John Ajay's questions to National Energy Services Reunited Corp (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.