Raising almost $230m with its initial public offering (IPO), Houston-based National Energy Services Reunited (NESR) aims to identify and seize exceptional opportunities in the oil and gas services industry in the Middle East and elsewhere. A special purpose acquisition company, NESR offers investors a possibility to benefit from its expertise in finding value in businesses primed for takeover and expansion. Investor funds are held in escrow until suitable candidates have been tagged and approved by shareholders who may redeem their shares before any funds are committed.

Late last year, NESR announced the formation of a regional oilfield services company for the Middle East and North Africa after it agreed to take over Gulf Energy SAOC and National Petroleum Services. The new group employs over 3,000 people in more than a dozen countries and offers a full array of drilling, completion, and production services. NESR raised an additional $250m from private investors to enable closing on both transactions. A $100m backstop facility was added to provide liquidity for any potential redemptions requested by shareholders.

NESR was careful to keep in place the management of the individual companies to ensure continued access to the available expertise. The anticipated synergies will drive strong growth and allow the group to expand into new markets and strengthen its position across the region. NESR is particularly pleased to offer a comprehensive palette of services that includes the servicing of complex wells in Saudi Arabia, Oman, and elsewhere.

The CFI.co judging panel notes that NESR insists on keeping to the most exacting standards of corporate governance in order to best serve the interests of all stakeholders. NESR is the first special purpose acquisition company to move into the global oilfield services sector. The judges agree that, as such, NESR enjoys optimum exposure to the upside of a booming industry. The judging panel declares National Energy Services Reunited winner of the 2017 Most Promising Energy Value Creation IPO United States Award.