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Gulf Energy wins over $1bn contract awards from PDO

24 Oct 2020

Oman-based leading oilfield services provider Gulf Energy SAOC has secured multiple contract awards and extensions worth more than US$1bn from Petroleum Development Oman (PDO). Gulf Energy is a subsidiary of National Energy Services Reunited Corp (NESR), a US-based leading provider of integrated energy services in the Middle East and North Africa (MENA) and Asia Pacific regions. 

In a press statement posted on its website, NESR reported multiple extensions and awards to Gulf Energy in Oman by PDO valued at over US$1bn. With these new contract awards, NESR said, Gulf Energy has cemented its position in Oman for the foreseeable future and has opened new growth avenues to expand its product lines over the next decade in the sultanate and in the MENA region. 

These contract extensions to Gulf Energy include cementing, coil tubing and stimulation, fishing and milling, and downhole tools contracts for a period up to nine years, including a main term of five years with two possible extensions of two years each, with contracts expiring between 2030 and 2032. In addition, a new contract for directional drilling and turbine drilling was also awarded for a term of up to six years, NESR said. 

Raoul Restucci, managing director of PDO, commented, “I am pleased to see local companies, such as Gulf Energy, come of age supported by PDO’s localization efforts and in-country value strategy, which while delivering world class technology development for the upstream sector also ensures creation of jobs, training and learning opportunities for Omanis and enhancements in the domestic supply chain and manufacturing. Companies such as Gulf Energy are leading the change in transforming the upstream sector in Oman as well as the region.” Sultan al Ghafri, vice president of Gulf Energy, said, “We would like to thank the Ministry of Energy and Minerals and PDO for their continued faith and confidence in our capabilities as well as the differentiated level of service which Gulf Energy has delivered over the years. 

The last fifteen years have seen Gulf Energy, a local Omani company, grow from a startup to one of the largest oilfield service providers in Oman and the region. These awards and extensions allow us to further grow and contribute to Oman’s exploration and production industry and get to the next level.” 

Ghafri said Gulf Energy has invested heavily in both building manufacturing and operating facilities in Oman. “And these awards allow the company to build on this base to bring cutting edge technologies for the benefit of our customers in Oman and train and deploy Omani nationals as we have done in the past.” 

Sherif Foda, chairman of the board and CEO of NESR, said, “We are very pleased to further consolidate our presence in Oman, one of our key foundational countries and where NESR has longstanding history and deep roots. I am deeply thankful to the Ministry of Energy and Minerals and PDO as these awards validate and recognize the alignment and understanding we have had with the larger goals of in-country value creation in Oman. “Beyond the monetary value, which is significant for these awards, the almost decade-long scope provides the business with the stability that allows us to invest heavily in recruiting and training Omani engineers and field personnel.”

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