company’s mission is to deliver integrated solutions across the upstream oil and gas value chain, combining regional expertise with global operational standards.
NESR’s service portfolio spans drilling, completion and production, offering products and capabilities such as cementing, coiled tubing, hydraulic fracturing, well stimulation, pumping services and intervention solutions.
