Our Commitment

Our Commitment: Since our inception in 2017 and NASDAQ listing in 2018 as the first publicly traded Middle East North Africa (MENA) energy services company, NESR has striven for ESG leadership as the National Champion of the MENA energy industry. The Company was built on a strong foundation of integrity, ethics, and social responsibility, adhering to both strict governance & reporting mandates as a public company, while also aligned with the in-country value (ICV) directives across all of the countries in which we operate. NESR’s mission has always been to leverage global capital markets for streamlined investment in a truly localized business, providing investor access to robust activity growth in MENA while also directing these investments into local talent, research & technology, manufacturing & supply chains. NESR’s chief aim is to fund globally and invest locally.       

Environment: Following the successful COP27 in Egypt and COP28 in UAE, it is clear that the MENA energy industry stands at the nexus of both affordable & reliable energy supply expansion, and also decarbonization & energy transition. The energy services sector, in particular, will continue to play a critical role in both the core hydrocarbon market, and also drive expansion into New Energy frontiers. To this end, NESR is pushing environmental innovation on multiple fronts, from decarbonizing our own operations (for example the 2023 electrification of key operating facilities such as Habshan, UAE) to helping our customers decarbonize the broader energy industry by introducing new technologies in our ESG Impact segment. NESR is deploying technologies across Water Management, Flare Elimination, Emissions Detection, Heat Capture, and Energy Transition (CCUS & Hydrogen), and in 2023 commissioned a first-of-its kind Circular Water brine facility in Iraq, to supply customers with brine made from treated brackish water, thereby saving freshwater for community use, and vastly eliminating process waste & trucking.  

Social: Despite our position as one of the largest energy services providers in the MENA region, NESR is also the most localized across the countries in which we operate. We take utmost pride in our role as National Champion of MENA, and have an established leadership track record of ICV investment. In February 2023, we inaugurated NESR Oilfield Research & Innovation Center (NORI), a state-of-the-art, LEED-compliant facility in Saudi Arabia’s Dhahran Techno Valley (DTV), which will facilitate cutting edge R&D across energy services, ESG Impact decarbonization solutions, artificial intelligence (AI), and also academic collaboration such as our formalized early employment partnership with King Fahd University of Petroleum & Minerals. Positive social impact also encompasses local talent development, and NESR is pleased to report another consecutive of year of 3 ^rd party-assured target improvement in HSE Training Hours, which is a Key Performance Indicator (KPI) of the Company’s Sustainability-Linked Loan (SLL) agreement from November 2021.      

Governance: NESR has always maintained stringent governance protocols as part of its US capital markets listing, and continues to strive for continuous improvement in all facets of governance. Over the past two years, the Company has implemented key process improvements, including the deployment of SAP ERP to standardize its financial controls and provide unmatched visibility into its finance, supply chain, and human resources functions. Additionally, NESR is pleased to report anther consecutive year of 3 ^rd party-assured target improvement in Supply Chain Governance, which ensures supplier adherence to core NESR policies & Code of Conduct and is a KPI of the Company’s SLL agreement from November 2021.

As I look back at our achievements over the past six years since Company foundation, I am confident that we are a stronger company today because of our commitment to ESG and ambition for continuous improvement. We will continue to live by that commitment and enhance our ESG performance in 2024 and every year thereafter.

We look forward to the rewarding and responsible journey ahead.