As we release our 2024 ESG Report, I’m reminded why NESR was founded eight years ago - to create a different kind of energy services company. One deeply rooted in the Middle East, powered by local talent, and driven by values that go well beyond profits.
That founding purpose still guides us every day. The MENA region supplies over a third of the world’s oil and gas while simultaneously pushing forward some of the most ambitious climate and localization plans worldwide. Our region is the most reliable source of energy to meet global demand while drastically cutting emissions. The goal is to be the lowest carbon intensity footprint of all oil & gas produced globally.
NESR stands right at the crossroads of these priorities. Our responsibility has grown beyond delivering reliable, top-quality services, but doing so while reducing our environmental footprint, investing in local communities, and strengthening governance across every part of our business.
And it all starts with people. In 2024, NESR crossed a meaningful milestone - more than 6,000 employees across the MENA region, nearly tripling our workforce since day one. This growth reflects a deliberate, long-term commitment to building local talent, and empowering human & intellectual capital where we operate.
From field engineers and equipment technicians to data scientists and health & safety experts, the vast majority of our new hires are local nationals. We have consistently exceeded in-country value (ICV) targets by hiring locally and creating systems that train, retain, and promote talent from within.
For example, our NESR Oilfield Research & Innovation (NORI) Center, partnering with King Fahd University of Petroleum & Minerals, has become a beacon for homegrown innovation and skills development. And our new advanced facility under construction at King Salman Energy Park (SPARK) will deepen our commitment, creating local jobs and fostering sustainable operations aligned with Saudi Vision 2030.
We’re also serious about decarbonizing our own operations. In 2023, we began electrifying key sites like our Habshan base in the UAE, cutting Scope 2 emissions with solar power. And through the NESR Environmental & Decarbonization Applications (NEDA) segment, we’re introducing innovative ESG technologies across the region.
In Iraq, we had commissioned a pioneering circular water treatment facility that transforms brackish water into reusable brine, conserving precious freshwater and reducing waste. More recently, our partnership with Saudi Aramco brought the first & second major pilots of Zero Mineral & Liquid Discharge (ZMLD) technology, recycling reservoir water and advancing sustainable water stewardship, while valorizing dissolved salts and transition minerals.
Water scarcity is a real and urgent challenge in MENA. These technologies show how energy operations can evolve, becoming sources of water resilience, waste reduction, and lasting community value.
But growth is only sustainable when built on a foundation of strong governance and accountability. That is why in 2024, we completed the rollout of SAP Cloud, enhancing financial controls and transparency across our growing footprint.
We linked management compensation more closely to ESG performance - because what gets measured gets done. In 2024, this incentive alignment focus helped improve our working capital efficiency and operational discipline.
Moreover, for the seventh year in a row, I declined my Restricted Stock Unit award, choosing instead to redistribute those shares to team members who drive impact every day. This is the spirit of NESR: success is a collective achievement, shared across the company.
Looking ahead, as MENA countries accelerate toward net zero and expand clean energy investments, NESR is ready.
Whether it’s flare recovery, advanced water reuse, AI-powered emissions monitoring, or meaningful community development, we’re building solutions that serve both our industry and our planet.
The future of energy here won’t be defined by one breakthrough technology or moment. It will be shaped by lasting partnerships between governments, companies, and communities. NESR is proud to be one of those partners.
To our customers, employees, shareholders, and partners - thank you. Your trust drives us to raise the bar every year.