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    John Ajay

    Partner and Senior Analyst at Occam Crest Management

    John Ajay, CFA, is a Partner and Senior Analyst at Occam Crest Management, specializing in finance, consumer services, and commercial services with a focus on uncovering value in corporate change. With over 20 years of professional investing experience, including more than 15 years as an analyst, he has contributed to the success of the firm by delivering research and investment recommendations across a diverse set of companies within these sectors. John has held key roles at Occam Crest Management for several years and boasts a proven track record in equity analysis, though specific performance metrics or rankings are not publicly disclosed. He holds the Chartered Financial Analyst (CFA) credential, signifying a high standard of ethics and analytical proficiency in the investment industry.

    John Ajay's questions to National Energy Services Reunited (NESR) leadership

    John Ajay's questions to National Energy Services Reunited (NESR) leadership • Q4 2024

    Question

    John Ajay requested quantification of the base case for both overall market growth and NESR's growth in 2025, along with the key assumptions and oil price sensitivities underlying that forecast. He also asked about the potential scale of new organic growth opportunities beyond the base case.

    Answer

    Chairman and CEO Sherif Foda estimated overall MENA market growth at 3-4% for 2025, while forecasting NESR's growth at a minimum of 8-10%, driven by new contract wins. He stated the base case assumes oil prices in the $60-$70 range and noted that while a significant drop would impact activity, the company's large gas business (~50% of revenue) provides a resilient foundation. The scale of new growth opportunities will be clearer in H2 2025, which will also inform capital return decisions.

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