Oman-based oilfield service provider Gulf Energy SAOC (GES) has landed multiple contract awards and extensions from state-owned Petroleum Development of Oman (PDO) together valued at more than $1 billion.
GES, a subsidiary of Nasdaq-listed National Energy Services Reunited (NESR), said on Thursday that it has been awarded a “new contract for directional drilling and turbine drilling,” for a term of up to six years.
In addition, the company said it won contract extensions for multiple oilfield services “for a period up to nine years, including a main term of five years with two possible extensions of two years each,” the company statement said.
The extension contracts will be “expiring between 2030 and 2032” and involve services like cementing, coil tubing and stimulation, fishing and milling and downhole tools, it added.
Sherif Foda, chief executive of NESR, said “the new drilling scope gives the company a very good platform to build on,” for the next phase of growth in the region and increase the technology intensity of its portfolio.