US-based oil field services company National Energy Services Reunited Corporation (NESR) has announced signing a land lease agreement with Saudi Aramco to build an operating facility at the recently inaugurated King Salman Energy Park (Spark).
NESR has become the latest oil field services firm to sign up to establish a base at the 50 square kilometre energy industrial complex.
Major energy services firms Schlumberger, Baker Hughes and Oilfields Supply Company Saudi have already signed memorandums of understanding with Aramco to set up units at the park.
“This new facility will be NESR's flagship operating facility in the kingdom and will host all our product lines, as well as those of our technical partners,” NESR’s CEO Sherif Foda said.
On 10 December, Saudi Crown Prince Mohammed bin Salman formally broke ground on the project, the first phase of which will be delivered in 2021.
When operational, Spark is estimated to contribute more than $6bn to Saudi Arabia’s GDP annually and create up to 100,000 direct and indirect jobs.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.