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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXCHANGE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1934</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended <span id="xdx_906_edei--DocumentPeriodEndDate_c20230101__20231231_zwt1ypeJNkSi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact000017" name="dei:DocumentPeriodEndDate"><span id="xdx_90D_edei--CurrentFiscalYearEndDate_c20230101__20231231_ztHKnV10VFUf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayen" id="Fact000018" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric></span>, <span id="xdx_905_edei--DocumentFiscalYearFocus_c20230101__20231231_zrK9jnw3ajBd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000019" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--DocumentTransitionReport_c20230101__20231231_zX6pZ3kK41L5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000020" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OF
1934</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentShellCompanyReport_c20230101__20231231_zl6XfJkLlIe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000021" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span>
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACT
OF 1934</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
File Number: <span id="xdx_90B_edei--EntityFileNumber_c20230101__20231231_zB0CBoUoEBJd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000022" name="dei:EntityFileNumber">001-38091</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_906_edei--EntityRegistrantName_c20230101__20231231_zmeGQyJkydD3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityRegistrantName">NATIONAL
ENERGY SERVICES REUNITED CORP.</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of Registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Not
Applicable</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of registrant&#8217;s name into English)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--EntityIncorporationStateCountryCode_dxL_c20230101__20231231_zfQrjqGHaOT9" title="::XDX::D8"><span style="-sec-ix-hidden: xdx2ixbrl0024">British
Virgin Islands</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
of incorporation or organization)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressAddressLine1_c20230101__20231231_zbCwdmu0wYc3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000025" name="dei:EntityAddressAddressLine1">777
Post Oak Blvd.</ix:nonNumeric></span>, <span id="xdx_901_edei--EntityAddressAddressLine2_c20230101__20231231_zpSGFeMMQxD4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressAddressLine2">Suite 730</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--EntityAddressCityOrTown_c20230101__20231231_zBWf67qPjmv1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityAddressCityOrTown">Houston</ix:nonNumeric></span>,
<span id="xdx_909_edei--EntityAddressStateOrProvince_c20230101__20231231_zv2R4B6VjtQ1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:stateprovnameen" id="Fact000028" name="dei:EntityAddressStateOrProvince">Texas</ix:nonNumeric></span> <span id="xdx_902_edei--EntityAddressPostalZipCode_c20230101__20231231_zVdZFmH6JqRl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityAddressPostalZipCode">77056</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive office)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zYPMgbqbZL76"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000030" name="dei:ContactPersonnelName">Stefan
Angeli</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
Financial Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zXHoPnhTwGf3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000031" name="dei:EntityAddressAddressLine1">777
Post Oak Blvd</ix:nonNumeric></span>., <span id="xdx_904_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zcmETHD6Wp6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000032" name="dei:EntityAddressAddressLine2">Suite 730</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zqevfJLrat3d"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressCityOrTown">Houston</ix:nonNumeric></span>,
<span id="xdx_90D_edei--EntityAddressStateOrProvince_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgSeLOPWFded"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:stateprovnameen" id="Fact000034" name="dei:EntityAddressStateOrProvince">Texas</ix:nonNumeric></span> <span id="xdx_90D_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zzEV8YePoqBl"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:EntityAddressPostalZipCode">77056</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Phone
<span id="xdx_908_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zRxxe3xYTEd1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:CityAreaCode">(832)</ix:nonNumeric></span> <span id="xdx_902_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zjZC7SFoftgk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:LocalPhoneNumber">925-3777</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act. None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act. ordinary shares (1), warrants (1)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act. None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(1)
Our ordinary shares and warrants (as defined below) were delisted from Nasdaq effective as of April 28, 2023, and, on the date of this
Annual Report, are quoted on the OTC Pink Market under the symbols &#8220;NESR&#8221; and &#8220;NESRW&#8221;, respectively, on an &#8220;unsolicited
only&#8221; basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the Annual Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, there were [<span id="xdx_903_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231_z7noe0hEGce8"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000038" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">94,996,397</ix:nonFraction></span>] ordinary shares and [35,540,380] warrants outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_906_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zMHQ7M93NsJb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000039" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_906_edei--EntityVoluntaryFilers_c20230101__20231231_zTnDBBXTenyl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000040" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <span id="xdx_90B_edei--EntityCurrentReportingStatus_c20230101__20231231_zxFbpy5uDaeb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000041" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_90F_edei--EntityInteractiveDataCurrent_c20230101__20231231_ztZUCO40CXv8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
accelerated filer &#9744; <span id="xdx_90A_edei--EntityFilerCategory_c20230101__20231231_zhxe3xTbDDl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000043" name="dei:EntityFilerCategory">Accelerated filer</ix:nonNumeric></span> &#9746; Non-accelerated filer &#9744; Emerging growth company <span id="xdx_907_edei--EntityEmergingGrowthCompany_c20230101__20231231_z2ujt25eMFOg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000044" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_90C_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zvdvVY9b9pM6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000045" name="dei:IcfrAuditorAttestationFlag">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90C_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_z8252R6GX0E7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000046" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_90A_edei--DocumentAccountingStandard_c20230101__20231231_z9PicuTZ1rIc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000047" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; No <span id="xdx_904_edei--EntityShellCompany_dbF_c20230101__20231231_zCrSw01m9rk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes &#9744; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_001">FORWARD-LOOKING STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_002">BASIS OF THIS ANNUAL REPORT ON FORM 20-F</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_003">FINANCIAL INFORMATION AND CURRENCY OF FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_004">PART I</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_005">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_006">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_007">ITEM 3. KEY INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_008">A. [RESERVED]</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_009">B. CAPITALIZATION AND INDEBTEDNESS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_010">C. REASONS FOR THE OFFER AND USE OF PROCEEDS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_011">D. RISK FACTORS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_012">ITEM 4. INFORMATION ON THE COMPANY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">32</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_013">A. HISTORY AND DEVELOPMENT OF THE COMPANY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">32</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_014">B. BUSINESS OVERVIEW</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">32</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_015">C. ORGANIZATIONAL STRUCTURE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_016">D. PROPERTY, PLANTS, AND EQUIPMENT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_017">ITEM 4A. UNRESOLVED STAFF COMMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_018">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">40</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_019">A. OPERATING RESULTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">40</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_020">B. LIQUIDITY AND CAPITAL RESOURCES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">47</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_021">C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_022">D. TREND INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_023">E. CRITICAL ACCOUNTING ESTIMATES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_024">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">54</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_025">A. DIRECTORS AND SENIOR MANAGEMENT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">54</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_026">B. COMPENSATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">57</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_027">C. BOARD PRACTICES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">60</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_028">D. EMPLOYEES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_029">E. SHARE OWNERSHIP</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_030">F. DISCLOSURE OF A REGISTRANT&#8217;S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_031">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_032">A. MAJOR SHAREHOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_033">B. RELATED PARTY TRANSACTIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_034">C. INTERESTS OF EXPERTS AND COUNSEL</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_035">ITEM 8. FINANCIAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_036">A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_037">B. SIGNIFICANT CHANGES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_038">ITEM 9. THE OFFER AND LISTING</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_039">A. OFFER AND LISTING DETAILS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_040">B. PLAN OF DISTRIBUTION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_041">C. MARKETS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_042">D. SELLING SHAREHOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_043">E. DILUTION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_044">F. EXPENSES OF THE ISSUE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_045">ITEM 10. ADDITIONAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_046">A. SHARE CAPITAL</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_047">B. MEMORANDUM AND ARTICLES OF ASSOCIATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_048">C. MATERIAL CONTRACTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">69</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_049">D. EXCHANGE CONTROLS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_050">E. TAXATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_051">F. DIVIDENDS AND PAYING AGENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_052">G. STATEMENT BY EXPERTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_053">H. DOCUMENTS ON DISPLAY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_054">I. SUBSIDIARY INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_055">J. ANNUAL REPORT TO SECURITY HOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_056">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_057">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_058">A. DEBT SECURITIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_059">B. WARRANTS AND RIGHTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_060">C. OTHER SECURITIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_061">D. AMERICAN DEPOSITORY SHARES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_062">PART II</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_063">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_064">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_065">ITEM 15. CONTROLS AND PROCEDURES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_066">ITEM 16. RESERVED</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">77</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_067">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">77</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_068">ITEM 16B. CODE OF ETHICS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">77</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_069">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_070">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_071">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_072">ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_073">ITEM 16G. CORPORATE GOVERNANCE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_074">ITEM 16H. MINE SAFETY DISCLOSURE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_075">ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_076">ITEM 16J. INSIDER TRADING POLICIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#am_077">ITEM 16K. CYBERSECURITY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_001">PART III</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_002">ITEM 17. FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_003">ITEM 18. FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_004">ITEM 19. EXHIBITS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#f_001">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#f_002">CONSOLIDATED BALANCE SHEETS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#f_003">CONSOLIDATED STATEMENTS OF OPERATIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#f_004">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#f_005">CONSOLIDATED STATEMENTS SHAREHOLDERS&#8217; EQUITY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#f_006">CONSOLIDATED STATEMENTS OF CASH FLOWS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#f_007">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_005">1. DESCRIPTION OF BUSINESS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_006">2. BASIS OF PRESENTATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_007">3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_008">4. BUSINESS COMBINATIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_009">5. REVENUE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_010">6. ACCOUNTS RECEIVABLE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_011">7. SERVICE INVENTORIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_012">8. PROPERTY, PLANT, &amp; EQUIPMENT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_013">9. GOODWILL, INTANGIBLE, AND OTHER ASSETS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_014">10. LEASING</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_015">11. DEBT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_016">12. EMPLOYEE BENEFITS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_017">13. INCOME TAXES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_018">14. COMMITMENTS AND CONTINGENCIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_019">15. SHARE-BASED COMPENSATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_020">16. EQUITY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_021">17. EARNINGS PER SHARE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_022">18. FAIR VALUE ACCOUNTING</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">118</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_023">19. RELATED PARTY TRANSACTIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#MS_024">20. REPORTABLE SEGMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><a href="ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 8.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 12.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 12.2</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 13.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt"><a href="ex13-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 13.2</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_001"></span>FORWARD-LOOKING
STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report on Form 20-F (this &#8220;Annual Report&#8221;) contains forward-looking statements (as such term is defined in Section
27A of the Securities Act of 1933, as amended, (the &#8220;Securities Act&#8221;), and Section 21E of the Securities Exchange Act of
1934, as amended (the &#8220;Exchange Act&#8221;)). Any and all statements contained in this Annual Report that are not statements of
historical fact may be deemed forward-looking statements. Terms such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;would,&#8221;
&#8220;should,&#8221; &#8220;could,&#8221; &#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221;
&#8220;strategy,&#8221; &#8220;anticipate,&#8221; &#8220;attempt,&#8221; &#8220;develop,&#8221; &#8220;plan,&#8221; &#8220;help,&#8221;
&#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;future,&#8221; and terms of similar
import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements
may contain one or more of these identifying terms. Forward-looking statements in this Annual Report may include, without limitation,
statements regarding our expectations related to our plans and ability to regain listing of our securities on Nasdaq or another national
or international stock exchange, our ability to implement our remediation plan in connection with the material weakness in our internal
control over financial reporting, the plans and objectives of management for future operations, projections of income or loss, earnings
or loss per share, capital expenditures, dividends, capital structure or other financial items, our future financial performance, including
any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included
pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;), expansion plans and opportunities,
completion and integration of acquisitions and the assumptions underlying or relating to any such statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be
realized because they are based upon our current projections, plans, objectives, beliefs, expectations, estimates and assumptions and
are subject to a number of risks and uncertainties and other influences, many of which we have no control over, including the impact
of the extent of any material weakness or significant deficiencies in our internal control
over financial reporting and any action taken by the SEC including potential fines or penalties arising out of the SEC inquiry. Actual
results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements
as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements
or cause actual results to differ materially from expected or desired results may include, without limitation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changing commodity prices,
    market volatility and other market trends that affect our customers&#8217; demand for our services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public health crises and
    other catastrophic events;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The level of capital spending
    by our customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political, market, financial and regulatory risks, including those related
to the geographic concentration of our operations and customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our operations, including
    maintenance, upgrades and refurbishment of our assets, may require significant capital expenditures, which may or may not be available
    to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating hazards inherent
    in our industry and the ability to secure sufficient indemnities and insurance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to successfully
    integrate acquisitions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition, including
    for capital and technological advances; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other risks and uncertainties
    set forth in Part I, Item 3D, &#8220;Risk Factors&#8221; included in this Annual Report.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Readers
are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to
the risk factors. We disclaim any obligation to update the forward-looking statements contained in this Annual Report to reflect any
new information or future events or circumstances or otherwise, except as required by law. Readers should read this Annual Report in
conjunction with the discussion under Part I, Item 3D, &#8220;Risk Factors&#8221; included in this Annual Report, our consolidated financial
statements and the related notes thereto included in this Annual Report, other documents which we may furnish from time to time with
the SEC, and other announcements we may make from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_002"></span>BASIS
OF THIS ANNUAL REPORT ON FORM 20-F</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 6, 2018, National Energy Services Reunited Corp. (&#8220;NESR,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221;
&#8220;our,&#8221; &#8220;us&#8221; or similar terms) acquired all of the issued and outstanding equity interests of NPS Holdings
Limited (&#8220;NPS&#8221;) and Gulf Energy S.A.O.C. (&#8220;GES&#8221; and, together with NPS, the &#8220;Subsidiaries&#8221;)
(collectively, the &#8220;NPS/GES Business Combination&#8221;). On June 1, 2020, and May 5, 2021, respectively, NESR further
expanded its footprint within the Middle East and North Africa (&#8220;MENA&#8221;) region when its NPS subsidiary acquired Sahara
Petroleum Services Company S.A.E. (&#8220;SAPESCO&#8221;) and specific oilfield service lines of Action Energy Company
W.L.L. (&#8220;Action&#8221;) (collectively with the NPS/GES Business Combination, the &#8220;Business Combinations&#8221;). On July
1, 2022, NESR acquired a minority stake in W. D. Von Gonten Engineering LLC (&#8220;WDVGE&#8221; or the &#8220;WDVGE
Investment&#8221;) a premier Reservoir Characterization and Geological &amp; Geophysical (&#8220;G&amp;G&#8221;) laboratory and
consulting business formed from the merger of W. D. Von Gonten Laboratories LLC and W. D. Von Gonten &amp; Co. Petroleum Engineering
Consulting. See Note 4, <i>Business Combinations</i>, and Note 9, <i>Goodwill, Intangible, and Other Assets</i>, to the consolidated
financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221; of this Annual Report for further discussion of
our most recent acquisitions and investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_003"></span>FINANCIAL
INFORMATION AND CURRENCY OF FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221; of this Annual Report, have been prepared in accordance
with generally accepted accounting principles in the United States of America (&#8220;U.S. GAAP&#8221;). Unless otherwise indicated,
all references in this Annual Report to &#8220;dollars,&#8221; &#8220;$,&#8221; or &#8220;US$&#8221; are to U.S. dollars, which is the
reporting currency of the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_004"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_005"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_006"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_007"></span>ITEM
3. KEY INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_008"></span>A.
[RESERVED]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_009"></span>B.
CAPITALIZATION AND INDEBTEDNESS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_010"></span>C.
REASONS FOR THE OFFER AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_011"></span>D.
RISK FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in our ordinary shares or warrants involves a high degree of risk. You should consider carefully the following risk factors,
as well as the other information contained in this Annual Report, before making an investment in our ordinary shares or warrants. Any
of the risk factors described below could significantly and negatively affect our financial position, results of operations or cash flows.
In addition, these risks represent important factors that can cause our actual results to differ materially from those anticipated in
our forward-looking statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factor Summary</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business and Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our securities were delisted
    from Nasdaq, which has had and may continue to have a material adverse effect on our business and the trading and price of our securities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trends in oil and natural
    gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services
    and products, which could have a material adverse effect on our business, results of operations, and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business is dependent
    on capital spending by our customers, and reductions in capital spending could have a material adverse effect on our business, results
    of operations, and financial condition. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our assets require capital
    for maintenance, upgrades and refurbishment and we may require significant capital expenditures for new equipment.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    geographic concentration of our operations and customers exposes us to the risks of the regional economy and other regional adverse
    conditions. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We operate in multiple
    countries across the Middle East, North Africa, and Asia. Therefore our operations will be subject to political and economic instability
    and risk of government actions that could have a material adverse effect on our business, results of operations, and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Physical
                                            dangers are inherent in our operations and may expose us to significant potential liability and losses.
                                            Personnel and property may be harmed during the process of drilling for oil and natural gas.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">If
                                            we do not effectively or efficiently integrate the operations of businesses or companies
                                            we acquire, including the integration of the operations of our Subsidiaries, our future growth
                                            will be limited.</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    compete in a highly competitive industry, and many of our competitors are larger than us and have greater resources than we do.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    inability to keep pace with technology developments could adversely affect our ability to maintain or grow market share.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial,
Regulatory, Legal and Compliance Risks</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    matters identified in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our previously
    issued audited financial statements as of and for the year-ended December 31, 2020, may affect investor confidence and raise reputational
    issues and may subject us to additional risks and uncertainties, including increased professional costs and the increased risk from
    legal proceedings and regulatory inquiries.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    continue to have material</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> weaknesses in our
    internal control over financial reporting which we are in the process of remediating. If the material weaknesses
    persist or if we fail to develop or maintain an effective system of internal control, we may not be able to report our financial
    results accurately or prevent fraud, which could have a material adverse effect on our business, ordinary shares, results of operations
    and/or financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    in the carrying value of goodwill could result in the incurrence of impairment charges.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not be fully indemnified against financial losses in all circumstances where damage to or loss of property, personal injury,
    death or environmental harm occur.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    operate in multiple countries and earn revenue in different currencies and as such may be exposed to risks arising from fluctuating
    exchange rates and currency control restrictions, which may limit our ability to reinvest earnings from operations in one country
    to fund the capital needs of our operations in other countries or to repatriate assets from some countries.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in or new interpretations of tax laws could impact the determination of our income tax liabilities for a tax year.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack
    of consolidation of our fiscal results in a taxpaying jurisdiction prevents offsetting some losses against taxable profits.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    owners of NESR ordinary shares are subject to tax risks due to the possibility of changes in tax rules and regulations in foreign
    countries.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    our Subsidiaries are unable to comply with the restrictions and covenants in their debt agreements, they could default under the
    terms of such agreements, which could result in an acceleration of repayment.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    service our indebtedness, we may require a significant amount of cash, and our ability to generate cash will depend on many factors
    beyond our control.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    borrowings under our various loan agreements and other financing arrangements expose us to interest rate risk and such arrangements
    also include restrictive covenants that may impact our Subsidiaries&#8217; ability to make distributions to us.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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are exposed to the credit risk of our customers and counterparties, and delay, non-payment, and/or non-performance by our customers
could have an adverse effect on our financial condition, results of operations, or cash flows.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitations
    on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive
    advantage.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    cash flows.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    of our customers require bids for contracts in the form of long-term, fixed pricing contracts that require us to assume additional
    risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing
    and performance, and potential claims for liquidated damages.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    failure to comply with complex United States of America (&#8220;U.S.&#8221;) and foreign laws and regulations could have a
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Capital Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">The market price of our ordinary shares and warrants may decline.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">If securities or industry analysts do not publish or cease publishing
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    the price and trading volume of our ordinary shares and warrants could decline.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We are a holding company. Our sole material asset is our equity
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Future sales of our ordinary shares could reduce our stock price,
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because we currently have no plans to pay
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    greater than that what you paid for it.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">There is no guarantee that the Public Warrants will be in the money,
    and they may expire worthless.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We may redeem Public Warrants prior to their exercise at a time
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Risks Associated with Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We depend on our suppliers to provide services and equipment in
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    obligations.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We have engaged in related party transactions, the termination
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    us.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The loss or unavailability of any of our executive officers or other
    key employees could have a material adverse effect on our business.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Our growth potential and ability to operate could be materially
    and adversely affected if we cannot employ and retain technical personnel at a competitive cost.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">An investment in our securities may result in uncertain U.S. federal income tax consequences.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">Substantially all of our assets are located outside the United States; therefore, investors
    may not be able to enforce U.S. federal securities laws or their other legal rights.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">As a foreign private issuer in the United States, we are subject to different U.S. securities
    laws and rules than a domestic U.S. issuer.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">We may lose our foreign private issuer status in the future, which could result in significant
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We are not subject to the supervision of the Financial Services Commission of the British Virgin Islands and so our shareholders are not protected by any regulatory inspections in the British Virgin Islands.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Investors may face difficulties in protecting their interests, and their ability to protect their rights through the U.S. federal courts may be limited, because we are formed under British Virgin Islands law.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Our amended and restated memorandum and articles of association permit
    the Board of Directors by resolution to create additional classes of securities, including shares with rights, preferences,
    designations and limitations as they determine which may have an anti-takeover effect.</span></td></tr>

</table>

<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Business and Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
securities were delisted from Nasdaq, which has had and may continue to have a material adverse effect on our business and the trading
and price of our securities. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares and warrants were delisted from Nasdaq effective April 28, 2023. As at the date of the filing of this Annual Report,
the Company&#8217;s securities are quoted on the OTC Markets Pink Open Market (&#8220;OTC Pink Market&#8221;) on an &#8220;unsolicited
only&#8221; basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
OTC Pink Market is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in the
over-the-counter equity securities and provides significantly less liquidity than a listing on the Nasdaq Stock Markets or other national
securities exchange. OTC Pink Market securities are traded by a community of market makers that enter quotes and trade reports.
This market is limited in comparison to the national stock exchanges and any prices quoted may not be a reliable indication of the value
of our securities. Quotes for securities included on the OTC Pink Market are not listed in the financial sections of newspapers
as are those for the Nasdaq Stock Market or the NYSE. Therefore, prices for securities traded solely on the OTC Pink Market may
be difficult to obtain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
on the OTC Pink Market as opposed to a national securities exchange had resulted and may continue to result in a reduction in
some or all of the following, each of which could have a material adverse effect on the price of our securities and our company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liquidity of our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market price of our securities;</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">more
    difficult and more expensive financings in the future; our ability to obtain financing to support our operations and the implementation
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">decreased
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
    of exemption under U.S. state securities registration requirements, which may require us to comply with applicable U.S. state securities
    laws;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of institutional and other investors that will consider investing in our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the market price of our securities could be subject to wide fluctuations in response to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the introduction of new products or services, or product
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements of significant acquisitions or other
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales or anticipated sales of our securities by our
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions and trends in our industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in our pricing policies or the pricing policies
    of our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the estimation of the future size and growth
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic conditions.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
stock market in general, and the OTC Pink Market in particular, have experienced extreme price and volume fluctuations that in
some cases may be unrelated or disproportionate to the operating performance of companies. These broad market and industry factors
may materially harm the market price of our securities, regardless of our operating performance. In addition, this volatility could adversely
affect an investor&#8217;s ability to sell our securities and/or the available price for such securities, at any given time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to seek to relist our ordinary shares and warrants on Nasdaq as soon as practicable through the normal relisting application process.
However, we cannot assure you that we will list our securities successfully on Nasdaq or another national securities exchange,
or that once listed, our securities will remain listed thereon. An active trading market for the Company&#8217;s securities may never
develop or, if developed, it may not be sustained. You may be unable to sell your ordinary shares and/or warrants unless an active market
for such securities can be established and sustained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trends
in oil and natural gas prices affect the level of exploration, development, and production activity of our customers and the demand for
our services and products, which could have a material adverse effect on our business, results of operations, and financial condition</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demand
for our services and products is sensitive to the level of exploration, development, and production activity of, and the corresponding
capital spending by, oil and natural gas companies. The level of exploration, development, and production activity is directly affected
by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for
oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and
natural gas, market uncertainty, and a variety of other economic factors that are beyond our control. The following table illustrates
the high degree of variability in Europe Brent spot prices per barrel over the last three years:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Highest Closing Price</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Lowest Closing Price</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; font-weight: bold; text-align: justify">2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">85.76</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">50.36</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">133.18</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">76.02</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: justify">2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">97.10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">71.03</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A prolonged reduction in oil and natural gas prices could lead to depressed
levels of exploration, development, and production activity and could have a material adverse effect on our business, results of operations
and financial condition. Even the perception of longer-term lower oil and natural gas prices by oil and natural gas companies can result
in the reduction or deferral of major expenditures given the long-term nature of many large-scale development projects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors
affecting the prices of oil and natural gas include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the global and regional
    level of supply and demand for oil and natural gas including liquefied natural gas imports and exports;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental regulations,
    including the policies of governments regarding the exploration for and production and development of their oil and natural gas reserves,
    including environmental regulations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased attention to ESG matters and conservation measures may adversely
impact the oil and natural gas industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">weather conditions, natural
    disasters, and public health crises and threats;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worldwide political, military,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability or willingness of the Organization of the Petroleum Exporting Countries (&#8220;OPEC&#8221;) and the expanded alliance known
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the level of oil and natural gas
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">oil refining capacity and
    shifts in end-customer preferences toward fuel efficiency and the use of natural gas;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological advances
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential acceleration
    of the development of alternative fuels.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business is dependent on capital spending by our customers, and reductions in capital spending could have a material adverse effect on
our business, results of operations, and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is directly affected by changes in capital expenditures by our customers and reductions in our customers&#8217; capital spending
could reduce demand for our services and products and have a material adverse effect on our business, results of operations, and financial
condition. Most of our contracts can be cancelled or renegotiated by our customers at any time. Some of the items that may impact our
customer&#8217;s capital spending include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">oil and natural gas prices,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in government incentives
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the inability of our customers
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">customer personnel changes;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse developments in
    the business or operations of our customers, including write-downs of reserves and borrowing base reductions under customer credit
    facilities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and natural gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our products
and services and downward pressure on the prices that we are able to charge. Sustained market uncertainty can also result in lower demand
and pricing for our products and services. A significant industry downturn, sustained market uncertainty, or increased availability of
economical alternative energy sources could result in a reduction in demand for our products and services, which could adversely affect
our business, financial condition, results of operations, cash flows and prospects. With respect to national oil company (&#8220;NOC&#8221;)
customers, we are also subject to risk of policy, regime, currency and budgetary changes, all of which may affect our customers&#8217;
capital expenditures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
assets require capital for maintenance, upgrades and refurbishment and we may require significant capital expenditures for new equipment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue is generated principally from providing services and related equipment as well as renting tools and equipment. Our tools and
equipment require capital investment in maintenance, upgrades and refurbishment to maintain our competitiveness. To the extent we are
unable to fund such projects, we may have less equipment available for service or our equipment may not be attractive to potential or
current customers. Additionally, increased demand, competition, advances in technology within our industry, and/or new emissions control, safety or other regulatory
requirements in the geographies that we operate in may require us to update or replace existing equipment. Such demands on our capital
or reductions in demand for our equipment and the increase in cost to maintain labor necessary for such maintenance and improvement,
in each case, could have a material adverse effect on our business, liquidity position, financial condition, prospects and results of
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
geographic concentration of our operations and customers exposes us to the risks of the regional economy and other regional adverse
conditions. The credit risks of our concentrated customer base in the energy industry could result in losses. In addition, we depend
on a small number of customers for a significant portion of our revenues. Therefore, the loss of any of these customers could result
in a decline in our revenues and adversely affect our financial condition, results of operations or cash flows.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations and our primary customers are located in the Middle East and North Africa and all are in the energy industry. Most of
our customers are NOCs. Given the importance of NOCs, which dominate the petroleum industry in our countries of operation, our business
is more susceptible to regional economic, budgetary and political conditions than other, more geographically diversified competitors.
Any changes in market conditions, unforeseen circumstances, or other events affecting the area in which our assets are located could
have a material adverse effect on our business, operating result, and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from four customers individually accounted for 44%, 8%, 7% and 5% of the Company&#8217;s consolidated revenues in the year ended
December 31, 2023, 40%, 9%, 7% and 7% of the Company&#8217;s consolidated revenues in the year ended December 31, 2022, and 51%, 10%,
7% and 4% of the Company&#8217;s consolidated revenues in the year ended December 31, 2021. Under the terms of our customer contracts,
there is a risk of termination of one or more of such contracts and/or a lack of engagement in the same manner, or to the same level,
as has been the case historically. The loss of all or even a portion of the business from a major customer, the failure to extend or
replace the contracts with a major customer, or the extension or replacement of such contracts on less favorable terms, as a result of
competition or otherwise, could adversely affect our financial condition, results of operations or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in multiple countries across the Middle East, North Africa, and Asia. Therefore, our operations will be subject to political
and economic instability and risk of government actions that could have a material adverse effect on our business, results of operations,
and financial condition</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to risks inherent in doing business in each of the countries in which we operate. Our operations are subject to various risks unique to each country that could have a material adverse effect on our business, results of operations, and
financial condition. With respect to any particular country, these risks may include but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency fluctuations,
    devaluations, and conversion restrictions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government actions that
    may result in expropriation and nationalization of assets in that country;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">confiscatory taxation or
    other adverse tax policies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions that limit or disrupt
    markets or our operations, restrict payments, limit the movement of funds or result in the deprivation of contract rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions that result in
    the inability to obtain or retain licenses required for operation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retaliatory actions that
    may be taken by one country against other countries in the region.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the unsettled political conditions in many oil-producing
countries, our operations, revenue, and profits may be subject to the adverse consequences of war, the effects of terrorism, civil unrest,
strikes, currency controls, and governmental actions. These and other risks described above could result in the loss of our personnel
or assets, cause us to evacuate our personnel from certain countries, cause us to increase spending on security, cause us to cease operating
in certain countries, disrupt financial and commercial markets, including the supply of and pricing for oil and natural gas, disrupt
the supply of equipment required to operate in a country, result in labor shortages and generate greater political and economic instability
in some of the geographic areas in which we operate. Any possible reprisals as a consequence of military or other action, such as acts
of terrorism in the Middle East, could have a material adverse effect on our business, results of operations, and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Physical
dangers are inherent in our operations and may expose us to significant potential liability and losses. Personnel and property may
be harmed during the process of drilling for oil and natural gas.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
for and producing hydrocarbons, and the associated products and services that we provide, include inherent dangers that may lead to property
damage or damage to geological formations, personal injury or loss of life, or the discharge of hazardous materials into the environment.
Many of these events are outside our control. Typically, we provide products and services at a well site where our personnel and equipment
are located together with personnel and equipment of our customer and third parties, such as other service providers. At many sites,
we depend on other companies and personnel to conduct drilling operations in accordance with appropriate safety standards. From time
to time, personnel are injured or equipment or property is damaged or destroyed as a result of accidents, failed equipment, faulty products
or services, failure of safety measures, uncontained formation pressures or other dangers inherent in drilling for oil and natural gas.
Any of these events can be the result of human error. With increasing frequency, our products and services are deployed on more challenging
prospects both onshore and offshore, where the occurrence of the types of events mentioned above can have an even more catastrophic impact
on people, equipment and the environment. These risks could expose us to substantial liability for personal injury, wrongful death, property
damage, loss of oil and natural gas production, pollution and other environmental damages and could expose us to a variety of claims,
losses and remedial obligations. In addition, interruption of customer activity as a result of such events could adversely affect our financial condition,
results of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we do not effectively or efficiently integrate the operations of businesses or companies we acquire, our future growth will be limited.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not achieve expected returns and other benefits as a result of various factors, including integration and collaboration challenges.
The success of any acquisition is subject to various risks, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the inability to integrate
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the diversion of management&#8217;s
    attention from other business concerns;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the failure to realize
    expected volumes, revenues, profitability, or growth;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the failure to realize
    any expected synergies and cost savings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the coordination of geographically
    disparate organizations, systems, and facilities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the assumption of unknown
    liabilities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the loss of customers or
    key employees; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential environmental
    or regulatory liabilities and title problems.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assessment by our management of these risks is inexact and may not reveal or resolve all existing and potential risks. Realization of
any of these risks could adversely affect our financial condition, results of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in a highly competitive industry, and many of our competitors are larger than us and have greater resources than we do.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
of our primary competitors are diversified multinational companies with substantially larger operating staffs and greater capital resources.
These larger competitors&#8217; greater resources could allow them to better withstand industry downturns and to compete more effectively
on the basis of technology, geographic scope and retained skilled personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to keep pace with technology developments in the industry, this could adversely affect our ability to maintain or grow
market share.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oilfield service industry is subject to the introduction of new drilling and completion techniques, services using new technologies,
and emissions control requirements that could yield service innovations, some of which may be subject to patent or other
intellectual property protections. Some of these new technologies may be disruptive and lead to the rapid replacement of existing
technologies. We intend to introduce and integrate new technologies and procedures used by North American and European based
oilfield service companies; however, we cannot be certain that we will be able to develop and implement new technologies or services
on a timely basis or at an acceptable cost. The oilfield service industry is highly competitive and dominated by a few large players
that have resources to invest in new technologies. Our ability to continually provide competitive technology and services can impact
our ability to maintain or increase prices for our services, maintain market share, and negotiate acceptable contract terms with our
customers. If we are unable to continue to acquire or develop competitive technology or deliver it to our customers in a timely and
cost-competitive manner in the various markets we serve, it could adversely affect our financial condition, results of operations,
and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial,
Regulatory, Legal and Compliance Risks</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
matters identified in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our
previously issued audited financial statements as of and for the year-ended December 31, 2020, may affect investor confidence
and raise reputational issues and may subject us to additional risks and uncertainties, including increased professional costs and the
increased risk from legal proceedings and regulatory inquiries.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a consequence of the matters discussed in our Annual Report on Form 20-F for the year ended December 31, 2022, we have incurred, and
may continue to incur, unanticipated costs for professional fees in connection therewith. <span style="background-color: white">We also
have incurred significant costs in connection with or as a result of the delisting by Nasdaq of our securities in April 2023 (including
in connection with communicating with Nasdaq and assessing alternatives for continued trading of our securities in the United States),
and our remediation of our material weaknesses in internal control over financial reporting. See &#8220;Controls and Procedures&#8221;
for additional information regarding such material weaknesses and such remediation process. </span>We have become subject to a number
of additional risks and uncertainties, including the increased risk from litigation and regulatory inquiries. For example, we are the
subject of an ongoing SEC inquiry that could result in financial penalties. We have and will continue to fully cooperate with the SEC
inquiry. The SEC advised us that the initiation of a request for information should not be construed as an indication by the SEC or its
staff that any violation of the federal securities laws has occurred. At this stage, we are unable to predict when the SEC&#8217;s inquiry
will conclude or what the consequences may be. Our management believes that the risk of loss in connection with this proceeding will
not have a material adverse effect on our financial condition. Any of the foregoing may affect investor confidence in the accuracy of
our financial disclosures and may raise reputational risks for our business, both of which could harm our business and financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
continue to have material weaknesses in our internal control over financial reporting which we are in the process of remediating.</i></b></span>
If the material weaknesses persist or if we fail to develop or maintain an effective system of internal control, we may not be able to
report our financial results accurately or prevent fraud, which could have a material adverse effect on our business, ordinary shares,
results of operations and/or financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
internal control is necessary for us to provide reliable and accurate financial statements and to effectively prevent fraud. As described
in Item 15, &#8220;Controls and Procedures,&#8221; we have concluded that our internal control over financial reporting and disclosure
controls and procedures were not effective as of December 31, 2023, December 31, 2022, and December 31, 2021, due to material weaknesses
in our internal control over financial reporting. Our Senior Management failed to set an appropriate tone at the top sufficient
to ensure a culture of compliance with the Company&#8217;s accounting, finance and internal control policies, including through:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack of an effective organizational
    structure to promote effective internal control:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack of effective communication
    protocols to ensure timely escalation and resolving of accounting issues; and</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insufficient technical
    accounting resources with an appropriate level of accounting knowledge, experience and training commensurate with our structure and
    financial reporting requirements to appropriately analyze, record and disclose accounting matters timely and accurately in accordance
    with U.S. GAAP.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the material weakness described above contributed to the following additional material weaknesses:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&#8217;s period-end
    financial reporting controls, specifically those over account reconciliations, were not effectively designed and implemented to detect
    potential misstatements and correct identified misstatements to period-end financial statements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company did not design and maintain effective controls over certain accounts payable functions. Specifically, the Company
    did not maintain effective controls over the creation of purchase orders, the matching of goods of services received against purchase
    orders, and/or the review of the completeness and accuracy of accounts payable and accrued liabilities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company did not design
    and maintain effective information technology general controls over financial reporting as privileged access users were not appropriately
    provisioned and inadequate monitoring controls were in place to enforce appropriate system access and segregation of duties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are designing, implementing, and evaluating measures designed to remediate the material weaknesses. </span>However, we cannot be
certain that these measures will be successful or that we will be able to prevent future material weaknesses or significant
deficiencies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the efforts required to remediate those material weaknesses may cause a diversion of management&#8217;s time and attention, which could
have a material adverse effect on our business, results of operations, financial position and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impairment
in the carrying value of goodwill could result in the incurrence of impairment charges.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had goodwill of $645.1 million. We review the carrying value of our goodwill for impairment annually or more
frequently if certain indicators are present. In the event we determine that the value of goodwill has become impaired, an accounting
charge for the amount of the impairment during the period in which the determination is made may be recognized. While we have not recorded
any impairment charge for goodwill for the periods presented in this Annual Report, future changes in our business and operations or
external market conditions, among other factors, could require us to record an impairment charge for goodwill, which could lead to decreased
assets and reduced income. If a significant write-down is required, the charge could have a material adverse effect
on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be fully indemnified against financial losses in all circumstances where damage to or loss of property, personal injury, death
or environmental harm occur.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
is customary in our industry, our contracts typically require that our customers indemnify us for claims arising from the injury or death
of their employees (and those of their other contractors), the loss or damage of their equipment (and that of their other contractors),
damage to the well or reservoir and pollution originating from the customer&#8217;s equipment or from the reservoir (including uncontained
oil flow from a reservoir) and claims arising from catastrophic events, such as a well blowout, fire, explosion and from pollution below
the surface. Conversely, we typically indemnify our customers for claims arising from the injury or death of our employees, the loss
or damage of our equipment (other than equipment lost in the hole) or pollution originating from our equipment above the surface of the
earth or water.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
indemnification arrangements may not protect us in every case. For example, from time to time we may enter into contracts with less favorable
indemnities or perform work without a contract that protects us. Our indemnity arrangements may also be held to be overly broad in some
courts and/or contrary to public policy in some jurisdictions, and to that extent unenforceable. Additionally, some jurisdictions which
permit indemnification nonetheless limit its scope by statute. We may be subject to claims brought by third parties or government agencies
with respect to which we are not indemnified. Furthermore, the parties from which we seek indemnity may not be solvent, may become bankrupt,
may lack resources or insurance to honor their indemnities or may not otherwise be able to satisfy their indemnity obligations to us.
The lack of enforceable indemnification could expose us to significant potential liability and losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
our assets generally are not insured against loss from political violence such as war, terrorism or civil commotion. If any of our assets
are damaged or destroyed as a result of an uninsured cause, we could recognize a loss of those assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in multiple countries and earn revenue in different currencies and as such may be exposed to risks arising from fluctuating exchange
rates and currency control restrictions, which may limit our ability to reinvest earnings from operations in one country to fund the
capital needs of our operations in other countries or to repatriate assets from some countries.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
portion of our consolidated revenue and consolidated operating expenses is in foreign currencies. As a result, we will be subject to
risks, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">In the future, we
may enter into foreign currency hedging contracts to reduce foreign currency volatility. However, we currently do not maintain foreign
currency hedging contracts with respect to our foreign currencies, and any contracts we may enter into may not fully mitigate our foreign
currency risk, may prove disadvantageous or may create additional risks.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in or new interpretations of tax laws could impact the determination of our income tax liabilities for a tax year.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have operations in 15 countries. Consequently, we are subject to the jurisdiction of a significant number of taxing authorities.
The income earned in these various jurisdictions is taxed on differing bases, including income actually earned, income deemed earned,
and revenue-based tax withholding. The final determination of our income tax liabilities involves the interpretation of local tax laws,
tax treaties, and related regulations in each jurisdiction, as well as the significant use of estimates and assumptions regarding the
scope of future operations and the nature of income earned and expenditures incurred. Changes in the operating environment, including
changes in or new interpretations of tax laws, could impact the determination of our income tax liabilities for the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
January 1, 2018, the Gulf Cooperation Council (&#8220;GCC&#8221;) countries agreed to impose a value added tax (&#8220;VAT&#8221;) across
the GCC, however, as of year-end 2023 only Bahrain, Saudi Arabia, the United Arab Emirates, and Oman formalized and/or implemented their
plans. Under these VAT rules, most goods and services are taxed at rates ranging from 5-15%. Businesses subject to the VAT must keep
detailed financial and business records. This includes collecting invoices and accounting for the goods or services bought and sold,
as well as the VAT paid and charged going forward.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Organization of Economic
Cooperation and Development (&#8220;OECD&#8221;), which represents a coalition of member countries, issued various white papers addressing
Tax Base Erosion and Jurisdictional Profit Shifting. The recommendations in these white papers are generally aimed at combating what
they believe is tax avoidance. Numerous jurisdictions in which we operate have been influenced by these white papers as well as other
factors and are increasingly active in evaluating changes to their tax laws. In addition, the OECD has advanced reforms focused on implementing
a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as Pillar
2. On October 8, 2021, the OECD announced an accord endorsing and providing an implementation plan for Pillar 2 agreed upon by 136 nations.
On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan by January 1,
2024. While the timing of the implementation of the accord is uncertain, when legislation is enacted to implement the accord
in the jurisdictions in which we have operations, it could materially increase the amount of taxes we owe, thereby negatively
affecting our results of operations and our cash flows from operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As noted above, Pillar
2 rules call for a global minimum tax of 15% on a per jurisdiction basis for multi-national enterprises with annual revenues of more
than &#8364;750.0 million. Therefore, the Company will likely be subject to the global minimum tax but is still analyzing the impact of
the new Pillar 2 rules to determine the overall impact to the Company going forward.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><b><i><span style="text-decoration: underline"></span></i></b></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lack
of consolidation of our fiscal results in a taxpaying jurisdiction prevents offsetting some losses against taxable profits.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR
is a British Virgin Islands corporation. NESR is not taxed by the British Virgin Islands on income generated outside of the British Virgin
Islands. As a result of our legal entity structure, annual fiscal losses in one of our subsidiaries may not be eligible to be
offset against profits in another subsidiary within the same jurisdiction to reduce consolidated tax liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
owners of NESR ordinary shares are subject to tax risks due to the possibility of changes in tax rules and regulations in foreign countries.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
British Virgin Islands does not impose income taxes on British Virgin Islands companies for dividends received or subsidiary operating
profits generated outside of the British Virgin Islands. The law could change to impose such taxes. In addition, our Subsidiaries operate
in many countries that have different tax rates and systems which may change including jurisdictions that currently do not impose tax
on corporations. U.S. shareholders must report on their tax returns all investments in foreign stocks, including ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our Subsidiaries are unable to comply with the restrictions and covenants in their debt agreements, they could default under the terms
of such agreements, which could result in an acceleration of repayment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Subsidiaries are unable to comply with the restrictions and covenants in their debt agreements, they could default under the terms
of these agreements. Our Subsidiaries&#8217; ability to comply with these restrictions and covenants, including meeting financial ratios
and tests, may be affected by events beyond their control. As a result, we cannot assure that our Subsidiaries will be able to comply
with these restrictions and covenants or meet such financial ratios and tests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Subsidiaries are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments
of principal, premium (if any), and interest on their indebtedness, or if they otherwise fail to comply with the various covenants, including
financial and operating covenants in the instruments governing their indebtedness they could default under the terms of the agreements
governing such indebtedness. In the event of such a default, the holders of such indebtedness could elect to declare all the funds borrowed
thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our Subsidiaries&#8217; debt agreements
could terminate their commitments to lend, cease making further loans, seize collateral and institute foreclosure proceedings against
their assets, and our Subsidiaries could be forced into bankruptcy or liquidation. If any of these events occur, the assets of our Subsidiaries
might not be sufficient to repay in full all of their outstanding indebtedness and we may be unable to find alternative financing. Even
if we could obtain alternative financing, it might not be on terms that are favorable or acceptable to us or our Subsidiaries. Additionally,
we may not be able to amend their debt agreements or obtain needed waivers on satisfactory terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>To
service our indebtedness, we may require a significant amount of cash, and our ability to generate cash will depend on many factors beyond
our control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to make payments on and to refinance our Subsidiaries&#8217; indebtedness and to fund planned capital expenditures depends in
part on our ability to generate cash in the future. Our growth and capital expenditure plan require substantial capital, and any inability
to obtain such capital could lead to a decline in our ability to sustain our current business, access new service markets or grow our
business. Our Subsidiaries&#8217; debt is required to be repaid through an installment structure that may unduly strain our ability to
meet our growth objectives. Our ability to service such indebtedness is, to a certain extent, subject to general economic, financial,
competitive, legislative, regulatory and other factors that are beyond our control. We cannot provide assurance that we will generate
sufficient cash flow from operations, that we will realize operating improvements on schedule, or that future borrowings will be available
to us in an amount sufficient to enable us to service and repay our Subsidiaries&#8217; indebtedness or to fund their other liquidity
needs. If we are unable to satisfy our Subsidiaries&#8217; debt obligations, we may have to undertake alternative financing plans, such
as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection
of receivables from work performed may not be sufficient to fund working capital needs. We have arranged financing in anticipation of
our projected cash requirements, but events beyond our control could cause cash collection to be less than projected and cause us not
to meet our Subsidiaries&#8217; debt obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot provide assurance that any additional refinancing or debt restructuring would be possible, that any assets could be sold or that,
if sold, the timing of the sales and the amount of proceeds realized from those sales would be favorable to us or that additional financing
could be obtained on acceptable terms. Our inability to generate sufficient cash flows to satisfy the debt obligations, or to obtain
alternative financing, could materially and adversely affect our business, financial condition, results of operations and prospects.
For more information on our outstanding indebtedness and the terms and conditions related thereto, please see Note 11, Debt, to the consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
borrowings under our various loan agreements and other financing arrangements expose us to interest rate risk and such arrangements also
include restrictive covenants that may impact our Subsidiaries&#8217; ability to make distributions to us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
earnings are exposed to interest rate risk associated with $452.2 million in borrowings under our various loan agreements and
other financing arrangements as of December 31, 2023. Each of these arrangements requires the payment of floating interest rates based
upon short-term interest rate indices. If interest rates increase, so will our interest costs, which may have a material adverse effect
on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the terms of these financing arrangements, including the restrictive covenants therein, may restrict the ability of our Subsidiaries
to make distributions to us, which could materially adversely affect our liquidity and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are exposed to the credit risk of our customers and counterparties, and delay, non-payment, and/or non-performance by our customers could
have an adverse effect on our financial condition, results of operations, or cash flows.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to risks of loss resulting from non-payment or non-performance by our customers and other counterparties. Customers may also
delay payments by imposing complex administrative processes, by disputing or rejecting invoices, or through other means. Any increase
in the non-payment and non-performance by our customers could adversely affect our financial condition, results of operations, or cash
flows. Lower commodity prices may result in a significant reduction in the liquidity of our customers and their ability to make payment
or perform on their obligations to us. Furthermore, some of our customers may be leveraged and subject to their own operating and regulatory
risks, which increases the risk that they may default on their obligations to us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Limitations
on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive
advantage.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of our products or services, and the processes they use to produce or provide products and services, constitute trade secrets and
confidential know how. We may lose employees who have knowledge of important trade secrets and who may not be prohibited in the
relevant countries in which they work from using such trade secrets to compete with us. Our business may be adversely affected if
any acquired patents are unenforceable, the claims allowed under their patents are not sufficient to protect our technology, our
patent applications are denied, or our trade secrets are not adequately protected. In addition, our competitors may be able to
independently develop technology that is similar to the technology used by us without infringing on our patents or gaining access to
our trade secrets, which could adversely affect our financial condition, results of operations, and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to litigation if another party claims that we have infringed upon such party&#8217;s intellectual property rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tools, techniques, methodologies, programs and components that we use to provide our services may infringe upon the intellectual property
rights of others. Infringement claims may result in significant legal and other costs and may distract our management from running
our core business. Royalty payments under licenses from third parties, if available, and developing non-infringing technologies would
increase our costs. If licenses were required and not available, we might not be able to continue providing a particular service or product,
which could adversely affect our financial condition, results of operations, and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Environmental
compliance costs and liabilities could reduce our earnings and cash available for operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to increasingly stringent laws and regulations relating to the importation and use, storage, handling, transportation, and
disposal of hazardous materials, radioactive materials, chemicals and explosives, and to environmental protection and health and safety,
including laws and regulations governing air emissions, hydraulic fracturing, water and other discharges and waste management and natural
resources. For more information, see our regulatory disclosures titled &#8220;Environmental Regulation&#8221; and &#8220;Health and Safety
Regulation.&#8221; We expect to incur capital and operating costs to comply with environmental laws and regulations. The technical requirements
of these laws and regulations are becoming increasingly complex, stringent and expensive to implement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations use and generate hazardous substances and wastes. Accordingly, we could become subject to material liabilities relating to
the investigation and clean-up of potentially contaminated properties, and to claims alleging personal injury or property damage as the
result of exposures to, or releases of, hazardous substances or wastes. Applicable laws may provide for &#8220;strict liability&#8221;
for remediation costs, damages to natural resources or threats to public health and safety. Strict liability can render a party liable
for damages without regard to negligence or fault on the part of the party. Some environmental laws provide for joint and several liabilities
for remediation of spills and releases of hazardous substances and wastes. Joint and several liability can render one party liable for
all damages arising from a spill or release even if other parties also contributed to the spill or release.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, stricter enforcement of existing laws and regulations, new laws and regulations, the discovery of previously unknown contamination
or the imposition of new or increased requirements could require us to incur costs, become the basis for new or increased liabilities,
subject us to certain government-imposed penalties or result in certain licenses being revoked. Any of these developments could reduce
our earnings and cash available for operations or otherwise result in interruptions or delays in our operations that could have an adverse
effect on our financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
could be subject to substantial liability claims, which could adversely affect our financial condition, results of operations, and cash
flows.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
technical complexities of our operations expose us to a wide range of significant health, safety and environmental risks. Our products
and service offerings involve production-related activities, radioactive materials, chemicals, explosives, and other equipment and services
that are deployed in challenging exploration, development, and production environments. An accident involving these services or equipment,
or a failure of a product, could cause personal injury, loss of life, damage to or destruction of property, equipment or the environment,
or suspension of operations. Our insurance may not protect us against liability for certain kinds of events, including events involving
pollution, or against losses resulting from business interruption. Moreover, we may not be able to maintain insurance for certain risks
or at levels of risk coverage or policy limits that we deem adequate. Any damages caused by our services or products that are not covered
by insurance or are in excess of policy limits or subject to substantial deductibles, could adversely affect our financial condition,
results of operations, and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Demand
for our products and services could be reduced by existing and future legislation or regulations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
advocacy groups and regulatory agencies in the United States and other countries have been focusing considerable attention on the emissions
of carbon dioxide, methane and other greenhouse gases and their role in climate change. Existing or future legislation and regulations
related to greenhouse gas emissions and climate change, as well as government or private sector initiatives to conserve energy or promote
the use of alternative energy sources, or reduce greenhouse gas emissions, may significantly curtail demand and production of fossil
fuels such as oil and natural gas in areas of the world where our customers operate and thus adversely affect future demand for our services.
For more information, see our regulatory disclosure titled &#8220;Environmental Regulation.&#8221;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
international, national and local governments and agencies have also adopted laws and regulations or are evaluating proposed legislation
and regulations that are focused on the extraction of shale gas or oil using hydraulic fracturing. Hydraulic fracturing is a stimulation
treatment routinely performed on oil and natural gas wells in low-permeability reservoirs. Specially engineered fluids with proppants are pumped
at high pressure and rate into the reservoir interval to be treated, causing cracks in the target formation. Future hydraulic fracturing-related
legislation or regulations could limit or ban hydraulic fracturing, or lead to operational delays and increased costs, including for
the capture of fugitive methane emissions, and therefore reduce demand for our pressure pumping services. If such additional international,
national, or local legislation or regulations are enacted, it could adversely affect our financial condition, results of operations,
and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increased
attention to climate change, ESG matters and conservation measures by regulators and investors may adversely impact our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increasing
attention to climate change, societal expectations on companies to address climate change, investor and societal expectations regarding
voluntary ESG disclosures, and consumer demand for alternative forms of energy may result in increased costs, reduced demand for our
services, reduced profits, increased investigations and litigation, and negative impacts on our stock price and access to capital markets.
Increasing attention to climate change and environmental conservation, for example, may result in demand shifts for oil and natural gas
products, additional governmental investigations, and private litigation against oil and natural gas operators. To the extent
that societal pressures or political or other factors are involved, it is possible that such liability could be incurred without regard
to our causation of or contribution to the asserted damage, or to other mitigating factors. All of these factors have the potential to
adversely affect demand for our services, our financial condition, results of operations, and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
while we may make voluntary statements regarding ESG matters from time to time, many of the statements in those voluntary disclosures
are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or
forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain
and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach
to identifying, measuring and reporting on many ESG matters. Consequently, while we continue to examine potential ESG related risks and
opportunities, set goals, and implement mitigation measures, we cannot guarantee that these efforts will be successful. In addition,
as this is a continuously evolving area, we can provide no assurance that our current assessment of ESG-related risks and opportunities
is comprehensive or that the risks we identify and our conclusions about their effects and potential mitigation will not be subject to
change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes
for evaluating companies on their approach to ESG matters. Such ratings are used by some investors to inform their investment and voting
decisions. Unfavorable ESG ratings and recent activism directed at shifting funding away from companies with energy-related assets could
lead to increased negative investor sentiment toward us and our industry and to the diversion of investment to other industries, which
could have a negative impact on our stock price and our access to and costs of capital. Also, institutional lenders may decide not to
provide funding for fossil fuel energy companies based on climate change related concerns, which could affect our access to capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Some
of our customers require bids for contracts in the form of long-term, fixed pricing contracts that require us to assume additional
risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing
and performance, and potential claims for liquidated damages.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some of our customers, primarily NOCs, require bids for contracts in the
form of long-term, fixed pricing contracts that require us to provide integrated project management services outside our normal discrete
businesses acting as project managers as well as service providers, and require us to assume additional risks associated with cost over-runs. In addition, NOCs often operate in countries
with unsettled political conditions, war, civil unrest, or other types of community issues that may also result in cost over-runs, delays,
and project losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Providing
services on an integrated basis or long-term may also require us to assume additional risks associated with operating cost inflation,
labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We might rely on
third-party subcontractors and equipment providers to assist our customers with the completion of these types of contracts. To the extent
that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms or on terms consistent
with the customer contract, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If
the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work,
we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be
required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project and
adversely affect our financial condition, results of operations, and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
failure to comply with complex U.S. and foreign laws and regulations could have a material adverse effect on our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to complex U.S. and foreign laws and regulations, such as the U.S. Foreign Corrupt Practices Act and various other anti-bribery
and anti-corruption laws. At this time, the U.K. Bribery Act has not been adopted to apply to British Virgin Islands companies, but does
apply to any employees of us or our Subsidiaries that are U.K. citizens or residents, including any British overseas territory citizens,
and any subsidiaries formed in the U.K. We or our employees may also be subject to trade controls (including export controls) and trade
sanctions laws and regulations that restrict the movement of certain goods and technologies to, and certain operations in, various countries
or with certain persons. Thus, our ability to transfer people and products among certain countries and engage in certain transactions
or activities will be subject to maintaining required licenses and complying with these laws and regulations. The internal controls,
policies and procedures, and employee training and compliance programs we have implemented to deter prohibited practices may not be effective
in preventing employees, contractors or agents from violating or circumventing such internal policies or violating applicable laws and
regulations. Any determination that we have violated or are responsible for violations of anti-bribery, trade control, trade sanctions
or anti-corruption laws could have a material adverse effect on our financial condition and may result in fines and penalties, administrative
remedies or restrictions on business conduct, and could have a material adverse effect on our reputation and our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
enforcement and accountability mechanisms have steadily changed the financial landscape for companies organized in the British Virgin
Islands. One major regulatory development came in 2014 following the enactment in the United States of the Foreign Account Tax Compliance
Act (&#8220;FATCA&#8221;) which was designed primarily to reduce tax evasion by U.S. persons using overseas accounts and financial services
entities or institutions. FATCA requires certain types of foreign entities to identify and report specific information to the United
States Internal Revenue Service (&#8220;IRS&#8221;) about U.S. taxpayers holding foreign accounts and financial assets. The reporting
obligations under FATCA were directly implemented into British Virgin Islands Law in 2014, in relation to BVI entities carrying on certain
activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Another
key regulatory change came following the British Virgin Islands&#8217; implementation of the &#8220;Common Reporting Standard&#8221;
(&#8220;CRS&#8221;) into its financial services legislation and oversight. CRS reporting in the British Virgin Islands commenced during
the second half of 2017. CRS obligations were specifically designed to fight against tax evasion, and, as with FATCA, the CRS system
requires certain types of financial services entities or institutions established in the CRS jurisdiction to report certain financial
account information to their national tax or other relevant authority, who then share that information automatically on an annual basis
with other CRS partner jurisdictions. We are not currently required to comply with either CRS or FATCA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
and U.S. persons working for us are subject to sanctions and export control regimes adopted by the United States and other jurisdictions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We and U.S. persons working for us are subject to laws, reporting requirements
and sanctions imposed by the United States or by other jurisdictions where we do business that may restrict or even prohibit us, U.S.
persons, or certain of our affiliates from doing business in certain countries, with designated companies including in the oil and natural
gas sector, or engaging in certain transactions or activities. Countries in the Middle East, Asia, and Africa are among the locations
in which the United States, the United Nations, the United Kingdom and the European Union have imposed economic sanctions that restrict
or impede contracting and other transactions involving identified sanctioned countries or parties. We cannot predict what sanctions might
be imposed in the future against any country in which we or our Subsidiaries might operate or might receive contracts for performing services.
In addition, the U.S. Commerce Department and State Department administer export controls that regulate the types of commodities and technologies
that can be sold or provided to certain countries or recipients if those items are subject to U.S. jurisdiction, and such controls are
modified from time to time. Trade restrictions, export controls and sanctions could adversely impact our potential income, or our ability
to pursue new undeveloped business objectives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United States government has implemented mechanisms to collect information on companies registered on a U.S. stock exchange related
to certain business activities that might be sanctionable under the various U.S. sanctions programs if the foreign companies or their
subsidiaries are U.S. companies. Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 requires an annual or quarterly
&#8220;219 Report&#8221; to be filed with the SEC by any company registered on a U.S. stock exchange, and requires the company to disclose,
as if the listed company were a U.S. entity, certain business activities relating to U.S. sanctions, which includes certain activities
involving the Iranian energy sector, even if the activity is not prohibited by U.S. sanctions for the foreign company. Such reporting
of any future activities that we or our Subsidiaries may engage in, could initiate an investigation by the U.S. government and require
us to engage counsel to monitor or respond to such investigations. A 219 Report is required for knowingly engaging in certain activities,
including activities that constitute an investment in the Iranian energy sector of $5 million each, or in the aggregate of over $20 million
in a 12-month period, among other types of transactions. A 219 Report is also required for knowingly engaging in any transaction with
certain individuals or entities identified in the U.S. Department of the Treasury&#8217;s Office of Foreign Assets Control&#8217;s (&#8220;OFAC&#8221;)
List of Specially Designated Nationals (&#8220;SDNs&#8221;) and Blocked Persons (&#8220;SDN List&#8221;), whether or not located in Iran,
depending on the reason such persons were designated as SDNs. The risk of an investigation or inadvertent action that relates to sanctioned
activity could increase costs and have an adverse impact on financial conditions and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations in the Middle East and other countries could require us to incur additional costs in order to comply with United States of
America (&#8220;U.S.&#8221;), United Kingdom (&#8220;UK&#8221;) and European Union (&#8220;EU&#8221;) sanctions-related regulations restricting
or prohibiting activities with certain individuals and entities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United States government, the UK government and the EU have established lists of corporations and people with which engaging in business
by a person subject to the jurisdiction of such government authority is prohibited without a license. The property and interests in property
of persons or entities identified on the SDN List, are blocked in the United States and when in the possession or control of U.S. persons.
U.S. persons are broadly prohibited from engaging in transactions of any nature with persons on the SDN List or with entities owned 50
percent or more by persons on the SDN List. OFAC may designate an individual or entity on the SDN List for a variety of reasons, depending
on the applicable sanctions program that serves as the authority for the designation. There is no advance notice or advance due process
for the listed person. If any person were to be added to the SDN List, no U.S. persons can be involved in contracting or providing services
to or with such listed person without a license. Disclosure in a 219 Report is also required for knowingly engaging in any transaction
or dealing with certain SDNs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similarly,
the UK Government publishes a UK Sanctions List, which provides details of those persons or entities designated under the UK Sanctions
and Anti-Money Laundering Act 2018, and the Office of Financial Sanctions Implementation (&#8220;OFSI&#8221;) also publishes a Consolidated
List of Financial Sanction Targets, which covers all financial sanction designations imposed by the UK. UK financial sanctions apply
to any individual or entity within the UK&#8217;s territory, or that carry out activities within the UK&#8217;s territory. UK nationals
and entities, including their overseas branches, must comply with UK sanctions regardless of where they are located or where their activities
take place. Financial sanction measures can include targeted asset freezes on individuals and entities, which may prohibit any persons
or companies from (i) dealing with funds or economic resources belonging to, or controlled by, a designated person, or (ii) making any
funds available, directly, indirectly or otherwise for the benefit of a designated person. Any suspected or actual breach must be reported
to the OFSI, and breach of any financial sanctions may result in significant fines (or carry a penal sentence for individuals).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EU
sanctions also target companies, groups, organizations, or individuals through similar measures including asset freezes or other economic
measures. The European Commission similarly maintains an EU-specific consolidated list of persons, groups and entities subject to EU
financial sanctions, with EU sanctions being binding on EU nationals or persons located in the EU or companies doing business in the
EU.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we cannot be assured that no individual or entity in the Middle East or elsewhere with which we or our Subsidiaries have done business
will not be identified on the SDN List or other relevant denied party lists in the future, we have confirmed that to the best of our
knowledge none of our key employees, key vendors, or any companies with which we are currently conducting business, nor or any of our
Subsidiaries, their key employees, key vendors, or any company with which they are currently conducting business are listed on the SDN
List or similar lists in the EU and UK. If any customer, employee or vendor were to be listed on the SDN List in the future (or similar
lists in the EU and UK), we will need to incur costs to seek legal advice to determine whether any further business could be conducted
with such person or whether all business relationships with such person must cease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to litigation risks that may not be covered by insurance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, we and our Subsidiaries may become the subject of various claims, lawsuits, and administrative proceedings
seeking damages or other remedies concerning our commercial operations, employees, and other matters. We maintain insurance to cover
certain potential losses and are subject to various self-insurance retentions and deductibles under our insurance policies. It is possible,
however, that a judgment could be rendered against us in cases in which we could be uninsured and beyond the amounts that we currently
have reserved or anticipate incurring for such matters. If we were made a party to lawsuits to which our Subsidiaries are currently a
party, we could be exposed to one or more judgments that are in excess of what our management may believe that it should pay and would
not likely be covered by insurance. In addition, insurance coverage is increasingly expensive, including with respect to directors&#8217;
and officers&#8217; liability insurance, or &#8220;D&amp;O insurance.&#8221; We may not be able to maintain D&amp;O insurance at a reasonable
cost or in an amount adequate to satisfy any liability that may arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to obtain or renew permits necessary for our operations, which could inhibit our ability to do business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to perform our operations, we are required to obtain and maintain a number of government permits, licenses and approvals with terms
and conditions containing a significant number of prescriptive limits and performance standards. While this is a common scenario for
foreign investors operating in the region, we must comply with relevant foreign ownership restrictions and/or applicable licenses, permits,
and approvals for the operation of foreign owned entities in the jurisdictions of the GCC. The GCC has made efforts to increase local
content and in country value requirements. All the permits, licenses, approval limits, and standards require a significant amount of
monitoring, record keeping, and reporting in order to demonstrate compliance with the underlying permit, license, approval limit or standard.
Noncompliance or incomplete documentation of our compliance status may result in the imposition of fines, penalties and injunctive relief.
A decision by a government agency to deny or delay the issuance of a new or existing material permit or other approval, or to revoke
or substantially modify an existing permit or other approval, could adversely affect our ability to initiate or continue operations at
the affected location or facility. Furthermore, such a decision could adversely affect our financial condition, results of operations,
and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
might require additional equity or debt financing to fund operations and/or future acquisitions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may need access to additional debt or equity capital to fund operations or to fund potential acquisitions. If additional capital is required,
we may not be able to obtain debt and/or equity financing on terms favorable to us, or at all. The failure to obtain additional funding
could result in a curtailment of our operations and future development, which in turn could adversely affect our business, results of
operations, and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assessment by our management of these risks is inexact and may not reveal or resolve all existing and potential risks. Realization of
any of these risks could adversely affect our financial condition, results of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Capital Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price of our ordinary shares and warrants may decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in the price of our ordinary shares and warrants could contribute to the loss of all or part of your investment. The trading price of
our ordinary shares and warrants could be volatile and subject to wide fluctuations in response to various factors, some of which are
beyond our control. Any of the factors listed below could have a material adverse effect on your investment and our ordinary shares and
warrants may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of our ordinary
shares and warrants may not recover and may experience a further decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors
affecting the trading price of our ordinary shares and warrants may include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations
    in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the market&#8217;s
    expectations about our operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">success of competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our operating results failing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating and stock price
    performance of other companies that investors deem comparable to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to market new
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in laws and regulations
    affecting our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencement of, or involvement
    in, litigation or regulatory inquiries involving us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in our capital
    structure, such as future issuances of securities or the incurrence of additional debt;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the volume of securities
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any major change in our
    board or management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the sale of a substantial
    amount of our ordinary shares and warrants by our directors, executive officers or significant stockholders or the perception that
    such sales could occur; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic and political
    conditions such as recession, world health events, changes in interest rates, fuel prices, international currency fluctuations, and
    acts of war or terrorism.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of the factors listed above are beyond our control. In addition, broad market and industry factors may materially harm the market price
of our ordinary shares and warrants irrespective of our operating performance. The stock market in general, including the OTC Markets,
has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the
particular companies affected. The trading prices and valuations of our ordinary shares and warrants, which currently trade on the OTC
Pink Market, may not be predictable. A loss of investor confidence in the market for retail stocks or the stocks of other companies
which investors perceive to be similar to us could depress the price of our securities regardless of our business, prospects, financial
conditions or results of operations. A decline in the market price of our ordinary shares and warrants also could adversely affect our
ability to issue additional securities and our ability to obtain additional financing in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they
change their recommendations regarding our securities adversely, the price and trading volume of our ordinary shares and warrants could
decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our ordinary shares and warrants relies in part on the research and reports that industry or financial analysts publish
about us or our business. We do not control these analysts. Furthermore, if one or more of the analysts who do cover us downgrade or
provide negative outlook on our stock or our industry, or the stock of any of our competitors, or publish inaccurate or unfavorable research
about our business, the price of our ordinary shares and warrants could decline. If one or more of these analysts cease coverage of our
business or fail to publish reports on us regularly, we could lose visibility in the market, which in turn could cause our stock price
or trading volume to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a holding company. Our sole material asset is our equity interest in our Subsidiaries and we are accordingly dependent upon distributions
from them to cover our corporate and other overhead expenses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company and have no material assets other than our equity interest in our Subsidiaries. We have no independent means of
generating revenue. To the extent the Subsidiaries have available cash, we intend to cause them to make non-pro rata payments to us to
reimburse us for our corporate and other overhead expenses. To the extent that we need funds and the Subsidiaries are restricted from
making such distributions or payments under applicable law or regulation or under the terms of any financing arrangements due to restrictive
covenants or otherwise, or are otherwise unable to provide such funds, our liquidity and financial condition could be materially adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
sales of our ordinary shares could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible
securities may dilute your ownership in us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may sell additional securities in subsequent public or private offerings. On December 31, 2023, 94,996,397 ordinary shares were outstanding
and 35,540,380 Public Warrants were outstanding. Our outstanding ordinary shares do not include ordinary shares issuable upon
exercise of the Public Warrants, which may be resold in the public market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Downward
pressure on the market price of our ordinary shares that likely will result from sales of our ordinary shares issued in connection with
the exercise of the warrants could encourage short sales of our ordinary shares by market participants. Generally, short selling means
selling a security, contract or commodity not owned by the seller. The seller is committed to eventually purchase the financial instrument
previously sold. Short sales are used to capitalize on an expected decline in the security&#8217;s price. Such sales of ordinary shares
could have a tendency to depress the price of the stock, which could increase the potential for short sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict the size of future issuances of our ordinary shares or the effect, if any, that future issuances and sales of shares of
our ordinary shares will have on the market price of our ordinary shares. Sales of substantial amounts of our ordinary shares (including
shares issued in connection with an acquisition), or the perception that such sales could occur, may adversely affect prevailing market
prices of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we currently have no plans to pay cash dividends on our ordinary shares, you may not receive any return on investment unless you sell
your ordinary shares for a price greater than that what you paid for it.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently do not expect to pay any cash dividends on our ordinary shares. Any future determination to pay cash dividends or other distributions
on our ordinary shares will be at the discretion of the Board of Directors and will be dependent on our earnings, financial
condition, operation results, capital requirements, and contractual, regulatory and other restrictions, including restrictions contained
in the agreements governing any existing and future outstanding indebtedness we or our Subsidiaries may incur, on the payment of dividends
by us or by our Subsidiaries to us, and other factors that our Board of Directors deems relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, you may not receive any return on an investment in our ordinary shares unless you sell the ordinary shares for a price greater
than that what you paid for it.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no guarantee that the Public Warrants will be in the money, and they may expire worthless.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exercise price for our warrants is $5.75 per one-half of an ordinary
share. Warrants must be exercised for whole ordinary shares. The Public Warrants were initially set to expire on June 6, 2023 (five years
after the completion of the NPS/GES Business Combination) but were subsequently extended to June 6, 2025, by vote of the Company&#8217;s
Board of Directors during 2022. The warrants are not &#8220;in the money&#8221; as of December 31, 2023, and there is a risk that they
may expire worthless. Furthermore, as long as our ordinary shares are not traded on a national securities exchange, or there is no currently
effective registration statement covering the ordinary shares underlying the warrants, the ability of warrant holders to exercise and/or
sell ordinary shares received upon exercise is limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may redeem Public Warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making
their warrants worthless.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have the ability to redeem the remaining Public Warrants prior to their expiration at a price of $0.01 per warrant, provided that
(i) the last reported sale price of our ordinary shares equals or exceeds $21.00 per share for any 20 trading days within the 30 trading-day
period ending on the third business day before we send the notice of such redemption and (ii) on the date we give notice of redemption
and during the entire period thereafter until the time the warrants are redeemed, there is an effective registration statement under
the Securities Act covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating
to them is available unless warrants are exercised on a cashless basis. Redemption of the outstanding Public Warrants could force
holders of Public Warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to exercise their warrants
    and pay the exercise price therefor at a time when it may be disadvantageous for them to do so;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to sell their warrants
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to accept the nominal redemption
    price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market value
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Risks Associated with Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity
risks and threats could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely heavily on information systems to conduct our business. There can be no assurance that the systems we have designed to prevent or
limit the effects of cyber incidents or attacks will be sufficient to prevent or detect such incidents or attacks, or to avoid a material
impact on our systems when such incidents or attacks do occur. If our systems for protecting against cybersecurity risks are circumvented
or breached, this could result in the loss of our intellectual property or other proprietary information, including customer data, and
disruption of our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
cyber incident or attack could result in the disclosure of confidential or proprietary customer information, employee information,
theft or loss of intellectual property, damage to our reputation with our customers and the market, failure to meet customer
requirements or customer dissatisfaction, theft or exposure to litigation and enforcement actions including under data privacy laws
and regulations, damage to equipment (which could cause environmental or safety issues) and other financial costs and losses. In
addition, as cybersecurity threats continue to evolve, we may be required to devote additional resources to continue to enhance our
protective measures or to investigate or remediate any cybersecurity vulnerabilities. We do not presently maintain insurance
coverage to protect against cybersecurity risks and such insurance may not be available to us in the future on acceptable terms and with the desired coverage limits
if we seek to acquire it. If we procure such coverage in the future, we cannot ensure that it will be
sufficient to cover any particular losses we may experience as a result of such cyberattacks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on our suppliers to provide services and equipment in a timely manner and any delays, interruptions or failures by suppliers could
expose us to increased costs or inability to meet contractual obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on suppliers of equipment and spare parts as well as suppliers of technical labor to perform certain contractual obligations with
our customers. Failure by suppliers to provide goods and services in a timely manner could lead to delays by us in fulfilling contractual
obligations, the inability to fulfill such obligations, or additional costs in seeking replacement suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have engaged in a party transactions, the termination of which may inhibit business, and such transactions present
possible conflicts of interest that could have an adverse effect on us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely at times upon services and products supplied by related parties if no other suitable alternatives are available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, these related party transactions create the possibility of conflicts of interest. Such a conflict could cause such persons to seek to advance their economic interests above ours. Further, the appearance of conflicts
of interest created by related party transactions could impair the confidence of our investors. While our Board of Directors
regularly reviews these transactions, related party transactions presenting a conflict of interest could have a material adverse
effect on our liquidity, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
loss or unavailability of any of our executive officers or other key employees could have a material adverse effect on our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depend on the efforts of our executive officers and other key employees to manage our operations. The loss or unavailability of any of
our executive officers or other key employees could have a material adverse effect on our business. Although we expect all of our key
personnel to remain with us, it is possible that we will lose some key personnel, the loss of which could negatively impact our business
operations and profitability. In addition, the delivery of our services and products requires personnel with specialized skills and experience.
Our ability to be productive and profitable will depend upon our ability to employ and retain such skilled workers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
growth potential and ability to operate could be materially and adversely affected if we cannot employ and retain technical personnel
at a competitive cost.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of the products and services we provide and sell are complex and highly engineered and often must perform in harsh conditions. Our success
depends upon our ability to employ and retain technical personnel with the ability to design, utilize, and enhance these services and
products. A significant increase in the wages paid by competing employers could result in increased competition for the skilled labor
force we require, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structures
could increase, our margins could decrease, and our growth potential, if any, could be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are not subject to the supervision of the Financial Services Commission of the British Virgin Islands and so our shareholders are not
protected by any regulatory inspections in the British Virgin Islands.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not an entity subject to any regulatory supervision in the British Virgin Islands by the Financial Services Commission. As a result,
shareholders are not protected by any regulatory supervision or inspections by any regulatory agency in the British Virgin Islands and
we are not required to observe any restrictions in respect of our conduct save as disclosed in this Annual Report or our amended and
restated memorandum and articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
investment in our securities may result in uncertain U.S. federal income tax consequences.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our securities may result in uncertain U.S. federal income tax consequences. For example, the U.S. federal income tax consequences
of a cashless exercise of warrants included in the units sold in our initial public offering is unclear under current U.S. law. Prospective
investors are urged to consult their tax advisers with respect to these and other tax consequences when purchasing, holding or disposing
of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Substantially
all of our assets are located outside the United States; therefore, investors may not be able to enforce U.S. federal securities laws
or their other legal rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of our assets are located outside of the United States. Thus, it may be difficult, or in some cases not possible, for investors in
the United States to enforce their legal rights or to enforce judgments of United States courts predicated upon civil liabilities and
criminal penalties under United States laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a foreign private issuer under the Exchange Act and, as a result, are exempt from certain rules under the Exchange Act. Under the
Exchange Act we are subject to reporting obligations that, in certain respects, permit less detailed and/or less frequent disclosures
than those of U.S. domestic reporting companies, which may limit the information publicly available to our shareholders. The rules we
are exempt from include the proxy rules that impose certain disclosure and procedural requirements for proxy solicitations. In addition,
we are not required to file periodic reports and financial statements with the SEC as frequently, promptly or in as much detail as U.S.
companies with securities registered under the Exchange Act. We are not required to comply with Regulation FD, which imposes certain
restrictions on the selective disclosure of material information. Moreover, our officers, directors and principal shareholders are exempt
from the reporting and short-swing profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act
with respect to their purchases and sales of our ordinary shares. Although the Company currently prepares its financial statements in
accordance with U.S. GAAP, it is not required to do so, or to reconcile to U.S. GAAP, if it instead elects to prepare its financial statements
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. As a result
of such varied reporting obligations, shareholders should not expect to receive the same information at the same time as information
provided by U.S. domestic companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 55.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business
day of an issuer&#8217;s most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 28, 2024. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting
securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we
fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer
status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are
more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy
requirements, and our officers, directors and 10% shareholders will become subject to the short-swing profit disclosure and recovery
provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance
requirements under the listing rules of the exchanges. As a U.S. listed public company that is not a foreign private issuer, we will
incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investors
may face difficulties in protecting their interests, and their ability to protect their rights through the U.S. federal courts may be
limited, because we are formed under British Virgin Islands law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company formed under the laws of the British Virgin Islands. As a result, it may be difficult for investors to enforce judgments
obtained in the United States courts against some of our directors or officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law
of the British Virgin Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and
the fiduciary responsibilities of our directors to us under British Virgin Islands law are governed by the Companies Act and the common
law of the British Virgin Islands. The common law of the British Virgin Islands is derived from English common law, and while the decisions
of the English courts are of persuasive authority, they are not binding on a court in the British Virgin Islands. The rights of our shareholders
and the fiduciary responsibilities of our directors under British Virgin Islands law may not be as clearly established as they would
be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the British Virgin Islands has a less
developed body of securities laws as compared to the United States, and some states, such as Delaware, have more fully developed and
judicially interpreted bodies of corporate law. In addition, while statutory provisions do exist in British Virgin Islands law for derivative
actions to be brought in certain circumstances, shareholders in British Virgin Islands companies may not have standing to initiate a
shareholder derivative action in a federal court of the United States. The circumstances in which any such action may be brought, and
the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a British
Virgin Islands company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders
may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
British Virgin Islands Courts are also unlikely:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to recognize or enforce
    against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws where that
    liability is in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to impose liabilities against
    us, in original actions brought in the British Virgin Islands, based on certain civil liability provisions of U.S. securities laws
    that are penal in nature.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British
Virgin Islands will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in itself which may
be sued upon as a debt at common law so that no retrial of the issues would be necessary provided that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the U.S. court issuing
    the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident or carrying on
    business within such jurisdiction and was duly served with process;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the judgment is final and
    for a liquidated sum;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the judgment given by the
    U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in obtaining judgment there
    was no fraud on the part of the person in whose favor judgment was given or on the part of the court;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognition or enforcement
    of the judgment would not be contrary to public policy in the British Virgin Islands; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the proceedings pursuant
    to which judgment was obtained were not contrary to natural justice.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
appropriate circumstances, a British Virgin Islands Court may give effect in the British Virgin Islands to other kinds of final foreign
judgments such as declaratory orders, orders for performance of contracts and injunctions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management or controlling shareholders than they would as public shareholders of a U.S. company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
amended and restated memorandum and articles of association permit the Board of Directors by resolution to create additional
classes of securities, including shares with rights, preferences, designations and limitations as they determine which may have an anti-takeover
effect.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated memorandum and articles of association permits the Board of Directors by resolution to amend the memorandum
and articles of association to designate rights, preferences, designations and limitations attaching to the preferred shares as they
determine in their discretion, without shareholder approval with respect to the terms or the issuance. If issued, the rights, preferences,
designations and limitations of the preferred shares would be set by the Board of Directors and could operate to the disadvantage
of the outstanding ordinary shares the holders of which would not have any pre-emption rights in respect of such an issue of preferred
shares. Such terms could include, among others, preferences as to dividends and distributions on liquidation, or could be used to prevent
possible corporate takeovers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_012"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_013"></span>A.
HISTORY AND DEVELOPMENT OF THE COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
Energy Services Reunited Corp. is a British Virgin Islands corporation headquartered in Houston, Texas. The Company, through its wholly-owned
subsidiaries, NPS and GES, is a regional provider of products and services to the oil and natural gas industry primarily in the MENA
region. Our principal executive offices are located at 777 Post Oak Blvd., Suite 730, Houston, Texas 77056 and our telephone number is
+1 (832) 925 3777. Our registered agent in the British Virgin Islands is Intertrust Corporate Services (BVI) Limited, which is located
at Luna Tower, Waterfront Drive, Road Town, Tortola, VG1110, British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
and Business Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formed
in January 2017, NESR started as a special purpose acquisition company (&#8220;SPAC&#8221;) designed to invest in the oilfield services
space globally. NESR filed a registration statement for its initial public offering in May 2017. In November 2017, NESR announced the
acquisition of two oilfield services companies in the MENA region: NPS and GES. The formation of NESR as an operating entity was completed
on June 7, 2018, after the transactions were approved by NESR shareholders. On June 1, 2020, NESR further expanded its footprint within
the MENA region when its NPS subsidiary acquired SAPESCO. On May 5, 2021, NESR again expanded its footprint within the MENA region when
its NPS subsidiary acquired specific oilfield service lines of Action. On July 1, 2022, NESR acquired a minority stake in WDVGE, a premier
Reservoir Characterization and G&amp;G laboratory and consulting business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR&#8217;s
revenues are primarily derived by providing production services (&#8220;Production Services&#8221;) such as hydraulic fracturing,
coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services,
production assurance, artificial lift services, completions and integrated production management. NESR also provides drilling and
evaluation services (&#8220;Drilling and Evaluation Services&#8221;) such as rigs and integrated services, fishing and downhole
tools, thru-tubing intervention, tubular running services, directional drilling, drilling fluids, pressure control, well testing
services, wireline logging services, and slickline services. NESR has significant operations throughout the MENA region including
Saudi Arabia, Oman, Kuwait, United Arab Emirates, Algeria, Egypt, Libya, Iraq and Qatar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
growth company </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company qualified as an &#8220;emerging growth company (&#8220;EGC&#8221;),&#8221; as defined in Section 2(a) of the U.S. Securities
Act of 1933 as amended (the &#8220;Securities Act&#8221;), as modified by the Jumpstart Our Business Startups Act of 2012, as amended
(the &#8220;JOBS Act&#8221;) until December 31, 2022, the last day of the fiscal year in which the fifth anniversary (May 17, 2022) of
our initial public offering occurred. As an EGC, we were able to take advantage of certain exemptions from various reporting requirements
that are applicable to public companies that are not emerging growth companies including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and not being required to comply with new or revised
financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared
effective or do not have a class of securities registered under the Securities Exchange Act of 1934) are required to comply with the
new or revised financial accounting standards. The Company had adopted all deferred accounting standards in its Annual Report on Form
20-F for the year ended December 31, 2022. We expect to incur significant expenses and devote substantial management effort toward ensuring compliance with
the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Expenditures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three most recent fiscal years, the Company&#8217;s capital expenditures were $297.7 million in the aggregate, comprising $68.2 million
during the year ended December 31, 2023, $122.4 million during the year ended December 31, 2022, and $107.1 million during the year ended
December 31, 2021. The primary geographies for the Company&#8217;s capital expenditures were Saudi Arabia, Oman, Kuwait, and United Arab
Emirates. The Company has utilized these capital expenditures to purchase equipment to support ongoing revenue growth. For more information
on our capital expenditures and requirements, see Item 5B, &#8220;<i>Liquidity and Capital Resources</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the Company&#8217;s Integrated Production Management (&#8220;IPM&#8221;) projects are focused on developing and managing production on
behalf of the Company&#8217;s customers under long-term agreements. The Company invests its own services and products, and in some cases
cash, into the field development activities and operations. Although in certain arrangements the Company is paid for a portion of the
services or products it provides, generally the Company is not paid at the time of providing its services or upon delivery of its products.
Instead, the Company is compensated based upon cash flow generated. The Company invested $16.0 million and $17.4 million in IPM
projects during the years ended December 31, 2023, and December 31, 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, as a result of the need for extraordinary cash flow management processes during a period when the Company had restricted access
to its full credit facilities, the Company&#8217;s CFO was given final responsibility for the Company&#8217;s capital expenditure process,
under the supervision of the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Electronic
Information about the Company</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC at <span style="text-decoration: underline">http://www.sec.gov</span>. Our Company website can be found at <span style="text-decoration: underline">http://www.nesr.com</span>. Information
on our website is not incorporated into this Annual Report or otherwise made part of this Annual Report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_014"></span>B.
BUSINESS OVERVIEW</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR is one of the largest oilfield services providers in the MENA region.
The Company&#8217;s business consists of primarily upstream and midstream oilfield services with oil and natural gas companies as customers.
The Company has organized its service lines into two reportable segments, Production Services and Drilling and Evaluation Services.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
Activities</b></span></p>

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Services</i>. Our Production Services segment includes the results of operations from services that are generally offered and performed
during the production stage of a well&#8217;s lifecycle. These services include, but are not limited to, the following:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydraulic Fracturing &#8211;
    Hydraulic fracturing services are performed to enhance production of oil and natural gas from formations with low permeability and
    restricted flow of hydrocarbons. The process of hydraulic fracturing involves pumping a highly viscous, pressurized fracturing fluid,
    typically a mixture of water, chemicals and proppant, into a well casing or tubing in order to fracture underground mineral formations.
    These fractures release trapped hydrocarbon particles and free a channel for the oil or natural gas to flow freely to the wellbore
    for collection. Fracturing fluid mixtures include proppant that becomes lodged in the cracks created by the hydraulic fracturing
    process, &#8220;propping&#8221; them open to facilitate the flow of hydrocarbons upward through the well.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coiled Tubing &#8211; We
    provide various coiled tubing services ranging from basic nitrogen lifting, fishing, milling, clean-out, scale removal and other
    complex well applications. We employ design software to predict the performance of coiled tubing string and fluid behavior. The work
    history and integrity of each coiled tubing work string is constantly monitored in real-time to allow our engineers to continually
    evaluate developments in coiled tubing applications. Our coiled tubing units are suitable for both onshore and offshore.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stimulation and Pumping
    &#8211; We employ stimulation and pumping services in our operations. We currently offer acidizing of wells, cleaning jobs, the release
    of stuck pipes during drilling, pressure testing wells and inhibition jobs on gas wells.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cementing &#8211; We have
    over 25 years of experience in primary and remedial cementing services across the MENA region. Our cementing solutions include cementing
    equipment with complete automated density control capabilities, large volume batch mixers allowing larger volume of slurries to be
    mixed and pumped at homogeneous density and customized cement systems for specific applications such as gas migration, ultra-light
    weight, flexible cement, HTHP (high-temperature/high-pressure) and self-healing cement. We also have an extensive database of knowledge
    and experience.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nitrogen Services &#8211;
    We offer a complete nitrogen service package through our nitrogen fleets. Our equipment incorporates a combination of low, intermediate,
    and high-rate units. Our operational capabilities range from stand-alone nitrogen services such as freeing stuck drill pipe and unloading
    or cleaning out wellbores, to supplying our coiled tubing, stimulation and cementing service with the essential gaseous components
    necessary for positive results in various applications.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filtration Services &#8211;
    We provide filtration services through our two-stage, skid mounted, easy to handle filtration vessels. The primary and secondary
    filtration stages are usually carried out together. We have filtered thousands of barrels on rig sites for reduced damage drilling
    as well as for UBD (Under Balanced Drilling) operations. We also provide frac tanks and pumping units as necessary.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pipelines and Industrial
    Services &#8211; We provide pipeline services to plants and refineries including water filling and hydro testing, nitrogen purging,
    de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems. Our equipment and resources
    include an existing fleet of nitrogen pump units, pig launchers and receivers, intelligent pigs, high rate pumping units at high
    and low pressure, and pipeline inspection services.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production Assurance &#8211;
    Our fleet of water well drilling rigs and portfolio of water treatment technologies (chemicals and filtration) allow us to serve
    the full water cycle. This includes the sourcing and treatment of water for oil and natural gas, municipal and industrial use and the disposal
    of water into selected aquifers. We also provide a portfolio of production assurance chemicals to assist hydrocarbon production from
    a specific reservoir in meeting the desired production target. This is achieved by collaborating with selected chemical companies
    and academic institutes and establishing an in-house technical team of engineers and laboratory capabilities.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Artificial Lift Services
    &#8211; We provide vertical, deviated and horizontal rod pumping systems, analysis and optimization recommendations for fluid level
    and dynamometer testing, artificial lift optimization and data interpretation, long term monitoring and optimization, and associated
    field services. We also provide gas lift systems and downhole monitoring systems. We maintain a downhole pump workshop that is equipped
    with up-to-date equipment and tools, including pump testers, barrel honing and API beam pump gauges.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completions &#8211; We
    provide surface and subsurface safety systems, high-pressure packer systems, flow controls, service tools, expandable liner technology,
    VIT (Vacuum Insulated Tubing) technology for steam applications, and engineering capabilities with manufacturing capacity and testing
    facilities. We focus on in-country value by taking a systems approach to well completions for maximum recovery in addition to intelligent
    completion architectures.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integrated
    Production Management &#8211; These projects are focused on developing and managing production on behalf of the
    Company&#8217;s customers under long-term agreements. The Company invests its own services and products, and in some cases cash,
    into the field development activities and operations. Although in certain arrangements the Company is paid for a portion of the
    services or products it provides, generally the Company is not be paid at the time of providing its services or upon delivery of its
    products. Instead, the Company is compensated based upon cash flow generated.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Drilling
and Evaluation Services.</i> Our Drilling and Evaluation Services segment includes the results of operations from services that are generally
offered and performed during pre-production stages of a well&#8217;s lifecycle and related mainly to the operation of oil rigs. These
services include, but are not limited to, the following:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rigs and Integrated Services
    &#8211; Our fleet of rigs range from 200 horsepower (HP) to 1,500 HP and offer drilling capabilities for all type of wells with depths
    up to 4,000 meters. Our fleet includes 750 HP truck-mounted, fast moving rigs, which are ideal for both light and heavy work over
    campaigns as both rigs are equipped with full edge mud systems that can handle normal drilling activities. In addition, we provide
    a &#8220;One Stop Solution&#8221; that includes delivering and managing the full spectrum of services involved in the upstream sector
    from the provision of the rig to completion and testing of the well.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fishing and Downhole &#8211; We provide highly innovative and reliable
drilling tools and machine shop services for conventional and unconventional drilling applications. Our manufacturing capabilities include
manufacturing flanges, subs, pup joints, pony drill collars and all types of cross overs. We also have the provision of threading and
repair services for the oil and natural gas industry including the re-cutting of tubing and casing, repair of drilling and production
tubulars and well heads.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    results though innovation and superior service quality, and our services include surface well testing onshore and offshore, flow
    back packages, sand management, burner boom stack for gas flaring, smokeless burner, multi-phase flow meters (MPFM), zero-flaring
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    &#8211; Our fleet of logging trucks, offshore units, logging tools and pressure control equipment provides a wide variety of cased-hole
    logging services to our clients, including production and injection performance evaluation, stimulation performance evaluation, water
    shutoff determination, tubing and multiple casing integrity, acoustic leak detection, perforation, pipe recovery, cased hole formation
    evaluation, and interval isolation and borehole seal.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio enhancement within the Drilling and Evaluation Services continues
to be a strategic focus for the Company. Since 2021, the Company has entered into several strategic Drilling and Evaluation Services&#8217;
partnerships with other service providers to bring enhanced technologies to its customers. Key partnerships within the Drilling and Evaluation
Services segment include PHX Energy Services Corp., to bring leading directional drilling capabilities from North America to the MENA
region; Beyond Energy Services &amp; Technology, to offer managed pressure drilling services; Ulterra Drilling Technologies, L.P. to deploy
polycrystalline diamond compact drill bits; and Kinetic Pressure Control, to develop and expand share of its unique Kinetic Blowout Stopper
(&#8220;KBOS&#8221;) technology in the MENA region, through which the first KBOS was recently deployed commercially.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, the Company achieved market penetration of its expanding Drilling and Evaluation Services portfolio and ramped activity in
several recently awarded Drilling and Evaluation Services contracts. Additionally, the Company, together with its technology
partner, made strides in strategic Drilling and Evaluation Services technology development initiatives. In Oman, NESR and its
technology partner completed several pivotal, successful field deployments of their under-development logging-while-drilling
(&#8220;LWD&#8221;) tool, which confirmed its technical ability to deploy formation evaluation services commercially. NESR and its
technology partner also tested its newly developed measurement-while-drilling (&#8220;MWD&#8221;) tool successfully in the U.S. and
is currently in the process of field testing the tool in various countries in the Middle East. Additionally, in the field
development of its rotary steerable (&#8220;RSS&#8221;) tool, NESR and its partner have achieved significant cumulative drilling
footage across multiple countries and drilling environments. NESR and its partner&#8217;s aim is to complete field testing in 2024
and be in a position to deploy more tools within the scope of recently awarded Drilling and Evaluation Services contracts in the
MENA region, where NESR will be the exclusive provider of these tools.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2024, following the opening of the International Petroleum Technology Conference (&#8220;IPTC&#8221;) in Saudi Arabia, NESR
launched its Roya&#8482; advanced drilling platform, signaling the commercialization of cutting-edge technologies and services that had been
in development for several years prior. The Roya&#8482; platform of advanced drilling technologies, comprised of a RSS RoyaSteer&#8482;,
MWD tool RoyaStream&#8482;, and LWD tool RoyaSeek&#8482;, paves the way for NESR to participate in all high-end drilling opportunities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ESG
IMPACT</i>. In 2021, NESR embarked upon a new Environmental, Social, and Corporate Governance
IMPACT (&#8220;ESG IMPACT&#8221;) initiative to introduce innovative energy solutions and develop a portfolio of product lines and services
aimed to mitigate climate change, enhance water management and conservation, and minimize environmental waste in the industry. Since the
inauguration of ESG IMPACT, NESR has grown and cultivated strategic technology partnerships, invested in key research and development
projects, and executed field deployments of innovative solutions in four focus areas: Water Treatment and Mineral Recovery, Emissions
Detection and Control, Flare Mitigation and Carbon Capture, and Heat Capture and Geothermal.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, ESG IMPACT conducted a second successful pilot of its zero liquid discharge (&#8220;ZLD&#8221;) desalination solution in the region&#8217;s
largest unconventional gas field to qualify another upstream circular water application and unlock the opportunity for commercial deployment
of the technology. Additionally, NESR piloted its artificial intelligence-based, continuous emissions monitoring platform with a prominent,
multinational customer in Oman, representing the largest NESR pilot deployment to-date. In Carbon Capture, NESR executed the next phase
of its carbon dioxide (&#8220;CO2&#8221;) sequestration pilot expansion, with an expanded scope encompassing CO2 logistics, injection,
and subsurface monitoring. In Flare Mitigation, the Company mobilized equipment to North Africa to execute its first commercial-scale
gas capture project, and in conjunction with its Well Testing service, the Company rolled out key Zero Flare services to augment the
emissions profile of well evaluation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 56.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.75in"><i>NESR Environmental and
Decarbonization Applications</i>. In the first quarter of 2024, NESR announced the rebranding of ESG IMPACT
as NESR Environmental and Decarbonization Applications (&#8220;NEDA&#8221;) to signify the importance of industry action in decarbonizing
the footprint of energy production. The NEDA initiative encompasses the growing portfolio of solutions that were previously launched under
the ESG IMPACT initiative and that include a Carbon Light Brine Plant in North Rumaila, Iraq, providing for the utilization of brackish
groundwater proximal to the plant to directly generate high-specification brine from a previously unusable water source, and the aforementioned
ZLD pilot project in Saudi Arabia.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The results of NEDA or ESG IMPACT were not material to our Consolidated Statements of Operations for the years ended
December 31, 2023, December 31, 2022, or December 31, 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations and activities are located within certain geographies, primarily in the MENA region. The revenue earned by
geographic area, based on drilling location, was as follows for the periods presented (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">893,635</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">865,917</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,594</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,882</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,812</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,145,915</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">909,517</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">876,729</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonal
changes in weather and significant weather events affect the demand and price of oil and therefore the demand for our services. Furthermore,
customer spending patterns for oilfield services and products generally result in higher activity in the fourth quarter of each year
as clients seek to utilize their annual budgets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sources
and Availability of Raw Materials</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
purchase various component parts in connection with delivering our products and services. These materials are generally, but not always,
available from multiple sources and may be subject to price volatility. While we generally do not experience significant long-term shortages
of these materials, we have from time-to-time experienced temporary shortages of particular component parts. We are always seeking ways
to ensure the availability of resources, as well as manage costs of component parts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketing
Channels</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell to our customers through direct and indirect channels. Our primary sales channel is through our direct sales force, which has a
strong country focus with local teams close to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
own and control a variety of intellectual property, including but not limited to proprietary information and software tools and applications
that, in the aggregate, are material to our business. No individual instance of intellectual property is material to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from four customers individually accounted for 44%, 8%, 7% and 5% of the Company&#8217;s consolidated revenues in the year ended December
31, 2023, 40%, 9%, 7% and 7% of the Company&#8217;s consolidated revenues in the year ended December 31, 2022, and 51%, 10%, 7% and 4%of
the Company&#8217;s consolidated revenues in the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide products and services in the MENA region in highly competitive markets, with competitors comprised of both small and large companies.
Our revenues and earnings can be affected by several factors, including changes in competition, fluctuations in drilling and completion
activity, perceptions of future prices of oil and natural gas, government regulation, disruptions caused by weather and general economic conditions.
We believe that the principal competitive factors are price, performance, product and service quality, safety, response time and breadth
of products and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Effects of Governmental Regulations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is significantly affected by country, regional, local laws and other regulations. These laws and regulations relate to, among
other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">worker safety standards;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the storage, handling,
    transportation, use and disposal of hazardous materials; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the mobilization of our
    equipment to, and operations conducted at, our work sites.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerous
permits are required for the conduct of our business and operation of our various facilities and equipment. These permits can be revoked,
modified or renewed by issuing authorities based on factors both within and outside our control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict the level of enforcement of existing laws and regulations or how such laws and regulations may be interpreted by enforcement
agencies or court rulings in the future. We also cannot predict whether additional laws and regulations will be adopted, including changes
in regulatory oversight, increase of federal, state or local taxes, increase of inspection costs, or the effect such changes may have
on us, our businesses or our financial condition. However, failure to comply with laws, regulations, or permits may result in fines,
the imposition of remedial obligations, or other penalties that have a material impact on our operations, including (in some instances)
the revocation of necessary authorizations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental
Regulation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the countries where we operate, we are subject to environmental laws and regulations governing the discharge of materials into the environment
or otherwise relating to environmental protection and occupational health and safety, including regulations related to greenhouse gas
emissions and hydraulic fracturing. The trend in environmental regulation has been to place more restrictions and limitations on activities
that may adversely affect the environment, and thus any changes in environmental laws and regulations or re-interpretation of enforcement
policies that result in more stringent and costly regulatory requirements could have a material adverse effect on our business, liquidity
position, financial condition, results of operations and prospects. We may be unable to pass on such increased compliance costs to our
customers. Where applicable we have obtained and maintain licenses to operate through the local ministry of environment or similar governmental
authority. We have established and implemented an environmental health and safety management system based on ISO 14001 and OHSAS 18001.
In addition, we remain accountable to each customer or operator we service and ensure that compliance is maintained based on each customer&#8217;s
requirements. Although our operations are subject to a variety of regulations across multiple jurisdictions, a summary of the most pertinent
regulations affecting our operations is provided below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Air
and Climate</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our operations result in the emissions of regulated air pollutants, which may require permits in certain jurisdictions where we operate.
Many countries impose limitations on air emissions and require adherence to certain maintenance, work practice, reporting, recordkeeping,
and other requirements. Failure to obtain a permit or to comply with permit or other regulatory requirements could result in the imposition
of sanctions, including administrative, civil and criminal penalties. In addition, we or our customers could be required to shut down
or retrofit existing equipment, leading to additional capital or operating expenses and operational delays.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the threat of climate change continues to attract considerable attention in the United States and foreign countries. Numerous proposals
have been made and could continue to be made at multiple levels of government to monitor, limit and disclose existing emissions of greenhouse
gases as well as to restrict or eliminate such future emissions. As a result, our operations as well as the operations of our oil and
natural gas exploration and production customers are subject to a series of risks associated with the production and processing of fossil
fuels and emission of greenhouse gases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple
jurisdictions have adopted laws that require the monitoring, reporting, disclosure or reduction of emissions of certain greenhouse gases
from the oil and natural gas sector. Additionally, several jurisdictions have adopted policies to reduce the consumption of fossil fuels, which
may ultimately result in decreased demand for our services. Internationally, the United Nations-sponsored Paris Agreement requires member
states to submit non-binding, individually-determined reduction goals every five years after 2020. Most of the jurisdictions where we
operate have ratified the Paris Agreement and, as a result, developed emissions reduction goals, several of which focus on reducing the
emissions from the oil and natural gas sector or promoting the use of renewable energy or energy efficiency technologies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation
risks are also increasing, as various parties (including individuals, local governments, and environmental activists) have brought suit
in a number of jurisdictions. Although novel legal theories continue to be developed, many of these suits are brought on one of the following
themes: (1) governments have a duty to reduce greenhouse gas emissions within their jurisdiction; (2) oil and natural gas companies are
liable for various asserted damages associated with the production of fuels that contributed to climate change; or (3) oil and natural
gas companies have been aware of the adverse effects of climate change for some time but failed to adequately disclose those impacts
to investors or consumers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are also increasing financial risks for fossil fuel companies. Shareholders may elect in the future to shift some or all of their investments
into non-energy related sectors. Institutional lenders who provide financing to fossil fuel energy companies also have become more attentive
to sustainable lending practices and some of them may elect not to provide funding for fossil fuel energy companies. There is also a
risk that financial institutions will be required to adopt policies that have the effect of reducing the funding provided to the fossil
fuel sector. Multiple financial regulators have adopted, or are considering adopting, climate stress-testing or disclosure requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adoption and implementation of new or more stringent legislation, regulations or other regulatory initiatives that impose more stringent
standards for greenhouse gas emissions from the oil and natural gas sector or otherwise restrict the areas in which this sector may produce
oil and natural gas or generate greenhouse gas emissions could result in increased costs of compliance or costs of consuming, and thereby
reduce demand for, oil and natural gas, which could reduce demand for our services and products. Additionally, litigation and financial
risks may result in our oil and natural gas customers restricting or cancelling production activities, incurring liability for infrastructure
damages as a result of climatic changes, or impairing their ability to continue to operate in an economic manner, which also could reduce
demand for our services and products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Water</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
of the countries in which we operate have laws and regulations in place referencing water discharge particularly in the vicinity of inhabited
areas or regulated waterways. Multiple jurisdictions also regulate the disposal of produced water associated with the hydraulic fracturing
process. Restrictions and controls regarding the unauthorized discharge of pollutants, including produced waters and other oil and natural gas
wastes, into regulated waters are in place but not always subject to formal assessments by the regulators. We are working to ensure that
our facilities have adequate drainage, sumps, and appropriate sedimentation tanks where required, the integrity of primary and secondary
containment systems, and that spill prevention controls and countermeasures plans are in place to minimize the impact of potential releases
or spills.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Waste
and Hazardous Materials</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations use and generate hazardous substances and wastes. Accordingly, we could become subject to material liabilities relating to
the investigation and cleanup of potentially contaminated properties, and to claims alleging personal injury or property damage as the
result of exposures to, or releases of, hazardous substances or wastes. Applicable laws may provide for &#8220;strict liability&#8221;
for remediation costs, damages to natural resources or threats to public health and safety. Some environmental laws provide for joint
and several liability for remediation of spills and releases of hazardous substances and wastes. Joint and several liability can render
one party liable for all damages arising from a spill or release even if other parties also contributed to the spill or release.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Health
and Safety Regulation</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to certain requirements that regulate the protection of health and safety. We are committed to providing a safe workplace.
Our health and safety (HSE) standards are influenced by a combination of the U.S. Occupational Safety and Health Act and the International
Association of Oil and Gas Producers, a global forum whose members identify and share best practices to achieve improvements. Our HSE
policy objectives include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying risks to health
    and safety and implementing measures to control risk to an acceptable level;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">periodically setting and
    publishing specific health and safety targets in consultation with employees and monitoring progress towards achieving such targets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing appropriate financial
    and physical resources to implement our health and safety targets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognizing that management
    of health and safety is a prime responsibility of line management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">devoting sufficient resources
    to ensure environmentally friendly performance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">encouraging full commitment
    of employees, by involving and consulting them on HSE matters;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ensuring employees receive
    appropriate information and training;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">periodic reviewing and
    auditing our health and safety system to ensure its adequacy and effectiveness; and defining internal standards on HSE reporting,
    service quality reporting, injury and loss prevention, mechanical lifting, driving and journey management, hazard effects and management
    plan, environmental management, and audit and training.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
review and implement many practices to meet these objectives, but we cannot guarantee that we will implement every practice that we review
or that these practices will fully achieve our stated objectives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_015"></span>C.
ORGANIZATIONAL STRUCTURE</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a full listing of our significant subsidiaries as of December 31, 2023, see Exhibit 8.1 to this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_016"></span>D.
PROPERTY, PLANTS, AND EQUIPMENT</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Properties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have operations in 15 countries including Algeria, Bahrain, Chad, Egypt, India, Indonesia, Iraq, Kuwait, Libya, Malaysia, Oman,
Qatar, Saudi Arabia, and United Arab Emirates (&#8220;UAE&#8221;). In most countries, we have localized support bases that house equipment
and personnel that are used to deliver the services we provide. In early 2023, we opened the NESR Oilfield Research &amp; Innovation
(&#8220;NORI&#8221;) Center in Saudi Arabia&#8217;s Dharan Techno Valley (&#8220;DTV&#8221;). We expect that the NORI facility, located
in the heart of Saudi Arabia&#8217;s industrial research, technology, and academic hub, will enhance NESR&#8217;s ability to drive energy
sector research and innovation across the MENA region through activities such as providing advanced core analysis and reservoir studies
for our customers. Our principal executive offices are in Houston, Texas, U.S., with our regional headquarters in Dubai, UAE. No single
tangible fixed asset is individually material to our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_017"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_018"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion and analysis should be read in conjunction with Item 3A, &#8220;Selected Financial Data&#8221; and the accompanying
consolidated financial statements and related notes included in Item 18, &#8220;Financial Statements,&#8221; in this Annual Report.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_019"></span>A.
OPERATING RESULTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a provider of services to the oil and natural gas industry primarily in the MENA region. We currently operate in 15 countries,
with a strong presence in Saudi Arabia, Oman, Kuwait, United Arab Emirates, Algeria, Egypt, Libya, Iraq and Qatar. Our company was founded
with a vision of creating a regional provider for oilfield services that offers a full portfolio of solutions for our customers with
a strong focus on supporting the economies in which we operate. ESG considerations are central to our company, and we believe that employing
local staff and fully integrating with regional economies is a critical part of the social component of our ESG philosophy. In addition,
we have found that promoting high local content in our operations optimizes our cost structure, enhancing our ability to generate free
cash flow in various commodity price environments. With its vast reserves of oil and natural gas, the MENA region continues to dominate
in its role as a vital source of global energy supply and stability. Our services include a broad suite of offerings that are essential
in the drilling and completion of new oil and natural gas wells and in the remedial work on existing wells, both onshore and offshore,
including completion services and equipment and drilling and evaluation services and equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Factors
Affecting our Results of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Global
E&amp;P Trends</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide oilfield services to exploration and production companies with operations in the onshore and offshore oil and natural gas sectors in
the MENA region. Demand for our services is mainly driven by our customers&#8217; operations and is therefore linked to global commodity
prices and expectations about future prices, rig activity and other factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cyclical
Nature of Sector</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
oilfield services sector is a highly cyclical industry. As a result, our operating results can fluctuate from quarter to quarter and
period to period. However, due to the lower average cost <span style="background-color: white">of production </span> per barrel in
the Middle East and the need for infrastructure spending to sustain or increase current production levels of these oil rich
countries, we believe that we are less affected by oil price volatility as compared to oilfield services companies that operate in
other regions, as discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Drilling
Environments</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Based
on energy industry data, the bulk of oil production comes from onshore activity while offshore oil production currently provides an estimated
30% of all global oil supply. We provide services to exploration and production (&#8220;E&amp;P&#8221;) companies with both onshore and
offshore drilling operations. Offshore drilling generally provides higher margins to service providers due to greater complexity, logistical
challenges and the need for innovative solutions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic
Concentration; Middle Eastern Operations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, December 31, 2022, and December 31, 2021, 99%, 98%, and 98%, respectively, of our revenue came from
the MENA region, particularly the Middle East. The Middle East accounts for almost a third of global oil production, according to the
Energy Institute Statistical Review of World Energy 2023 (72<sup>nd </sup>edition). Given the low break-even price of production, it
is a key region for oilfield service companies. Most oil and natural gas fields in the Middle East are legacy fields on land or in shallow waters.
These fields are largely engaged in development drilling activity, driven by the need for redevelopment, enhanced oil recovery via stimulation
and the drilling of new production wells. Further, a number of gas fields scheduled to be developed in the near future will require oilfield
services. As a result, our capital expenditure and related financing needs may increase materially in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, regional drilling operations may be impacted by local political and economic trends. Due to the concentration of our operations
in the MENA region, and particularly the Middle East, our financial condition and results of operations may be impacted by geopolitical,
political or economic instability affecting the countries in which we operate, including reduced production and drilling activities,
extended periods of low oil prices and decreased oil demand, armed conflict, imposition of economic sanctions, changes in governments
and currency devaluations, among others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
MENA countries rely on the energy sector as the major source of national revenues. Even at lower oil and natural gas prices, such oil
and natural gas dependent economies have continued to maintain significant production and drilling activities. Further, given that Middle
East markets have among the lowest break-even prices of production, they can continue to produce profitably at significantly lower commodity
prices.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Components of Revenues and Expenses</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenues</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
earn revenue from our broad suite of oilfield services, including coiled tubing, hydraulic fracturing, cementing, stimulation and pumping,
well testing services, drilling services and rental, fishing and remediation, drilling and workover rigs, nitrogen services, wireline
logging services, turbines drilling, directional drilling, filtration services and slickline services, among others. Revenues are recognized
when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration the Company
expects to be entitled to in exchange for services rendered or rentals provided. A performance obligation arises under contracts with
customers to render services or provide rentals and is the unit of account under Accounting Standards Update (ASU) 2014-09, <i>Revenue
from Contracts with Customers</i>. The Company accounts for services rendered and rentals provided separately if they are distinct and
the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services
rendered or rentals provided on its own or with other resources that are readily available to the customer. A contract&#8217;s transaction
price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.
A contract&#8217;s standalone selling prices are determined based on the prices that the Company charges for its services rendered and
rentals provided. Most of the Company&#8217;s performance obligations are satisfied over time, which is generally represented by a period
of 30 days or less. The Company&#8217;s payment terms vary by the type of products or services offered. The term between invoicing and
when the payment is due is typically 30-60 days per contract.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of services</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cost
of services primarily includes staff costs for service personnel, purchase of non-capitalized material, equipment and supplies (such
as tools and rental equipment), depreciation relating to capital assets used in our operations, vehicle and equipment rental and maintenance
and repair.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Selling,
general and administrative (excluding Amortization) (&#8220;SG&amp;A&#8221;) expense</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">SG&amp;A
expense, excluding Amortization as it is presented separately, primarily includes salary and employee benefits for non-production personnel
(primarily management and administrative personnel), professional service fees, office facilities and equipment, office supplies and
non-capitalized office equipment and depreciation of office furniture and fixtures.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amortization</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Amortization
expense primarily includes amortization of intangible assets associated with acquired customer contracts, trademarks and tradenames.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
expense, net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense primarily consists of interest on outstanding debt, net of interest income.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
income / (expense), net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Other
income / (expense), net primarily consists bank charges and foreign exchange gains and losses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Performance Indicators</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Historically,
we have tracked two principal non-financial performance indicators that are important drivers of our results of operations: oil price
and rig count. Oil price is important because the level of spending by E&amp;P companies, our principal customers, is significantly influenced
by anticipated future prices of oil, which is typically indicative of expected supply and demand. Changes in E&amp;P spending, in turn,
typically result in an increased or decreased demand for our services. Rig count, particularly in the regions in which we operate, is
an indicator of the level of activity and spending by our E&amp;P customers and has historically been an important indicator of our financial
performance and activity levels. More recently, our customers in certain parts of the MENA region have increased their efforts to commercialize
natural gas, particularly from unconventional formations. Over time, we anticipate that the market for natural gas will also become a
key performance indicator for the Company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows rig count (Source: Baker Hughes Published Rig Count Data) and oil prices as of the dates indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of Presentation of Financial Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Segments</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate our business and report our results of operations through three operating and two reporting segments, Production Services
and Drilling and Evaluation Services, which aggregate services performed during distinct stages of a typical life cycle of an oil
well.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Production
Services</i>. Our Production Services segment includes the results of operations from services that are generally offered and performed
during the production stage of a well&#8217;s lifecycle. These services mainly include hydraulic fracturing, coiled tubing, stimulation
and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance, artificial lift
services, completions and integrated production management. Our Production Services accounted for 69%, 62%, and 63%, of our revenues
for the years ended December 31, 2023, 2022, and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Drilling
and Evaluation Services</i>. Our Drilling and Evaluation Services segment includes the results of operations from services that are generally
offered and performed during pre-production stages of a well&#8217;s lifecycle and related mainly to the operation of oil rigs. The services
mainly include rigs and integrated services, fishing and downhole tools, thru-tubing intervention, tubular running services, directional
drilling, drilling fluids, pressure control, well testing services, wireline logging services and slickline services. Our Drilling and
Evaluation Services accounted for accounted for 31%, 38%, and 37%, of our revenues for the years ended December 31, 2023, 2022, and 2021,
respectively. Please see Item 4B, &#8220;Business Overview&#8221; in this Annual Report for a description of our reportable segments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussions below relating to significant line items from our consolidated statements of operations are based on available information
and represent our analysis of significant changes or events that impact the fluctuations in or comparability of reported amounts. Where
appropriate, we have identified specific events and changes that affect comparability or trends. In addition, the discussions below for
revenues are on an aggregate basis for each fiscal period, as the business drivers for all services are similar. All amounts in tables
are in US$ thousands, except share data and per share amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2023
compared to 2022</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table presents our Consolidated Statements of Operations data for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b><i>.
</i>Revenue was $1,145.9 million for the year ended December 31, 2023, compared
to $909.5 million for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents our revenue by segment for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production Services revenue was $785.6 million for the year ended December
31, 2023, compared to $567.2 million for the year ended December 31, 2022. The change in revenue was primarily due to increased hydraulic
fracturing activity in Saudi Arabia,  and higher coiled tubing activity across most
of the Company&#8217;s operating locations. Additionally, activity was higher in Egypt due to production chemical sales, in Algeria on
cementing, and in Oman from IPM work.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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ended December 31, 2023, compared to $342.3 million for the year ended December 31, 2022. The change in revenue was primarily due to higher
activity in wireline logging in Saudi Arabia and Iraq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of services.</i></b> Cost of services was $997.3 million for the year ended December 31, 2023, compared to $844.0 million for the
year ended December 31, 2022. On a percentage basis, cost of services was 87.0% of revenue during the year ended December 31, 2023,
as compared to 92.8% of revenue for the year ended December 31, 2022, a 577-basis point reduction. The reduction in cost of services
(on a percentage basis) was primarily due to efficiencies in compensation, product costs, and base fixed operating costs brought
about by higher activity in Saudi Arabia, Abu Dhabi, Oman, Algeria, and Kuwait, combined with the impact on cost percentages of a
full year of unconventional hydraulic fracturing activity  in 2023 versus a partial year in
2022 on contract transition. Cost of services included depreciation expense of $109.7 million and $97.0 million for the year ended
December 31, 2023, and the year ended December 31, 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gross profit. </i></b>Gross profit as a percentage of total revenue was 13.0% and 7.2% for the year ended December 31, 2023,
and the year ended December 31, 2022, respectively. The reason for the change is described under &#8220;Revenue&#8221; and &#8220;Cost
of services.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SG&amp;A
expenses.</i></b> SG&amp;A expenses, which represent costs associated with managing and supporting our operations, were $49.2
million for the year ended December 31, 2023, compared to $47.5 million for the year ended December 31, 2022. SG&amp;A increased
year-over-year primarily due to an increase in professional fees associated with the preparation and audit of our Annual Report on
Form 20-F for the year ended December 31, 2022, which was filed with the U.S. SEC on December 29, 2023, and higher spend on
activities designed to facilitate remediation of the Company&#8217;s material weaknesses. SG&amp;A as a percentage of total revenue
was 4.3% and 5.2% for the year ended December 31, 2023, and the year ended December 31, 2022, respectively, as SG&amp;A expenses did not grow as quickly as total revenue during 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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expense.</i></b> Amortization expense was $18.8 million for the year ended December 31, 2023, compared to $18.9 million for the year
ended December 31, 2022. Amortization expense is driven mainly by acquired intangible assets resulting from the acquisitions of GES and
NPS in 2018, SAPESCO in 2020, and  Action  in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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expense, net.</i></b> Interest expense, net, was $45.8 million for the year ended December 31, 2023, compared to $34.1 million for the
year ended December 31, 2022. Interest expense, net, increased year-over-year due to higher interest rates across geographies as central
banks sought to reduce inflationary pressures through the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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(expense) / income, net.</i></b> Other (expense) / income, net, was ($5.0) million for the year ended December
31, 2023, compared to $5.2 million for the year ended December 31, 2022. The difference between periods is primarily due to the other-than-temporary
impairment recorded on the WDVGE investment during 2023 (see Note 9, <i>Goodwill, Intangible, and Other Assets</i>, to the consolidated
financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221; of this Annual Report for further discussion).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
tax expense. </i></b>Income tax expense was $17.3 million for the year ended December 31, 2023,
compared to $6.6 million for the year ended December 31, 2022. The change in the effective tax rate from 2022 to 2023 is primarily the
result of positive earnings in 2023, resulting in taxable income in multiple countries in addition to additional provisions for unrecognized
tax benefits. During 2022, income tax expense was largely driven by additional provisions for unrecognized tax benefits. See Note 13,
<i>Income Taxes</i>, to our consolidated financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221; of this
Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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(loss) / income.</i></b> As a result of the foregoing, net income was $12.6 million for the year ended December 31, 2023, compared to
a net loss of ($36.4) million for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Supplemental
Segment Operating Income Discussion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
Services segment operating income was $111.1 million for the year ended December 31, 2023, compared to $28.7 million for the year ended
December 31, 2022. The change in segment operating income was largely attributable to the revenue growth during 2023, coupled with efficiencies
in compensation, product costs, and base fixed operating costs.</span></p>

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and Evaluation segment operating income was $36.5 million for the year ended December 31, 2023, compared to $33.5 million for the year
ended December 31, 2022. Similar to Production Services, the change in segment operating income was largely attributable to the revenue
growth during 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2022
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b><i>.
</i>Revenue was $909.5 million for the year ended December 31, 2022, compared to $876.7 million for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents our revenue by segment for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Reportable Segment:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 60%; text-align: left">Production Services</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">554,097</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">342,268</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">909,517</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
Services revenue was $567.2 million for the year ended December 31, 2022, compared to $554.1 million for the year ended December 31,
2021. The change in revenue was primarily due to increased coiled tubing revenue across Oman, Algeria and United Arab Emirates where activity
levels from existing customers were up on the strength of higher average oil prices in 2022 coupled with fewer lingering impacts from
the COVID-19 pandemic and subsequent global economic recovery, partially offset by a reduction in hydraulic fracturing activity in Saudi
Arabia during a transitory period between hydraulic fracturing contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
and Evaluation Services revenue was $342.3 million for the year ended December 31, 2022, compared to $322.6 million for the year ended
December 31, 2021. The change in revenue was primarily due to higher activity in Algeria and Iraq on contract wins, higher activity volume
in Kuwait, which includes the impact of a full year of the Action Business Combination, partially offset by lower Well Testing activity
in Saudi Arabia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of services.</i></b> Cost of services was $844.0 million for the year ended December 31, 2022, compared to $873.9 million for the year
ended December 31, 2021. On a percentage basis, cost of services was 92.8% of revenue during the year ended December 31, 2022, as compared
to 99.7% of revenue for the year ended December 31, 2021, a 690-basis point reduction. The reduction in cost of services was primarily
due to (1) improved utilization on a more efficient operating cost structure, (2) fewer non-recurring costs year-over-year, (3) continued
abatement of COVID-19 pandemic consequences such as supply chain disruption and inflationary pressure, and (4) lower depreciation expense
because of a change in the ownership structure and thus depreciable life for a portion of the Company&#8217;s hydraulic fracturing fleet
beginning in the fourth quarter of 2021. These cost improvements were partially offset by a higher cost structure maintained to support
hydraulic fracturing during a transitory period between hydraulic fracturing contracts in Saudi Arabia and shortages in supply chain
commodities such as chemicals leading to increases in the cost base. Cost of services included depreciation expense of $97.0 million
and $104.1 million for the year ended December 31, 2022, and the year ended December 31, 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gross
profit. </i></b>Gross profit as a percentage of total revenue was 7.2% and 0.3% for the year ended December 31, 2022, and the year ended
December 31, 2021, respectively. The reason for the change is described under &#8220;Revenue&#8221; and &#8220;Cost of services.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SG&amp;A
expenses.</i></b> SG&amp;A expenses, which represent costs associated with managing and supporting our operations, were $47.5
million for the year ended December 31, 2022, compared to $28.1 million for the year ended December 31, 2021. SG&amp;A increased
year-over-year primarily due to professional fees incurred in relation to (1) the matters identified in our Annual Report on Form
20-F for the year ended December 31, 2022, relating to restatement of our previously issued audited financial statements as of and
for the year-ended December 31, 2020, (2) costs related to the preparation and audit of our Annual Report on Form 20-F for the year ended December 31, 2022, including multiple audit firms; (3) costs
associated with the third-party root cause analysis for the prior period errors; and (4) costs associated with the remediation
efforts to ensure that such errors will not occur again. SG&amp;A as a percentage of total revenue was 5.2% and 3.2% for the year
ended December 31, 2022, and the year ended December 31, 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amortization
expense.</i></b> Amortization expense was $18.9 million for the year ended December 31, 2022, compared to $18.0 million for the year
ended December 31, 2021. Amortization expense is driven mainly by acquired intangible assets resulting from the acquisitions of GES and
NPS in 2018, SAPESCO in 2020, and the Action Business Combination in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
expense, net.</i></b> Interest expense, net, was $34.1 million for the year ended December 31, 2022, compared to $15.2 million for the
year ended December 31, 2021. Interest expense, net, increased year-over-year due to higher interest rates across geographies as central
banks sought to reduce inflationary pressures through the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
(expense) income, net.</i></b> Other (expense) income, net, was $5.2 million for the year ended December 31, 2022, compared to ($2.1)
million for the year ended December 31, 2021. The difference between periods is primarily due to a nonrecurring $4.2 million mark-to-market
gain recognized at year-end 2022 in connection with on a derivative liability initially recognized at the time of the Company&#8217;s
investment in WDVGE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
tax (expense) / benefit. </i></b>Income tax (expense) / benefit was ($6.6) million for the year ended December 31, 2022, compared
to ($4.0) million for the year ended December 31, 2021. The change in the effective tax rate from 2021 to 2022 is primarily the result
of country mix. See Note 13, <i>Income Taxes</i>, to our consolidated financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221;
of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
loss.</i></b> As a result of the foregoing, net loss was ($36.4) million for the year ended December 31, 2022, compared to ($64.6) million
for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Supplemental
Segment Operating Income / (Loss) Discussion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reportable Segment<sup>(1)</sup>:</b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 60%; text-align: left">Production Services</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">28,717</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(1,858</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Drilling and Evaluation Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,473</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,238</td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 20, <i>Reportable
    Segments</i>, to our consolidated financial statements included in Item 18, &#8220;Financial Statements,&#8221; of this Annual Report.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
Services segment operating income / (loss) was $28.7 million for the year ended December 31, 2022, compared to ($1.9) million for the
year ended December 31, 2021. The change in segment operating income / (loss) was largely attributable to incremental revenue growth
in 2022 coupled with an easing of the labor and supply chain cost pressures that existed during 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
and Evaluation segment operating income / (loss) was $33.5 million for the year ended December 31, 2022, compared to ($1.2) million for
the year ended December 31, 2021. Similar to Production Services, the change in segment operating income / (loss) was largely attributable
to incremental revenue growth in 2022 coupled with an easing of the labor and supply chain cost pressures that existed during 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_020"></span>B.
LIQUIDITY AND CAPITAL RESOURCES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
objective is to maintain sufficient liquidity, adequate financial resources and financial flexibility to fund our operations. We had
cash and cash equivalents of $67.8 million as of December 31, 2023, and $78.9 million as of December 31, 2022. Our outstanding borrowings
were $452.2 million as of December 31, 2023, and $535.1 million as of December 31, 2022. Current available borrowing capacity totaled
$153.1 million as of December 31, 2023. We believe that our cash on hand, cash flows generated from operations, and liquidity available
through our credit facilities, including recently drawn facilities, will provide sufficient liquidity to manage our cash needs.
See &#8220;Capital Resources&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash provided by (used in):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 2%; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Investing Activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(83,463</td><td style="text-align: left">)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(146,708</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(164,536</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left; padding-left: 10pt">Financing Activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(104,528</td><td style="text-align: left">)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(72,795</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">167,544</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">9</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt; text-align: left"><b>&#160;</b></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows provided by operating activities were $177.0 million for the year ended December 31, 2023, compared to cash flows provided by operating
activities of $92.6 million for the year ended December 31, 2022. Cash flows from operating activities fluctuated by $84.4 million in
the year ended December 31, 2023, compared to year ended December 31, 2022, primarily due to significantly improved operating results
coupled with a reduction in inventory balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
flows used in investing activities were $83.5 million for the year ended December 31, 2023, compared to cash flows used in investing
activities of $146.7 million for the year ended December 31, 2022. The difference between periods was primarily due to reduced capital
expenditures during 2023. Our principal recurring
investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment
in place to generate revenue from operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flows used in financing activities were $104.5 million for the year
ended December 31, 2023, compared to cash flows used in financing activities of $72.8 million for the year ended December 31, 2022.
The increase between 2022 and 2023 is primarily attributable to an increase in repayment of long term and short-term borrowings during
2023 as compared to 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Cash Requirements from Contractual Obligations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below summarizes the payments due by fiscal year for our material cash requirements from contractual obligations as of December
31, 2023. Certain amounts included in this table are based on our estimates and assumptions about these obligations, including their
duration, anticipated actions by third parties and other factors. The contractual cash obligations we will actually pay in future periods
may vary from those reflected in the table below because the estimates and assumptions are subjective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="21" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payments Due by Period</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less than</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 &#8211;
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,722</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,722</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><p style="margin: 0">-</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated interest payments for long-term debt <sup>(3)
    </sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85,617</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,093</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,496</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,028</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases <sup>(4)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57,366</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,306</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,241</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,149</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,670</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases <sup>(5)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,153</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,833</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,320</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller-provided installment financing for capital expenditures
    <sup>(6)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,459</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,459</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual commitments for capital expenditures <sup>(7)
    </sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,400</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,400</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,056</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,538</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,037</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,851</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,630</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">680,252</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190,095</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211,329</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0">221,528</p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0">57,300</p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1)
</b>Amounts represent the cash payments for the principal amounts related to our long-term debt at December 31, 2023. Amounts for debt
do not include any unamortized discounts or deferred issuance costs. Cash payments for interest are excluded from these amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2)
</b>Amounts represent the cash payments for the principal amounts and interest related to our short-term debt at December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(3)
</b>Amounts represent the cash payments for interest on our long-term debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(4)
</b>Amounts represent the future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or
more. We enter into operating leases, some of which include renewal options; however, we have excluded renewal options from the table
above unless it is anticipated that we will exercise such renewals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5)
</b>Represents gross future minimum payments under finance leases. We enter into finance leases for property, plant, and equipment when
the terms of these leases are advantageous to immediate purchase or where other unique business factors exist.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6)
</b>Represents future minimum under agreements to purchase capital assets using seller-provided installment financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(7)
</b>Contractual commitments for capital expenditures include agreements to purchase property, plant, and equipment that are enforceable
and legally binding and specify all significant terms. Our performance is secured by letters of credit, as described in Item 5A, &#8220;Off-
Balance Sheet Arrangements,&#8221; for $2.0 million of this balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(8)
</b>Amount represents the expected payments of employees&#8217; end of service benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
Facilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had the following principal credit facilities and instruments outstanding or available:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2021
Secured Facilities Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On November 4, 2021, the
Company entered into a $860 million Secured Facilities Agreement (the &#8220;2021 Secured Facilities Agreement&#8221;) with Arab Petroleum
Investments Corporation (&#8220;APICORP&#8221;), HSBC Bank Middle East Limited (&#8220;HSBC&#8221;), Mashreqbank PSC and Saudi British
Bank acting as initial mandated lead arrangers, HSBC acting as bookrunner and global agent, HSBC and Mashreqbank PSC acting as coordinator,
Saudi British Bank and Mashreqbank PSC acting as security agents, and NPS Bahrain for Oil &amp; Gas Wells Services WLL, Gulf Energy SAOC,
Energy Oilfield Supplies DMCC and National Petroleum Technology Company as borrowers. Effective September 2023, Sohar International Bank
(&#8216;Sohar&#8217;) acquired HSBC Oman, resulting in a transition of the lending facility from HSBC Oman to Sohar. Upon consummation
of this transaction, the Company settled its existing debt obligations under the 2019 Secured Facilities Agreement. The refinancing was
treated as a modification for accounting purposes with only third-party costs charged to the Consolidated Statements of Operations for
the year ended December 31, 2021. Deferred debt issuance costs totaling $5.3 million and $8.6 million as of December 31, 2023, and December
31, 2022, respectively, have been assigned ratably to the term, revolving and working capital facilities and will be amortized to interest
expense over periods of 6, 4, and 1 year(s), respectively. The amounts are shown as contra liabilities in the accompanying Consolidated
Balance Sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">At inception,
the $860 million Secured Facilities Agreement consisted of a $430 million term loan due by November 4, 2027 (the &#8220;Term Loan&#8221;
or &#8220;Secured Term Loan&#8221;), a $80.0 million revolving credit facility due by November 4, 2025 (&#8220;RCF&#8221; or &#8220;Secured
Revolving Credit Facility&#8221;), and a $350 million working capital facility that renews annually by mutual agreement of the Lenders
and the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Prior
to September 2023, borrowings under the Term Loan and RCF facilities incurred interest at the rate of three-month LIBOR for U.S.
dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings plus 2.6% to 3.0% per annum, varying based on the
Company&#8217;s Net Debt / EBITDA ratio as defined in the 2021 Secured Facilities Agreement. Effective September 2023, the Company
entered into an amendment to its Secured Facilities Agreement replacing LIBOR with the second overnight financing rate
(&#8220;SOFR&#8221;) as the interest rate benchmark for U.S. dollar denominated borrowings. As of December 31, 2023, and December 31, 2022, this
resulted in interest rates of 8.23% and 7.64%, respectively, for U.S. dollar denominated borrowings, and interest rates of 8.58% and
8.60%, respectively, for Saudi Arabian Riyal borrowings. No payments were due on the Term Loan until the first quarter of 2023 with
final settlement by November 4, 2027. The Term Loan permits prepayment but once repaid, amounts may not be redrawn. As of December
31, 2023, and December 31, 2022, the Company had drawn $387.0 million and $430.0 million, respectively, of the Term Loan, and $10.0
million and $10.0 million, respectively, of the RCF.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The RCF
was obtained for general corporate and working capital purposes including capital expenditure related requirements and acquisitions (including
transaction related expenses). The RCF requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate
of 25% of the margin on the facility lender&#8217;s available commitment for the relevant quarter. Under the terms of the RCF, the
final settlement is due by November 4, 2025. The Company is permitted to make any prepayment under this RCF in multiples of $5.0 million
during this 4-year period up to November 4, 2025. Any unutilized balances from the RCF can be drawn down again during the 4-year tenure
at the same terms. As of December 31, 2023, and December 31, 2022, the Company had $70.0 million and $70.0 million, respectively, available
to be drawn under the RCF.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
2021 Secured Facilities Agreement also includes a working capital facility of $325 million and $350 million as of December 31, 2023,
and December 31, 2022, respectively, for issuance of letters of guarantee, letters of credit and refinancing letters of credit into
debt over a period of no more than two years, which prior to September 2023 carried an interest rate equal to three-month LIBOR for
U.S. dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings, for the applicable interest period, plus a margin of
1.25% to 1.5% per annum. Effective September 2023, the Company entered into an amendment to its Secured Facilities Agreement
replacing LIBOR with the second overnight financing rate (&#8220;SOFR&#8221;) as the interest rate benchmark for U.S. dollar
denominated borrowings. As of December 31, 2023, and December 31, 2022, this resulted in interest rates of 8.23% and 7.64%,
respectively, for U.S. dollar denominated borrowings, and interest rates of 8.58% and 8.60%, respectively, for Saudi Arabian Riyal
borrowings. The working facility requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate
of 0.3125% (25% of the margin) on the facility lender&#8217;s available commitment for the relevant quarter. As of December 31,
2023, and December 31, 2022, the Company had utilized $178.6 million and $252.9 million, respectively, under this working capital
facility and the balance of $146.4 million and $97.1 million, respectively, was available to the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The Company has also retained
legacy bilateral working capital facilities from HSBC totaling $10.6 million and $10.6 million at December 31, 2023 and December 31, 2022,
respectively, in Qatar ($10.3 million at December 31, 2023, $10.3 million at December 31, 2022), in the UAE ($0.2 million at December
31, 2023, and $0.2 million at December 31, 2022) and in Kuwait ($0.1 million at December 31, 2023 and $0.1 million at December 31, 2022).
As of December 31, 2023, and December 31, 2022, the Company had utilized $3.9 million and $4.7 million, respectively, under this working
capital facility and the balance of $6.7 million and $5.9 million, respectively, was available to the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Utilization
of the working capital facilities under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement comprises letters of credit
issued to vendors, guarantees issued to customers, vendors, and others, and short-term borrowings used to settle letters of credit. Once
a letter of credit is presented for payment by the vendor, the Company at its election can settle the letter of credit from available
cash or leverage short-term borrowings available under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement that will
be repaid quarterly over a period of up to two years. Until a letter of credit is presented for payment by the vendor, it is disclosed
as an off-balance sheet obligation. For additional discussion of outstanding letters of credit and guarantees, see Note 14, <i>Commitments
and Contingencies</i>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>The
2021 Secured Facilities Agreement includes covenants that specify maximum leverage (Net Debt / EBITDA) up to 3.50, minimum debt service
coverage ratio (Cash Flow / Debt Service) of at least 1.25, and interest coverage (EBITDA / Interest) of at least 4.00. As of December
31, 2023, the Company was in compliance with all financial and nonfinancial covenants under the 2021 Secured Facilities Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>CIB
Short-Term Debt</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Commercial International Bank Short-Term Debt facilities (collectively, &#8220;CIB Short-Term Debt&#8221;) include $2.8 million and
$8.8 million in U.S. dollar letters of guarantee available at December 31, 2023, and December 31, 2022, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
of December 31, 2023, the Company had utilized $2.8 million in letters of guarantee with a balance of $0 (zero) million available to
the Company. As of December 31, 2022, the Company had utilized $4.4 million in letters of guarantee with a balance of $4.4
million available to the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Letters
of Credit</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had outstanding letters of credit amounting to $2.0 million and $26.4 million as of December 31, 2023 and December 31, 2022,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Guarantee
Agreements</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business with customers, vendors and others, the Company has entered into off-balance sheet arrangements, such as
surety bonds for performance, and other bank issued guarantees which totaled $122.8 million and $132.4 million as of December 31, 2023,
and December 31, 2022, respectively. The Company has also entered into cash margin guarantees totaling $3.6 million and $3.6 million
at December 31, 2023, and December 31, 2022, respectively. A liability is accrued when a loss is both probable and can be reasonably
estimated. None of the off-balance sheet arrangements either has, or is likely to have, a material effect on the Company&#8217;s consolidated
financial statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Resources</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the foreseeable future, we believe cash on hand, cash flows from operating activities and available credit facilities, including those
of our Subsidiaries, will provide us with sufficient capital resources and liquidity to manage our working capital needs, meet contractual
obligations, fund capital expenditures, and support the development of our short-term operating strategies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to pursue strategic acquisitions as an element of our business strategy. The timing, size or success of any acquisition and the
associated potential capital commitments are unpredictable and uncertain. We may seek to fund all or part of any such acquisition with
proceeds from debt or equity issuances, or may issue equity directly to the sellers in any such acquisition, or any combination thereof.
Our ability to obtain capital for strategic acquisitions will depend on our future operating performance, financial condition and, more
broadly, on the availability of equity and debt financing. Capital availability will be affected by prevailing conditions in our industry,
the global economy, the global financial markets and other factors, many of which are beyond our control. Any additional
debt service requirements we take on could be based on higher interest rates and shorter maturities and could impose a significant burden
on our results of operations and financial condition, and the issuance of additional equity securities could result in significant dilution
to our shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Factors Affecting Liquidity</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Customer
receivables</i></b>. In line with industry practice, we bill our customers for our services in arrears and are, therefore, subject to
our customers delaying or failing to pay our invoices. In weak economic environments, we may experience increased delays and failures
to pay our invoices due to, among other reasons, a reduction in our customers&#8217; cash flow from operations and their access to the
credit markets as well as unsettled political conditions. If our customers delay paying or fail to pay us a significant amount of our
outstanding receivables, it could have a material impact on our liquidity, results of operations and financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shelf
registration statement.</i></b> The Company does not have any effective shelf registration statements as of December 31, 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nasdaq
Delisting.</i></b> Effective April 28, 2023, Nasdaq delisted the Company&#8217;s ordinary shares and warrants. The delisting of the ordinary
shares and warrants has affected the liquidity of such securities and could inhibit or restrict our ability to raise additional financing,
among other things.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We plan to seek to relist our ordinary shares and warrants on Nasdaq as soon as practicable through the normal relisting
application process. However, we cannot assure you that we will list our securities successfully on Nasdaq or another national
securities exchange, or that once listed, our securities will remain listed thereon. An active trading market for the Company&#8217;s
securities may never develop or, if developed, it may not be sustained. You may be unable to sell your ordinary shares and/or warrants
unless an active market for such securities can be established and sustained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Expenditure Commitments</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was committed to incur capital expenditures of $15.4 million and $38.4 million at December 31, 2023 and 2022, respectively. Substantially
all of the commitments outstanding as of December 31, 2023, are expected to be settled during 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_021"></span>C.
RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
own and control a variety of intellectual property, including but not limited to proprietary information and software tools and applications
that, in the aggregate, are material to our business. No individual instance of intellectual property is material to the Company. To
date, the Company has not made significant expenditures on research and development activities aside from strategic investments and partnerships
with companies to expand the NEDA and Drilling and Evaluation Services portfolios. Additionally, in early 2023, the Company opened NORI
in Saudi Arabia&#8217;s DTV. We expect that the NORI facility, located in the heart of Saudi Arabia&#8217;s industrial research, technology
and academic hub, will enhance NESR&#8217;s ability to drive energy sector research and innovation across the MENA region.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_022"></span>D.
TREND INFORMATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Global
E&amp;P Trends and Oil Prices</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;&#8211; Global E&amp;P Trends and Oil Prices&#8221; included in Item 5A, &#8220;Operating Results&#8221;.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_023"></span>E.
CRITICAL ACCOUNTING ESTIMATES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have defined a critical accounting estimate as one that is both important to the portrayal of either our financial condition or results
of operations and requires us to make difficult, subjective or complex judgments or estimates about matters that are uncertain. We believe
that the following are the critical accounting estimates used in the preparation of our consolidated financial statements. There are
other items within our consolidated financial statements that require estimation and judgment, but they are not deemed critical as defined
above. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included
in this Annual Report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goodwill</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is the excess cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination.
Goodwill is evaluated for impairment on an annual basis as of October 1, or more frequently if circumstances indicate an impairment may
exist at the reporting unit level. When performing the annual impairment test we have the option of first performing a qualitative assessment
to determine the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair
value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative
impairment assessment of goodwill. A quantitative assessment for the determination of impairment is made by comparing the carrying amount
of each reporting unit with its fair value. Determining the fair value of a reporting unit is judgmental in nature and involves the use
of significant estimates and assumptions and typically requires analysis of discounted cash flows and other market information, such
as trading multiples, and comparable transactions. Cash flow analysis requires judgment regarding many factors, such as management&#8217;s
projections of future cash flows, weighted-average cost of capital, and long-term growth rates. Market information requires judgmental
selection of relevant market comparables. We assess the valuation methodology based upon the relevance and availability of the data at
the time the valuation is performed. Our estimates are based upon assumptions believed to be reasonable, but which are inherently uncertain,
and actual results may differ from those assumed in our analysis. The determination of whether goodwill is impaired involves a significant
level of judgment in these assumptions, and changes in our forecasts, business strategy, government regulations, or economic or market
conditions could significantly impact these judgments, potentially decreasing the fair value of one or more reporting units. Any resulting
impairment charges could have a material impact on our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimated that the aggregate fair value of its two reporting units as of October 1, 2023, its most recent annual goodwill impairment
test date, was $2.1 billion. The Company&#8217;s market capitalization as of October 1, 2023, was $533.6 million based on an October
1, 2023, share price of $5.74 and 94,996,397 common shares outstanding. It is the Company&#8217;s opinion that the share price was not
representative of the implied fair value as of October 1, 2023, due to control premium, the Company&#8217;s strong operational performance
in comparison to the prevailing trends in oil prices and the financial performance of industry peers, and non-public information of which
management is privy but is not reflected in the share price. In determining the control premium, management has considered current and
historical industry transactions prior to valuation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In further assessing the valuation
of the Company&#8217;s goodwill, management performs sensitivity analysis by reducing estimates of growth in the Company&#8217;s future
cash flows. For the October 1, 2023 test date, these reductions ranged from 1% to 3% for Production Services and 3% and 8% for Drilling
and Evaluation. The severity of the reductions is based on the management&#8217;s level of certainty and confidence in the estimates.
As of October 1, 2023, the Company&#8217;s sensitized models continued to show fair value in excess of the carrying amount of equity for
both reporting units.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible
assets</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
intangible assets with finite lives consist of customer contracts, trademarks and trade names primarily acquired in connection with the
Business Combinations. The cost of intangible assets with finite lives is amortized over the estimated period of economic benefit, ranging
from eight to ten years. Asset lives are adjusted whenever there is a change in the estimated period of economic benefit. No residual
value has been assigned to these intangible assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
These conditions may include a change in the extent or manner in which the asset is being used or a change in future operations. We assess
the recoverability of the carrying amount by preparing estimates of future revenue, margins, and cash flows. In reviewing for impairment,
the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and
their eventual disposition. If such cash flows are not sufficient to support the asset&#8217;s recorded value, an impairment charge is
recognized to reduce the carrying value of the asset to its estimated fair value. The determination of future cash flows as well as the
estimated fair value of assets involves significant estimates on the part of management. If there is a material change in economic conditions
or other circumstances influencing the estimate of future cash flows or fair value, we could be required to recognize impairment charges
in the future. Fair value of these assets may be determined by a variety of methodologies, including discounted cash flow models.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
taxes</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
tax (expense) / benefit represents the sum of current tax and deferred tax. Interest and penalties relating to income tax are also included
in the income tax (expense) / benefit. Income tax is recognized in the statements of operations, except to the extent that it relates
to items recognized in other comprehensive income or directly in equity, in which case the related tax is recognized in other comprehensive
income or directly in equity. Current tax is based on the taxable profit for the period. Taxable profit differs from net profit as reported
in the statements of operations because it is determined in accordance with the rules established by the applicable taxation authorities.
It therefore excludes items of income or expense that are taxable or deductible in other periods as well as items that are never taxable
or deductible. Our liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by
the balance sheet date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is provided, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences
except:</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">where the deferred tax
    liability arises on the initial recognition of goodwill;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">where the deferred tax
    liability arises on the initial recognition of an asset or liability in a transaction that is not a business combination and, at
    the time of the transaction, affects neither accounting profit nor taxable profit or loss; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In respect of taxable temporary
    differences associated with investments in subsidiaries and associates and interests in joint arrangements, where we are able to
    control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse
    in the foreseeable future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets are recognized for deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent
that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of
unused tax credits and unused tax losses can be utilized except where the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither accounting profit nor taxable profit or loss. In respect of deductible temporary differences associated
with investments in subsidiaries and associates and interests in joint arrangements, deferred tax assets are recognized only to the extent
that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
computation of our income tax (expense) / benefit and liability involves the interpretation of applicable tax laws and regulations in
many jurisdictions. The resolution of tax positions taken by us, through negotiations with relevant tax authorities
or through litigation, can take several years to complete and in some cases it is difficult to predict the ultimate outcome. Therefore,
judgment is required to determine provisions for income taxes. In addition, we have carry-forward tax losses and tax credits in certain
taxing jurisdictions that are available to offset against future taxable profit. However, deferred tax assets are recognized only to
the extent that it is probable that taxable profit will be available against which the unused tax losses or tax credits can be utilized.
Management judgment is exercised in assessing whether this is the case and estimates are required to be made of the amount of future
taxable profits that will be available.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently
Issued Accounting Pronouncements</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to Note 3 to our consolidated financial statements included in Item 18, &#8220;<i>Financial Statements,</i>&#8221; of this Annual
Report, for a discussion of recent accounting pronouncements and their anticipated impact.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_024"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_025"></span>A.
DIRECTORS AND SENIOR MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on the Senior Management of our principal operating subsidiaries to manage our business. Our Senior Management team is
responsible for the day-to-day management of our operations. Members of our senior management are appointed from time to time by
vote of the Board of Directors and hold office until a successor is elected and qualified. Our current Chief Executive Officer,
Chief Financial Officer and Chief Commercial Officer (collectively, our &#8220;Senior Management&#8221;) are:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age<sup>(1)</sup></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sherif Foda</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Chairman of the Board and Chief Executive
    Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stefan Angeli</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dhiraj Dudeja</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Commercial Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sherif
Foda</i></b> has served as the Chairman and Chief Executive Officer of NESR since inception. He started the Company in 2017 as a
SPAC to create the first and largest energy services company from the MENA region publicly listed on the Nasdaq Stock Market. He has
more than 25 years of professional experience in the energy industry working primarily in his earlier career for Schlumberger
Limited (NYSE: SLB) around the world, particularly in the Middle East, Europe and the US. He served as Senior Advisor to the
Chairman of SLB, an officer and President of the Production Group, the President of Europe and Africa, Vice President, and Managing
Director of the Arabian market, President of well intervention worldwide, Vice President of Europe, Caspian and Africa, and Managing
Director of Oman, among other roles. He started his career in 1993 with SLB, working on the offshore fields in the Red Sea, then
transferred to Germany and Europe before getting to multiple senior level positions. Prior to working in the oil and natural gas
industry, he worked in the information technology and computer industry for two years after graduating from Ain Shams University in
Cairo with double majors in Electronics Engineering and Automatic control. He attended various executive courses at HBS, Oxford and
IMD and is a usual speaker in multiple forums. Mr. Foda used to serve as a board member of Energy Recovery, Inc. (Nasdaq: ERII), a
technology company based in California and the Board of Trustees of Awty International School in Houston. He currently serves as the
Chairman of the board of directors of WDVG Engineering based in Houston, GLC energy company in London and is a member of the Oxford
Energy Policy Club in the UK. He is also a board member for Al Fanar Venture philanthropy in London.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Foda is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry,
including approximately 25 years with Schlumberger and his extensive oil field services industry experience throughout the MENA region
and globally as an executive and board member.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stefan
Angeli</i></b> has been the Chief Financial Officer of NESR since February 8, 2022. Previously, Mr. Angeli was CFO for Stratum Reservoir
&#8211; a private equity portfolio company involved in reservoir characterization, laboratory services and instrumentation for upstream,
downstream and the mining sector. Mr. Angeli spent the majority of his career (30 years) at Schlumberger in diverse roles with his last
5 assignments being Group Controller for Integrated Project Management, Controller for the Reservoir Production Group, Area Controller
for Latin America Oilfield Services, and Controller for Schlumberger Information Systems &amp; Well Completion and Productivity Business
Segments. During his career, Mr. Angeli has been based in Sydney, Singapore, Jakarta, Aberdeen, Luanda, London, Rio De Janeiro and Houston.
He earned a Bachelor of Economics degree majoring in Economics and Accounting from the University of Sydney and then qualified as a chartered
accountant. He has also attended advanced finance management courses at the International Institute for Management Development
(IMD) and the Wharton School of the University of Pennsylvania.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dhiraj
Dudeja </i></b>is the Chief Commercial Officer for NESR and leads the Merger and Acquisitions as well as Sales and Marketing
functions at NESR and has more than 25 years of professional experience in the oil and natural gas industry. In his career, Mr.
Dudeja has worked across a diverse group of roles and geographies with significant experience in executive management, operations,
sales and marketing, mergers and acquisitions, venture capital, capital markets, investor relations, technology development, and
personnel functions. His career has allowed him to work in various regions across the globe specifically South Asia, Southeast Asia,
Middle East and Europe, and now in the U.S. where he has been with NESR since its inception in this role. As the first employee of
NESR, Mr. Dudeja has been intimately involved with every aspect of the growth of the Company and in addition to his day-to-day role
is heavily focused on all the growth and strategic initiatives including any technology or business partnerships and investments.
Previously he also co-founded two startups in the education analytics field in India and the U.S., one of which he actively led from
2012 to 2014 as Chief Operating Officer. Mr. Dudeja also presently serves on the board of directors of ICE Thermal Harvesting, an
ESG focused geothermal energy company, Kinetic Upstream Technologies, an innovator developer of drilling automation systems and WDVG
Engineering, a premier petroleum engineering firm. Mr. Dudeja is also a founding supporter of The Nudge Institute, an action
institute that works with governments, markets, and civil society to build resilient livelihoods for all in India. Mr. Dudeja
graduated from the Indian Institute of Technology, Delhi (IIT-Delhi) and holds a Bachelor of Technology degree in Electrical
Engineering with a minor in Management Studies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Class I Directors were elected by the shareholders at the Company&#8217;s 2020 annual general meeting whereas Class II
directors were elected by the shareholders at the Company&#8217;s 2021 annual general meeting. The Company did not hold an annual general
meeting in 2022 or 2023 due to the ongoing activities associated with the matters identified in our Annual Report on Form 20-F for the
year ended December 31, 2022, relating to restatement of our previously issued audited financial statements as of and for the year-ended
December 31, 2020. Under the Company&#8217;s Memorandum and Articles of Association, directors elected to succeed those directors whose
terms expire shall be elected for a term of office to expire at the second annual general meeting following their election. The Company
expects that both Class I and Class II Director seats will next be up for election at the 2024 annual general meeting as over two years
have elapsed since the most recent annual general meeting. Search efforts are currently underway to add additional independent directors
to the Company&#8217;s Board including female and minority representation. Set forth below are the names, ages and positions of each
of the individuals who currently serve or served during 2023 as directors of NESR:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 57%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antonio J. Campo Mejia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead Independent Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yousef Al Nowais<sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">II</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Waite<sup>(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas D. Wood</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">II</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sherif Foda</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">II</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Chairman of the Board and Chief Executive
    Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Al Nowais Investments LLC (&#8220;ANI&#8221;) is entitled, pursuant to a Relationship Agreement dated June 6, 2018, to nominate
one director to the Board of Directors for so long as it or its affiliates hold at least 50% of the NESR ordinary shares acquired pursuant
to the NPS/GES Business Combination. Mr. Al Nowais represents ANI on the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2) </sup>SCF-VIII,
L.P. (&#8220;SCF-VIII&#8221;) is entitled, pursuant to a Voting Agreement dated June 6, 2018, to nominate one director to the Board
of Directors for so long as it or its affiliates hold at least 60% of the NESR ordinary shares acquired pursuant to the NPS/GES
Business Combination. Mr. Waite represents SCF-VIII on the Board. Prior to restructuring during 2020, these shares held by SCF-VIII
were held by SV3 Holdings, Pte Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)
</sup>Age as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding the business experience of each director is provided below. There are no family relationships among NESR&#8217;s executive
officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
I Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Antonio
J. Campo Mejia</i></b> has been an independent director of the Company since May 12, 2017, and is the Lead Director of the Board.
Mr. Campo Mejia has been a non-executive director of the Supervisory Board and member of the Compensation and Nomination committees
of Fugro N.V. (Euronext: FUR), a company providing geotechnical, survey, subsea and geosciences services since 2014 and
Vice-Chairman and member of the Audit Committee of Basin Holdings, a global holding company focused on providing products and
services to energy and industrial customers since 2012. From 2012 to 2013, Mr. Campo Mejia served as non-executive director at
Integra Group, an oilfield services company, mainly active in Russia and the Commonwealth of Independent States and served as its
Chief Executive Officer from 2009 to 2012. Mr. Campo Mejia also served as non-executive director at Basin Supply LP, Basin Tools LP
and Basin Energy Services LP from 2009 to 2014. Prior to that, Mr. Campo Mejia spent 28 years of his professional career at
Schlumberger, one of the world&#8217;s leading oilfield services companies, in a multitude of senior management positions in
different parts of the world. In his various roles with Schlumberger, Mr. Campo Mejia served as the President of Latin America for
Oilfield Services and President of Europe &amp; Africa and was the President of Schlumberger&#8217;s Integrated Project Management
business responsible for the worldwide operations in this service line. Prior to that, Mr. Campo Mejia served as Director of
Personnel for the Reservoir Management Group in Houston, Texas and Vice President of Oilfield Services Latin America South, managing
a full range of services in the region. In his career prior to 1997, Mr. Campo Mejia held a number of senior management and
technical positions in Schlumberger&#8217;s wireline business. Mr. Campo Mejia received his bachelor&#8217;s degree in Electronic
Engineering from Pontificia Universidad Javeriana in 1980.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Campo Mejia is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry
and his experience as an executive in oilfield services and board member of multinational companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Andrew
Waite </i></b>was elected to the Board as of June 6, 2018, and is an independent director. Mr. Waite is Managing Partner of SCF
Partners, Inc., the ultimate general partner of SCF-VIII, L.P., and has been an officer of that company since October 1995. He was
previously Vice President of Simmons &amp; Company International, where he served from August 1993 to September 1995. From 1984 to
1991, Mr. Waite held a number of engineering and project management positions with Royal Dutch / Shell Group, an integrated energy
company. Mr. Waite currently serves on the board of directors of Nine Energy Service, Inc. (NYSE: NINE), a position he has held
since February 2013. Mr. Waite previously served on the board of directors of Complete Production Services, Inc. (previously
NYSE:CPX), a provider of specialized oil and natural gas completion and production services, from 2007 to 2009, Hornbeck Offshore
Services, Inc. (previously NYSE:HOS), a provider of marine services to the energy sector and military customers, from 2000 to 2006,
Oil States International, Inc. (NYSE:OIS), a diversified oilfield services and equipment company, from August 1995 through April 2006,
Atlantic Navigation Holdings (Singapore) Limited (SGX: 5UL), a provider of marine logistic, ship repair, fabrication, and other
marine services, from January 2016 to December 2018 and Forum Energy Technologies, Inc. (NYSE: FET), a provider of value added
solutions and products to the energy industry, from 2010 to 2021. Mr. Waite received a Bachelor of Science degree in Civil
Engineering from Loughborough University, a Master of Science in Environmental Engineering Science from California Institute of
Technology, and an M.B.A., with high distinction, from Harvard Business School.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Waite is qualified to serve on our Board of Directors because of his extensive public company experience in the energy
sector, in particular in the oilfield services industry, and his experience in identifying strategic growth trends in the energy industry
and evaluating potential transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
II Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sherif
Foda</i></b>&#8217;s biographical information is set forth above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yousef
Al Nowais </i></b>was nominated by our Nominating and Governance Committee and Board of Directors on November 9, 2019, to serve as a
Class II Director. He serves as the Chairman and Managing Director of Arab Development (&#8220;ARDECO&#8221;), a company he founded
in his home city of Abu Dhabi, the United Arab Emirates. ARDECO is a large, diversified business and a leading player in the oil and
natural gas and petrochemical sectors as well as power generation and distribution and other engineering and infrastructure project
services. He served as the Co-Chairman of Al Nowais Investments LLC, a leading investment company based in Abu Dhabi with local and
international holdings in a broad range of strategic investments and actively managed subsidiaries. Prior to founding ARDECO, Mr. Al
Nowais joined Abu Dhabi National Oil Company (&#8220;ADNOC&#8221;) after graduating from the University of Arizona in 1979 and held
many senior positions in the ADNOC group, including Finance Director and Managing Director of ADNOC&#8217;s subsidiary FERTIL. From
2007 to 2013, Mr. Al Nowais served as Managing Director of Al Maabar International, a leading UAE organization investing
internationally in real estate projects in the MENA region, which was formed as a joint venture between Al Dar Properties, Mubadala,
Al Qudra Holdings, Reem Investment and Reem International.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Al Nowais is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Thomas
Wood</i></b> has served as a director since our inception and served as our Chief Financial Officer from inception until October
2017 and from November 29, 2017, until June 2018. He is an entrepreneur with over 35 years of experience in establishing and growing
public and private companies that provide or use oil and natural gas contract drilling services. During 2023, Mr. Wood joined Ecd
Automotive Design, co-founded XtremeX Mining Technology where he serves as Chairman, and founded Advanced Mining Drilling
Technology, a mining rig engineering and design corporation, where he serves as Executive Chairman. Since December 1990, he has
served as the Chief Executive Officer of Round Up Resource Service Inc., a private investment company. Mr. Wood founded Xtreme
Drilling Corp. (TSX:XDC), an onshore drilling and coiled tubing technology company, in May 2005 and served as its Executive Chairman
until May 2011 and its Chief Executive Officer and Director from May 2011 through August 2016. He is the founder of Savanna Energy
Services Corp. (TSE: SVY), a North American energy services provider, where he served as the Chairman from 2001 to March 2005. He
also served as Director at various companies engaged in the exploration and production of junior oil and natural gas, including
Wrangler West Energy Corp. from April 2001 to 2014; New Syrus Capital Corporation from 1998 to 2001 and Player Petroleum Corporation
from 1997 to 2001. In addition, Mr. Wood served as the President, Drilling and Wellbore Service, of Plains Energy Services Ltd. from
1997 to 2000 and Wrangler Pressure Control from 1998 to 2001. He served as the President of Round-Up Well Servicing Inc. from 1988
to 1997 and Vice President of Shelby Drilling from 1981 to 1987. Mr. Wood holds a Bachelor of Arts in Economics from the University
of Calgary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Mr. Wood is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry
and his experience as an entrepreneur and building public companies and high growth organizations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_026"></span>B.
COMPENSATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Senior
Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members of our Senior Management receive compensation for the services
they provide. Base compensation for each member of Senior Management has been comprised of cash salary and annual cash incentive bonus,
the latter of which is dependent upon the achievement of Company financial targets and personal objectives. Additionally, certain members
of our Senior Management have received compensation in the form of restricted stock units (&#8220;RSUs&#8221;), issued pursuant to our
2018 Long Term Incentive Plan (the &#8220;LTIP&#8221;), and retention arrangements. During the year ended December 31, 2023, the aggregate
cash salary and annual cash incentive bonus compensation paid to all current members of our Houston, Texas-based Senior Management as
a group was $1.8 million. The grant date fair value of LTIP grants to all current members of Senior Management totaled $0 (zero) million.
Sherif Foda in his capacity as Chief Executive Officer (&#8220;CEO&#8221;) waived receiving stock awards from 2018 to 2023 in order to increase the number of shares available
to grant to a broader pool of employees. Additionally, Mr. Foda waived his cash bonus for 2021 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">During 2023, in recognition of the extraordinary circumstances associated with the matters identified in our Annual
Report on Form 20-F for the year ended December 31, 2022, related to restatement of our previously issued audited financial statements
as of and for the year ended December 31, 2020, the Compensation Committee of the Board of Directors awarded key members of our Senior
Management, excluding the CEO, retention agreements that provide for cash payments and future equity grants in exchange for continued
service at the Company. The Company paid (in aggregate) cash retention totalling $0.4 million during 2023,
with $0.6 million payable as of December 31, 2023, and an amount not to exceed $1.5 million available to be earned prior to the expiration
of the retention provisions on January 15, 2025. In addition to cash payments, the retention agreements also provide for future equity
awards of no more than 380,000 shares (in aggregate) issuable when the Company&#8217;s LTIP has sufficient shares to satisfy these grants.
As of December 31, 2023, 59,999 of these shares were payable with the remainder to be earned ratably each March 15th until March 15,
2026. In the event the Company does not have sufficient shares available under the Company&#8217;s LTIP to satisfy these future equity
grants prior to June 15, 2025, the amounts due are required to be settled in cash.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation that we pay to our Senior Management is evaluated on an annual basis considering the following primary factors: position
scope and responsibilities, experience and individual performance, market data, financial targets, personal objectives, and execution
on longer-term financial and strategic goals that drive stockholder value creation and support the Company&#8217;s retention strategy.
In addition, members of our Senior Management are eligible to participate in welfare benefit programs made available to our workforce
generally, including medical, dental and vision benefits, medical and dependent care flexible spending accounts, short-term and long-term
disability insurance, and life insurance. We believe that the compensation awarded to our Senior Management is consistent with that of
our peers and similarly situated companies in the industry in which we operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Director compensation philosophy is to appropriately compensate our non-employee Directors for their services as a Director of a complex
multi-national company. The compensation structure should align the interests of Directors and shareholders. Directors who are also employees
of NESR do not receive compensation for serving on the Board. We believe that our Director fee structure is customary and reasonable
and consistent with that of our peers and similarly situated companies in the industry in which we operate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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non-employee Directors receive an annual retainer of $50,000, paid in quarterly installments, and pro-rated for any partial year of service.
In addition, the chairs of the Compensation and Nominating and Governance Committees receive an additional $15,000 annual retainer and
the chair of the Audit Committee receives an additional annual retainer of $20,000, paid in quarterly installments, and pro-rated for
any partial years of service. As of December 31, 2023, the Company has unpaid 2023 Director cash compensation of $200,000, respectively, which is expected to be settled in 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
all non-employee Directors are also to receive an annual equity award with a grant date fair value of approximately $100,000,
consisting of restricted shares that vest over one year. As the Company has substantially exhausted the 5,000,000 ordinary shares
reserved for issuance under the 2018 LTIP, the Board expects to issue 2023 stock awards once the Company&#8217;s shareholders
approve a new, long term incentive plan, and the shares therefrom are covered by an effective registration statement on file with
the SEC. The actual number of restricted shares to be issued will be calculated by dividing $100,000 by the closing price of our
common stock on the OTC Pink Market on the date of grant. Upon award, all shares will follow the terms and
conditions of the long term incentive plan in effect at the time of grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Directors are permitted to waive Director&#8217;s fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table provides information on the compensation earned, paid or awarded to our current Directors for the year ended December
31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
and Long-Term Incentive Compensation Plans</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 18, 2018, our shareholders approved the LTIP, effective upon the closing of the NPS/GES Business Combination. A total of 5,000,000
ordinary shares are reserved for issuance under the LTIP. The Board of Directors approved the LTIP on February 9, 2018, including the
performance criteria upon which performance goals may be based.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the LTIP is to enhance our ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to NESR by providing these individuals with equity ownership opportunities. The Company intends to use share-based awards to reward long-term
performance of employees. The Company believes that providing a meaningful portion of the total compensation package in the form of share-based
awards will align the incentives of its executive officers with the interests of its shareholders and serve to motivate and retain the
broader workforce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has established a strong culture of granting stock awards to all its top performers. The plan includes all employees at all
levels. The program is designed to award up to 200% of the annual salary as LTIP awards for achieving certain stretch goals and
incentivizes key employees to contribute and excel. The 200% annual salary cap is applicable to all employees equally and includes
the Chief Executive Officer, Chief Financial Officer and the senior executive officers of the Company. As mentioned earlier, the
Chief Executive Officer waived his LTIP compensation from 2018 to 2023 to increase the pool of awards to a wider range of
employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company awarded 5,000 RSUs under the LTIP at a value of $0.03 million. The RSUs were allocated
to the recipients at a weighted average grant date fair value of $5.04 per share and vest ratably on an annual
basis over a 3-year period (1/3 of the shares vest at the anniversary of the grant date). Expense related to share-based compensation of $6.7 million, $9.3 million, and $9.8 million was recorded in
the Consolidated Statements of Operations in the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and
2022, the Company had unrecognized compensation expense of $3.8 million and $12.4 million, respectively, related to unvested RSUs to
be recognized on a straight-line basis over a weighted average remaining period of 1.02 years and 1.72 years, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Benefit
Plans and Programs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides welfare and other benefit programs made, as consistent with local custom in each country in which it operates, generally
including medical, dental and vision benefits, medical and dependent care flexible spending accounts, short-term and long-term disability
insurance, and life insurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides a defined benefit plan of severance pay to eligible employees. Accruals for these end-of-service indemnities totaled
$33.7 million and $28.3 million as of December 31, 2023, and 2022, respectively. The severance pay plan provides for a lump sum payment
to employees on separation (retirement, resignation, death while in employment or on termination of employment) of an amount based upon
the employees last drawn salary and length of service, subject to the completion of minimum service period (1-2 years) and taking into
account the provisions of local applicable law or as per applicable employee contracts. The Company records annual amounts relating to
these long-term employee benefits based on calculations that incorporate various actuarial and other assumptions, including discount
rates, mortality, assumed rates of return, compensation increases and turnover rates. The Company reviews its assumptions on an annual
basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications
to those assumptions is recorded in the Consolidated Statements of Operations. The Company believes that the assumptions utilized in
recording its obligations under its plans are reasonable based on its experience and market conditions. The net periodic costs are recognized
as employees render the services necessary to earn these benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides a defined contribution retirement plan and occupational hazard insurance for Omani employees. Contributions to a defined
contribution retirement plan and occupational hazard insurance for Omani employees in accordance with the Omani Social Insurances Law
are recognized as an expense in the Consolidated Statements of Operations as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established an annual bonus plan for key employees whose decisions, activities and performance have a significant impact on business
results. Target bonus levels are determined on an individual basis and take into account individual performance, competitive pay practices
and external market conditions. Entitlement to bonus payments is based largely on the achievement of our Company&#8217;s targets for
the annual period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_027"></span>C.
BOARD PRACTICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 10B, &#8220;Memorandum and Articles of Association&#8212;Voting Rights&#8212;Appointment and Removal of Directors&#8221; for a detailed
description regarding the appointment and removal of our Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Board of Directors consisted of five directors. This included three NESR directors existing prior to our acquisition
of NPS and GES, Sherif Foda, Thomas Wood, and Antonio J. Campo Mejia, and two additional directors, Yousef Al Nowais, and Andrew L. Waite.
See Item 6A, &#8220;Directors and Senior Management&#8221; for more information about our current Senior Management and Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no service contracts between us or any of our Subsidiaries and any of our current directors providing for benefits upon termination
of their service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has established an Audit Committee, a Compensation Committee and a Nominating and Governance Committee and may create
such other committees as the Board of Directors shall determine from time to time. Each of the standing committees of our Board of Directors
has the composition and responsibilities described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established an Audit Committee of the Board of Directors. Our Audit Committee currently consists of Mr. Waite, Mr. Campo Mejia and
Mr. Wood, with Mr. Waite serving as the chairman of the Audit Committee. Under applicable SEC rules, subject to certain exceptions, we
are required to have three members of the Audit Committee, all of whom must be independent. Our Board of Directors has determined that
Mr. Waite, Mr. Campo Mejia and Mr. Wood are each independent under applicable SEC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
member of the Audit Committee is financially literate, and our Board of Directors has determined that Mr. Waite qualifies as an &#8220;audit
committee financial expert&#8221; as defined in applicable SEC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted an Audit Committee charter, which details the principal functions of the Audit Committee, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and discussing
    with management and the independent auditor the annual audited financial statements, and recommending to the Board of Directors whether
    the audited financial statements should be included in our annual reports;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and discussing
    with management and our independent auditor our quarterly financial statements prior to the filing of our quarterly reports, including
    the results of the independent auditor&#8217;s review of the quarterly financial statements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing with management
    and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial
    statements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing with management
    major risk assessment and risk management policies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring the independence
    of the independent auditor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">verifying the rotation
    of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing
    the audit as required by law;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
    all related-party transactions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inquiring and discussing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving all audit
    services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the services
    to be performed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing or replacing
    the independent auditor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining the compensation
    and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent
    auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing procedures
    for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls
    or reports which raise material issues regarding our financial statements or accounting policies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 11, 2022, the Board formed a subcommittee of its Audit Committee, consisting of independent directors Mr. Waite and Mr. Campo
Mejia, to serve as an independent committee (the &#8220;Subcommittee&#8221;) to understand and address the causes of the matters
described in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our previously issued
audited financial statements as of and for the year-ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors has formed a Compensation Committee of the Board of Directors. During 2023, the members of our Compensation
Committee were Mr. Campo Mejia, Mr. Wood, Ms. Zeibek until her resignation from the Board of Directors, and Mr. Waite subsequent to
Ms. Zeibek&#8217;s departure. Mr. Wood served as the chairman of the Compensation Committee throughout 2023. We have adopted a Compensation
Committee charter, which details the principal functions of the Compensation Committee, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
    on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&#8217;s compensation, evaluating our
    Chief Executive Officer&#8217;s performance in light of such goals and objectives and determining and approving the remuneration
    of our Chief Executive Officer based on such evaluation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
    the compensation of all other executive officers; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending the short-
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing our executive
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing and administering
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting management in
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving all special perquisites,
    special cash payments and other special compensation and benefit arrangements for our executive officers and employees; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if required, producing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing, evaluating and
    recommending changes, if appropriate, to the remuneration for directors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
charter also provides that the Compensation Committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,
legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such
adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the
Compensation Committee will consider the independence of each such adviser, including the factors required by the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nominating
and Governance Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Nominating and Governance Committee consists of Mr. Waite, Mr. Campo Mejia and Mr. Wood, with Mr. Campo Mejia serving as the chairman
of the Nominating and Governance Committee. The Nominating and Governance Committee is responsible for monitoring compliance with good
corporate governance standards and overseeing the selection of persons to be nominated to serve on our Board of Directors. The Nominating
and Governance Committee considers persons identified by its members, management, shareholders, investment bankers and others. The guidelines
for selecting nominees, which are specified in our Nominating and Governance Committee charter, generally provide that persons to be
nominated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should have demonstrated
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating and Governance Committee will consider a number of qualifications relating to management and leadership experience, background,
integrity and professionalism in evaluating a person&#8217;s candidacy for membership on the Board of Directors. The Nominating and Governance
Committee may require certain skills or attributes, such as financial or accounting experience, to meet specific Board needs that arise
from time to time and will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of Board
members. The Nominating and Governance Committee does not distinguish among nominees recommended by shareholders and other persons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Nominating and Governance Committee charter which details the principal functions of the Nominating and Governance Committee
including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing the Company&#8217;s
    Code of Conduct and other governance guidelines at least annually and making such recommendations to the Board of Directors with
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing qualifications
    of individuals suggested as potential candidates for director of the Company, including candidates suggested by shareholders, and
    considering for nomination any of such individuals who are deemed qualified in line with the Board of Directors Candidate Guidelines;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending to the Board
    of Directors candidates for election as directors of the Company to fill open seats on the Board of Directors between annual general
    meetings, including vacancies created by an increase in the number of directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing comments and
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    qualifications, and committee member appointment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing any allegation
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taking such other actions
    and doing such other things as may be referred to the Nominating and Governance Committee from time to time by the Board of Directors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_028"></span>D.
EMPLOYEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, 2022, and 2021, we employed 6,231, 5,968, and 5,623 employees and independent contractors, respectively, from
over 60 different nationalities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
employees are at the forefront of our strategy. We believe that our future success depends on our ability to attract, retain and motivate
qualified personnel. NESR places great importance on building and maintaining a highly motivated and skilled workforce by identifying
and developing key skills, experience and knowledge and applying this talent set to job specific requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
team of experienced professionals is dedicated to providing safe and outstanding service to ensure customer satisfaction in all areas
of operation. Extensive training is provided to our employees and is split between on-the job training, online training and classroom
training. We also have a career development plan covering key competencies and skills required for employees to advance both their seniority
level and career within the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no history of prolonged labor disputes or work stoppages and thus believes that relations with employees are good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the exception of certain of our employees in Oman, none of our employees are currently represented by unions or covered by collective
bargaining agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_029"></span>E.
SHARE OWNERSHIP</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below shows the number and percentage of our outstanding ordinary shares beneficially owned by each of our directors and executive
officers and all of our directors and executive officers as a group as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">Dhiraj Dudeja</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Antonio J. Campo Mejia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">726,922</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yousef Al Nowais<sup>(c)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,358,396</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.64</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Andrew Waite</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,103</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Thomas Wood</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">929,209</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0</span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">All officers and directors as a group</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,337,988</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.88</td><td style="text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
less than 1%</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(a)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on issued and outstanding
    ordinary shares of 94,996,397 as of December 31, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(b)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Foda owns 2,965,325
    ordinary shares, inclusive of shares held by NESR Holdings, Ltd., our Sponsor. Mr. Foda has exclusive voting and dispositive power
    over the ordinary shares held by NESR Holdings Ltd. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(c)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 5,358,396 ordinary
    shares held by Al Nowais Investments LLC over which Mr. Al Nowais shares dispositive power.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_030"></span>F.
DISCLOSURE OF A REGISTRANT&#8217;S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_031"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_032"></span>A.
MAJOR SHAREHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information as of December 31, 2023, for each shareholder whom we know to beneficially own more than five
percent of our outstanding ordinary shares:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ordinary Shares Held</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shareholders</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of shares</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in thousands)</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of Ordinary Shares Outstanding<sup>(a)</sup></b></span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Olayan Saudi Holding Company</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">17,025</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">17.9</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mubbadrah Investment LLC<sup>(b)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,288</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.8</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCF-VIII, L.P.<sup>(c)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,992</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Encompass Capital Advisors LLC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,337</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.7</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FMR LLC<sup>(d)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,522</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.8</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Al-Nowais Investments LLC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,358</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.6</td><td style="text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(a)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on issued and outstanding
    ordinary shares of 94,996,397 as of December 31, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(b) </sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes NESR ordinary
    shares owned by Mubbadrah Investments LLC, Hilal Al Busaidy and Yasser Al Barami.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(c)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCF-VIII, L.P. (of which
    SCF GP LLC, an affiliate of SCF Partners, is the indirect beneficial owner) is the direct owner of 7,991,667 ordinary shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(d)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes NESR ordinary
    shares owned by FMR LLC and Abigail P. Johnson.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
major shareholders have no different voting rights from those of the rest of our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are aware of the following significant changes in the percentage ownership held by the foregoing major shareholders over the past three
years:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR SPV, Ltd. ceased to
    be a more than 5% shareholder of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Encompass Capital Advisors
    LLC and FMR LLC became more than 5% shareholders of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no arrangements, known to the Company, the operation of which may at a subsequent date result in a change in control of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_033"></span>B.
RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 19, <i>Related Party Transactions</i>, to the consolidated financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221;
of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_034"></span>C.
INTERESTS OF EXPERTS AND COUNSEL</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_035"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_036"></span>A.
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 18, &#8220;<i>Financial Statements,</i>&#8221; within this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 14, <i>Commitments and Contingencies</i>, to our consolidated financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221;
of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends in the foreseeable future. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial
condition. The payment of any cash dividends will be within the discretion of our Board of Directors. In addition, our ability to declare
dividends may be limited by restrictive covenants we may agree to in connection with our indebtedness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_037"></span>B.
SIGNIFICANT CHANGES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_038"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_039"></span>A.
OFFER AND LISTING DETAILS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our ordinary shares and warrants should obtain current market quotations for their securities. Our ordinary shares and warrants were
previously listed on Nasdaq under the symbols &#8220;NESR&#8221; and &#8220;NESRW,&#8221; respectively. Our ordinary shares and warrants
were delisted from Nasdaq effective on April 28, 2023. As at the date of the filing of this Annual Report, the Company&#8217;s securities
are quoted on the OTC Pink Market on an &#8220;unsolicited only&#8221; basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Risk Factors - Our securities were delisted from Nasdaq, which has had and may continue to have a material adverse effect on our
business and the trading and price of our securities&#8221; for additional information related to the lack of liquidity of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_040"></span>B.
PLAN OF DISTRIBUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_041"></span>C.
MARKETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at the date of the filing of this Annual Report, our ordinary shares and warrants are quoted on the OTC Markets Pink marketplace under
the symbols &#8220;NESR&#8221; and &#8220;NESRW&#8221;, respectively, on an &#8220;unsolicited only&#8221; basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_042"></span>D.
SELLING SHAREHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_043"></span>E.
DILUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_044"></span>F.
EXPENSES OF THE ISSUE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_045"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_046"></span>A.
SHARE CAPITAL</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_047"></span>B.
MEMORANDUM AND ARTICLES OF ASSOCIATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of our memorandum and articles of association, as amended and restated, does not purport to be complete and is
subject to, and qualified by reference to, all of the provisions of our memorandum and articles of association, which is
incorporated herein by reference to Exhibit 1.1 to the Company&#8217;s Annual Report on Form 20-F (File No. 001-38091) filed on
December 29, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Profile</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated in the British Virgin Islands on January 23, 2017 as a BVI company limited by shares (company number
1935445), and our affairs are governed by our Memorandum and Articles of Association, as amended and restated (which document shall
be herein referred to as our &#8220;Charter&#8221;), the BVI Business Companies Act, 2004, as amended (the &#8220;Companies
Act&#8221;), and the common law of the British Virgin Islands. The registered office of the Company is at Luna Tower, Waterfront
Drive, Road Town, Tortola, VG1110, British Virgin Islands, and the registered agent of the Company is Intertrust Corporate
Services (BVI) Limited also located at the same address. The Company may change its registered office or registered agent by a
Resolution of Directors or a Resolution of Members. The change shall take effect upon the Registrar registering a notice of change
filed under section 92 of the Companies Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Purpose</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has, subject to the Companies Act and any other British Virgin Islands legislation for the time being in force, irrespective
of corporate benefit:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">full capacity to carry
    on or undertake any business or activity, do any act or enter into any transaction; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the purposes of the
    bullet above, full rights, powers and privileges.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are, subject to the requirements of the Companies Act and any other British Virgin Islands legislation for the time being in force, no
limitations on the lawful business that the Company may carry on.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
of Share Capital</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of our share capital and the rights of the holders of our ordinary shares that are material to an investment in
our ordinary shares. These rights are set forth in our Charter or are provided by applicable BVI law, and these rights may differ from
those typically provided to shareholders of U.S. companies under the corporation laws of the various states of the United States. This
summary does not contain all information that may be important to readers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue an unlimited number of shares of no par value divided into six classes of shares as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares of no par
    value (Ordinary Shares);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A preferred shares
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B preferred shares
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class C preferred shares
    of no par value (Class C Preferred Shares);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class D preferred shares
    of no par value (Class D Preferred Shares); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class E preferred shares
    of no par value (Class E Preferred Shares and together with the Class A Preferred Shares, the Class B Preferred Shares, Class C Preferred
    Shares and the Class D Preferred Shares being referred to as the Preferred Shares).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, an aggregate of 94,996,397 ordinary shares were issued and outstanding. After considering unvested RSUs
outstanding as of December 31, 2023, <span>38,103</span> shares remain reserved for issuance under the
2018 LTIP. The Company anticipates requesting ordinary shareholder approval of a new long-term incentive plan at the Company&#8217;s
next annual general meeting. Each of our outstanding ordinary shares entitles its holder to one vote at any general meeting of shareholders.
There were no preferred shares issued as of the filing of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, there were no shareholders&#8217; arrangements or agreements the implementation or performance of which could, at a later
date, result in a change in the control of us in favor of a third person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares and our Charter are governed by BVI law. More information concerning shareholders&#8217; rights can be found in the Companies
Act and our Charter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Form
and Transfer of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a party to various registration rights agreements with holders of our securities. These registration rights agreements provide certain
holders with demand and &#8220;piggyback&#8221; registration rights, and holders have other rights to require us to register for resale
such securities pursuant to Rule 415 under the Securities Act. The registration rights are subject to various limitations. We generally
bear the expenses incurred in connection with the filing of any such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BVI
law does not impose any limitations on the rights of BVI or non-BVI residents to hold or vote our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuance
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Charter and, where applicable, the rules of the Designated Stock Exchange (as defined in the Charter), the unissued
ordinary shares of the Company shall be at the disposal of the Board of Directors and ordinary shares and other securities may be issued
and option to acquire ordinary shares or other securities may be granted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BVI
law does not impose any limitations on the rights of BVI or non-BVI residents to hold or vote our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
may be granted at such times, to such Eligible Persons (as defined in the Charter), for such consideration and on such terms as the Board
of Directors may by resolution determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to any special rights previously conferred on the holders of any existing preferred shares or class of preferred shares, any
class of preferred shares may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard
to dividend, voting or otherwise as the Board of Directors may from time to time determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may at the discretion of the Board of Directors, but shall not otherwise be obliged to, issue fractional shares or round up or
down fractional holdings of shares to its nearest whole number and a fractional share (if authorized by the Board of Directors) may have
the corresponding fractional rights, obligations and liabilities of a whole share of the same class or series of shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
of Shares and Treasury Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may purchase, redeem or otherwise acquire and hold its own shares save that the Company may not purchase, redeem or otherwise
acquire its own shares without the consent of the holder whose shares are to be purchased, redeemed or otherwise acquired unless the
Company is permitted or required by the Companies Act or any other provision in the Charter to purchase, redeem or otherwise acquire
the shares without such consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
Meeting of Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
general meeting of the shareholders shall be held annually at such date and time as may be determined by the Board of Directors unless
the Board of Directors resolve, at their discretion but acting reasonably and with due regard to the interests of the Company and its
members, to delay or postpone the date of any general meeting. The most recent annual general meeting was held on June 25, 2021. The
Company did not hold an annual general meeting in 2022 or 2023, due to the ongoing activities associated with the restatement of previously
issued financial statements in the Annual Report on Form 20-F for the year ended December 31, 2022. The Company expects its next annual
general meeting will be held in 2024. Each of our ordinary shares entitle the holder of record thereof to attend our general meeting
of shareholders, either in person or by proxy, to address the general meeting of shareholders, and to exercise voting rights, subject
to the provisions of our Charter. Each share entitles the holder to one vote at a general meeting of shareholders. There is no other
minimum shareholding required to be able to attend or vote at a general meeting of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BVI
law provides that our Board of Directors is obligated to convene a general meeting of shareholders if shareholders representing, in the
aggregate, 30% of the issued share capital so request in writing with an indication of the agenda. In such a case, the general meeting
of shareholders must be held within a period not less than 10 days and not more than 60 days from the date the Company issued a written
notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voting
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
ordinary share in the Company confers upon the holder of such ordinary share (unless waived by such holder), subject to Clause 11 of
the Charter, the right to one vote at a meeting of the shareholders of the company or on any resolution of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
Meetings of Shareholders</i>. A meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present
in person or by proxy not less than 50% of the votes of the shares entitled to vote to be considered at the meeting. Resolutions are
adopted by a simple majority of the votes validly cast. Abstentions are not considered &#8220;votes.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Appointment
and Removal of Directors</i>. Members of our Board of Directors may be elected by simple majority of the votes validly cast at any general
meeting of shareholders. Under the Charter, all directors can be elected for a period of up to two years with such possible extension
as provided therein. Any director may be removed with or without cause by a simple majority vote at any general meeting of shareholders.
If the office of a director becomes vacant, our Articles provide that the other directors, acting by a simple majority, may fill the
vacancy on a provisional basis until a new director is appointed at the next general meeting of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
BVI law nor the Charter contains any restrictions as to the voting of our ordinary shares by non-BVI residents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendment
to Our Articles of Association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may amend its Charter by a resolution of shareholders or by a resolution of the Board of Directors, save that no amendment may
be made by a resolution of Board of Directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to restrict the rights
    or powers of the shareholders to amend the Charter;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to change the percentage
    of shareholders required to pass a resolution of shareholders to amend the Charter;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in circumstances where
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to change certain provisions
    set forth in the Charter.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Merger
and De-Merger</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may merge or consolidate with another company in accordance with the applicable provisions of the Companies Act. However, the
Board of Directors has no power to delegate down to a committee of the board the power to approve a plan of merger, consolidation or
arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
holder of our ordinary shares has the right to an equal share with each other holder of our ordinary shares in the distribution of any
surplus assets of the Company in the event of its liquidation. The Company may by a resolution of shareholders or by a resolution of
the Board of Directors appoint a voluntary liquidator.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distributions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors of the Company may by resolution authorize a distribution at a time and of an amount, on reasonable grounds that, immediately after the distribution, the value of the
Company&#8217;s assets will exceed its liabilities and the Company will be able to pay its debts as and when they fall due.
Dividends may be paid in money, shares, or other property. The Company may, by resolution of the Board of Directors, from time to
time pay to the shareholders such interim dividends as appear to the Board of Directors to be justified by the profits of the
Company, provided always that they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the
Company&#8217;s assets will exceed its liabilities and the Company will be able to pay its debts as and when they fall due. Notice
in writing of any dividend that may have been declared shall be given to each shareholder and all dividends unclaimed for three
years after such notice has been given to a shareholder may be forfeited by resolution of the Board of Directors for the benefit of
the Company. No dividend shall bear interest as against the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
Accounts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall keep records that are sufficient to show and explain the Company&#8217;s transactions and that will, at any time,
enable the financial position of the Company to be determined with reasonable accuracy. The Company may by resolution of
shareholders call for the Board of Directors to prepare periodically and make available a profit and loss account and a balance
sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a fair view of the profit and loss
of the Company for a financial period and a fair view of the assets and liabilities of the Company as at the end of a financial
period. The Company may by resolution of shareholders call for the accounts to be examined by auditors. The report of the auditors
shall be annexed to the accounts and shall be read at the meeting of shareholders at which the accounts are laid before the Company
or shall be otherwise given to the shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent and Registrar</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for our ordinary shares is Continental Stock Transfer &amp; Trust Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_048"></span>C.
MATERIAL CONTRACTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no material contracts, other than material contracts entered into in the ordinary course of business, to which we or any of our
Subsidiaries is a party, for the two years immediately preceding the date of this Annual Report. See &#8220;Item 5. Operating and Financial
Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Credit Facilities&#8221; for a description of our credit agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_049"></span>D.
EXCHANGE CONTROLS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no exchange control restrictions on payment of dividends on the Company&#8217;s ordinary shares or on the conduct of the Company&#8217;s
operations either in the United States, where the Company&#8217;s principal executive offices are located, or the BVI, where the Company
is incorporated. There are no BVI laws which impose foreign exchange controls on the Company or that effect the payment of dividends,
interest, or other payments to non-resident holders of the Company&#8217;s securities. BVI laws and the Charter impose no limitations
on the right of non-resident or foreign owners to hold the Company&#8217;s securities or vote the Company&#8217;s ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_050"></span>E.
TAXATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR
is a holding company incorporated in the British Virgin Islands which imposes a zero percent statutory corporate income tax rate on income
generated outside of the British Virgin Islands. The Subsidiaries operate in multiple tax jurisdictions throughout the MENA region where
statutory tax rates generally vary from 0% to 43.7%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>UAE
Corporate Income Tax</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 1, 2023, the UAE Ministry of Finance Federal Decree-Law No. 47 of 2022 (&#8220;Decree-Law No. 47&#8221;) became effective for
accounting periods beginning on or after this date (as applicable to NESR, January 1, 2024). Decree-Law No. 47 establishes a federal corporate tax regime in the UAE.
Cabinet of Ministers&#8217; Decision No. 116 of 2022 specifies the threshold of income over which the 9% tax rate would apply and
accordingly, Decree-Law No. 47 is now considered to be substantively enacted. A rate of 9% will apply to taxable income exceeding
United Arab Emirates Dirhams (&#8220;AED&#8221;) 375,000, a rate of 0% will apply to taxable income not exceeding AED 375,000, and a
rate of 0% will apply on qualifying income of free zone entities. Based on our assessment of facts and circumstances that existed as
of December 31, 2023, we have not identified any deferred tax implications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S.
Federal Income Taxation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
brief description below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to you if you are a beneficial
owner of shares and, for U.S. federal income tax purposes, (1) an individual citizen or resident of the United States, (2) a corporation,
or any other entity taxable as a corporation, organized under the laws of the United States, any state thereof or the District of Columbia,
(3) an estate whose income is subject to U.S. federal income tax regardless of its source, or (4) a trust if (i) a U.S. court can exercise
primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to control all substantial decisions
of the trust or (ii) it has in effect a valid election under applicable U.S. Treasury regulations to be treated as a U.S. person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary does not discuss all aspects of U.S. federal income taxation that may be applicable to U.S. Holders in light of
their particular circumstances or to investors who are subject to special treatment under U.S. federal income tax law, including
certain former citizens or long-term residents of the United States, insurance companies, banks or other financial institutions,
regulated investment companies, securities or foreign currency dealers, tax-exempt organizations, persons holding shares as part of
a straddle, hedging, constructive sale, or conversion transaction, persons subject to the foreign tax credit splitting events rules,
persons subject to the alternative minimum tax, persons who acquired their shares pursuant to the exercise of employee stock options
or otherwise as compensation, U.S. Holders having a functional currency other than the U.S. dollar, traders in securities that use
the mark-to-market method of accounting, persons owning (directly, indirectly or by attribution) 10% or more of our outstanding
share capital or voting stock and persons not holding the shares as capital assets (generally, property held for investment). This
discussion also does not address the consequences of the Medicare tax on net investment income or any aspect of state, local or
non-U.S. tax law or any other aspect of U.S. federal taxation (e.g., the estate or gift tax) other than income taxation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership or an entity or arrangement treated as a partnership for U.S. federal income tax purposes owns shares, the U.S. federal
income tax treatment of a partner in such a partnership will generally depend upon the status of the partner, the activities of the partnership,
and certain determinations made at the partner level. A partnership that owns shares and the partners in such partnership should consult
their own tax advisers about the U.S. federal income tax consequences of holding and disposing of ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
purchasers are urged to consult their own tax advisers about the application of the U.S. federal tax rules to their particular circumstances
as well as the state, local, non-U.S. and other tax consequences to them of the purchase, ownership and disposition of our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Taxation
of Dividends and Other Distributions on our Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the passive foreign investment company (&#8220;PFIC&#8221;)
rules discussed below, the gross amount of distributions paid by us to U.S. Holders with respect to the shares (including the amount of
any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date that you actually or constructively
receive the distribution in accordance with your regular method of accounting for U.S. federal income tax purposes, but only to the extent
that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles).
To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal
income tax principles), it will be treated first as a tax-free return of capital causing a reduction in your tax basis in your shares,
and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to
calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution
will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain
under the rules described above. With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received
deduction allowed to corporations in respect of dividends received from other U.S. corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends generally will be taxed at the lower capital gains
rate applicable to qualified dividend income, provided that (1) the shares are readily tradable on an established securities market in
the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes
an exchange of information program, (2) we are not a PFIC (as discussed below) for either our taxable year in which the dividend is paid
or the preceding taxable year, and (3) certain holding period requirements are met. There is currently no income tax treaty between the United States and the
British Virgin Islands. Pursuant to IRS authority, shares are considered
for the purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed
on an &#8220;over-the-counter&#8221; market. However, there can be no assurance that the OTC Pink Market will be treated as an established
securities market for these purposes. You are urged to consult your own tax adviser regarding the availability of the lower rate for
dividends paid with respect to our shares, including the effects of any change in law after the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income
(as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will
be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable
to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income.
For this purpose, dividends distributed by us with respect to our shares will constitute &#8220;passive category income&#8221; but could,
in the case of certain U.S. Holders, constitute &#8220;general category income.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale,
Exchange or Other Taxable Disposition</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the sale, exchange or other taxable disposition of shares, a U.S. Holder generally will recognize capital gain or loss equal to the difference
between the U.S. dollar value of the amount realized on the sale, exchange or other taxable disposition and the U.S. Holder&#8217;s adjusted
tax basis, determined in U.S. dollars, in the shares. In the case of individual U.S. Holders, capital gains generally are subject to
U.S. federal income tax at preferential rates if specified minimum holding periods are met. Any gain or loss recognized upon the sale,
exchange or other taxable disposition of the shares will be treated as long-term capital gain or loss if, at the time of the sale, exchange
or other taxable disposition, the holding period of the shares exceeds one year. Such capital gain or loss will generally be treated
as U.S.-source income or loss for foreign tax credit limitation purposes. The deductibility of capital losses by a U.S. Holder is subject
to significant limitations. U.S. Holders should consult their own tax advisers in this regard.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Passive
Foreign Investment Company</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A non-U.S. corporation will be classified as a PFIC for any taxable year
if (i) at least 75% of its gross income consists of passive income, (such as dividends, interest, rents, and royalties (other than rents
or royalties derived in the active conduct of a trade or business and received from an unrelated person) and gains on the disposition
of certain minority interests or (ii) at least 50% of the average value of its assets consist of assets that produce or are held for the
production of, passive income. We currently believe that we were not a PFIC for the taxable year ended December 31, 2023, and we do not
expect to be classified as a PFIC in the foreseeable future. However, this conclusion is a factual determination that must be made at
the close of each year and is based on, among other things, a valuation of our shares and assets, which will likely change from time to
time. If we were characterized as a PFIC for any taxable year, a U.S. Holder would suffer adverse tax consequences. A U.S. Holder of shares
in a PFIC that does not make certain elections would realize ordinary income rather than capital gains on the disposition of shares and
may be subject to punitive interest charges with respect to certain dividends and gains on the sale or other disposition of the shares.
Furthermore, dividends paid by a PFIC are not eligible to be treated as qualified dividend income (as discussed above). In addition, if
a U.S. Holder holds shares in any year in which we are treated as a PFIC, such U.S. Holder will be subject to additional tax form filing
and reporting requirements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
of the PFIC rules is complex. U.S. Holders should consult their own tax advisers regarding the potential application of the PFIC rules
to the ownership of our shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information
Reporting and Backup Withholding</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend payments with respect to our shares and proceeds from the sale,
exchange or other taxable disposition of our shares may be subject to information reporting to the IRS and possible U.S. backup withholding
at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification
number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to
establish their exempt status generally must provide such certification on IRS Form W-9 (Request for Taxpayer Identification Number and
Certification).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the IRS and furnishing any required information. We do not intend to withhold taxes on dividends paid to individual shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders are required to report information relating to certain &#8220;specified foreign financial assets,&#8221; which
generally include shares of a foreign corporation, subject to certain exceptions (including an exception for shares held in accounts
maintained by certain financial institutions), by attaching a complete IRS Form 8938 (Statement of Specified Foreign Financial
Assets) with their tax return for each year in which they hold such shares. U.S. Holders are urged to consult their tax advisers
regarding the application of the U.S. information reporting and backup withholding rules.</span></p>

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DIVIDENDS AND PAYING AGENTS</b></span></p>

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applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_052"></span>G.
STATEMENT BY EXPERTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_053"></span>H.
DOCUMENTS ON DISPLAY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents
concerning the Company which are referred to in this Annual Report are available on the SEC&#8217;s website at <span style="text-decoration: underline">http://www.sec.gov</span>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_054"></span>I.
SUBSIDIARY INFORMATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_055"></span>J.
ANNUAL REPORT TO SECURITY HOLDERS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_056"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Risk</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to foreign currency risks that arise from normal business operations. These risks include transaction gains and losses associated
with transactions denominated in currencies other than a location&#8217;s functional currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Local
currency balances in the United Arab Emirates, Saudi Arabia, Oman, Kuwait and Qatar entities are not considered to represent
significant currency risk as the respective currencies in these countries are pegged to either the U.S. dollar or a weighted basket
of currencies heavily weighted to the U.S. dollar. Our foreign currency risk arises from the settlement of transactions in
currencies other than our functional currency, specifically in the Algerian Dinar, Egyptian Pound, Libyan Dinar, and Iraqi Dinar.
However, customer contracts in these countries are largely denominated in U.S. dollars. We do not believe that a 10% increase or
decrease in the relative value of the U.S. dollar to other currencies would have a material effect on our operating results or
financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
Risk</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the risk that one party to a financial instrument may fail to discharge an obligation and cause the other party to incur a financial
loss. We are exposed to credit risk on our accounts receivable, unbilled revenue, and other receivables and certain other assets (such
as bank balances) as reflected in our Consolidated Balance Sheet, with the maximum exposure equaling the carrying amount of these assets
in the Consolidated Balance Sheet. We seek to manage our credit risk with respect to banks by only dealing with reputable banks (our
cash and cash equivalents are primarily held with banks and financial institution counterparties that are rated A1 to Baa3, based on
Moody&#8217;s ratings) and with respect to customers by monitoring outstanding receivables and following up on outstanding balances.
Management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry
and the country in which our customers operate. We sell our products to a variety of customers, mainly to NOCs in the MENA region.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not experienced any material losses related to non-payment of receivables from individual or groups of customers due to loss of
creditworthiness during the years ended December 31, 2023, 2022 and 2021. Management believes that we do not have additional credit risk
beyond the amounts already provided for credit losses in our accounts receivable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
Risk</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that we may not be able to meet our financial obligations as they fall due. Our approach to managing liquidity risk
is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities when due, under both normal and
stressed conditions, without incurring unacceptable costs or liabilities. We maintain cash flow forecasts to monitor our liquidity position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
payable are normally settled within customary terms for the industry. We believe cash on hand, cash flows from operating activities and
the available credit facilities will provide us with sufficient capital resources and liquidity to manage our working capital needs,
meet contractual obligations, fund capital expenditures, and support the development of our short-term and long-term operating strategies.
See &#8220;Risk Factors &#8211; We might require additional equity or debt financing to fund operations and/or future acquisitions,&#8221;
&#8220;Risk Factors &#8211; Our securities were delisted from Nasdaq, which has had and may continue to have a material adverse effect
on our business and the trading and price of our securities,&#8221; and &#8220;Operating and Financial Review and Prospects - Liquidity
and capital resources&#8221; above.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are exposed to market risks primarily from changes in interest rates
on our borrowings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the end of
2021, interest rates have significantly increased as central banks have sought to reduce inflationary pressures. As of December 31, 2023,
and December 31, 2021, borrowings under the Term Loan and RCF facilities incurred interest at the rate of 8.23% and 2.96%, respectively,
for U.S. dollar denominated borrowings, and interest rates of 8.58% and 3.44%, respectively, for Saudi Arabian Riyal borrowings. Consequently,
our interest expense, net, has increased.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not use derivatives for trading purposes, to generate income or to engage in speculative activity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_057"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_058"></span>A.
DEBT SECURITIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_059"></span>B.
WARRANTS AND RIGHTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of both December 31, 2023,
and December 31, 2022, there were 35,540,380 Public Warrants outstanding. Each Public Warrant entitles the registered holder to purchase
one-half of one ordinary share at a price of $5.75 per half share at any time commencing on July 6, 2018 (30 days after the completion
of the NPS/GES Business Combination). The Public Warrants must be exercised for whole ordinary shares. The Public Warrants were initially
set to expire on June 6, 2023 (five years after the completion of the NPS/GES Business Combination) but were subsequently extended to
June 6, 2025, by vote of the Company&#8217;s Board of Directors during 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company reserves the right
to call the Public Warrants at any time prior to its exercise with a notice of call in writing to the holders of record of the Warrant,
giving at least 30 days&#8217; notice of such call, at any time while the Public Warrants are exercisable, if the last sale price of the
Company&#8217;s ordinary shares has been at least $21.00 per share on each of 20 trading days within any 30 trading day period (the &#8220;30-day
trading period&#8221;) ending on the third business day prior to the date on which notice of such call is given and if, and only if, there
is a current registration statement in effect with respect to the Company&#8217;s ordinary shares underlying the Public Warrants commencing
five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. The call price
of the Public Warrants is to be $.01 per warrant. Any Public Warrant either not exercised or tendered back to the Company by the end of
the date specified in the notice of call shall be canceled on the books of the Company and have no further value except for the $.01 call
price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">From their initial sale in May
of 2017 until May of 2020, the Company also had Private Warrants outstanding. The Company&#8217;s Private Warrants were distinguished
from the Company&#8217;s Public Warrants exclusively for their unique cashless exercise and limited redemption features. The Private Warrants
retained these features for as long as they were held by our Sponsor, NESR Holdings, Ltd. Periodically between December of 2018 and May
of 2020, NESR Holdings, Ltd. sold its Private Warrants, at which time the Company&#8217;s Private Warrants were converted into Public
Warrants. Subsequent to May of 2020, there were no Private Warrants outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_060"></span>C.
OTHER SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_061"></span>D.
AMERICAN DEPOSITORY SHARES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_062"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_063"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have not been any defaults, dividend arrearages, or delinquencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_064"></span>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_065"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DISCLOSURE
CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain disclosure controls and procedures that are designed to provide reasonable assurance that material information required to be
disclosed in our reports that we submit under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), is recorded,
processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms, and that such information is
accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding required financial disclosure. In designing and evaluating the disclosure controls and procedures, management
recognized that a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that
the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if any, with a company have been detected. Based on their
evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined
in rules 13(a)-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended), were not effective as of the end of the
period covered by this Annual Report due to material weaknesses in our internal control over financial reporting described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as
such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Internal control over financial reporting is defined as a process
designed by, or under the supervision of, the issuer&#8217;s principal executive and principal financial officers, or persons
performing similar functions, and effected by the Company&#8217;s Board of Directors, management, and other personnel, to provide
reasonable assurance regarding reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles and includes those policies and procedures which (a) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the
Company, (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only
in accordance with authorizations of management and the Board of Directors of the Company, and (c) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect
on the financial statements. A material weakness is a deficiency, or a combination of deficiencies, in internal control over
financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial
statements will not be prevented or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted
an evaluation of the effectiveness of our internal control over financial reporting based on the <i>Internal Control Integrated Framework
(2013)</i> issued by the Committee of Sponsoring Organizations of The Treadway Commission. Based on our evaluation under the <i>Internal
Control Integrated Framework (2013)</i>, our management concluded that our internal control over financial reporting was not effective
as of December 31, 2023, due to material weaknesses in our internal control over financial reporting described as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i><span style="text-decoration: underline">Control
Environment</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not design and maintain an effective control environment commensurate with our financial reporting requirements. Our Senior
Management failed to set an appropriate tone at the top sufficient to ensure a culture of compliance with the Company&#8217;s accounting,
finance and internal control policies, including through:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack of an effective organizational
    structure to promote effective internal control;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack of effective communication
    protocols to ensure timely escalation and resolving of accounting issues; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insufficient technical
    accounting resources with an appropriate level of accounting knowledge, experience and training commensurate with our structure and
    financial reporting requirements to appropriately analyze, record and disclose accounting matters timely and accurately in accordance
    with U.S. GAAP.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i><span style="text-decoration: underline">Control
Activities</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material weakness described above contributed to the following additional material weaknesses:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&#8217;s period-end
    financial reporting controls, specifically those over account reconciliations, were not effectively designed and implemented to detect
    potential misstatements and correct identified misstatements to period-end financial statements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company did not design and maintain effective controls over certain accounts payable functions. Specifically, the Company did not
    maintain effective controls over the creation of purchase orders, the matching of goods or services received against purchase
    orders, and/or the review of the completeness and accuracy of accounts payable and accrued liabilities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company did not design
    and maintain effective information technology general controls over financial reporting as privileged access users were not appropriately
    provisioned and inadequate monitoring controls were in place to enforce appropriate system access and segregation of duties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our previously
issued audited financial statements as of and for the year-ended December 31, 2020, these
material weaknesses contributed to material errors which resulted in the restatement of our previously issued financial statements. Additionally,
each of the material weaknesses described above could result in a misstatement of substantially all of our accounts or disclosures that
would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ATTESTATION
REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
independent registered public accounting firm, Grant Thornton Audit and Accounting Limited (Dubai Branch), as auditor of our consolidated
financial statements included in this Annual Report on Form 20-F, has issued an attestation report on the effectiveness of our internal
control over financial reporting as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGES
IN INTERNAL CONTROL OVER FINANCIAL REPORTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than as described below under &#8220;Management&#8217;s Plan for Remediation,&#8221; there have been no changes
in our internal control over financial reporting during the most recently completed fiscal year that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company is committed to ensuring a strong internal control environment and to ensuring that a proper, consistent tone is communicated
throughout the organization. To that end, management, with oversight of the Audit Committee of the Board of Directors, has identified
and began to implement steps to remediate the material weaknesses described above. As of the date of this filing, the Company has successfully
completed the following remedial steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company is still in the process of undertaking the following additional steps (and continuing to expand on certain of the steps outlined
above) to address the material weaknesses. These include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to ensuring that our internal controls over financial reporting are designed and operating effectively. Management
believes the efforts taken to date and the planned remediation will improve the effectiveness of our internal control over financial
reporting. In order for the material weaknesses to be considered remediated, the controls currently being implemented must be
in place and operating effectively for a sufficient period of time to allow for testing by management and the Company&#8217;s independent
registered public accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_066"></span>ITEM
16. RESERVED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_067"></span>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has determined that Mr. Waite, Chairman of the Audit Committee, is an audit committee financial expert as defined
by the SEC. See Item 6A, &#8220;Directors and Senior Management&#8221; for a description of Mr. Waite&#8217;s relevant experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_068"></span>ITEM
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a Code of Conduct applicable to our employees, contractors, directors and officers, including our Chief Executive Officer and Chief
Financial Officer, that meets the standards and definitions of the SEC. Any changes to, or waiver from, the Code of Conduct will be made
only by the Board of Directors, or a committee thereof, and appropriate disclosure will be made promptly on our website at www.nesr.com,
in accordance with the rules and regulations of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_069"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Services
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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effective immediately, to complete the audits for fiscal years ended December 31, 2022, December 31, 2021, and the re-audit for the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees represent fees
    for services provided in connection with the audit of our consolidated financial statements, and audit services provided in connection
    with regulatory filings.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-related fees consist
    of assurance and related services rendered by the principal accountant related to the performance of the audit or review of our consolidated
    financial statements, which have not been reported under audit fees above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax fees represent fees
    for professional services rendered for tax compliance, tax advice and tax planning.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All other fees include
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Committee&#8217;s Pre-Approval Policies and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee&#8217;s primary responsibilities are to assist the Board of Directors&#8217; oversight of our accounting practices; the
integrity of our financial statements; our compliance with legal and regulatory requirements; the qualifications, selection, independence
and performance of our independent auditors; and the internal audit function. The Audit Committee has adopted in its charter a policy
regarding the pre-approval of audit and permissible non-audit services provided by the Company&#8217;s independent auditors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the policy, the Audit Committee pre-approves all audit services to be provided to the Company, whether provided by the principal auditors
or other firms, and all other services (review, attest and non-audit) to be provided to the Company by the independent auditors; provided,
however, that de minimis non-audit services may instead be approved in accordance with applicable rules and regulations. All services
provided by the principal external auditors for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, were approved
by the Audit Committee pursuant to the pre-approval policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_070"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_071"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_072"></span>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_073"></span>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated in the British Virgin Islands and our corporate governance practices are governed by applicable BVI law and our amended
and restated memorandum and articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_074"></span>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_075"></span>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_076"></span>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On November
18, 2018, the Board of Directors adopted its Policy on Insider Trading which sets forth guidelines that apply to all employees of the
Company, all officers of the Company and all members of the Company&#8217;s Board of Directors and their immediate family members (collectively,
the &#8220;Covered Person(s)&#8221;). The Company&#8217;s general policy forbids trading or causing trading while in possession of material
non-public information. Key provisions include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">(a)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">No Covered Person may purchase or sell, or offer to purchase or sell, any Company security, whether or not issued by the Company, while in possession of material non-public information about the Company. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">(b)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">No Covered Person who knows of any material non-public information about the Company may communicate (&#8220;tip&#8221;) that information to any other person, including family members and friends, or otherwise disclose such information without the Company&#8217;s authorization. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">(c)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">No Covered Person may purchase or sell any security of any other company while in possession of material non-public information about the other company that was obtained in the course of his or her involvement with the Company. No Covered Person who knows of any such material non-public information may communicate that information to, or tip, any other person, including family members and friends, or otherwise disclose such information without the Company&#8217;s authorization. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">(d)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Covered Persons should never trade, tip or recommend securities (or otherwise cause the purchase or sale of securities) while in possession of information that they have reason to believe is material and non-public unless they first consult with, and obtain the advance approval of, the Company&#8217;s compliance officer. </span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: justify; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">(e)</span></td>
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  </table>
<p style="font: 11pt/107% Aptos; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_077"></span>ITEM
16K. CYBERSECURITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
assess, identify and manage the material risks of cybersecurity threats to our business, operations and control environments, we
have made investments in our technology and have implemented policies, programs and controls, with a focus on cybersecurity incident
prevention and mitigation. Our cybersecurity program is integrated into our risk management process. The program is aligned with
industry standards and best practices. As part of our cybersecurity process, we engage external experts and consultants to assess
our cybersecurity program and compliance with applicable practices and standards. The Company mitigates risks of cybersecurity
incidents using a multifaceted approach which includes, but is not limited to: establishing information security policies,
implementing information protection processes and technologies, assessing cybersecurity risk, implementing cybersecurity training,
and monitoring our information technology systems. Our cyber security policy includes personnel affiliated with third parties. The
Company is currently in material compliance with relevant information privacy and cybersecurity governmental standards with which it
is required to comply. The Company has not experienced a material cybersecurity incident during the year ended December 31, 2023.
For more information on how material cybersecurity incidents may impact our business, see Item 3D. &#8220;Risk Factors- Other Risks
Associated with Our Business -&#8221; Cybersecurity risks and threats could adversely affect our business&#8221; of this Annual
Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity
Governance </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2023, the SEC adopted a final rule requiring, among other things, registrants to disclose certain information regarding
cybersecurity risk management, strategy and governance annually and certain information about material cybersecurity incidents
within four business days of the incident. The final rule became effective on September 5, 2023. The Company&#8217;s Head of
Information Technology (who has over 15 years of relevant experience plus education that includes a Ph.D. in Information Technology
from Dublin City University) monitors day-to-day cybersecurity risks using the approach described above. Material near-term and
long-term risks are communicated with Senior Management and the Board of Directors. The Company&#8217;s Board of Directors is
engaged in overseeing and reviewing the Company&#8217;s strategic direction and objectives, taking into account, among other
considerations, the Company&#8217;s risk profile and exposures. While the Board of Directors retains oversight over policy and
strategy related to cybersecurity, it has delegated the responsibility for the oversight of the Company&#8217;s cybersecurity
program to the Audit Committee. The Audit Committee is responsible for reviewing and discussing the Company&#8217;s policies
regarding risk assessment and risk management, major accounting risk exposures and the implementation and effectiveness of risk
management protocols with respect to information technology security and cybersecurity risks, as well as reviewing material breaches
and attacks, as applicable. </span>NESR&#8217;s Head of Information Technology reports directly to the Company&#8217;s Chief
Financial Officer who provides periodic (at least quarterly) updates to the Audit Committee regarding matters that are relevant to
those charged with governance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_001"></span>PART
III</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_002"></span>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 18, &#8220;<i>Financial Statements,</i>&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_003"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following financial statements listed below are filed as part of this Annual Report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>National
Energy Services Reunited Corp. and Subsidiaries</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consolidated
Financial Statements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID <span id="xdx_90B_edei--AuditorFirmId_c20230101__20231231_zkJaHh3LcTih"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:AuditorFirmId">3211</ix:nonNumeric></span>)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_003">Consolidated Statements of Operations</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_004">Consolidated Statements of Comprehensive Income</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_002">Consolidated Balance Sheets</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_005">Consolidated Statements of Shareholders&#8217; Equity</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_006">Consolidated Statements of Cash Flows</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_007">Notes to Consolidated Financial Statements</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_004"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Exhibit</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315223046470/ex1-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum
    and Articles of Association, as amended and restated (incorporated herein by reference to Exhibit 1.1 to the Company&#8217;s Annual
    Report on Form 20-F (File No. 001-38091) filed on December 29, 2023).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000161577417001849/s105923_ex4-2.htm" style="-sec-extract: exhibit">Specimen Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.2 to the Company&#8217;s Registration Statement on Form S-1/A (File No. 333-217006) filed on April 25, 2017).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000161577417001849/s105923_ex4-3.htm" style="-sec-extract: exhibit">Specimen Warrant Certificate (incorporated herein by reference to Exhibit 4.3 to the Company&#8217;s Registration Statement on Form S-1/A (File No. 333-217006) filed on April 25, 2017).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000161577417002503/s106239_ex4-1.htm" style="-sec-extract: exhibit">Warrant Agreement, dated May 11, 2017, by and between the Company and Continental Stock Transfer &amp; Trust Company (incorporated herein by reference to Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K (File No. 001-38091) filed on May 17, 2017.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315219002423/ex4-4.htm" style="-sec-extract: exhibit">Consent Agreement, dated November 29, 2018, by and among Mubbadrah Investments LLC, Hilal Al Busaidy, Yasser Said Al Barami and the Company (incorporated herein by reference to Exhibit 4.4 to the Company&#8217;s Registration Statement on Form F-3 (File No. 333-229801) filed on February 22, 2019).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315223046470/ex2-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of the Registrant&#8217;s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated herein by reference to Exhibit 2.5 to the Company&#8217;s Annual Report on Form 20-F (File No. 001-38091) filed on December 29,2023).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218008542/ex10-13.htm" style="-sec-extract: exhibit">Relationship Agreement, dated June 5, 2018, by and between the Company, NESR Holdings Limited and Hana Investments Co. WLL (incorporated herein by reference to Exhibit 10.14 to the Company&#8217;s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218008485/ex10-4.htm" style="-sec-extract: exhibit">Registration Rights Agreement, dated June 5, 2018, by and between the Company and Hana Investments Co. WLL (incorporated herein by reference to Exhibit 10.15 to the Company&#8217;s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218008542/ex10-2.htm" style="-sec-extract: exhibit">Relationship Agreement, dated June 6, 2018, by and between the Company and AL Nowais Investments LLC. (incorporated herein by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218008542/ex10-6.htm" style="-sec-extract: exhibit">Amended and Restated Registration Rights Agreement, dated June 6, 2018, by and among the Company, NESR Holdings Ltd., Al Nowais Investments LLC, and NESR SPV Limited (incorporated herein by reference to Exhibit 10.6 to the Company&#8217;s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Exhibit</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218006365/defm14a.htm#a_65" style="-sec-extract: exhibit">National Energy Services Reunited Corp. 2018 Long Term Incentive Plan (incorporated herein by reference to Annex F to the Company&#8217;s Proxy Statement on Schedule 14A (File No. 001-38091) filed on May 8, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218008542/ex10-19.htm" style="-sec-extract: exhibit">Voting Agreement, dated June 6, 2018, by and between the Company, NESR Holdings Ltd. and SV3 Holdings PTE LTD (incorporated herein by reference to Exhibit 10.19 to the Company&#8217;s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218008542/ex10-20.htm" style="-sec-extract: exhibit">Registration Rights Agreement dated June 6, 2018 by and between the Company and SV3 Holdings PTE LTD (incorporated herein by reference to Exhibit 10.20 to the Company&#8217;s Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of National Energy Services Reunited Corp.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Chief Executive Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
    Instance Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
    Taxonomy Extension Schema Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
    Taxonomy Extension Calculation Linkbase Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
    Taxonomy Extension Label Linkbase Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
    Taxonomy Extension Presentation Linkbase Document.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Furnished herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NATIONAL
    ENERGY SERVICES REUNITED CORP.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Sherif Foda</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sherif
    Foda</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    30, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Stefan Angeli</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stefan
    Angeli</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    30, 2024</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Directors</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
Energy Services Reunited Corp.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of National Energy Services Reunited Corp. (a British Virgin Islands corporation)
and subsidiaries (the &#8220;Company&#8221;) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive
income, changes in shareholders&#8217; equity, and cash flows for each of the three years in the period ended December 31, 2023, and
the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2023, and 2022, and the results of its operations
and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally
accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;),
the Company&#8217;s internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal
Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;),
and our report dated April 30, 2024, expressed an adverse opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
for Opinion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matter</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated
or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Uncertain
tax positions</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
set forth in Note 13 to the consolidated financial statements, the Company&#8217;s tax filings are subject to regular audit by the tax
authorities. These audits could lead to additional tax assessments that are resolved with the tax authorities or, potentially, through
the courts. Tax liabilities are recorded based on management&#8217;s estimates of additional taxes that will be due upon the conclusion
of these audits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
identified the evaluation of the Company&#8217;s uncertain tax position as a critical audit matter due to the significant judgment applied
by management in determining these liabilities including a high degree of estimation uncertainty due to the uncertain and complex application
of tax regulations, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate
management&#8217;s estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit procedures related to the uncertain tax positions included the following, among others (i) evaluating management&#8217;s process
for determining the estimated liabilities for uncertain tax positions, (ii) evaluating the completeness and reasonableness of uncertain
tax positions recorded in the consolidated financial statements, and (iii) evaluating positions taken as per the tax assessment issued
by relevant tax authorities as of date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professionals
with specialized skill and knowledge were used to assist in evaluating the reasonableness of assumptions used by management, including
management&#8217;s assessment of whether tax positions are more-likely-than-not of being sustained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
Grant Thornton Audit and Accounting Limited (Dubai Branch)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dubai,
United Arab Emirates</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
30, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Directors</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
Energy Services Reunited Corp.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on Internal Control over Financial Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the internal control over financial reporting of National Energy Services Reunited Corp. (a British Virgin Islands corporation)
and subsidiaries (the &#8220;Company&#8221;) as of December 31, 2023, based on criteria established in the Internal Control &#8211; Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the &#8220;COSO criteria&#8221;). In
our opinion, because of the effect of material weaknesses described in the following paragraphs on the achievement of the objectives
of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2023,
based on the COSO criteria.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is a deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the Company&#8217;s annual or interim financial statements will not be prevented
or detected on a timely basis. The following material weaknesses have been identified and included in management&#8217;s assessment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company did not design and maintain an effective control environment.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company&#8217;s period-end financial reporting controls, specifically those over account reconciliations, were not effectively designed
    and implemented to detect potential misstatements and correct identified misstatements to period-end financial statements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company did not design and maintain effective controls over certain accounts payable functions. Specifically, the Company did not
    maintain effective controls over the creation of purchase orders, the matching of goods of services received against purchase orders,
    and/or the review of the completeness and accuracy of accounts payable and accrued liabilities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company did not design and maintain effective information technology general controls over financial reporting as privileged access
    users were not appropriately provisioned and inadequate monitoring controls were in place to enforce appropriate system access and
    segregation of duties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;),
the consolidated financial statements of the Company as of and for the year ended December 31, 2023. The material weaknesses identified
above were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2023 consolidated financial
statements, and this report does not affect our report dated April 30, 2024, which expressed an unqualified opinion on those financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
for Opinion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting, included in the accompanying management&#8217;s annual report on Internal
Control Over Financial Reporting. Our responsibility is to express an opinion on the Company&#8217;s internal control over financial
reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect
to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other
procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Definition
and Limitations of Internal Control over Financial Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
information</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not express an opinion or any other form of assurance on management&#8217;s statements referring to any corrective actions taken by
the Company after the date of management&#8217;s assessment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
<span id="xdx_905_edei--AuditorName_c20230101__20231231_zXAfBfTV2uDd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000050" name="dei:AuditorName">Grant Thornton Audit and Accounting Limited (Dubai Branch)</ix:nonNumeric></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--AuditorLocation_c20230101__20231231_zRoCfPVqhGlk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:AuditorLocation">Dubai,
United Arab Emirates</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
30, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_002"></span>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
US$ thousands, except share data)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold">Assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_409_eus-gaap--OtherAssetsNoncurrent_i02I_maAzSGg_zDVqBGZ698ni" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_407_eus-gaap--Assets_i01TI_mtAzSGg_zTxbwtWoFcJ2" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total assets</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zOkZabDpQWgc" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesAbstract_i01B_zKVlqw3g00Bd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_pn3n3_maLCzf3m_z2gwTuGWLyAf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--LongTermDebtCurrent_i02I_maLCzf3m_zkwwY4ARmwre" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current installments of long-term debt (Note 11)</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--ShortTermBorrowings_i02I_maLCzf3m_zmVenO62RbZf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Short-term borrowings (Note 11)</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--TaxesPayableCurrent_i02I_maLCzf3m_z3JNBWUuHGBl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income taxes payable (Note 13)</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--OtherTaxesPayableCurrent_i02I_maLCzf3m_zAyMcE4f2gfc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other taxes payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:OtherTaxesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact000126" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,604</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pn3n3_maLCzf3m_z9GI5HPt8ygc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liabilities (Note 10)</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--OtherLiabilitiesCurrent_i02I_maLCzf3m_zEbmV9sTq6j5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000132" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,166</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzf3m_maLzgEe_z1ARevGxz375" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LongTermDebtNoncurrent_i01I_maLzgEe_zjbTX5PNIyQ2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Long-term debt (Note 11)</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--DeferredTaxLiabilitiesOther_i01I_maLzgEe_z7Oj6p3oeP1f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Deferred tax liabilities (Note 13)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0141">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--EmployeeBenefitLiabilities_i01I_maLzgEe_zE1XR53s9tTf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Employee benefit liabilities (Note 12)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:EmployeeBenefitLiabilities" contextRef="AsOf2022-12-31" id="Fact000144" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,382</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_pn3n3_maLzgEe_zB0G3k49kxvc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-current operating lease liabilities (Note 10)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000147" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,051</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Other liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_409_eus-gaap--StockholdersEquityAbstract_i01B_zQBULLevqmOe" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maSEIPAzlJp_zmcRLjUv0Sk1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Retained (deficit)</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_maLASEz8u4_mtSEIPAzlJp_z7PjJ91Yi2X" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_mtLASEz8u4_zAEJI5A8kEY9" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and equity</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_003"></span>CONSOLIDATED
STATEMENTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
US$ thousands, except share data and per share amounts)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30A_113_pn3n3_zBeTWwYB3SSb" summary="xdx: Statement - Consolidated Statements of Operations" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_401_eus-gaap--SellingGeneralAndAdministrativeExpense_iN_pn3n3_di_msOILz0xm_zlB88q4x7n7l" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000225" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80,703</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000226" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">917</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_401_eus-gaap--InterestExpense_iN_di_msILFCOzNgD_z8Wqp7VRCCHe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense, net</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--OtherOperatingIncomeExpenseNet_maILFCOzNgD_zaOzpzbZpCRg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other (expense) / income, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherOperatingIncomeExpenseNet" contextRef="From2023-01-01to2023-12-31" id="Fact000233" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,031</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzNgD_maNILzgFL_znXZaMnS6Uk6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000237" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,846</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000238" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">29,801</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_408_eus-gaap--IncomeTaxExpenseBenefit_iN_di_msNILzgFL_zKIBBnBf1yl8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000241" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,266</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILzgFL_z4ZB9QwG2Bu" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income / (loss)</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Weighted average shares outstanding (Note 17):</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_zaZAVaQlCTyk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_z5XmGlXbn0Tl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Diluted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">Shares issued to SAPESCO Selling Shareholders</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--NoncontrollingInterestIncreaseFromBusinessCombination_iN_di_zzCQiWwpg6T9" style="vertical-align: bottom; background-color: White">
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    <td>Vesting of restricted share units</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0450">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0451">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0457">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_006"></span>CONSOLIDATED
STATEMENTS OF CASH FLOWS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
US$ thousands)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: left">Loss (Gain) on disposal of assets</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:GainLossOnDispositionOfAssets1" contextRef="From2022-01-012022-12-31" id="Fact000510" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Non-cash interest (income) expense</td><td>&#160;</td>
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    <td style="text-align: left">Deferred tax expense / (benefit)</td><td>&#160;</td>
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    <td style="text-align: left">Allowance for (reversal of) doubtful receivables</td><td>&#160;</td>
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    <td style="text-align: left">Charges on obsolete service inventories</td><td>&#160;</td>
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    <td style="text-align: left">Earn-outs on business combinations</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0530">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Impairments and other charges</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0535">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left"> (Gain) on Buyer Stock Adjustment Amount (Note 9)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0539">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Other operating activities, net</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zHGaZ3WgA1ng" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Changes in operating assets and liabilities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">(Increase) decrease in accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000549" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,971</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-012022-12-31" id="Fact000550" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,252</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-12-31" id="Fact000551" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,289</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_i03N_di_msNCPBUzv89_z5GFTu1wkGnl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Increase) decrease in unbilled revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerAsset" contextRef="From2023-01-01to2023-12-31" id="Fact000553" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">14,189</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerAsset" contextRef="From2022-01-012022-12-31" id="Fact000554" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,704</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerAsset" contextRef="From2021-01-012021-12-31" id="Fact000555" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">56,088</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--IncreaseDecreaseInRetentionWithholdings_i03N_di_msNCPBUzv89_zTFH7mo3YZV1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">(Increase) decrease in retention withholdings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NESR:IncreaseDecreaseInRetentionWithholdings" contextRef="From2023-01-01to2023-12-31" id="Fact000557" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,151</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">(Increase) decrease in inventories</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2022-01-012022-12-31" id="Fact000562" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,756</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2021-01-012021-12-31" id="Fact000563" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,236</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">(Increase) decrease in prepaid expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000565" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,901</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidExpense" contextRef="From2021-01-012021-12-31" id="Fact000567" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">884</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">(Increase) decrease in other current assets</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2022-01-012022-12-31" id="Fact000570" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,711</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" contextRef="From2021-01-012021-12-31" id="Fact000571" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,717</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">(Increase) decrease in other long-term assets and liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:IncreaseDecreaseInOtherLongTermAssetsAndLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000574" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,075</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:IncreaseDecreaseInOtherLongTermAssetsAndLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000575" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8,854</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Increase (decrease) in accounts payable and accrued expenses</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--PaymentsToAcquireProductiveAssets_i01N_pn3n3_di_msCzfux_zVXz0pW8rbCd" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="From2021-01-012021-12-31" id="Fact000595" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">107,076</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Proceeds from disposal of assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000601" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,758</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0606">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Other investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForProceedsFromOtherInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000610" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,552</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForProceedsFromOtherInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000611" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,299</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000614" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">146,708</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zK8J7Dc00t7k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ProceedsFromIssuanceOfLongTermDebt_i01_maCzbGs_zBmvqsSnoUY6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from long-term debt</td><td>&#160;</td>
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    <td style="text-align: left">Repayments of long-term debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfLongTermDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000625" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54,763</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Proceeds from short-term borrowings</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" contextRef="From2021-01-012021-12-31" id="Fact000631" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">123,787</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Repayments of short-term borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000633" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">137,402</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2022-01-012022-12-31" id="Fact000634" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">119,165</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2021-01-012021-12-31" id="Fact000635" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">78,983</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Payments on capital leases</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_007"></span>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000681" name="us-gaap:NatureOfOperations"><p id="xdx_808_eus-gaap--NatureOfOperations_zbooQMNNaohk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_005"></span>1.
<span id="xdx_822_zLRarUnBqDLe">DESCRIPTION OF BUSINESS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
Energy Services Reunited Corp. (&#8220;NESR,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221;
or similar terms), a British Virgin Islands corporation headquartered in Houston, Texas, is one of the largest oilfield services providers
in the Middle East North Africa (&#8220;MENA&#8221;) region.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formed
in January 2017, NESR started as a special purpose acquisition company (&#8220;SPAC&#8221;) designed to invest in the oilfield services
space globally. NESR filed a registration statement for its initial public offering in May 2017. In November 2017, NESR announced the
acquisition of two oilfield services companies in the MENA region: NPS Holdings Limited (&#8220;NPS&#8221;) and Gulf Energy S.A.O.C.
(&#8220;GES&#8221; and, together with NPS, the &#8220;Subsidiaries,&#8221; or the &#8220;NPS/GES Business Combination&#8221;). The formation
of NESR as an operating entity was completed on June 7, 2018, after the transactions were approved by the NESR shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 1, 2020, NESR further expanded its footprint within the MENA region when its NPS subsidiary acquired Sahara Petroleum Services Company
S.A.E. (&#8220;SAPESCO&#8221;). On May 5, 2021, NESR again expanded its footprint within the MENA region when its NPS subsidiary acquired
specific oilfield service lines of Action Energy Company W.L.L. (&#8220;Action,&#8221; or the &#8220;Action Business Combination&#8221;).
On July 1, 2022, NESR acquired a minority stake in W. D. Von Gonten Engineering LLC (&#8220;WDVGE&#8221; or the &#8220;WDVGE Investment&#8221;),
a premier Reservoir Characterization and Geological &amp; Geophysical (&#8220;G&amp;G&#8221;) laboratory and consulting business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR&#8217;s revenues are primarily derived by providing production services
(&#8220;Production Services&#8221;) such as hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services,
filtration services, pipelines and industrial services, production assurance, artificial lift services, completions and integrated production
management. NESR also provides drilling and evaluation services (&#8220;Drilling and Evaluation Services&#8221;) such as rigs and integrated
services, fishing and downhole tools, thru-tubing intervention, tubular running services, directional drilling, drilling fluids, pressure
control, well testing services, wireline logging services, and slickline services. NESR has significant operations throughout the MENA
region including Saudi Arabia, Oman, Kuwait, United Arab Emirates, Algeria, Egypt, Libya, Iraq and Qatar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000683" name="us-gaap:BasisOfAccounting"><p id="xdx_804_eus-gaap--BasisOfAccounting_zWOcvXsBD2vb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_006"></span>2.
<span id="xdx_824_zIsI6SIL0cpc">BASIS OF PRESENTATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted
in the United States of America (&#8220;US GAAP&#8221;). All amounts are shown in U.S. dollars, except as noted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use
of estimates</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company&#8217;s
significant estimates include the purchase price allocation for the acquisition of Action, the determination of reserves and future
production associated with Integrated Production Management (&#8220;IPM&#8221;) projects, allowance for credit losses, evaluation
for impairment of property, plant and equipment, evaluation for impairment of goodwill and intangible assets, evaluation for
impairment of cost and equity method investments (and as required, fair valuation thereof), estimated useful lives of property,
plant, and equipment and intangible assets, provision for inventories obsolescence, unrecognized tax benefits, recoverability of
deferred tax assets, contingencies, and actuarial assumptions in employee benefit plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could differ significantly from the estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000685" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_z5wrCn41bP56" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_007"></span>3.
<span id="xdx_821_znlWlAjNVrW7">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000687" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zPTtufRnQYva" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86D_zJfMNZd9J3pc">Consolidation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company consolidates entities in which the Company has a majority voting interest and entities that meet the criteria for variable interest
entities for which the Company is deemed to be the primary beneficiary for accounting purposes. The Company eliminates intercompany transactions
and accounts in consolidation. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000689" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zKGmxPYgCur9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zXfUj4g5Xaza">Functional
and presentation currency</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are presented in U.S. Dollars (&#8220;USD&#8221;), which is the functional and reporting currency of
the Company. The majority of the Company&#8217;s sales are denominated in USD. Each subsidiary of NESR determines its own functional
currency and items included in the financial statements of each subsidiary are measured using that functional currency. All financial
information presented in USD is rounded to the nearest thousand, unless otherwise indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
in foreign currencies are translated to the respective functional currency of the Company&#8217;s subsidiaries at exchange rates at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency
at the exchange rate as of the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency
are translated to the functional currency at the exchange rate when the fair value was determined. Foreign currency differences are generally
recognized in profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are not translated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assets and liabilities of entities whose functional currency is not the USD are translated into the USD at the exchange rate as of the
reporting date. The income and expenses of such entities are translated into the USD using average exchange rates for the reporting period.
Exchange differences on foreign currency translations are recorded in other comprehensive income (loss).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000691" name="NESR:RestatementPolicyTextBlock"><p id="xdx_84F_ecustom--RestatementPolicyTextBlock_zL6EcnaJiUaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i><span id="xdx_86F_zDBXRf9i3uFj">Restatement</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As disclosed in our Annual Report on Form 20-F for the year ended December 31, 2022, the Company restated certain
balances included in its financial statements as of and for the year-ended December 31, 2020. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000693" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_843_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zOlP5QnqzJPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zUbQ3zjurnt8">Revenue
recognition</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue from contracts with customers upon transfer of control of promised services to customers at an amount that
reflects the consideration it expects to receive in exchange of services. The Company typically receives &#8220;callouts&#8221; from
its customers for specific services at specific customer locations, typically initiated by the receipt of a purchase/service order or
similar document from the customer. Customer callouts request that the Company provide a &#8220;suite of services&#8221; to fulfill the
service order, encompassing personnel, use of Company equipment, and supplies required to perform the work. Rates for these services
are defined in the Company&#8217;s contracts with customers. The term between invoicing and when the payment is due is typically 30-60
days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is recognized for each performance obligation when the customer obtains control of the service the Company is providing. For most services,
control is obtained over time as (1) the customer simultaneously receives and consumes the benefits provided by the Company&#8217;s performance
as Company employees perform and (2) the Company&#8217;s performance creates or enhances an asset that the customer controls. Revenue
is recorded based on daily drilling logs, recognized at the standalone selling price of the services provided as reduced proportionately
for management&#8217;s estimate of volume or early pay discount where applicable. Upon initial recording, revenue is presented as unbilled
revenue on the Company&#8217;s Consolidated Balance Sheet and subsequently reclassified to Accounts receivable when the final invoice
is presented to the customer or accepted in the customer&#8217;s electronic invoice processing portal, as applicable. Amounts collected
on behalf of third parties in conjunction with revenue, such as taxes, are generally presented gross as the Company is typically the
principal in each taxing jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
of obtaining a customer contract that are incremental and expected to be recovered are recognized as an asset. Costs are subsequently
amortized over the term of the contract or less if circumstances indicate that a shorter deferral period better matches these costs with
the revenue they generate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
that relate directly to a contract or an anticipated contract that the Company can specifically identify, that generate or enhance resources
of the Company that will be used in satisfying performance obligations in the future, and are expected to be recovered, are capitalized
as contract fulfillment costs and amortized into the Statements of Operations of the Company over the period of anticipated benefit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000695" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84D_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zrmwb0MIaXl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zdfYG4O8oZYa">Cash
and cash equivalents</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000697" name="NESR:SupplementalCashFlowInformationPolicyTextBlock"><p id="xdx_844_ecustom--SupplementalCashFlowInformationPolicyTextBlock_zPttD0VX7oyc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_z3mfkKSmArel">Supplemental
cash flow information</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
transactions were as follows during the year ended December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
    of property, plant, and equipment in Accounts payable of $<span id="xdx_90E_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20230101__20231231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember_zB7JdAo85uf8" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_us-gaap_AccountsPayableMember" id="Fact000699" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">17.6</ix:nonFraction></span> million are not included under &#8220;Capital expenditures&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
    of property, plant, and equipment using seller-provided installment financing of $<span id="xdx_900_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20230101__20231231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember__us-gaap--TypeOfArrangementAxis__custom--SellerProvidedInstallmentFinancingMember_z0RzdstL0P0h" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_us-gaap_AccountsPayableMember_custom_SellerProvidedInstallmentFinancingMember" id="Fact000701" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.5</ix:nonFraction></span> million in Accounts payable are not included
    under &#8220;Payments on seller-provided financing for capital expenditures&#8221; within the Consolidated Statement of Cash Flows.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
transactions were as follows during the year ended December 31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
    of property, plant, and equipment in Accounts payable of <span id="xdx_908_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20220101__20221231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember_zRNjCXoGc4rl" title="Payments to acquire property, plant, and equipment">$<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_us-gaap_AccountsPayableMember" id="Fact000703" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">9.1</ix:nonFraction></span> million are not included under &#8220;Capital expenditures&#8221; within
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the year-to-date period ended December 31, 2022, the Company issued NESR ordinary share consideration of <span id="xdx_908_ecustom--ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued_pid_uShares_c20220101__20221231_z4WHd0ile7ci" title="Change in shares, sapesco - nesr ordinary share consideration"><ix:nonFraction name="NESR:ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued" contextRef="From2022-01-012022-12-31" id="Fact000707" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,650,000</ix:nonFraction></span> shares as consideration
    for the WDVGE Investment (Note 9). These transactions were non-cash and do not appear in the Consolidated Statement of Cash Flows
    for the year-to-date period ended December 31, 2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 91; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
transactions were as follows during the year ended December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
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    payable, Other current liabilities and Short term borrowings, respectively, are not included under &#8220;Payments on seller-provided
    financing for capital expenditures&#8221; within the Consolidated Statement of Cash Flows. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    of $<span id="xdx_90A_eus-gaap--CapitalLeaseObligationsCurrent_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaharaPetroleumServicesCompanyMember_zZbfr38Qb2yg" title="Capital lease obligations, current"><ix:nonFraction name="us-gaap:CapitalLeaseObligationsCurrent" contextRef="AsOf2021-12-31_custom_SaharaPetroleumServicesCompanyMember" id="Fact000716" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction></span> million classified as Other current liabilities and $<span id="xdx_90B_eus-gaap--CapitalLeaseObligationsNoncurrent_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SaharaPetroleumServicesCompanyMember_z0EsXWLq6og" title="Capital lease obligations, noncurrent"><ix:nonFraction name="us-gaap:CapitalLeaseObligationsNoncurrent" contextRef="AsOf2021-12-31_custom_SaharaPetroleumServicesCompanyMember" id="Fact000718" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.1</ix:nonFraction></span> million classified as Other liabilities, related to the future payments
    of cash for the purchase of Action (Note 4), are not included under &#8220;Acquisition of business, net of cash acquired&#8221; within
    the Consolidated Statement of Cash Flows.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company issued NESR ordinary share consideration of <span id="xdx_907_ecustom--ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued_pid_uShares_c20210101__20211231_zxzSTFLSTioi" title="Change in shares, sapesco - nesr ordinary share consideration"><ix:nonFraction name="NESR:ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued" contextRef="From2021-01-012021-12-31" id="Fact000720" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,237,000</ix:nonFraction></span> shares, <span id="xdx_907_ecustom--ChangeInSharesSAPESCOAdditionalEarnoutSharesIssued_pid_uShares_c20210101__20211231_ziGcSD0kmfAj" title="Change in shares, sapesco - additional earn-out shares"><ix:nonFraction name="NESR:ChangeInSharesSAPESCOAdditionalEarnoutSharesIssued" contextRef="From2021-01-012021-12-31" id="Fact000722" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">145,039</ix:nonFraction></span> Additional Earn-Out Shares, and <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zUSVgFvIpDC2" title="Change in shares, SAPESCO - additional earn-out shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_custom_CommonStockOneMember" id="Fact000724" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">266,611</ix:nonFraction></span> shares primarily
    relating to Customer Receivables Earn-Out Shares, to the SAPESCO selling shareholders. These transactions were non-cash
    and do not appear in the Consolidated Statement of Cash Flows for the year-to-date period ended December 31, 2021.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000726" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zIFxnOsnMiae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zuXbzDSf0Hi9">Concentration
of credit risk</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s assets that are exposed to concentrations of credit risk consist primarily of cash, accounts receivable from customers,
unbilled revenue from customers, and retention withholdings. The Company places its cash with financial institutions and limits the amount
of credit exposure with any one of them. The Company regularly evaluates the creditworthiness of the issuers in which it invests. The
Company minimizes this credit risk by entering into transactions with high-quality counterparties, limiting the exposure to each counterparty
and monitoring the financial condition of its counterparties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000728" name="NESR:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicyTextBlock"><p id="xdx_84D_ecustom--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicyTextBlock_zVbmSjZElcoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zD7ziwNR6Ccj">Unbilled
revenue, accounts receivable and allowance for credit losses</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
accounts receivable are recorded at the invoiced amount. Accounts receivable are reclassified from unbilled revenue when presented to
the customer or accepted in the customer&#8217;s electronic invoice processing portal, if applicable. No interest is charged on past-due
balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2022, the Company adopted Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-13, <i>Financial Instruments &#8211; Credit
Losses</i> (collectively, Accounting Standards Codification 326 (&#8220;ASC 326&#8221;)). The ASU introduced a new accounting model,
the Current Expected Credit Losses model (&#8220;CECL&#8221;), which requires earlier recognition of credit losses and additional disclosures
related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses
for loans and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each
period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current U.S. GAAP,
which generally require that a loss be incurred before it is recognized. The new standard also applies to financial assets arising from
revenue transactions such as unbilled revenue and accounts receivable. The Company recorded a $<span id="xdx_900_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn5n6_c20220101_zN17d7SwgLX" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-01-01" id="Fact000730" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.8</ix:nonFraction></span> million cumulative-effect adjustment
in opening retained (deficit) as of January 1, 2022, related to the adoption of ASC 326.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company monitors its customers&#8217; payment history and current credit worthiness to determine that collectability of the related financial
assets is reasonably assured. The Company also considers the overall business climate in which our customers operate. For accounts receivable,
a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age
of receivables, adjusted for any forward-looking information and management expectations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the adoption of ASC 326, the Company maintained an allowance for doubtful accounts for estimated losses inherent in its accounts receivable
portfolio. In establishing the required allowances management considers historical losses adjusted to take into account current market
conditions and the customer&#8217;s financial conditions, the amount of receivable in dispute, current receivables ageing and current
payment patterns. Significant accounts receivable balances and balances that have been outstanding greater than 90 days are reviewed
for collectability. Account balances, when determined to be uncollectable, are charged against the allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000732" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_848_eus-gaap--InventoryPolicyTextBlock_z2JJTZ1yUYs6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zVAZ112z6Nb6">Service
inventories</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s service inventory consists of spare parts and chemicals support ongoing operations which are held for the purpose of
service contracts and are measured at the lower of cost or net realizable value. The cost is based on the weighted average cost principle
and includes expenditures incurred in acquiring the service inventories. Net realizable value is the estimated selling price less estimated
costs of completion and selling expenses incurred in the ordinary course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines charges for obsolete service inventory based on historical usage of inventory on-hand, assumptions about future demand
and market conditions and estimates about potential alternative uses, which are limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 92; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000734" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_845_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zq1LPomZA6E2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zTKBYtvJCrwf">Property,
plant and equipment</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, inclusive of equipment under capital lease, is stated at cost less accumulated depreciation. The cost of ordinary
maintenance and repair is charged to operating expense, while replacement of critical components and major improvements that extend the
life of the related asset are capitalized. Capital work in progress mainly represents costs incurred on drilling rigs and equipment that
are in transit at the reporting date. No depreciation is charged to capital work in progress. Depreciation of property, plant and equipment
is calculated using the straight-line method over the asset&#8217;s estimated useful life as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000736" name="NESR:ScheduleOfEstimatedUsefulLifePropertyPlantAndEquipmentTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfEstimatedUsefulLifePropertyPlantAndEquipmentTableTextBlock_z5SQnygImbJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zzsDlpah7Hs6" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIFE PROPERTY, PLANT AND EQUIPMENT</span></span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    and leasehold improvements</span></td>
    <td style="width: 2%">&#160;</td>
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    to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingsAndLeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zlnLVzznQZ" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_BuildingsAndLeaseholdImprovementsMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000740" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">25</ix:nonNumeric></span> years or the estimated lease period, whichever is shorter</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
    rigs, plant and equipment</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DrillingRigsPlantAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_ziZ8IadrqUw6" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_DrillingRigsPlantAndEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000742" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">1</ix:nonNumeric></span>
    to <span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DrillingRigsPlantAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zFsqToDJMli" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_DrillingRigsPlantAndEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000744" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">15</ix:nonNumeric> </span>years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment (furniture and fixtures) and tools</span></td>
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles
    and cranes</span></td>
    <td>&#160;</td>
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    to <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCranesMember__srt--RangeAxis__srt--MaximumMember_zHFzDC8oTVSg" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_VehiclesAndCranesMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000752" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span> years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AC_zXOtZKUpSsKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
held under capital leases are generally amortized on a straight-line basis over the shorter of the estimated useful life of the underlying
asset and the term of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment is reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying
value of an asset or asset group may not be recoverable. Events or circumstances that may indicate include, but are not limited to, matters
such as a significant decline in market value or a significant change in business climate (&#8220;triggering events&#8221;). An impairment
loss is recognized when the carrying value of an asset exceeds the estimated undiscounted future cash flows from the use of the asset
and its eventual disposition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of impairment loss recognized is the excess of the asset&#8217;s carrying value over its fair value. In determining the fair market
value of the assets, the Company considers market trends and recent transactions involving sales of similar assets, or when not available,
discounted cash flow analysis. The Company has not recorded any impairment charges of property, plant and equipment in the accompanying
Consolidated Statements of Operations for any of the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
to be disposed of are reported at the lower of the carrying value or the fair value less cost to sell. Upon sale or other disposition
of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying value of the asset
and the net proceeds received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000754" name="NESR:ProductionManagementAssetsPolicyTextBlock"><p id="xdx_844_ecustom--ProductionManagementAssetsPolicyTextBlock_zQffXLpfhvRd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zPErDVyX3ck7">Production
Management Assets</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s IPM projects are focused on developing and managing production on behalf
of the Company&#8217;s customers under long-term agreements. The Company invests its own services and products, and in some cases cash, into the field development activities
and operations. Although in certain arrangements the Company is paid for a portion of the services or products it provides, generally
the Company is not be paid at the time of providing its services or upon delivery of its products. Instead, the Company is compensated
based upon cash flow generated. Revenues from IPM arrangements, which is recognized as
the related production is achieved, represented less than <span id="xdx_907_eus-gaap--PropertyManagementFeePercentFee_uPure_c20230101__20231231_zzSdPbmjzTK6" title="Revenue percent"><ix:nonFraction name="us-gaap:PropertyManagementFeePercentFee" contextRef="From2023-01-01to2023-12-31" id="Fact000756" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1</ix:nonFraction></span>%, <span id="xdx_90A_eus-gaap--PropertyManagementFeePercentFee_uPure_c20220101__20221231_zK1lAlscUxAb" title="Revenue percent"><ix:nonFraction name="us-gaap:PropertyManagementFeePercentFee" contextRef="From2022-01-012022-12-31" id="Fact000758" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span>% (zero), and <span id="xdx_90B_eus-gaap--PropertyManagementFeePercentFee_uPure_c20210101__20211231_zNV7CpT66RD4" title="Revenue percent"><ix:nonFraction name="us-gaap:PropertyManagementFeePercentFee" contextRef="From2021-01-012021-12-31" id="Fact000760" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span>% (zero) of the Company&#8217;s Revenues in 2023, 2022
and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company capitalizes its cash investments in a project as well as the direct costs associated with providing services or products for
which the Company will be compensated when the related production is achieved. These capitalized investments are amortized to the Consolidated
Statements of Operations as the related production is achieved based on the units of production method, whereby each unit produced is
assigned a pro-rata portion of the unamortized costs based on estimated total production, resulting in a matching of revenue with the
applicable costs. Amortization expense relating to these capitalized investments was $<span id="xdx_904_eus-gaap--CapitalizedContractCostAmortization_pn5n6_c20230101__20231231_znc4mNKQnCG" title="Capitalized investments"><ix:nonFraction name="us-gaap:CapitalizedContractCostAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact000762" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">13.7</ix:nonFraction> </span>million, $<span id="xdx_901_eus-gaap--CapitalizedContractCostAmortization_pn5n6_c20220101__20221231_zHz3k7cxIHmg" title="Capitalized investments"><ix:nonFraction name="us-gaap:CapitalizedContractCostAmortization" contextRef="From2022-01-012022-12-31" id="Fact000764" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span> (zero) million and $<span id="xdx_908_eus-gaap--CapitalizedContractCostAmortization_pn5n6_c20210101__20211231_z4XWMHEAUOR5" title="Capitalized investments"><ix:nonFraction name="us-gaap:CapitalizedContractCostAmortization" contextRef="From2021-01-012021-12-31" id="Fact000766" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span> (zero)
million in 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unamortized portion of the Company&#8217;s investments in IPM projects was $<span id="xdx_901_eus-gaap--DebtInstrumentUnamortizedPremium_iI_pn5n6_c20231231_zOlzvoZU7csj" title="Unamortized expense"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedPremium" contextRef="AsOf2023-12-31" id="Fact000768" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.8</ix:nonFraction></span> million and $<span id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedPremium_iI_pn5n6_c20221231_zrn0mpsjXyhc" title="Unamortized expense"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedPremium" contextRef="AsOf2022-12-31" id="Fact000770" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">17.4</ix:nonFraction></span> million at December 31, 2023 and 2022,
respectively. These amounts are included within &#8216;Other assets&#8217; in the Company&#8217;s Consolidated Balance Sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the Company assessed whether the unamortized costs associated with these investments exceed the present value of future
cash flows from the projects, and has recorded an impairment charge of $<span id="xdx_90E_eus-gaap--AssetImpairmentCharges_pn5n6_c20230101__20231231_zDIX09AoUmnc" title="Impairment charges"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2023-01-01to2023-12-31" id="Fact000772" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.9</ix:nonFraction></span> million. The Company will continue to assess, in future reporting
periods, whether the unamortized costs associated with these investments exceed the discounted present value of future cash flows, as
a significant deviation in future production levels or future selling prices could result in a material charge in the Consolidated Statement
of Operations for future reporting periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 93; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000774" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy"><p id="xdx_848_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zf4dW27Onja4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zV57bBj3bD59">Goodwill</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is the excess cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
is evaluated for impairment on an annual basis on October 1st, or more frequently if circumstances require. The Company performs a qualitative
assessment to determine whether it is more-likely-than-not that the fair value of the applicable reporting unit is less than its carrying
amount. If the Company determines, as a result of its qualitative assessment, that it is not more-likely-than-not that the fair value
of the applicable reporting unit is less than its carrying amount, no further testing is required. If the Company determines, as a result
of its qualitative assessment, that it is more-likely-than-not that the fair value of the applicable reporting unit is less than its
carrying amount, a goodwill impairment assessment is performed using a two-step, fair-value based test. Under the first step, goodwill
is reviewed for impairment by comparing the carrying value of the reporting unit&#8217;s net assets (including allocated goodwill) to
the fair value of the reporting unit. The fair value of the reporting units is determined using a discounted cash flow approach. Determining
the fair value of a reporting unit requires judgment and the use of significant estimates and assumptions. Such estimates and assumptions
include revenue growth rates, discount rates, operating margins, weighted average costs of capital, market share and future market conditions,
among others. If the reporting unit&#8217;s carrying value is greater than its fair value, a second step is performed whereby the implied
fair value of goodwill is estimated by allocating the fair value of the reporting unit in a hypothetical purchase price allocation analysis.
If the amount of goodwill resulting from this hypothetical purchase price allocation is less than the carrying value of the reporting
unit&#8217;s goodwill, the recorded carrying value of goodwill is written down to the implied fair value. The Company performed quantitative
assessments for both of its reporting units as of October 1, 2023, October 1, 2022, and October 1, 2021, and has not recorded any impairment
charge for goodwill in the accompanying Consolidated Statements of Operations for any of the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000776" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_844_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zaXTCkEc21Bb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zoek0dOmJDuc">Intangible
assets</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets were identified that met either the separability criterion or the contractual-legal criterion described in ASC 805. The Company&#8217;s
intangible assets with finite lives consist of customer contracts, trademarks and trade names. The cost of intangible assets with finite
lives is amortized over the estimated period of economic benefit on a straight-line basis, ranging from <span id="xdx_90D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dxL_c20231231__srt--RangeAxis__srt--MinimumMember_zqPwP92jJGZc" title="Finite lived intangible asset, useful lives::XDX::P8Y"><span style="-sec-ix-hidden: xdx2ixbrl0778">eight</span></span> to <span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dc_c20231231__srt--RangeAxis__srt--MaximumMember_zTcPVwicrDwe" title="Finite lived intangible asset, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember" format="ixt-sec:durwordsen" id="Fact000780" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">ten years</ix:nonNumeric></span>. Asset lives
are adjusted whenever there is a change in the estimated period of economic benefit. No residual value has been assigned to these intangible
assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with finite lives are tested for impairment whenever events or changes in circumstances indicate the carrying value may not be
recoverable. These conditions may include a change in the extent or manner in which the asset is being used or a change in future operations.
The Company assesses the recoverability of the carrying amount by preparing estimates of future revenue, margins and cash flows. If the
sum of expected future cash flows (undiscounted) is less than the carrying amount, an impairment loss is recognized. The impairment loss
recognized is the amount by which the carrying amount exceeds the fair value. Fair value of these assets may be determined by a variety
of methodologies, including discounted cash flow models.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000782" name="us-gaap:EquityMethodInvestmentsPolicy"><p id="xdx_844_eus-gaap--EquityMethodInvestmentsPolicy_zeOmJwWI9Bk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zfYVa0S5bhib">Investments
in Equity Instruments</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in equity instruments (of entities in which the Company do not have either a controlling financial interest or significant influence,
most often because the Company hold a voting interest of <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MinimumMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--IntegratedProductionManagementMember_zcnUBosMs4n1" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_srt_MinimumMember_custom_IntegratedProductionManagementMember" id="Fact000784" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% to <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MaximumMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--IntegratedProductionManagementMember_zD500zJN2VSh" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_srt_MaximumMember_custom_IntegratedProductionManagementMember" id="Fact000786" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>%) are recorded at cost minus impairment, if any, plus or minus changes
resulting from observable price changes in orderly transactions for identical or similar equity securities of the same issuer. These
changes are recorded in Other income / (expense), net in the Consolidated Statements of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
method investments are equity holdings in entities in which the Company do not have a controlling financial interest, but over which
the Company have significant influence, most often because the Company hold a voting interest of <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NationalEnergyServicesMember__srt--RangeAxis__srt--MinimumMember_zpalWAfdlHLl" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_NationalEnergyServicesMember_srt_MinimumMember" id="Fact000788" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% to <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NationalEnergyServicesMember__srt--RangeAxis__srt--MaximumMember_zEaUBa3NlVBc" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_NationalEnergyServicesMember_srt_MaximumMember" id="Fact000790" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>%. The results of our equity
method investments are presented in the Consolidated Statements of Operations within Other income(expense) net. Investments in, and advances
to, equity method investments are presented on a one-line basis in the caption Other assets in our Consolidated Balance Sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000792" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_844_eus-gaap--LesseeLeasesPolicyTextBlock_za4EYbv2RhKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zgRvqSbjsPJ5">Leasing</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2016, the FASB issued ASU 2016-02, <i>Leases</i>, with amendments in 2018, 2019, and 2020 (collectively, &#8220;ASC 842&#8221;)
which amends the accounting for lease assets and lease liabilities. ASC 842 requires lessees to recognize both finance and operating
lease assets and liabilities generated by lease arrangements longer than a year on their balance sheet. This guidance also expands the
required quantitative and qualitative disclosures for leasing arrangements and gives rise to other changes impacting certain aspects
of lessee and lessor accounting. The two permitted transition methods under the guidance are the modified retrospective transition approach,
which requires application of the guidance for all comparative periods, and the cumulative effect adjustment approach, which requires
prospective application from the adoption date. Under this transition method, financial statements for periods after the adoption date
are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the
accounting standard originally in effect for such periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
transition, the Company applied the package of practical expedients permitted under the ASC 842 transition guidance. As a result, the
Company did not reassess (1) whether expired or existing contracts contain leases under the new definition of a lease, including whether
an existing or expired contract contains an embedded lease, (2) lease classification for expired or existing leases and (3) any initial
direct costs of existing leases. As a result of the adoption of ASC 842 on January 1, 2022, the Company recorded right-of-use assets
of $<span id="xdx_903_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn5n6_c20220101__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zE1vMlOqCHha" title="Right of use asset"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-01-01_us-gaap_AccountingStandardsUpdate201602Member" id="Fact000794" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">33.7</ix:nonFraction></span> million, including a reduction of approximately $<span id="xdx_90F_eus-gaap--ImpairmentOfLeasehold_pn5n6_c20220101__20220101__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zYFgaDucNo79" title="Leasehold liabilities"><ix:nonFraction name="us-gaap:ImpairmentOfLeasehold" contextRef="From2022-01-012022-01-01_us-gaap_AccountingStandardsUpdate201602Member" id="Fact000796" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million of leasehold liabilities and $<span id="xdx_905_eus-gaap--PrepaidRent_iI_pn5n6_c20220101__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zIIcdIf4OOYf" title="Prepaid rent assets"><ix:nonFraction name="us-gaap:PrepaidRent" contextRef="AsOf2022-01-01_us-gaap_AccountingStandardsUpdate201602Member" id="Fact000798" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million of prepaid rent assets,
and lease liabilities of $<span id="xdx_903_eus-gaap--OperatingLeaseLiability_iI_pn5n6_c20220101__us-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zCWDToUdH5r4" title="Lease liabilities"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-01-01_us-gaap_AccountingStandardsUpdate201602Member" id="Fact000800" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">33.2</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines if an arrangement contains a lease at inception. The Company has operating leases that primarily consist of land and
buildings. The Company also has finance leases for its equipment. Right-of-use (&#8220;ROU&#8221;) assets represent the Company&#8217;s
right to use an underlying asset for the lease term and lease liabilities represent the Company&#8217;s obligation to make lease payments
arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future
minimum lease payments over the lease term at commencement date. The lease term is determined to be the non-cancelable period including
any lessee renewal options which are considered to be reasonably certain of exercise. The Company has elected the practical expedient
to utilize the risk-free rate over a similar period as the remaining lease term as the applicable discount rate. Lease expense for fixed
lease payments on operating leases is recognized over the expected term on a straight-line basis, while interest expense for fixed lease
payments on finance leases is recognized using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected, as an accounting policy, to not apply the recognition requirements in ASC 842 to short-term leases. The Company
did not elect the hindsight practical expedient, which would have allowed the Company to revisit key assumptions, such as lease term,
that were made when the lease was originally entered. The Company has also elected, as a practical expedient, by underlying class of
asset, not to separate lease components from non-lease components and instead, account for them as a single lease component.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the adoption of ASC 842, the Company evaluated and classified its leases as operating or capital for financial reporting purposes.
Assets held under capital leases were included in Property, plant and equipment, net, on the Consolidated balance sheets. Operating lease
expense is recorded on a straight-line basis over the lease term in the Consolidated Statements of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000802" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_845_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zVxw3yv6dER" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_z9lMvRRNYpsd">Employee
benefits</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides defined benefit plan of severance pay to the eligible employees. The severance pay plan provides for a lump sum payment
to employees on separation (retirement, resignation, death while in employment or on termination of employment) of an amount based upon
the employees last drawn salary and length of service, subject to the completion of minimum service period (1-2 years) and taking into
account the provisions of local applicable law or as per applicable employee contracts. The Company records annual amounts relating to
these long-term employee benefits based on calculations that incorporate various actuarial and other assumptions, including discount
rates, mortality, assumed rates of return, compensation increases and turnover rates. The Company reviews its assumptions on an annual
basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications
to those assumptions is recorded in the statement of income. The Company believes that the assumptions utilized in recording its obligations
under its plans are reasonable based on its experience and market conditions. The net periodic costs are recognized as employees render
the services necessary to earn these benefits. Contributions to a defined contribution retirement plan and occupational hazard insurance
for Omani employees in accordance with the Omani Social Insurances Law are recognized as an expense as incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000804" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_848_eus-gaap--IncomeTaxPolicyTextBlock_z9QdfPzjzGRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_ztEubxOVk4e3">Income
taxes</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities
are computed for differences between the financial statement carrying amount and the tax basis of assets and liabilities that will result
in future deductible or taxable amounts and for carryforwards, based on enacted tax laws and rates applicable to the periods in which
the deductible or taxable temporary differences are expected to affect taxable income. Valuation allowances are established to reduce
deferred tax assets to the amount that is more likely than not to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies a recognition threshold and measurement attribute for evaluating tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized, a tax position, based solely on the technical merits, must be more-likely-than-not to be
sustained upon examination by taxing authorities. Recognized tax positions are measured as the largest amount of tax benefit that is
greater than 50 percent likely of being realized upon settlement. The Subsidiaries operate in multiple tax jurisdictions in the Middle
East, North Africa and Asia. The Company has provided for income taxes based on enacted tax laws and tax rates in effect in the countries
where the Company operates and earns income. The income taxes in these jurisdictions vary substantially. The Company engages in transactions
in which the income tax consequences may be subject to uncertainty and examination by the varying taxing authorities. Significant judgment
is required by the Company&#8217;s management in assessing and estimating the income tax consequences of these transactions. While the
Company prepares tax returns based on interpretations of tax laws and regulations, in the normal course of business, the income tax returns
may be subject to examination by the various taxing authorities. Such examinations may result in future assessments of additional income
tax, interest and penalties. NESR classifies interest and penalties relating to an underpayment of income taxes within income tax (expense)
/ benefit in the Consolidated Statements of Operations. Considerable judgment is involved in determining which tax positions are more
likely than not to be sustained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000806" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_840_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zPjhJgZtKEld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><br/>
<span id="xdx_865_zTtMT1vd0jzd">Commitments
and contingencies</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such
liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably
estimated, the Company accrues a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses
is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may
be based on advice from third parties or on management&#8217;s judgment, as appropriate. Revisions to contingent liabilities are reflected
in income in the period in which different facts or information become known or circumstances change that affect the Company&#8217;s
previous judgments with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities
may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period
such new information becomes known.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000808" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_847_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z7TswvPPPtne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_z29ZGqx8NCm2">Stock-based
compensation arrangements</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides stock-based compensation in the form of restricted stock awards to members of its Board of Directors and employees.
Awards are issued pursuant to the terms of the Company&#8217;s 2018 Long Term Incentive Plan (&#8220;LTIP&#8221;) and valued at their
grant date fair value. Such awards qualify as participating securities as they have the right to participate in dividends issued on the
Company&#8217;s ordinary shares, if any. Grants to members of the Company&#8217;s Board of Directors are time-based and vest ratably
over a <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20180101__20181231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember_zFQhfvAi59ri" title="Time-based and vest ratably period"><ix:nonNumeric contextRef="From2018-01-012018-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember_custom_BoardOfDirectorsMember" format="ixt-sec:duryear" id="Fact000810" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">1</ix:nonNumeric></span>-year period. Grants to Company employees are time-based and with limited exceptions, vest ratably over a <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20180101__20181231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zh34cfRK3Nwb" title="Time-based and vest ratably period"><ix:nonNumeric contextRef="From2018-01-012018-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember_custom_EmployeesMember" format="ixt-sec:duryear" id="Fact000812" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">3</ix:nonNumeric></span>-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000814" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zO0CIoMsOPsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zw49Gu12xhX4">Net
(loss) / income per ordinary share</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
income per ordinary share was computed by dividing basic net (loss) / income by the weighted-average
number of ordinary shares outstanding. Diluted income per ordinary share was computed by dividing diluted net (loss) / income by the weighted-average number of ordinary shares outstanding plus dilutive potential ordinary shares, if any.
Dilutive potential ordinary shares include outstanding warrants, restricted stock awards, and/or other contracts to issue ordinary stock
and are determined by applying the treasury stock method or if-converted method, as applicable, if dilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000816" name="us-gaap:DerivativesReportingOfDerivativeActivity"><p id="xdx_843_eus-gaap--DerivativesReportingOfDerivativeActivity_zJrSuvkmaL92" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zvlaab36Tj16">Derivative
financial instruments</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify
as an embedded derivative. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as other income (expense).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000818" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_848_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zyujWxOd6Owi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zgDsJR6gCY5b">Fair
value of financial instruments</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments consist of cash and cash equivalents, accounts receivable, unbilled revenue, accounts payable,
leases, contingent consideration assumed in the Action transaction (Note 4), loans and borrowings and private warrants. The fair value
of the Company&#8217;s financial instruments under ASC Topic 820, &#8220;<i>Fair Value Measurements and Disclosures</i>,&#8221; approximates
the carrying amounts represented in the accompanying Consolidated Balance Sheet, primarily due to their short-term nature or market-index
features, as applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and
bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1 - Quoted prices in active markets for identical assets or liabilities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical
    or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market
    data for substantially the full term of the assets or liabilities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3 - Inputs that are generally unobservable and typically reflect management&#8217;s estimate of assumptions that market participants
    would use in pricing the asset or liability.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000820" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zbKrF51IDPrj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_zYwVKMSovEsf">Segment
information</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and
incur expenses and about which separate financial information is regularly evaluated by the Company&#8217;s chief operating decision
maker (&#8220;CODM&#8221;) in deciding how to allocate resources. Similar operating segments can be aggregated into a single operating
segment if the businesses are similar. Management has determined that the Company has two operating segments and two reportable segments
(Note 20), which reflects the manner in which the CODM operates the Company. The Company&#8217;s CODM is its Chief Executive Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000822" name="NESR:RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock"><p id="xdx_84C_ecustom--RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock_zbLdHHG3bGZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_z5LG7onio2I1">Recently
issued accounting standards not yet adopted</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
new accounting pronouncements that have been issued but not yet effective are currently being evaluated and, at this time, are not expected
to have a material impact on our financial position or results of operations.</span></p>

</ix:nonNumeric><p id="xdx_852_zuy3fwK5R2V6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000824" name="us-gaap:BusinessCombinationDisclosureTextBlock"><p id="xdx_806_eus-gaap--BusinessCombinationDisclosureTextBlock_zE6x473uBne7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_008"></span>4.
<span id="xdx_82C_zYCiEIGNX29g">BUSINESS COMBINATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Action
Business Combination</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 5, 2021, NESR executed the Sale and Purchase Agreement (&#8220;Action Sale and Purchase Agreement&#8221;) to acquire specific oilfield
service lines of Action Energy Company W.L.L.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Description
of the Action Transaction</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Action Sale &amp; Purchase Agreement, NESR acquired the working capital, property, plant, and equipment, contract labor
force, and the economic benefit of three five-year customer contracts associated with specific oilfield service lines of Action in an
all-cash transaction which comprised of $<span id="xdx_900_ecustom--AllcashTransaction_pn5n6_c20210504__20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zyznTGkIPmZa" title="All-cash transaction"><ix:nonFraction name="NESR:AllcashTransaction" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember" id="Fact000826" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">36.8</ix:nonFraction></span> million paid at closing and an estimated $<span id="xdx_908_ecustom--BusinessCombinationDeferredConsideration_pn5n6_c20210504__20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zN2f4mFcMS7b" title="Business combination, deferred consideration"><ix:nonFraction name="NESR:BusinessCombinationDeferredConsideration" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember" id="Fact000828" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">16.9</ix:nonFraction></span> million deferred consideration payment to
be paid 6 months after closing or shortly thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Action Sale &amp; Purchase Agreement also contained earn-out mechanisms that enabled the sellers to receive additional consideration
after the closing of the Action Business Combination as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First
    Earn-Out Consideration (&#8220;First Earn-Out&#8221;) of <span id="xdx_901_ecustom--RevenuePercentage_pid_dp_uPure_c20210504__20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zalPylboTBq3" title="Revenue percentage"><ix:nonFraction name="NESR:RevenuePercentage" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" id="Fact000830" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% of revenue associated with the three acquired customer contracts, including
    the first renewal of each of these contracts (if any). The First Earn-Out is payable quarterly;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second
    Earn-Out Consideration (&#8220;Second Earn-Out&#8221;) of <span id="xdx_902_ecustom--RevenuePercentage_pid_dp_uPure_c20210504__20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--SecondEarnOutConsiderationMember_zn7kWQSajZyd" title="Revenue percentage"><ix:nonFraction name="NESR:RevenuePercentage" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" id="Fact000832" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span>% of the revenue associated with the first renewal (if any) of the three
    acquired customer contracts. <span id="xdx_902_ecustom--EarnoutPayablePercentage_pid_dp_uPure_c20210504__20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--SecondEarnOutConsiderationMember_zC0wMHz9Kcci" title="Earnout payable percentage"><ix:nonFraction name="NESR:EarnoutPayablePercentage" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" id="Fact000834" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">66.66</ix:nonFraction></span>% of the Second Earn-Out is payable upon contract renewal with the remaining balance due at the
    conclusion of the renewed contract&#8217;s term. At its discretion, NESR may settle the Second Earn-Out using cash or shares; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
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    dependent on the amount of incremental earnings before interest, taxes, depreciation, and amortization contributed by the contracts
    minus certain adjustments such as capital expenditures. The Third Earn-Out is payable within 90 days of the conclusion of the term
    of the last of the three acquired customer contracts. At its discretion, NESR may settle the Third Earn-Out using cash or shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
First Earn-Out and Second Earn-Out were determined using a discounted cash flow approach within a scenario analysis. The Third Earn-Out
was valued using a Black Sholes simulation. Collectively, the First Earn-Out, Second Earn-Out, and Third Earn-Out were fair valued at
$<span id="xdx_904_eus-gaap--EquityIssuedInBusinessCombinationFairValueDisclosure_iI_pn5n6_c20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zGZqis4kFI3e" title="Fair value of business acquisition"><ix:nonFraction name="us-gaap:EquityIssuedInBusinessCombinationFairValueDisclosure" contextRef="AsOf2021-05-05_custom_ActionSaleAndPurchaseAgreementMember" id="Fact000838" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.4</ix:nonFraction></span> million as of May 5, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Subsequent to May 5, 2021,
the Company recorded valuation adjustments to the First Earn-Out and Second Earn-Out totalling ($<span id="xdx_90D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_z1wBS5VztuX1" title="Valuation adjustment value"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments" contextRef="AsOf2023-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" id="Fact000840" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.9</ix:nonFraction></span>),
$<span id="xdx_90C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--SecondEarnOutConsiderationMember_zNNqUnhfaGY9" title="Valuation adjustment value"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" id="Fact000842" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction> </span>million,
and $<span id="xdx_90B_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--ThirdEarnOutConsiderationMember_ziN1KiSEN1i5" title="Valuation adjustment value"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_ThirdEarnOutConsiderationMember" id="Fact000844" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span>
million, respectively, during the years ended December 31, 2023, December 31, 2022, and December 31, 2021. Additionally, during the
years ended December 31, 2023, December 31, 2022, and December 31, 2021, the Company cash settled $<span id="xdx_906_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zJ8SUZZoyEhj" title="Business combination cash settled"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2023-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" id="Fact000846" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span>,
$<span id="xdx_908_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_z1tWaIuICizl" title="Business combination cash settled"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" id="Fact000848" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction></span>
and $<span id="xdx_90A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zYfLiQjH8Dvj" title="Business combination cash settled"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" id="Fact000850" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span>
(zero), respectively, related to the First Earn-Out. The First Earn-Out, Second Earn-Out, and Third Earn-Out were collectively valued at
$<span id="xdx_904_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zdv8ThVxwEui" title="Business combination collective value"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" id="Fact000852" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.0</ix:nonFraction></span>
million, $<span id="xdx_90C_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--SecondEarnOutConsiderationMember_zpdBhx4fDhE3" title="Business combination collective value"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" id="Fact000854" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span>
million, and $<span id="xdx_903_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--ThirdEarnOutConsiderationMember_zny485tSWpak" title="Business combination collective value"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_ThirdEarnOutConsiderationMember" id="Fact000856" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.3</ix:nonFraction></span>
million, respectively, as of December 31, 2023, December 31, 2022, and December 31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financing
of Action Business Combination</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consideration
for the Action Business Combination was funded through the following sources and transactions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">deferred
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the consideration to purchase the working capital, property, plant, and equipment, contract labor force, and the
economic benefit of three five-year customer contracts associated with specific oilfield service lines of Action:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000862" name="NESR:ScheduleOfConsiderationToPurchaseIssuedAndOutstandingEquityInterestTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfConsiderationToPurchaseIssuedAndOutstandingEquityInterestTableTextBlock_zXa0Wnw15Ksc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zOOtCPjKg0oc">SCHEDULE OF CONSIDERATION TO PURCHASE ISSUED AND OUTSTANDING EQUITY INTEREST</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredCashConsideration_iI_pn3n3_maBCRIAzrts_zSuFxbo6QcQ6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Deferred cash consideration</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets_iTI_pn3n3_mtBCRIAzrts_maBCRIAzbUC_zBYapkhnZ3v7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total consideration &#8211; cash</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">First Earn-Out</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--BusinessCombinationRecognizedIdentifiableEstimatedSecondEarnout_iI_pn3n3_maBCRIEz1v4_ziyTgsPds7Pa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Second Earn-Out</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Third Earn-Out</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAsset_iTI_pn3n3_mtBCRIAzbUC_zokf5z2Tch9g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total consideration</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A0_z74gFAMcTwk7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 98; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounting
treatment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Action Business Combination was accounted for under ASC 805, Business Combinations (&#8220;ASC 805&#8221;). Pursuant to ASC 805, NESR
has been determined to be the accounting acquirer. Action constitutes a business, with inputs, processes, and outputs. Accordingly, the
acquisition of Action constitutes the acquisition of a business for purposes of ASC 805, and due to the change in control of Action was
accounted for using the acquisition method. NESR recorded the fair value of assets acquired and liabilities assumed from Action.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000880" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zfJ2FHCGdA5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the final purchase price allocation (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span><span id="xdx_8BA_z9sPTvotWLx2" style="display: none">SCHEDULE OF PURCHASE PRICE ALLOCATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allocation
of consideration</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; border-collapse: collapse; width: 80%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_495_20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zFlgZRnHerAc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_iI_pn3n3_maBCRIAzPXD_zAIl1CGha1q4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts receivable</td><td>&#160;</td>
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    <td style="text-align: left">Unbilled revenue</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOtherReceivables_iI_pn3n3_maBCRIAzPXD_z7T8bCOGI3n7" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_maBCRIAzPXD_zmw8w0CIPJzi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_iI_pn3n3_maBCRIAzPXD_zGJCJquSuPOa" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iI_pn3n3_maBCRIAzUcd_zDYaNkihqDEh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses_iI_pn3n3_maBCRIAzUcd_zAKKK5HWytT2" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iI_pn3n3_maBCRIAzUcd_zKozy8fTLbVl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_ecustom--BusinessCombinationRecognizedIdentifiableEmployeeBenefitLiabilities_iI_pn3n3_maBCRIAzUcd_zrMA5Uow9G41" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_iTI_pn3n3_msBCRIAzWKj_mtBCRIAzUcd_zpNaAyUlouLb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iTI_pn3n3_mtBCRIAzWKj_maBCRIAznXS_zKkxEwJyOmhk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iTI_pn3n3_mtBCRIAznXS_zAz2vO6DOSla" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A9_zWWfEw4JXS41" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 99; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
employee benefit liabilities relate to end of service benefits (Note 12).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible
assets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets were identified that met either the separability criterion or the contractual-legal criterion described in ASC 805.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000920" name="us-gaap:FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock"><p id="xdx_894_eus-gaap--FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock_ztzZY53NVrKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allocation to intangible assets is as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zGBjb9pyUpzf" style="display: none">SCHEDULE OF ALLOCATION TO INTANGIBLE ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left; padding-bottom: 1.5pt">Customer relationships</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_pn3n3_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerContractsMember__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zIJmxpS332yj" title="Total intangible assets" style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles" contextRef="AsOf2023-12-31_us-gaap_CustomerContractsMember_custom_ActionSaleAndPurchaseAgreementMember" id="Fact000922" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,100</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total intangible assets</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_pn3n3_c20231231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zcF0S89uG9Wc" title="Total intangible assets" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles" contextRef="AsOf2023-12-31_custom_ActionSaleAndPurchaseAgreementMember" id="Fact000926" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,100</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_z9qIl0t4wT81" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, $<span id="xdx_90F_eus-gaap--Goodwill_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_z5BoomBlr0Cb" title="Goodwill"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" id="Fact000928" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">9.6</ix:nonFraction></span> million has been allocated to goodwill. Goodwill represents the excess of the gross consideration transferred
over the fair value of the underlying net tangible and identifiable definite-lived intangible assets acquired. Goodwill is not amortizable
and/or deductible for tax purposes. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets
that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill
consist primarily of the strong market positions and the assembled workforces.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with FASB ASC Topic 350, <i>Goodwill and Other Intangible Assets</i>, goodwill will not be amortized, but instead will be
tested for impairment at least annually or more frequently if certain indicators are present. In the event management determines that
the value of goodwill has become impaired, an accounting charge for the amount of impairment during the period in which the determination
is made may be recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Combination had been consummated on January 1, 2021, for the year ended December 31, 2021 (in US$ thousands):</span></p>

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</ix:nonNumeric><p id="xdx_8A8_zYX4KcLlSn2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
supplemental unaudited pro-forma results were based on estimates and assumptions, which the Company believes are reasonable. They are
not the results that would have been realized had the Company been a consolidated company during the periods presented and are not necessarily
indicative of results of operations in future periods. The supplemental unaudited pro-forma results include adjustments primarily related
to purchase accounting adjustments. Acquisition costs and other non-recurring charges incurred in connection with the Action Business
Combination are included in the earliest period presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 100; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000939" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_80C_eus-gaap--RevenueFromContractWithCustomerTextBlock_zHv1ovRfo0i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_009"></span>5.
<span id="xdx_829_zYZLO5aJtdCb">REVENUE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Disaggregation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is significant homogeneity amongst the Company&#8217;s revenue-generating activities. In all service lines, the Company provides a &#8220;suite
of services&#8221; to fulfill a customer purchase/service order, encompassing personnel, use of Company equipment, and supplies required
to perform the services. Ninety-nine percent of the Company&#8217;s revenue is from the MENA region with the majority sourced from governmental customers,
predominantly in Oman and Saudi Arabia. Information regularly reviewed by the chief operating decision maker (&#8220;CODM&#8221;) for
evaluating the financial performance of operating segments is focused on the timing of when the services are performed during a well&#8217;s
lifecycle. Production Services are services performed during the production stage of a well&#8217;s lifecycle. Drilling and Evaluation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_zprzJPeTSx" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE BY SERVICE TYPE</span></span></p>

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<ix:exclude><!-- Field: Page; Sequence: 101; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000958" name="us-gaap:FinancingReceivablesTextBlock"><p id="xdx_80F_eus-gaap--FinancingReceivablesTextBlock_zlgXsDSnLNQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_010"></span>6.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BF_z49WnMx1WKDd" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLE</span></span></p>

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    <td style="width: 60%; text-align: left">Trade receivables</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zl4T17kCOzU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
receivables relate to the sale of services, for which credit is extended based on the Company&#8217;s evaluation of the customer&#8217;s
creditworthiness. The gross contractual amounts of trade receivables at December 31, 2023, and December 31, 2022 were $<span id="xdx_907_eus-gaap--AccountsReceivableGross_iI_pn5n6_c20231231_zu8mjmVXnQPh" title="Allowance for doubtful accounts receivable"><ix:nonFraction name="us-gaap:AccountsReceivableGross" contextRef="AsOf2023-12-31" id="Fact000971" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">181.0</ix:nonFraction></span> million and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000975" name="NESR:ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock_zHof7lB2Tga9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BE_zEdFOErtXgL3" style="display: none">SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNS_pn3n3_di_zylizdTTkLi5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Allowance for credit losses at beginning of period</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2022-12-31" id="Fact000977" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,664</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2020-12-31" id="Fact000979" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,722</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr id="xdx_40C_ecustom--AllowanceForDoubtfulAccountsReceivableAccountingStandardAdoption_pn3n3_zBTCQ9hOZDMc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">CECL Accounting Standard Adoption (Note 3)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0983">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">(Increase) decrease to allowance for the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact000985" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">410</ix:nonFraction></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact000986" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8,185</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31" id="Fact000987" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">769</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_pn3n3_zvEiOjX4pJI" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">(Recovery) write-off of credit losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs" contextRef="From2023-01-01to2023-12-31" id="Fact000989" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,534</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs" contextRef="From2022-01-012022-12-31" id="Fact000990" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">346</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs" contextRef="From2021-01-012021-12-31" id="Fact000991" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">439</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNE_pn3n3_di_zUHcbKphYYHh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Allowance for credit losses at end of period</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact000993" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,720</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2022-12-31" id="Fact000994" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,664</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2021-12-31" id="Fact000995" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,052</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8AE_zYdv2OlCzedg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s allowance for credit losses at December 31, 2023 and 2022, includes $<span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pn5n6_c20231231_zpyQ8KOmUZC3" title="Allowance for credit losses"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2023-12-31" id="Fact000997" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.2</ix:nonFraction></span> million and $<span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pn5n6_c20221231_z57EEaOFyVEj" title="Allowance for credit losses"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-12-31" id="Fact000999" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">9.4</ix:nonFraction></span> million respectively related
to the application of the CECL accounting standard.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001001" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_802_eus-gaap--InventoryDisclosureTextBlock_zmktQbYdunM6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_011"></span>7.
<span id="xdx_82F_zElnXIVGECel">SERVICE INVENTORIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001003" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zEXmwG46rP3l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the service inventories for the period end dates as set forth below (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B8_zsRwFCVxllE5" style="display: none">SCHEDULE OF SERVICE INVENTORIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--InventoryNet_iI_pn3n3_hus-gaap--LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis__custom--SparePartsMember_zawZyZbVOIT7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Spare parts</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31_custom_SparePartsMember" id="Fact001005" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">66,615</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zAODzc5bPAQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 102; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001014" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z1D6qUyOFZ9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_012"></span>8.
<span id="xdx_822_zBEZQ7SjBIX1">PROPERTY, PLANT, &amp; EQUIPMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001016" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_zMgpdf1f0XM4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, net of accumulated depreciation, of the Company consists of the following as of the period end dates set forth below
(in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_zhzXm9gT9HY5" style="display: none">SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT</span></p>

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    <td style="text-align: left">Vehicles and cranes</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: center"/><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--Land_iI_pn3n3_zZ4hF5IM8A8b" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_ecustom--CapitalWorkInProgress_iI_pn3n3_zQhwf0Wm18Qe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A7_zYmt4D9jtIj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded depreciation expense of $<span id="xdx_901_eus-gaap--Depreciation_pn5n6_c20230101__20231231_z0ouWdeFsVrc" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001061" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">109.7</ix:nonFraction></span> million, $<span id="xdx_90B_eus-gaap--Depreciation_pn5n6_c20220101__20221231_z65asvqLUgF5" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001063" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">97.0</ix:nonFraction> </span>million, and $<span id="xdx_908_eus-gaap--Depreciation_pn5n6_c20210101__20211231_zc8UHyVb4Bqi" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact001065" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">104.1</ix:nonFraction></span> million for the years ended December 31, 2023, December
31, 2022, and December 31, 2021, respectively, in the Consolidated Statement of Operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001067" name="us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock"><p id="xdx_800_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_z4KthQl8QnAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_013"></span>9.
<span id="xdx_82F_zkRGPEtJdeb">GOODWILL, INTANGIBLE, AND OTHER ASSETS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001069" name="us-gaap:ScheduleOfGoodwillTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfGoodwillTextBlock_zMwI8TIeciVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the carrying amount of goodwill of the Company between December 31, 2022, and December 31, 2023, are as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zm7QV3tcnrA7" style="display: none">SCHEDULE OF CHANGES IN CARRYING AMOUNT OF GOODWILL</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; font-weight: bold">Balance as of December 31, 2022</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Goodwill_iS_pn3n3_c20230101__20231231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DrillingAndEvaluationServicesMember_zF6V2JtTbfZ7" title="Beginning balance" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-12-31_custom_DrillingAndEvaluationServicesMember" id="Fact001073" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">185,385</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8AA_zltMGBSXbwS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible
assets subject to amortization, net</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001089" name="NESR:FiniteLivedIntangibleAssetsWeightedAverageAmortizationPeriodTableTextBlock"><p id="xdx_89A_ecustom--FiniteLivedIntangibleAssetsWeightedAverageAmortizationPeriodTableTextBlock_zVJ8pazdGgJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is the weighted average amortization period for intangible assets of the Company subject to amortization (in years):&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;<span><span id="xdx_8BA_zkSYJhcrzyi8" style="display: none">SCHEDULE
OF WEIGHTED AVERAGE AMORTIZATION PERIOD FOR INTANGIBLE ASSETS</span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left">Customer contracts &amp; relationships</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><span id="xdx_90D_eus-gaap--FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerContractsMember_zSgW0BvOJLUf" title="Weighted average amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_CustomerContractsMember" format="ixt-sec:duryear" id="Fact001091" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1">10.0</ix:nonNumeric></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Trademarks and trade names</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8A7_zJyAjF45rkcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001097" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zXXr5Q3Ovn5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
details of our intangible assets subject to amortization are set forth below (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif; display: none">&#160;<span id="xdx_8B4_z6uaqtQc85Wi">SCHEDULE OF INTANGIBLE ASSETS SUBJECT TO AMORTIZATION</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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amortization</b></span></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A0_zcsKxTcf4z29" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 103; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate amortization expense remaining for each of the five years subsequent to December 31, 2023, is $<span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn5n6_c20231231_zmgv4pr6kpT4" title="Aggregate amortization expense remaining, 2024"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001135" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.6</ix:nonFraction></span> million for 2024, $<span id="xdx_909_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn5n6_c20231231_zZN1IAWX1paf" title="Aggregate amortization expense remaining, 2025"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2023-12-31" id="Fact001137" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.6</ix:nonFraction></span>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
method investments </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 1, 2022, NESR acquired a minority stake in WDVGE, a premier Reservoir Characterization and G&amp;G laboratory and consulting business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table presents our investments at the dates indicated (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_zG8T2oajaC4g" style="display: none">SCHEDULE OF INVESTMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; text-align: left">WDVGE</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zskXotQze0Jl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, NESR recorded other than temporary impairment of $<span id="xdx_900_eus-gaap--EquityMethodInvestmentOtherThanTemporaryImpairment_pn5n6_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WdVonGontenEngineeringLlcMember_zEswnr5wITt7" title="Equity method investment other than temporary impairment"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment" contextRef="From2023-01-012023-12-31_custom_WdVonGontenEngineeringLlcMember" id="Fact001153" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.0</ix:nonFraction></span>
million in its investment in WDVGE. The Company determined that its investment in WDVGE was not fully recoverable on account of
slower than anticipated customer and revenue growth as compared to NESR&#8217;s original expectations. NESR&#8217;s investment in WDVGE was fair valued using a discounted cash flow approach within a scenario analysis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001155" name="NESR:ScheduleOfEarningsLossFromEquityInvestmentsTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfEarningsLossFromEquityInvestmentsTableTextBlock_zxgIDrDWE58d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents earnings (loss) from equity investments for the periods indicated (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_z8oFdq6R69gb" style="display: none">SCHEDULE OF EARNINGS (LOSS) FROM EQUITY INVESTMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 7.1pt">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Segment</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">WDVGE</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_z1xrzhBbrY5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001161" name="NESR:ScheduleOfFinancialInformationForOurEquityMethodInvestmentsTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfFinancialInformationForOurEquityMethodInvestmentsTableTextBlock_zxlCQV9dA0nf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
combined financial information for our equity method investments is as follows for the periods indicated (amounts represent 100% of investee
financial information in US$ thousands):&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BC_zAIjzp1XlYci" style="display: none">SCHEDULE OF FINANCIAL INFORMATION FOR OUR EQUITY METHOD INVESTMENTS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-right: auto; border-collapse: collapse; width: 80%; margin-left: auto">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Combined equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Statement of operations data:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_zQisyGWn3woj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
investments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, the Company has not made significant expenditures on research and development activities aside from making strategic investments
and partnerships with companies to expand the NEDA and Drilling &amp; Evaluation portfolios. These six investments are individually
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determinable fair values. The Company monitors recent transactions in these investments as well as other information that may indicate
that impairments have occurred. For the years ended December 31, 2023, December 31, 2022, or December 31, 2021, no impairments, or other
downward revisions in the value of these investments, have been recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001197" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_807_eus-gaap--LesseeOperatingLeasesTextBlock_ztaHqBxC9ED9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_014"></span>10.
<span id="xdx_825_zTAsnh6BSvih">LEASING</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
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centers, sales offices and certain equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_zEqXm9jXF6w5" style="display: none">SCHEDULE OF COMPONENTS OF LEASE EXPENSE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--FinanceLeaseLiabilityAbstract_iB_zGlFOG0rnRB1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Finance lease cost:</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; width: 60%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_400_eus-gaap--FinanceLeaseInterestExpense_pn3n3_maLCzMYp_zStWH6K3zPQd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Interest on lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001207" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">166</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Operating lease cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2023-01-01to2023-12-31" id="Fact001210" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,715</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term lease <sup id="xdx_F42_zn3XPrPsV4sd">(1)</sup></span></td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Sublease income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:SubleaseIncome" contextRef="From2023-01-01to2023-12-31" id="Fact001216" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total lease expense</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zAKTzu4h06fi">(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zrKXBRqQqvrf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001221" xml:lang="en-US">Leases
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  </table>
</ix:nonNumeric><p id="xdx_8A3_zzpknwZmx827" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001223" name="us-gaap:ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock_zcbwrJ5rUcNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
recognized in the Consolidated Balance Sheet (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_zCu2SG13qjf1" style="display: none">SCHEDULE OF AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityAbstract_iB_zSYYk2UsWCF6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Operating leases:</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_pn3n3_zjVV3VkDNxRk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; width: 60%; text-align: left">Operating lease right-of-use assets (non-current)</td><td style="width: 2%">&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Operating lease liabilities (non-current)</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--FinanceLeaseLiabilityAbstract_iB_z0ETljb3hBAj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Finance leases:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left"><span id="xdx_90D_eus-gaap--FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_zXhozjsmx7M8" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23PropertyPlantAndEquipmentNet"><span id="xdx_903_eus-gaap--FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zqSrRaChGPf7" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23PropertyPlantAndEquipmentNet"><span style="-sec-ix-hidden: xdx2ixbrl1242"><span style="-sec-ix-hidden: xdx2ixbrl1243">Property, plant and equipment, net (non-current)</span></span></span></span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact001241" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,176</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001245" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,403</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-left: 10pt; text-align: left"><span id="xdx_909_eus-gaap--FinanceLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_zbrotHZ3wc9f" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23OtherLiabilitiesNoncurrent"><span id="xdx_909_eus-gaap--FinanceLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_z2OlKEuPXizl" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23OtherLiabilitiesNoncurrent"><span style="-sec-ix-hidden: xdx2ixbrl1252"><span style="-sec-ix-hidden: xdx2ixbrl1253">Other liabilities (not current)</span></span></span></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact001250" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,128</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact001251" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">192</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A8_z6reoa9JCLRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001255" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><p id="xdx_89F_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_z2ZC1ObXAmq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zDAcwwS3W1r8" style="display: none">SCHEDULE OF OPERATING LEASE LIABILITIES</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_496_20230101__20231231_zr3Sht38zUak" style="text-align: center; font-weight: bold">Year ended</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20220101__20221231_zB1QdSY4cf2h" style="text-align: center; font-weight: bold">Year ended</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Other supplemental information (in US$ thousands except percentages): </td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash paid for amounts included in the measurement of lease liabilities: <b>&#160;</b></span></td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeasePayments_pn3n3_zWNyjNda3CCg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; width: 60%; text-align: left">Operating cash flows used by operating leases </td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2023-01-01to2023-12-31" id="Fact001257" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,317</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-012022-12-31" id="Fact001258" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,662</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--FinanceLeaseInterestPaymentOnLiability_pn3n3_zzXfZE0frkUl" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Operating cash flows used by finance leases </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseInterestPaymentOnLiability" contextRef="From2023-01-01to2023-12-31" id="Fact001260" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">166</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseInterestPaymentOnLiability" contextRef="From2022-01-012022-12-31" id="Fact001261" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">390</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--FinanceLeasePrincipalPayments_pn3n3_z1wprYIGNmy5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Financing cash flows used by finance leases </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2023-01-01to2023-12-31" id="Fact001263" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,403</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2022-01-012022-12-31" id="Fact001264" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,108</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Noncash investing and financing activities: </td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Right-of-use assets obtained in exchange for lease obligations on adoption of ASC 842: </td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_z3eRbM0NLdy4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Operating leases </td><td>&#160;</td>
    <td style="text-align: left"/><td style="text-align: right"/><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2022-01-012022-12-31_us-gaap_AccountingStandardsUpdate201602Member" id="Fact001267" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33,651</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zzdgKdcNHkGd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Finance leases </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"/><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" contextRef="From2022-01-012022-12-31_us-gaap_AccountingStandardsUpdate201602Member" id="Fact001270" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,771</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Modifications of right-of-use assets obtained in exchange for lease obligations during the year ended:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"/><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--ModificationsOfRightOfUseAssetsMember_zVnmWlQdmi43" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Operating leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="margin: 0"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2023-01-012023-12-31_custom_ModificationsOfRightOfUseAssetsMember" id="Fact001272" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,360</ix:nonFraction></p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1273">-</span></p></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__custom--ModificationsOfRightOfUseAssetsMember_zimmfbazPfTa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><p style="margin: 0">Finance leases</p></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1275">-</span></p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl1276">-</span></p></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Right-of-use assets obtained in exchange for lease obligations during the year ended: </td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_zORA4xfhl6d9" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Operating leases </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact001278" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,855</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2022-01-012022-12-31" id="Fact001279" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,945</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_pn3n3_zBYX5GF1NL4j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Finance leases </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact001281" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,679</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1282">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--DerecognitionOfPrepaidRent_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_z5Vl9Ews3BLb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Derecognition of prepaid rent upon adoption of ASC 842 </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"/><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:DerecognitionOfPrepaidRent" contextRef="From2022-01-012022-12-31_us-gaap_AccountingStandardsUpdate201602Member" id="Fact001285" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">93</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--DerecognitionOfPrepaidRent_pn3n3_zB6PAyCONU8a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Derecognition of prepaid rent during the year ended: </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1287">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:DerecognitionOfPrepaidRent" contextRef="From2022-01-012022-12-31" id="Fact001288" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">683</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--DerecognitionOfTenantImprovements_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_ziyN53OUntmh" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Derecognition of tenant improvements upon adoption of ASC 842 </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1290">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:DerecognitionOfTenantImprovements" contextRef="From2022-01-012022-12-31_us-gaap_AccountingStandardsUpdate201602Member" id="Fact001291" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">362</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Weighted-average remaining lease term: </td><td style="font-size: 11pt">&#160;</td>
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zAHawSwWTdZc" title="Weighted-average remaining lease term - Operating leases"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001293" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">12.84</ix:nonNumeric></span>
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years&#160;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Finance leases </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_907_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zEwkssAKUrxd" title="Weighted-average remaining lease term - Finance leases"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001297" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1">2.68</ix:nonNumeric></span>
                                            years</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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years&#160;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Finance leases </td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_zJl4qN2w0Hgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001309" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89E_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z6rKZrqY1cjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, maturities of our lease liabilities are as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zhUpqu1BxTIl" style="display: none">SCHEDULE OF MATURITIES OF OUR LEASE LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Operating Leases</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">Leases</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-weight: bold">Year:</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 60%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20231231_zEGLGIO0qVi9" title="Finance Leases, Year 1" style="font-style: normal; width: 16%; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001314" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,833</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">2025</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20231231_z5Sey5TIR5ki" title="Operating Leases, Year 2" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001316" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,394</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20231231_zUPBI24Yywck" title="Finance Leases, Year 2" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001318" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,600</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">2026</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_c20231231_zUOMwKPFw7Qa" title="Operating Leases, Year 3" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact001320" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,847</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_c20231231_zHRDCMel5975" title="Finance Leases, Year 3" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact001322" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">720</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">2027</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_c20231231_z2Kqq6YjpFj3" title="Operating Leases, Year 4" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2023-12-31" id="Fact001324" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,864</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_c20231231_z6ghpEIPiut5" title="Finance Leases, Year 4" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1326">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">2028</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_c20231231_zsyDAz4o8Km9" title="Operating Leases, Year 5" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2023-12-31" id="Fact001328" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,285</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_c20231231_zmXujfVwo5O" title="Finance Leases, Year 5" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1330">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_c20231231_zsMF56pF71Oe" title="Operating Leases, Thereafter" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2023-12-31" id="Fact001332" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32,670</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_c20231231_zLXgSqxeLL5j" title="Finance Leases, Thereafter" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1334">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total lease payments</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_c20231231_zgAXalexFyCe" title="Operating Leases, Total lease payments" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001336" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">57,366</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_c20231231_zjYWAWXxObQa" title="Finance Leases, Total lease payments" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001338" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,153</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Less: imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di0_c20231231_z3mmBbdD4BYg" title="Operating Leases, Less: imputed interest" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,815</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di0_c20231231_zoG60OJZqX7g" title="Finance Leases, Less: imputed interest" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001342" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">622</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; text-align: left; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeaseLiability_iI_pn3n3_c20231231_zwu7fuzXDrGl" title="Operating Leases, Total" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001344" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32,551</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20231231_zoK0h1stvBii" title="Finance Leases, Total" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001346" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,531</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, maturities of our lease liabilities are as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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                                                                  <p style="margin-top: 0; margin-bottom: 0">Leases</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 60%; text-align: justify">2023</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20221231_zI5BSUSDHMG1" title="Finance Leases, Year 1" style="font-style: normal; width: 16%; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2022-12-31" id="Fact001351" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,402</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">2024</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20221231_zTYKknDOSQSc" title="Operating Leases, Year 2" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2022-12-31" id="Fact001353" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,383</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20221231_zizAfAn7tZxb" title="Finance Leases, Year 2" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2022-12-31" id="Fact001355" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">203</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">2025</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_c20221231_zzZ38EeIDGbb" title="Operating Leases, Year 3" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2022-12-31" id="Fact001357" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,958</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_c20221231_z9zXzNYrmS82" title="Finance Leases, Year 3" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1359">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">2026</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_c20221231_z2uacWEs5OR1" title="Operating Leases, Year 4" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2022-12-31" id="Fact001361" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,972</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_c20221231_zXGM8QckBQP3" title="Finance Leases, Year 4" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1363">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">2027</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_c20221231_zzzudG3r9cs2" title="Operating Leases, Year 5" style="font-style: normal; font-weight: normal; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2022-12-31" id="Fact001365" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,567</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_c20221231_zYXgNrRtqkyb" title="Finance Leases, Year 5" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1367">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: justify">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_c20221231_zmRZaRj3fwKj" title="Operating Leases, Thereafter" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2022-12-31" id="Fact001369" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,481</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_c20221231_zkAmtYLpj4e3" title="Finance Leases, Thereafter" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1371">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify">Total lease payments</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_c20221231_zEMIttxymTj1" title="Operating Leases, Total lease payments" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2022-12-31" id="Fact001373" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">57,328</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_pn3n3_c20221231_zZJQW2CD5ex9" title="Finance Leases, Total lease payments" style="font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDue" contextRef="AsOf2022-12-31" id="Fact001375" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,605</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: justify">Less: imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di0_c20221231_z7gtNcyjMZl5" title="Operating Leases, Less: imputed interest" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2022-12-31" id="Fact001377" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,014</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di0_c20221231_zz79WMUdm79b" title="Finance Leases, Less: imputed interest" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2022-12-31" id="Fact001379" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">145</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; text-align: justify; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiability_iI_pn3n3_c20221231_z3jbaTi71ha7" title="Operating Leases, Total" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-12-31" id="Fact001381" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31,314</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiability_iI_pn3n3_c20221231_zAIVMyet44Sj" title="Finance Leases, Total" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiability" contextRef="AsOf2022-12-31" id="Fact001383" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,460</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_z13uWrDcESi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001385" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_80C_eus-gaap--DebtDisclosureTextBlock_zzTCUN9kcn3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_015"></span>11.
<span id="xdx_82C_zQRpdK3dIhTf">DEBT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-term
debt</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001387" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zxS2VDOyViT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s long-term debt obligations consist of the following (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_zJ2OUaVm9v6a" style="display: none">SCHEDULE OF LONG TERM DEBT OBLIGATIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20231231_zKYaR0lm7VMa" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20221231_zSeuhr6mIK15" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Secured Term Loan</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20231231__us-gaap--CreditFacilityAxis__custom--SecuredTermLoanMember_zVzJMwgsYxme" title="Long-term Debt, Gross" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2023-12-31_custom_SecuredTermLoanMember" id="Fact001389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">387,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--CreditFacilityAxis__custom--SecuredTermLoanMember_zsL2imcrjFnk" title="Long-term Debt, Gross" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_SecuredTermLoanMember" id="Fact001391" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">430,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Secured Revolving Credit Facility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20231231__us-gaap--CreditFacilityAxis__custom--SecuredRevolvingCreditFacilityMember_zaHToyxEFxDd" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2023-12-31_custom_SecuredRevolvingCreditFacilityMember" id="Fact001393" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--CreditFacilityAxis__custom--SecuredRevolvingCreditFacilityMember_zPUev7ljUjs4" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_SecuredRevolvingCreditFacilityMember" id="Fact001395" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Borrowings from Long-Term 24 Month Working Capital Facilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20231231__us-gaap--LineOfCreditFacilityAxis__custom--WorkingCapitalFacilitiesMember_zecYCP0Gnyl5" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2023-12-31_custom_WorkingCapitalFacilitiesMember" id="Fact001397" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,479</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--WorkingCapitalFacilitiesMember_z7rPtmkDzm82" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_WorkingCapitalFacilitiesMember" id="Fact001399" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,942</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--UnamortizedDebtIssuanceExpense_iNI_pn3n3_di_z6SvozCmik52" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: unamortized debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:UnamortizedDebtIssuanceExpense" contextRef="AsOf2023-12-31" id="Fact001401" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,170</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:UnamortizedDebtIssuanceExpense" contextRef="AsOf2022-12-31" id="Fact001402" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,727</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_ecustom--LongTermDebt1_iI_pn3n3_zk1Tk0gN3Pu9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total loans and borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:LongTermDebt1" contextRef="AsOf2023-12-31" id="Fact001404" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">403,309</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:LongTermDebt1" contextRef="AsOf2022-12-31" id="Fact001405" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">445,215</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LongTermDebtCurrent_iNI_pn3n3_di_z6lDNMDLQGT2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: current installments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2023-12-31" id="Fact001407" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">71,744</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2022-12-31" id="Fact001408" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,352</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_zK0rmPxtzoV3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Long-term debt, net of unamortized debt issuance costs and excluding current installments</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-12-31" id="Fact001410" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">331,565</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-12-31" id="Fact001411" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">391,863</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zow7Nl6EpAVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2021
Secured Facilities Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 4, 2021, the Company entered into a $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20211104__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zvzti7b7AXQj" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-11-04_custom_SecuredFacilitiesAgreementMember" id="Fact001413" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">860</ix:nonFraction></span> million Secured Facilities Agreement (the &#8220;2021 Secured Facilities Agreement&#8221;)
with Arab Petroleum Investments Corporation (&#8220;APICORP&#8221;), HSBC Bank Middle East Limited (&#8220;HSBC&#8221;), Mashreqbank
PSC and Saudi British Bank acting as initial mandated lead arrangers, HSBC acting as bookrunner and global agent, HSBC and Mashreqbank
PSC acting as coordinator, Saudi British Bank and Mashreqbank PSC acting as security agents, and NPS Bahrain for Oil &amp; Gas Wells
Services WLL, Gulf Energy SAOC, Energy Oilfield Supplies DMCC and National Petroleum Technology Company as borrowers. Effective September
2023, Sohar International Bank (&#8216;Sohar&#8217;) acquired HSBC Oman, resulting in a transition of the lending facility from HSBC
Oman to Sohar. Upon consummation of this transaction, the Company settled its existing debt obligations under the 2019 Secured Facilities
Agreement. The refinancing was treated as a modification for accounting purposes with only third-party costs charged to the Consolidated
Statements of Operations for the year ended December 31, 2021. Deferred debt issuance costs totaling $<span id="xdx_90D_eus-gaap--DeferredFinanceCostsNet_iI_pn5n6_c20231231_z4buNJutKQt3" title="Deferred debt issuance costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2023-12-31" id="Fact001415" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.3</ix:nonFraction></span> million and $<span id="xdx_90A_eus-gaap--DeferredFinanceCostsNet_iI_pn5n6_c20221231_zNKAlO1t8w9g" title="Deferred debt issuance costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2022-12-31" id="Fact001417" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.6</ix:nonFraction></span> million as
of December 31, 2023, and December 31, 2022, respectively, have been assigned ratably to the term, revolving and working capital facilities
and will be amortized to interest expense over periods of 6, 4, and 1 year(s), respectively. The amounts are shown as contra liabilities
in the accompanying Consolidated Balance Sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
inception, the $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20211104__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zlkB1jRxW1b2" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-11-04_custom_SecuredFacilitiesAgreementMember" id="Fact001419" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">860</ix:nonFraction></span>
million Secured Facilities Agreement consisted of a $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pn6n6_c20211104__20211104__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zBO7sO5LwiVg" title="Term loan"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-11-042021-11-04_custom_SecuredFacilitiesAgreementMember" id="Fact001421" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">430</ix:nonFraction></span>
million term loan due by <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_c20211104__20211104__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zfwD4yIyrr5f" title="Debt Instrument, maturity date"><ix:nonNumeric contextRef="From2021-11-042021-11-04_custom_SecuredFacilitiesAgreementMember" format="ixt:datemonthdayyearen" id="Fact001423" name="us-gaap:DebtInstrumentMaturityDate">November
4, 2027</ix:nonNumeric></span> (the &#8220;Term Loan&#8221; or &#8220;Secured Term Loan&#8221;), a $<span id="xdx_905_eus-gaap--LineOfCreditFacilityPeriodicPayment_pn5n6_c20211104__20211104__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zfLT0CR84RN2" title="Line of credit"><ix:nonFraction name="us-gaap:LineOfCreditFacilityPeriodicPayment" contextRef="From2021-11-042021-11-04_us-gaap_RevolvingCreditFacilityMember" id="Fact001425" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">80.0</ix:nonFraction></span>
million revolving credit facility due by <span id="xdx_901_eus-gaap--LineOfCreditFacilityExpirationDate1_c20211104__20211104__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zVLqPfXYEJD4" title="Line of credit, maturity date"><ix:nonNumeric contextRef="From2021-11-042021-11-04_us-gaap_RevolvingCreditFacilityMember" format="ixt:datemonthdayyearen" id="Fact001427" name="us-gaap:LineOfCreditFacilityExpirationDate1">November
4, 2025</ix:nonNumeric></span> (&#8220;RCF&#8221; or &#8220;Secured Revolving Credit Facility&#8221;), and a $<span id="xdx_90B_ecustom--WorkingCapitalFacility_iI_pn6n6_c20211104__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LendersMember_zKges4i8X1Y5" title="Working capital facility"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2021-11-04_us-gaap_RevolvingCreditFacilityMember_custom_LendersMember" id="Fact001429" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">350</ix:nonFraction></span>
million working capital facility that renews annually by mutual agreement of the Lenders and the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to September 2023, borrowings under the Term Loan and RCF facilities incurred interest at the rate of three-month LIBOR for U.S.
dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings plus <span id="xdx_90B_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20211104__us-gaap--VariableRateAxis__custom--LondonInterbankOfferedRatesLIBORMember__srt--RangeAxis__srt--MinimumMember_ziKDUvGRM019" title="Interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2021-11-04_custom_LondonInterbankOfferedRatesLIBORMember_srt_MinimumMember" id="Fact001431" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.6</ix:nonFraction></span>%
to <span id="xdx_90E_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20211104__us-gaap--VariableRateAxis__custom--LondonInterbankOfferedRatesLIBORMember__srt--RangeAxis__srt--MaximumMember_zwRyzcg1toOc" title="Interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2021-11-04_custom_LondonInterbankOfferedRatesLIBORMember_srt_MaximumMember" id="Fact001433" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.0</ix:nonFraction></span>%
per annum, varying based on the Company&#8217;s Net Debt / EBITDA ratio as defined in the 2021 Secured Facilities Agreement.
Effective September 2023, the Company entered into an amendment to its Secured Facilities Agreement replacing LIBOR with the second
overnight financing rate (&#8220;SOFR&#8221;) as the interest rate benchmark for U.S. dollar denominated borrowings. As of December 31, 2023, and
December 31, 2022, this resulted in interest rates of <span id="xdx_902_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20231231_zHR2E423Eo2d" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2023-12-31" id="Fact001435" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.23</ix:nonFraction></span>%
and <span id="xdx_907_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20221231_zCs8QGZkhWEd" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2022-12-31" id="Fact001437" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.64</ix:nonFraction></span>%,
respectively, for U.S. dollar denominated borrowings, and interest rates of <span id="xdx_906_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20231231__srt--StatementGeographicalAxis__country--SA_zMlGNNuqTzo9" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2023-12-31_country_SA" id="Fact001439" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.58</ix:nonFraction></span>%
and <span id="xdx_90D_eus-gaap--LineOfCreditFacilityInterestRateAtPeriodEnd_iI_pid_dp_uPure_c20221231__srt--StatementGeographicalAxis__country--SA_zeZJmDMJOb61" title="Line of credit interest rate"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd" contextRef="AsOf2022-12-31_country_SA" id="Fact001441" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.60</ix:nonFraction></span>%,
respectively, for Saudi Arabian Riyal borrowings. No payments were due on the Term Loan until the first quarter of 2023 with final
settlement by November 4, 2027. The Term Loan permits prepayment but once repaid, amounts may not be redrawn. As of December 31,
2023, and December 31, 2022, the Company had drawn $<span id="xdx_90B_ecustom--WithdrawnTermLoan_iI_pn5n6_c20231231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember_zymMOOlwVjZa" title="Withdrawn Term loan"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2023-12-31_custom_TermLoanMember" id="Fact001443" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">387.0</ix:nonFraction></span>
million and $<span id="xdx_908_ecustom--WithdrawnTermLoan_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember_zW8gyvwnYMJ5" title="Withdrawn Term loan"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2022-12-31_custom_TermLoanMember" id="Fact001445" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">430.0</ix:nonFraction></span>
million, respectively, of the Term Loan, and $<span id="xdx_903_ecustom--WithdrawnTermLoan_iI_pn5n6_c20231231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zPuVsTEmdBU1" title="Withdrawn term loan"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2023-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001447" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.0</ix:nonFraction></span>
million and $<span id="xdx_906_ecustom--WithdrawnTermLoan_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zqYZ1RwOpJL1" title="Withdrawn term loan"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2022-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001449" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.0</ix:nonFraction></span>
million, respectively, of the RCF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RCF was obtained for general corporate and working capital purposes including capital expenditure related requirements and acquisitions
(including transaction related expenses). The RCF requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of 25% of the margin on the facility lender&#8217;s available commitment
for the relevant quarter. Under the terms of the RCF, the final settlement is due by November 4, 2025. <span id="xdx_904_ecustom--PrepaymentUnderRevolvingCreditFacilityDescription1_c20230101__20231231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zDwm84DMQLVh" title="Line of credit description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001451" name="NESR:PrepaymentUnderRevolvingCreditFacilityDescription1">The Company is permitted to make any prepayment
under this RCF in multiples of $5.0 million during this 4-year period up to November 4, 2025</ix:nonNumeric></span>. Any unutilized balances from the RCF can
be drawn down again during the 4-year tenure at the same terms. As of December 31, 2023, and December 31, 2022, the Company had $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20231231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zL2i7ud4topc" title="Borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2023-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001453" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">70.0</ix:nonFraction></span>
million and $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zigv32ICMsY1" title="Borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001455" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">70.0</ix:nonFraction></span> million, respectively, available to be drawn under the RCF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">The
2021 Secured Facilities Agreement also includes a working capital facility of $<span id="xdx_908_ecustom--WorkingCapitalFacility_iI_pn6n6_c20231231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zVHhkE52nlvb" title="Working capital facility"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2023-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001457" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">325</ix:nonFraction></span>
million and $<span id="xdx_90F_ecustom--WorkingCapitalFacility_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zIipSPH6CcG6" title="Working capital facility"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001459" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">350</ix:nonFraction></span>
million as of December 31, 2023, and December 31, 2022, respectively, for issuance of letters of guarantee, letters of credit and
refinancing letters of credit into debt over a period of no more than two years, which prior to September 2023 carried an interest
rate equal to three-month LIBOR for U.S. dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings, for the
applicable interest period, plus a margin of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20231231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember__srt--RangeAxis__srt--MinimumMember_zWaPmfihgJg9" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-12-31_us-gaap_RevolvingCreditFacilityMember_srt_MinimumMember" id="Fact001461" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.25</ix:nonFraction></span>%
to <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20231231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember__srt--RangeAxis__srt--MaximumMember_zAPWrEi6quS4" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-12-31_us-gaap_RevolvingCreditFacilityMember_srt_MaximumMember" id="Fact001463" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span>%
per annum. Effective September 2023, the Company entered into an amendment to its Secured Facilities Agreement replacing LIBOR with
the second overnight financing rate (&#8220;SOFR&#8221;) as the interest rate benchmark for U.S. dollar denominated borrowings. As
of December 31, 2023, and December 31, 2022, this resulted in interest rates of 8.23% and 7.64%, respectively, for U.S. dollar
denominated borrowings, and interest rates of 8.58% and 8.60%, respectively, for Saudi Arabian Riyal borrowings. The working
facility requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of <span id="xdx_90E_ecustom--CommitmentFeeRate_iI_pid_dp_c20231231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zjUuJifYRWd3" title="Commitment fee rate"><ix:nonFraction name="NESR:CommitmentFeeRate" contextRef="AsOf2023-12-31_us-gaap_RevolvingCreditFacilityMember" id="Fact001465" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.3125</ix:nonFraction></span>%
(25% of the margin) on the facility lender&#8217;s available commitment for the relevant quarter. As of December 31, 2023, and
December 31, 2022, the Company had utilized $<span id="xdx_90C_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zdQdHsRnorEe" title="Utilized working capital"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember" id="Fact001467" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">178.6</ix:nonFraction></span>
million and $<span id="xdx_90D_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zMxtxDyiNZF" title="Utilized working capital"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember" id="Fact001469" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">252.9</ix:nonFraction></span>
million, respectively, under this working capital facility and the balance of $<span id="xdx_900_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zaODZ0LFwIok" title="Working capital borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember" id="Fact001471" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">146.4</ix:nonFraction></span>
million and $<span id="xdx_90D_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zY5MWYkTl2Tb" title="Working capital borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember" id="Fact001473" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">97.1</ix:nonFraction></span>
million, respectively, was available to the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has also retained legacy bilateral working capital facilities from HSBC totaling $<span id="xdx_90F_ecustom--WorkingCapitalFacility_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zUIwxgxNptN5" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" id="Fact001475" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.6</ix:nonFraction></span> million and $<span id="xdx_907_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zogdeFNI7Nrc" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" id="Fact001477" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.6</ix:nonFraction></span> million at December
31, 2023 and December 31, 2022, respectively, in Qatar ($<span id="xdx_907_ecustom--WorkingCapitalFacility_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--QA_zeXSVECaSj" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_QA" id="Fact001479" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.3</ix:nonFraction></span> million at December 31, 2023, $<span id="xdx_909_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--QA_zMTe8Iguk1k9" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_QA" id="Fact001481" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.3</ix:nonFraction></span> million at December 31, 2022), in the
UAE ($<span id="xdx_90A_ecustom--WorkingCapitalFacility_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--AE_z6GAeZ7552u4" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_AE" id="Fact001483" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million at December 31, 2023, and $<span id="xdx_903_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--AE_zpHFCY3Vs7cd" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_AE" id="Fact001485" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million at December 31, 2022) and in Kuwait ($<span id="xdx_906_ecustom--WorkingCapitalFacility_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--KW_zFYPfauldHxc" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_KW" id="Fact001487" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million at December 31, 2023 and $<span id="xdx_903_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--KW_zR94lRKHzPtf" title="Working capital facilities"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_KW" id="Fact001489" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span>
million at December 31, 2022). As of December 31, 2023, and December 31, 2022, the Company had utilized $<span id="xdx_90F_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zlsdlPKPBAai" title="Utilized working capital"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" id="Fact001491" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.9</ix:nonFraction></span> million and $<span id="xdx_901_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zKUMFNb7OEYk" title="Utilized working capital"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" id="Fact001493" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.7</ix:nonFraction></span> million,
respectively, under this working capital facility and the balance of $<span id="xdx_907_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zcjdposWWTsg" title="Working capital borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2023-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" id="Fact001495" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.7</ix:nonFraction></span> million and $<span id="xdx_906_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zlFM0os3NBZg" title="Working capital borrowing capacity"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" id="Fact001497" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.9</ix:nonFraction></span> million, respectively, was available to the
Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilization
of the working capital facilities under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement comprises letters of credit
issued to vendors, guarantees issued to customers, vendors, and others, and short-term borrowings used to settle letters of credit. Once
a letter of credit is presented for payment by the vendor, the Company at its election can settle the letter of credit from available
cash or leverage short-term borrowings available under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement that will
be repaid quarterly over a period of up to two years. Until a letter of credit is presented for payment by the vendor, it is disclosed
as an off-balance sheet obligation. For additional discussion of outstanding letters of credit and guarantees, see Note 14, <i>Commitments
and Contingencies</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 107; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2021 <span id="xdx_906_eus-gaap--DebtInstrumentCovenantDescription_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zf3AgEBdaHF2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SecuredFacilitiesAgreementMember" id="Fact001498" name="us-gaap:DebtInstrumentCovenantDescription">Secured Facilities Agreement includes covenants that specify maximum leverage (Net Debt / EBITDA) up to 3.50, minimum debt service
coverage ratio (Cash Flow / Debt Service) of at least 1.25, and interest coverage (EBITDA / Interest) of at least 4.00</ix:nonNumeric></span>. As of December
31, 2023, the Company was in compliance with all financial and nonfinancial covenants under the 2021 Secured Facilities Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term
debt</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001500" name="us-gaap:ScheduleOfShortTermDebtTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShortTermDebtTextBlock_zy4YNMzOBfS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s short-term debt obligations consist of the following (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_zYfFeAI3FIMh" style="display: none">SCHEDULE OF SHORT TERM DEBT OBLIGATIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49D_20231231_zFdPGKgYAvrg" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_496_20221231_zoJISVOf9Ht9" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--OtherShortTermBorrowings_iI_pn3n3_z4s9UfIn702d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Other short-term borrowings from working capital facilities</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OtherShortTermBorrowings" contextRef="AsOf2023-12-31" id="Fact001502" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,001</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OtherShortTermBorrowings" contextRef="AsOf2022-12-31" id="Fact001503" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">91,747</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--DebtInstrumentUnamortizedDiscount_iNI_pn3n3_di_zU1oVykDofg2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: unamortized debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2023-12-31" id="Fact001505" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">112</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscount" contextRef="AsOf2022-12-31" id="Fact001506" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,862</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--ShortTermBorrowings_iI_pn3n3_zCiaqK0rB0X7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Short-term debt, excluding current installments of long-term debt</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31" id="Fact001508" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48,889</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31" id="Fact001509" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89,885</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_z83ROQsxCkJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
borrowings primarily consist of financing for capital equipment and inventory purchases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>CIB
Short-Term Debt</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Commercial International Bank Short-Term Debt facilities (collectively, &#8220;CIB Short-Term Debt&#8221;) include $<span id="xdx_900_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20231231__us-gaap--CreditFacilityAxis__custom--CIBShortTermDebtMember_zHlJ2K1SXBE1" title="Short term debt facilities"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31_custom_CIBShortTermDebtMember" id="Fact001511" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.8</ix:nonFraction></span> million and $<span id="xdx_904_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20221231__us-gaap--CreditFacilityAxis__custom--CIBShortTermDebtMember_zX1FGQ6DCsA4" title="Short term debt facilities"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember" id="Fact001513" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.8</ix:nonFraction></span>
million in U.S. dollar letters of guarantee available at December 31, 2023, and December 31, 2022, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the Company had utilized $<span id="xdx_90C_ecustom--ShortTermDebtUtilized_iI_pn5n6_c20231231__us-gaap--CreditFacilityAxis__custom--CIBShortTermDebtMember_zySUJ1u11dz9" title="Short term debt utilized"><ix:nonFraction name="NESR:ShortTermDebtUtilized" contextRef="AsOf2023-12-31_custom_CIBShortTermDebtMember" id="Fact001515" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.8</ix:nonFraction></span> million in letters of guarantee with a balance of $<span id="xdx_90F_ecustom--ShortTermDebtGuaranteeBalance_iI_pn6n6_c20231231__us-gaap--CreditFacilityAxis__custom--CIBShortTermDebtMember_zpGk514uA488" title="Short term debt guarantee balance"><ix:nonFraction name="NESR:ShortTermDebtGuaranteeBalance" contextRef="AsOf2023-12-31_custom_CIBShortTermDebtMember" id="Fact001517" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero)
million available to the Company. As of December 31, 2022, the Company had utilized $<span id="xdx_90E_ecustom--ShortTermDebtUtilized_iI_pn5n6_c20221231__us-gaap--CreditFacilityAxis__custom--CIBShortTermDebtMember_zKu89HqmJrXf" title="Short term debt utilized"><ix:nonFraction name="NESR:ShortTermDebtUtilized" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember" id="Fact001519" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction></span> million in letters of guarantee with a balance
of $<span id="xdx_901_ecustom--ShortTermDebtGuaranteeBalance_iI_pn5n6_c20221231__us-gaap--CreditFacilityAxis__custom--CIBShortTermDebtMember_zmmE09jnqmja" title="Short term debt guarantee balance"><ix:nonFraction name="NESR:ShortTermDebtGuaranteeBalance" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember" id="Fact001521" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction></span> million available to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
debt information</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001523" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zzV9XCSleV8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scheduled
principal payments of long-term debt for periods subsequent to December 31, 2023, are as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zxHkjUQcitV7" style="display: none">SCHEDULE
PRINCIPAL PAYMENTS OF LONG TERM DEBT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="2024" id="xdx_49A_20231231_zT3aIlnDoCib" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; width: 78%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001525" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">71,744</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pn3n3_maLTDzCLN_zc4ltWCrbHDc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AsOf2023-12-31" id="Fact001527" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">78,735</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt; text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" contextRef="AsOf2023-12-31" id="Fact001529" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,500</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pn3n3_maLTDzCLN_zlgP6fyNLNyh" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">2027</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" contextRef="AsOf2023-12-31" id="Fact001531" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">193,500</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LongTermDebt_iTI_pn3n3_mtLTDzCLN_zerV6ZMzccd7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31" id="Fact001533" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">408,479</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AF_zuFyUSr5nvha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001535" name="us-gaap:CompensationAndEmployeeBenefitPlansTextBlock"><p id="xdx_807_eus-gaap--CompensationAndEmployeeBenefitPlansTextBlock_zaYigWbpXmL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_016"></span>12.
<span id="xdx_82D_zdg6mG4Iua45">EMPLOYEE BENEFITS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Defined
benefit plans</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001537" name="us-gaap:ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_z34B1q4jCJN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables set out the funded status of the end-of-service indemnities employees receive under one of the five benefit structures
the Company and its subsidiaries offer to its employees and the amounts recognized in the Company&#8217;s financial statements as of
December 31, 2023, and 2022 (in thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zqdGWopzC3B3" style="display: none">SCHEDULE OF FUNDED
STATUS OF END-OF-SERVICE INDEMNITIES EMPLOYEES RECEIVE UNDER ONE OF FIVE BENEFIT STRUCTURES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">December 31, &#160;</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left">Change in benefit obligations</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Benefit obligations at the beginning of the year</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DefinedBenefitPlanBenefitObligation_iS_pn3n3_c20230101__20231231_zAoOs6dGP8D6" title="Benefit obligations at the beginning of the year" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanBenefitObligation" contextRef="AsOf2022-12-31" id="Fact001539" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,314</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--DefinedBenefitPlanBenefitObligation_iS_pn3n3_c20220101__20221231_zr1pPS2eF8P" title="Benefit obligations at the beginning of the year" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanBenefitObligation" contextRef="AsOf2021-12-31" id="Fact001541" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27,410</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Actuarial (gain) / loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--DefinedBenefitPlanActuarialGainLoss_iN_pn3n3_di_c20230101__20231231_zrWnzCai5wH4" title="Actuarial (gain) / loss" style="text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanActuarialGainLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001543" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,344</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--DefinedBenefitPlanActuarialGainLoss_iN_pn3n3_di_c20220101__20221231_zXmetx75R7n7" title="Actuarial (gain) / loss" style="text-align: right">(<ix:nonFraction name="us-gaap:DefinedBenefitPlanActuarialGainLoss" contextRef="From2022-01-012022-12-31" id="Fact001545" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,128</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Service cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--DefinedBenefitPlanServiceCost_pn3n3_c20230101__20231231_zIXviMEgJGId" title="Service cost" style="text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanServiceCost" contextRef="From2023-01-01to2023-12-31" id="Fact001547" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,979</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--DefinedBenefitPlanServiceCost_pn3n3_c20220101__20221231_zzQQA3V8nDOd" title="Service cost" style="text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanServiceCost" contextRef="From2022-01-012022-12-31" id="Fact001549" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,876</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--DefinedBenefitPlansInterestCost_pn3n3_c20230101__20231231_zSWjdL10jLN4" title="Interest cost" style="text-align: right"><ix:nonFraction name="NESR:DefinedBenefitPlansInterestCost" contextRef="From2023-01-01to2023-12-31" id="Fact001551" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,522</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--DefinedBenefitPlansInterestCost_pn3n3_c20220101__20221231_zvqGCOPXaPAl" title="Interest cost" style="text-align: right"><ix:nonFraction name="NESR:DefinedBenefitPlansInterestCost" contextRef="From2022-01-012022-12-31" id="Fact001553" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">675</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">Benefits paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--DefinedBenefitPlanBusinessCombinationsAndAcquisitionsBenefitObligation_pn3n3_c20230101__20231231_zIfXGZl10rq3" title="Other" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DefinedBenefitPlanBusinessCombinationsAndAcquisitionsBenefitObligation" contextRef="From2023-01-01to2023-12-31" id="Fact001555" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,498</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--DefinedBenefitPlanBusinessCombinationsAndAcquisitionsBenefitObligation_pn3n3_c20220101__20221231_z7Vnm4s9RWi9" title="Other" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DefinedBenefitPlanBusinessCombinationsAndAcquisitionsBenefitObligation" contextRef="From2022-01-012022-12-31" id="Fact001557" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,519</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Benefit obligations at the end of the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--DefinedBenefitPlanBenefitObligation_iE_pn3n3_c20230101__20231231_zuEVP6jzdtwe" title="Benefit obligations at the end of the year" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanBenefitObligation" contextRef="AsOf2023-12-31" id="Fact001559" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33,661</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--DefinedBenefitPlanBenefitObligation_iE_pn3n3_c20220101__20221231_zwiThtvDznBi" title="Benefit obligations at the end of the year" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanBenefitObligation" contextRef="AsOf2022-12-31" id="Fact001561" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,314</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current benefit obligation (within Other current liabilities)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--DefinedBenefitPlanBenefitObligationCurrent_iI_pn3n3_c20231231_zNyl8KrrUALf" title="Current benefit obligation (within Other current liabilities)" style="text-align: right"><ix:nonFraction name="NESR:DefinedBenefitPlanBenefitObligationCurrent" contextRef="AsOf2023-12-31" id="Fact001563" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,726</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--DefinedBenefitPlanBenefitObligationCurrent_iI_pn3n3_c20221231_zB31TxfzmZD5" title="Current benefit obligation (within Other current liabilities)" style="text-align: right"><ix:nonFraction name="NESR:DefinedBenefitPlanBenefitObligationCurrent" contextRef="AsOf2022-12-31" id="Fact001565" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,932</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Non-current benefit obligation</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Plan assets at the end of the year</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A6_z6qZ7dF6aE0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001595" name="us-gaap:ScheduleOfNetBenefitCostsTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfNetBenefitCostsTableTextBlock_zuZEou5Lfksi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cost for the years ended December 31, 2023, 2022, and 2021, comprises the following components (in thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BC_zUDyLBIV0Fyh" style="display: none">SCHEDULE
OF COMPONENTS OF NET PERIODIC BENEFIT COST</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 52%; text-align: left">Service cost</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">Interest cost</td><td>&#160;</td>
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    <td style="text-align: left">Actuarial (gain)/loss</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DefinedBenefitPlanActuarialGainLoss" contextRef="From2022-01-012022-12-31" id="Fact001606" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,128</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--DefinedBenefitPlanOtherCosts_pn3n3_maDBPNPzs1t_zETLmHd0o2Wb" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1609">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1610">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1611">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--DefinedBenefitPlanNetPeriodicBenefitCost_iT_pn3n3_mtDBPNPzs1t_zF3XrK0lYnXd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Net cost</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanNetPeriodicBenefitCost" contextRef="From2023-01-01to2023-12-31" id="Fact001613" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,845</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanNetPeriodicBenefitCost" contextRef="From2022-01-012022-12-31" id="Fact001614" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,423</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanNetPeriodicBenefitCost" contextRef="From2021-01-012021-12-31" id="Fact001615" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,958</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AB_zIb9T9lmO5rk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 109; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" continuedAt="ConU001620-01" escape="true" id="Fact001620" name="NESR:ScheduleOfAssumptionsUsedToDetermineBenefitObligationsAndNetPeriodicBenefitCostTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfAssumptionsUsedToDetermineBenefitObligationsAndNetPeriodicBenefitCostTableTextBlock_gL3SOAUTDBOAN-APL_zJpobC3zrfdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted-average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BF_zS6P2cLeBye3" style="display: none">SCHEDULE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Discount rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_iI_pid_dp_uPure_c20231231_zAlNlMuIp1gf" title="Benefit obligations, Discount rate" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" contextRef="AsOf2023-12-31" id="Fact001622" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.00</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_iI_pid_dp_uPure_c20221231_zraL3E0DHKn8" title="Benefit obligations, Discount rate" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" contextRef="AsOf2022-12-31" id="Fact001624" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.00</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Rate of increase in compensation levels:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MinimumMember_zMID3OmrsHQ1" title="Benefit obligations, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" contextRef="AsOf2023-12-31_srt_MinimumMember" id="Fact001626" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.5</ix:nonFraction></span>-<span id="xdx_90A_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MaximumMember_z0nRtPYF4Z2f" title="Benefit obligations, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" contextRef="AsOf2023-12-31_srt_MaximumMember" id="Fact001628" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span> </span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MinimumMember_zuGnwmRbZIL3" title="Benefit obligations, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" contextRef="AsOf2022-12-31_srt_MinimumMember" id="Fact001630" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.5</ix:nonFraction></span>-<span id="xdx_909_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MaximumMember_zAp5kicBZs18" title="Benefit obligations, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" contextRef="AsOf2022-12-31_srt_MaximumMember" id="Fact001632" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zPAPAh6nOuyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discount rate has been set with regard to the market yields on high quality corporate bonds as of December 31, 2023 for the measurements
as of December 31, 2023 (and as of December 31, 2022 for the measurements as of December 31, 2022) of duration broadly consistent with
the duration of the benefit obligations. The primary yield curve for the purpose of this comparison has been the &#8216;FTSE Above Median
Double-A Curve&#8217;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_C0E_gL3SOAUTDBOAN-APL_zS1LWkG2ZYti"><ix:continuation continuedAt="ConU001620-02" id="ConU001620-01"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></ix:continuation></span></p>

<div id="xdx_C00_gL3SOAUTDBOAN-APL_zJ1M7Tw1HaJb"><ix:continuation continuedAt="ConU001620-03" id="ConU001620-02"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2023 and 2022 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30F_zrexmO6pP5xd" summary="xdx: Disclosure - SCHEDULE OF ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATIONS AND NET PERIODIC BENEFIT COST (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Discount rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_pid_dp_uPure_c20230101__20231231_zSFGGj5N8VI" title="Net periodic benefit cost, Discount rate" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" contextRef="From2023-01-01to2023-12-31" id="Fact001634" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_pid_dp_uPure_c20220101__20221231_zGMmmDYPyGZf" title="Net periodic benefit cost, Discount rate" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" contextRef="From2022-01-012022-12-31" id="Fact001636" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.25</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Rate of increase in compensation levels:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zAjirMKuUKl9" title="Net periodic benefit cost, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001638" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.5</ix:nonFraction></span>-<span id="xdx_902_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zqXWh9oTy4R1" title="Net periodic benefit cost, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact001640" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_z0hI2TO1Oal3" title="Net periodic benefit cost, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2022-01-012022-12-31_srt_MinimumMember" id="Fact001642" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.5</ix:nonFraction></span>-<span id="xdx_907_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_z4Coz9S2voMk" title="Net periodic benefit cost, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2022-01-012022-12-31_srt_MaximumMember" id="Fact001644" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    </tr>
  </table>

</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_C06_gL3SOAUTDBOAN-APL_zdpTvhu7Lcnj"><ix:continuation id="ConU001620-03"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></ix:continuation></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001646" name="NESR:ScheduleOfBenefitObligationsChangeInAssumptionTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfBenefitObligationsChangeInAssumptionTableTextBlock_zOuF3l7yzvvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following illustrates the sensitivity to changes in discount rate, holding all other assumptions constant, for in the Company&#8217;s
benefit obligations (in thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_z46lcDIxrGs2" style="display: none">SCHEDULE
OF BENEFIT OBLIGATIONS CHANGE IN ASSUMPTION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Change in assumption:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Benefit<br/> obligation<br/> at the end<br/> of the year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">100 basis point decrease in discount rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+$</span></td>
    <td style="width: 16%; text-align: right"><span id="xdx_90F_eus-gaap--DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1_pn3n3_c20230101__20231231_z0wU7Lim7l5d"><ix:nonFraction name="us-gaap:DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1" contextRef="From2023-01-01to2023-12-31" id="Fact001647" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,020</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">100 basis point increase in discount rate</td><td>&#160;</td>
    <td style="text-align: left">-$</td>
    <td style="text-align: right"><span id="xdx_905_eus-gaap--DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents_iN_pn3n3_di_c20230101__20231231_zIH9fAfZr2Oa">(<ix:nonFraction name="us-gaap:DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents" contextRef="From2023-01-01to2023-12-31" id="Fact001648" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,797</ix:nonFraction></span></td><td style="text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zFKLUQX7Vwmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no regulatory requirement to fund these benefits in advance and intends to pay benefits directly as they fall due. As of
December 31, 2023, the Company has no plan assets to invest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
benefit obligation was $<span id="xdx_900_eus-gaap--DefinedBenefitPlanAccumulatedBenefitObligation_iI_pn5n6_c20231231_zdP54d5w3MS7" title="Accumulated benefit obligation"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAccumulatedBenefitObligation" contextRef="AsOf2023-12-31" id="Fact001650" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">19.2</ix:nonFraction></span> million and $<span id="xdx_90D_eus-gaap--DefinedBenefitPlanAccumulatedBenefitObligation_iI_pn5n6_c20221231_zAs4nHn3pbY7" title="Accumulated benefit obligation"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAccumulatedBenefitObligation" contextRef="AsOf2022-12-31" id="Fact001652" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">15.8</ix:nonFraction></span> million as of December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001654" name="us-gaap:ScheduleOfExpectedBenefitPaymentsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfExpectedBenefitPaymentsTableTextBlock_zwCI90VuMlN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following reflect expected future benefit payments (in thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_z67jolvCHv5d" style="display: none">SCHEDULE OF EXPECTED FUTURE BENEFIT PAYMENTS</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_495_20231231_zcHcs6L6xyUe" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,<br/>
    2023</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr id="xdx_402_eus-gaap--DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_iI_pn3n3_zYNE2Vktf1T4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001656" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,538</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_iI_pn3n3_zu2SbMNLngl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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</ix:nonNumeric><p id="xdx_8AD_zSUdoZe24tng" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 110; Value: 79 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expected benefits are based materially on the same assumptions used to measure the Company&#8217;s benefit obligations as of December
31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Defined
contribution plans</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also provides a defined contribution retirement plan and occupational hazard insurance for Omani employees. Contributions to
a defined contribution retirement plan and occupational hazard insurance for Omani employees in accordance with the Omani Social Insurances
Law are recognized as an expense in the Consolidated Statements of Operations as incurred. Total contributions for the years ended December
31, 2023, 2022, and 2021, were $<span id="xdx_909_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn5n6_c20230101__20231231_zgWprgaQhs7e" title="Total contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2023-01-01to2023-12-31" id="Fact001668" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.3</ix:nonFraction></span> million, $<span id="xdx_90B_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn5n6_c20220101__20221231_z83270PWKvM2" title="Total contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2022-01-012022-12-31" id="Fact001670" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.8</ix:nonFraction></span> million, and $<span id="xdx_907_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn5n6_c20210101__20211231_zQXST83vyUic" title="Total contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2021-01-012021-12-31" id="Fact001672" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.7</ix:nonFraction></span> million, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001674" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_zlIM0Aju5l01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_017"></span>13.
<span id="xdx_829_zLqaLyuERaB7">INCOME TAXES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR
is a holding company incorporated in the British Virgin Islands, which imposes a zero percent statutory corporate income tax rate on
income generated outside of the British Virgin Islands. The subsidiaries operate in multiple tax jurisdictions throughout the MENA region
where statutory tax rates generally vary from <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_ztlZepRYA7R3"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001675" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% to <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zXE0mxzEpXSe" title="Statutory tax rates"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact001677" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">43.7</ix:nonFraction></span>%. In the British Virgin Islands, the statutory rate is effectively <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--VG_zzz7MJ5DF4lj" title="Statutory rate tax"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_country_VG" id="Fact001679" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% as tax
is not applied on extra territorial activity.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001681" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zhnLSkSmUEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zaaHgxwHkUFk" style="display: none">SCHEDULE
OF INCOME BEFORE INCOME TAX DOMESTIC AND FOREIGN</span></span></p>

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    <td>&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_zhePo4VzuSSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
tax expense / (benefit)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001695" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zozlvqKFlsy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
components of the income tax expense / (benefit), all of which is foreign, are as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B6_z3JBkXpbrx01" style="display: none">SCHEDULE
OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zFjK3QldEZRj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Current tax expense</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zERz9y7HYSz5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Deferred tax expense/ (benefit)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31_us-gaap_ForeignCountryMember" id="Fact001702" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">10,261</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zfVhwIg8MIx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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taxes have been recognized for temporary differences and carryforwards that will have effects on income taxes payable or receivables
in future years. The components of net deferred tax liabilities and assets are as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B8_zdepbWUpvBVk" style="display: none">SCHEDULE
OF DEFERRED INCOME TAX ASSETS (LIABILITIES)</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20231231_zhntlh4TDy5b" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20221231_zZWP6DmKCU5g" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left">Deferred Tax Assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--DeferredTaxAssetsPropertyPlantAndEquipment_iI_pn3n3_maDTAGz3Jz_zk7XCBxGVFI5" style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Net operating loss carryforward</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NESR:TemporaryDifferencesDueToRestatementOfDeferredTaxAssets" contextRef="AsOf2023-12-31" id="Fact001714" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,332</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NESR:TemporaryDifferencesDueToRestatementOfDeferredTaxAssets" contextRef="AsOf2022-12-31" id="Fact001715" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,514</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGz3Jz_maDTANzxlW_zsSFZze54Fjc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Total deferred tax assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxAssetsGross" contextRef="AsOf2023-12-31" id="Fact001717" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33,362</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzxlW_zeaZZdQh4Roa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Less: valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-12-31" id="Fact001720" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,311</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31" id="Fact001721" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,042</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzxlW_maDTALNz9ge_z1trmsEFiEFb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Deferred tax assets, net of valuation allowance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxAssetsNet" contextRef="AsOf2023-12-31" id="Fact001723" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23,051</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_pn3n3_di_maDTLzXmd_zQR7SbfFkOvi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001726" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,558</ix:nonFraction></span></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--TemporaryDifferencesDueToRestatementOfDeferredTaxLiablilities_iI_pn3n3_maDTLzXmd_z6xamTIcn1a8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Intangible assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="NESR:TemporaryDifferencesDueToRestatementOfDeferredTaxLiablilities" contextRef="AsOf2023-12-31" id="Fact001729" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,292</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zgt2D4qkos3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has $<span id="xdx_90B_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20231231_zkTNEGKjwv39" title="Operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001738" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">280.1</ix:nonFraction></span> million of tax effective operating loss carryforwards
made of $<span id="xdx_908_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20231231__srt--StatementGeographicalAxis__country--SA_ztyejG1NNUyd" title="Operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_country_SA" id="Fact001740" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">186.9</ix:nonFraction></span> million reported in Saudi Arabia, which can be indefinitely carried forward, and $<span id="xdx_900_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20231231__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zb9FOEUPtZ1g" title="Operating loss carryforward"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_OtherCountriesMember" id="Fact001742" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">93.2</ix:nonFraction></span> million reported in other countries
that generally expire between 2024 and 2028.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Deferred tax assets are reduced by valuation allowances. As of December
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Changes in the Company&#8217;s estimates and assumptions used to determine the valuation allowance, including any changes in applicable
tax laws or tax rates, may impact the Company&#8217;s ability to recognize the underlying deferred tax assets and could require future
adjustments to the valuation allowances. For the year ended December 31, 2023, the net change in the valuation allowance was $<span id="xdx_90C_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn5n6_c20230101__20231231_zy7n59rq7pd2" title="Deferred tax assets, valuation allowance"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2023-01-01to2023-12-31" id="Fact001748" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span>
million however the activity during the period included an additional allowance of $<span id="xdx_901_ecustom--AdditionalAllowanceIssued_pn5n6_c20230101__20231231_zicVyZFJLDxe" title="Additional allowance issued"><ix:nonFraction name="NESR:AdditionalAllowanceIssued" contextRef="From2023-01-01to2023-12-31" id="Fact001750" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span> million and utilization of $<span id="xdx_901_ecustom--UtilizationOfValuationAllowance_pn5n6_c20230101__20231231_zUXM7LVwxJvf" title="Utilization of valuation allowance"><ix:nonFraction name="NESR:UtilizationOfValuationAllowance" contextRef="From2023-01-01to2023-12-31" id="Fact001752" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.1</ix:nonFraction></span> million from the
beginning-of-the-year valuation allowance due to statute of limitation on carry forwards and a change in assumption on recoverability
of the deferred tax assets by the Company, respectively. Further, deferred tax assets in the table above, for operating loss carryforwards
as of December 31, 2023, and 2022, have been presented net of an unrecognized tax benefit for likely disallowances of $<span id="xdx_90C_ecustom--UnrecognizedTaxBenefitsDisallowances_iI_pn5n6_c20231231_zH3vHJWNVwl8" title="Unrecognized tax benefit disallowance"><ix:nonFraction name="NESR:UnrecognizedTaxBenefitsDisallowances" contextRef="AsOf2023-12-31" id="Fact001754" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">26.7</ix:nonFraction></span> million and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Deferred tax liabilities on Property, plant and equipment of $<span id="xdx_903_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iI_pn5n6_c20231231_zKYWuZ07bGxg" title="Deferred tax liability on property, plant and equipment"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001758" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.6</ix:nonFraction></span> million
and $<span id="xdx_90F_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iI_pn5n6_c20221231_z3Cx7YfbdYG8" title="Deferred tax liability on property, plant and equipment"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001760" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.3</ix:nonFraction></span> million at December 31, 2023, and 2022, respectively, include an unrecognized tax benefit of $<span id="xdx_905_eus-gaap--UnrecognizedTaxBenefitsPeriodIncreaseDecrease_pn5n6_c20220101__20221231_z0blqXtEQTva" title="Unrecognized tax benefit"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsPeriodIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact001762" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.6</ix:nonFraction></span> million and $<span id="xdx_902_eus-gaap--UnrecognizedTaxBenefitsPeriodIncreaseDecrease_pn5n6_c20210101__20211231_z6usYMlXQaPj" title="Unrecognized tax benefit"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31" id="Fact001764" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.6</ix:nonFraction></span> million, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Company generally does not recognize deferred tax liabilities related
to undistributed earnings of foreign subsidiaries because such earnings either would not be taxable when remitted or they are indefinitely
reinvested. This position may change if the Company decides to distribute the earnings from its subsidiaries, which are subject to withholding
taxes, or if there are any unfavorable changes in the tax laws in this regard. Accordingly, a determination of the amount of unrecognized
deferred tax liability on such undistributed earnings is not practicable. Current tax expense will be incurred if/when the Company distributes
earnings from its subsidiaries which are subject to withholding taxes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Tax Rate Reconciliation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The difference between the
reported amount of income tax expense and the amount that would result from applying the British Virgin Islands statutory rate is shown
in the table below (in thousands). In the British Virgin Islands, the statutory rate is effectively 0% as income tax is not applied on
extra territorial activity. For the United Arab Emirates, the statutory rate on our operations is also 0% through the end of 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

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OF EFFECTIVE INCOME TAX RATE RECONCILIATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1781">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zpbpOZvxqdq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The foreign tax rate differential relates to differences between the income
tax rates in effect in the foreign countries in which the Company operates, which can vary significantly, and the Company&#8217;s statutory
tax rate of <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--VG_zAoIK6S7fNyf"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_country_VG" id="Fact001799" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>%. Income tax (benefit)/ expense for the years ended December 31, 2023 and 2022, include $<span id="xdx_904_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_pn5n6_c20230101__20231231_zVFfToVea6cb" title="Penalties and interest of unrecognized tax benefits"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001801" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million and $<span id="xdx_90C_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_pn5n6_c20220101__20221231_zDntmlQczrWh" title="Penalties and interest of unrecognized tax benefits"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2022-01-012022-12-31" id="Fact001803" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.8</ix:nonFraction></span> million, respectively,
of penalties and interest associated with the Company&#8217;s unrecognized tax benefits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 112; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unrecognized
Tax Benefits</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Company records
estimated accrued interest and penalties related to an underpayment of income taxes in income tax expense. As of December 31, 2023,
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million, respectively, of unrecognized tax benefits, excluding estimated accrued interest and penalties of $<span id="xdx_902_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_pn5n6_c20231231__us-gaap--BalanceSheetLocationAxis__custom--OtherLongTermLiabilitiesMember_zPcNvXCbfona" title="Penalties and accrued interest"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" contextRef="AsOf2023-12-31_custom_OtherLongTermLiabilitiesMember" id="Fact001809" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.1</ix:nonFraction></span>
million and $<span id="xdx_904_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_iI_pn5n6_c20221231__us-gaap--BalanceSheetLocationAxis__custom--OtherLongTermLiabilitiesMember_zVl8Q0rWkDa2" title="Penalties and accrued interest"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" contextRef="AsOf2022-12-31_custom_OtherLongTermLiabilitiesMember" id="Fact001811" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span>
million, respectively, which are included in Other Long-Term Liabilities in the Consolidated Balance Sheet. There are no timing
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million of the net unrecognized tax benefits as of December 31, 2023, would affect the effective tax rate if recognized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001815" name="us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_zAYYfm17vvif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of activity related to the net unrecognized tax benefits is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_zPqgJ7BSDpFa" style="display: none">SCHEDULE
OF UNRECOGNIZED TAX BENEFITS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Additions from tax positions related to the current period</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_zBjuuoAnvDEa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not anticipate the amount of the unrecognized tax benefits will change significantly over the next twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Unrecognized tax benefits may change from quarter-to-quarter based on various
factors, including, but not limited to, favorable or unfavorable resolution of tax audits or disputes, expiration of relevant statutes
of limitations, changes in tax laws or changes to the interpretation of existing tax laws due to new legislative guidance or court rulings,
or new tax positions taken on recently filed tax returns. Although the Company has recorded unrecognized tax benefits for all tax positions
which, in management&#8217;s judgment, are not more likely than not to be sustained if challenged by the relevant tax authorities in the
future, the Company cannot provide assurance as to the final tax liability related to its tax positions as it is not possible to predict
with certainty the ultimate outcome of any related tax disputes. Thus, it is reasonably possible that the ultimate tax liabilities related
to such tax positions could substantially exceed recorded unrecognized tax benefits related to such tax positions, resulting in a material
adverse effect on the Company&#8217;s earnings and cash flows from operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Company&#8217;s tax returns for year 2019 and subsequent years for
all major jurisdictions remain subject to examination by tax authorities. The Company is currently subject to or expects to be subject
to income tax examinations in various jurisdictions where the Company operates or has previously operated. If any tax authority successfully
challenges the Company&#8217;s tax positions, including, but not limited to, tax positions related to the tax consequences of various
intercompany transactions, the taxable presence of the Company&#8217;s subsidiaries in a given jurisdiction, the basis of taxation in
a given jurisdiction (such as deemed profits versus net-filing basis), or the applicability of relevant double tax treaty benefits to
certain transactions; or should the Company otherwise lose a material tax dispute in any jurisdiction, the Company&#8217;s income tax
liability could increase substantially and the Company&#8217;s earnings and cash flows from operations could be materially adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 79 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001841" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_808_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zT8XBJxD8Mb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_018"></span>14.
<span id="xdx_82D_zRUsx1spdAjj">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
expenditure commitments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was committed to incur capital expenditures of $<span id="xdx_90F_eus-gaap--CapitalExpendituresIncurredButNotYetPaid_pn5n6_c20230101__20231231_z8WWSx1S76cb" title="Capital expenditure"><ix:nonFraction name="us-gaap:CapitalExpendituresIncurredButNotYetPaid" contextRef="From2023-01-01to2023-12-31" id="Fact001843" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">15.4</ix:nonFraction></span> million and $<span id="xdx_906_eus-gaap--CapitalExpendituresIncurredButNotYetPaid_pn5n6_c20220101__20221231_zgs82GnFehbk" title="Capital expenditure"><ix:nonFraction name="us-gaap:CapitalExpendituresIncurredButNotYetPaid" contextRef="From2022-01-012022-12-31" id="Fact001845" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">38.4</ix:nonFraction></span> million at December 31, 2023, and December 31, 2022, respectively.
Substantially all of the commitments outstanding as of December 31, 2023, are expected to be settled during 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
commitments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company purchases certain property, plant, and equipment using seller-provided installment financing with payment terms extending to
24 months. As of December 31, 2023, and December 31, 2022, the Company recorded $<span id="xdx_90D_eus-gaap--OtherLiabilities_iI_pn5n6_c20231231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zw8LKarXQw01" title="Due to related parties current and non current"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_us-gaap_AccountsPayableMember_us-gaap_RelatedPartyMember" id="Fact001847" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million and $<span id="xdx_901_eus-gaap--OtherLiabilities_iI_pn5n6_c20221231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_ziBdJkzpUmXg" title="Due to related parties current and non current"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_us-gaap_AccountsPayableMember_us-gaap_RelatedPartyMember" id="Fact001849" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.6</ix:nonFraction></span> million, respectively, in Accounts
payable for amounts due using seller-provided installment financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had outstanding letters of credit amounting to $<span id="xdx_90C_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn5n6_c20231231_z2w1SZxQH7Ni" title="Outstanding letters of credit"><ix:nonFraction name="us-gaap:LettersOfCreditOutstandingAmount" contextRef="AsOf2023-12-31" id="Fact001851" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million and $<span id="xdx_90C_eus-gaap--LettersOfCreditOutstandingAmount_iI_pn5n6_c20221231_zVaGHYnwSS77" title="Outstanding letters of credit"><ix:nonFraction name="us-gaap:LettersOfCreditOutstandingAmount" contextRef="AsOf2022-12-31" id="Fact001853" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">26.4</ix:nonFraction></span> million as of December 31, 2023, and December 31, 2022,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business with customers, vendors and others, the Company has entered into off-balance sheet arrangements, such as
surety bonds for performance, and other bank issued guarantees which totaled $<span id="xdx_90B_ecustom--SuretyBondsAndOtherBankIssuedGuarantees_iI_pn5n6_c20231231_zfvO9djn6LXl" title="Surety bonds and other bank issued guarantees"><ix:nonFraction name="NESR:SuretyBondsAndOtherBankIssuedGuarantees" contextRef="AsOf2023-12-31" id="Fact001855" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">122.8</ix:nonFraction></span> million and $<span id="xdx_909_ecustom--SuretyBondsAndOtherBankIssuedGuarantees_iI_pn5n6_c20221231_zsLoAvw94ML8" title="Surety bonds and other bank issued guarantees"><ix:nonFraction name="NESR:SuretyBondsAndOtherBankIssuedGuarantees" contextRef="AsOf2022-12-31" id="Fact001857" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">132.4</ix:nonFraction></span> million as of December 31, 2023,
and December 31, 2022, respectively. The Company has also entered into cash margin guarantees totaling $<span id="xdx_902_ecustom--CashMarginGuarantees_iI_pn5n6_c20231231_zue0uqIHvODc" title="Cash margin guarantees"><ix:nonFraction name="NESR:CashMarginGuarantees" contextRef="AsOf2023-12-31" id="Fact001859" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.6</ix:nonFraction></span> million and $<span id="xdx_909_ecustom--CashMarginGuarantees_iI_pn5n6_c20221231_z8nboHgXpaS6" title="Cash margin guarantees"><ix:nonFraction name="NESR:CashMarginGuarantees" contextRef="AsOf2022-12-31" id="Fact001861" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.6</ix:nonFraction></span> million
at December 31, 2023, and December 31, 2022, respectively. A liability is accrued when a loss is both probable and can be reasonably
estimated. None of the off-balance sheet arrangements either has, or is likely to have, a material effect on the Company&#8217;s consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, and December 31, 2022, the Company had liabilities of $<span id="xdx_90D_eus-gaap--OtherLiabilities_iI_pn5n6_c20231231_zQ6HJ9v38bc3" title="Other liability"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31" id="Fact001863" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million and $<span id="xdx_902_eus-gaap--OtherLiabilities_iI_pn5n6_c20221231_zrj7m8PrPgp7" title="Other liability"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31" id="Fact001865" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million, respectively, on the Consolidated
Balance Sheet included in the line item &#8220;Other liabilities,&#8221; reflecting various liabilities associated with the 2014 acquisition
of NPS Bahrain by NPS Holdings Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal
proceedings </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is involved in certain legal proceedings which arise in the ordinary course of business and the outcomes of which are currently
subject to uncertainties and therefore the probability of a loss, if any, being sustained and an estimate of the amount of any loss are
difficult to ascertain. Consequently, it is not possible to make a reasonable estimate of the expected financial effect, if any, that
will result from ultimate resolution of these disputes. The Company is contesting these claims/disputes and the Company&#8217;s management
currently believes that it is not required to recognize a provision because they are not probable or reasonably estimable and any impacts
are not expected to have a material impact on the Company&#8217;s business, financial condition, results of operations, or liquidity.
</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001867" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80F_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zSPXNXQVdQ2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_019"></span>15.
<span id="xdx_828_zPAoGjKqqmG6">SHARE-BASED COMPENSATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2018, the NESR shareholders approved the 2018 Long Term Incentive Plan (the &#8220;LTIP&#8221;). A total of <span id="xdx_902_eus-gaap--DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance_iI_pid_c20181231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zP2ImccAJPed" title="Ordinary shares reserved for issuance"><ix:nonFraction name="us-gaap:DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance" contextRef="AsOf2018-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" id="Fact001869" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> ordinary shares
are reserved for issuance under the LTIP. Grants to members of the Company&#8217;s Board of Directors are time-based and vest ratably
over a <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20180101__20181231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember_zv7DKYXFIL6b" title="Time-based and vest ratably period"><ix:nonNumeric contextRef="From2018-01-012018-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember_custom_BoardOfDirectorsMember" format="ixt-sec:duryear" id="Fact001871" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">1</ix:nonNumeric></span>-year period. Grants to Company employees are time-based and with limited exceptions, vest ratably over a <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20180101__20181231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zc4P6NgtAhpd" title="Time-based and vest ratably period"><ix:nonNumeric contextRef="From2018-01-012018-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember_custom_EmployeesMember" format="ixt-sec:duryear" id="Fact001873" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">3</ix:nonNumeric></span>-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the LTIP is to enhance NESR&#8217;s ability to attract, retain and motivate persons who make (or are expected to make) important
contributions to NESR by providing these individuals with equity ownership opportunities. The Company intends to use time-based restricted
stock unit awards to reward long-term performance of the executive officers. The Company believes that providing a meaningful portion
of the total compensation package in the form of share-based awards will align the incentives of its executive officers with the interests
of its shareholders and serve to motivate and retain the individual executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 114; Value: 79 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001875" name="us-gaap:ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock_zi3sgQT9kdA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables set forth the LTIP activity for the periods indicated (in US$ thousands, except share and per share amounts):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_z2WpeUAbtCq3" style="display: none">SCHEDULE OF UNVESTED RESTRICTED STOCK</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Granted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Vested</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zAJqxbsmJEIk" title="Weighted Average Grant Date Fair Value per Share, Vested and issued" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" contextRef="From2023-01-012023-12-31_us-gaap_RestrictedStockUnitsRSUMember" id="Fact001903" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.80</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AF_z4sMGFu3F8y1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 and December 31, 2022, there were <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdKR7Ftx6UY9" title="Number of shares vested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber" contextRef="From2023-01-012023-12-31_us-gaap_RestrictedStockUnitsRSUMember" id="Fact001937" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">34,484</ix:nonFraction></span>
restricted stock units awarded to 77 participants, and <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zPDgGuSbayL3" title="Number of shares vested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber" contextRef="From2022-01-012022-12-31_us-gaap_RestrictedStockUnitsRSUMember" id="Fact001939" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,828</ix:nonFraction></span> restricted stock units awarded to 42 participants, respectively, that were vested but not yet issued by the stock transfer agent. The issuance of
these vested restricted stock units is subject to the participants setting up their participant accounts with the stock transfer
agent. Additionally, during the year ended December 31, 2023, the Company acquired <span id="xdx_902_ecustom--TreasuryShares_iI_c20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNKiEdSNJA46" title="Treasury shares"><ix:nonFraction name="NESR:TreasuryShares" contextRef="AsOf2023-12-31_us-gaap_RestrictedStockUnitsRSUMember" id="Fact001941" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,942</ix:nonFraction></span> treasury shares for $<span id="xdx_909_eus-gaap--PaymentsRelatedToTaxWithholdingForShareBasedCompensation_pn5n6_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zDXFzEPiBUka" title="Employee tax withholding"><ix:nonFraction name="us-gaap:PaymentsRelatedToTaxWithholdingForShareBasedCompensation" contextRef="From2023-01-012023-12-31_us-gaap_RestrictedStockUnitsRSUMember" id="Fact001943" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million
in connection with employee tax withholding for vested shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 and 2022, the Company had unrecognized compensation expense of $<span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20231231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zuzScCjgFaC3" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2023-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" id="Fact001945" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.8</ix:nonFraction></span> million and $<span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zVHHmlVyBWK9" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2022-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" id="Fact001947" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.4</ix:nonFraction></span> million, respectively, related
to unvested LTIP to be recognized on a straight-line basis over a weighted average remaining period of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20230101__20231231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zfOBxJslB14d" title="Weighted average remaining contractual terms"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" format="ixt-sec:duryear" id="Fact001949" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms">1.02</ix:nonNumeric></span> years and <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zyyNBllkC0k1" title="Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" format="ixt-sec:duryear" id="Fact001951" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms">1.72</ix:nonNumeric></span> years, respectively.
Stock-based compensation has been recorded in the Consolidated Statements of Operations as follows (in US$ thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001953" name="NESR:ScheduleOfStockbasedCompensationTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfStockbasedCompensationTableTextBlock_zmcbtuUMk2t2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zWlfBmLW2cB9" style="display: none">SCHEDULE OF STOCK-BASED COMPENSATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Cost of Services</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__custom--CostofServicesMember_z9JWFqWFYWdh" title="Stock-based compensation" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_CostofServicesMember" id="Fact001955" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,368</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__custom--CostofServicesMember_z4VtqoIJfH17" title="Stock-based compensation" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_CostofServicesMember" id="Fact001957" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,466</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingGeneralAndAdministrativeExpensesMember_zkmf6a35EnRf" title="Stock-based compensation" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_us-gaap_SellingGeneralAndAdministrativeExpensesMember" id="Fact001961" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,395</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingGeneralAndAdministrativeExpensesMember_z0FhyJaFFDPg" title="Stock-based compensation" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_us-gaap_SellingGeneralAndAdministrativeExpensesMember" id="Fact001963" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,803</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net cost</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231_zsY7t1y6M3z6" title="Stock-based compensation" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001967" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,763</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A4_zazapvGdzJrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 115; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001973" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zHeHhTsEKG17" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_020"></span>16.
<span id="xdx_82F_z4KIUNXypxa1">EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common
Stock</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue an unlimited number of ordinary shares, no par value, and preferred shares, no par value. The Company&#8217;s
ordinary shares are entitled to one vote for each share. As of December 31, 2023 and December 31, 2022, there were <span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_c20231231_zXnxJee8jYJl" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact001975" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">94,996,397</ix:nonFraction></span> and <span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_c20221231_zT74QwxoNtyd" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" id="Fact001977" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">94,012,752</ix:nonFraction></span>,
respectively, ordinary shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred
Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue an unlimited number of preferred shares divided into five classes with designations, voting and other
rights and preferences as may be determined from time to time by the Board of Directors. As of December 31, 2023, and December 31, 2022,
there were <span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_pid_do_c20231231_z3wv8mssYc9" title="Preferred stock, shares issued"><span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20231231_zyS8FaEB7AVd" title="Preferred stock, shares outstanding"><span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_pid_do_c20221231_zD8dkmN2hBU6" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20221231_zdPHncEhijie" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact001979" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact001981" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2022-12-31" id="Fact001983" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2022-12-31" id="Fact001985" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> preferred shares issued or outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public
Warrants</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of both December 31, 2023, and December 31, 2022, there were <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zVhFuDdKTQE1" title="Class of warrant or right, outstanding"><span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zrRdpsKhs671" title="Class of warrant or right, outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact001987" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" id="Fact001989" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,540,380</ix:nonFraction></ix:nonFraction></span></span> Public Warrants outstanding. Each Public Warrant entitles the
registered holder to purchase one-half of one ordinary share at a price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zZH6W3hd0fw2" title="Ordinary share price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact001991" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.75</ix:nonFraction></span> per half share at any time commencing on July 6, 2018
(30 days after the completion of the NPS/GES Business Combination). The Public Warrants must be exercised for whole ordinary shares.
The Public Warrants were initially set to expire on <span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zsJTFJdR97v5" title="Warrants and rights outstanding, maturity date"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" format="ixt:datemonthdayyearen" id="Fact001993" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">June 6, 2023</ix:nonNumeric></span> (<span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dt_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zNygOYntiG02" title="Warrants term"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" format="ixt-sec:durwordsen" id="Fact001995" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric></span> after the completion of the NPS/GES Business Combination)
but were subsequently extended to June 6, 2025, by vote of the Company&#8217;s Board of Directors during 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reserves the right to call the Public Warrants at any time prior to its exercise with a notice of call in writing to the holders
of record of the Warrant, giving at least 30 days&#8217; notice of such call, at any time while the Public Warrants are exercisable,
if the last sale price of the Company&#8217;s ordinary shares has been at least $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_z4NuNsGWo1d7" title="Sale price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact001997" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">21.00</ix:nonFraction></span> per share on each of 20 trading days within any
30 trading day period (the &#8220;30-day trading period&#8221;) ending on the third business day prior to the date on which notice of
such call is given and if, and only if, there is a current registration statement in effect with respect to the Company&#8217;s ordinary
shares underlying the Public Warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter
until the date of redemption. The call price of the Public Warrants is to be $<span id="xdx_902_eus-gaap--SharePrice_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zo5sg1ZG6ke6" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact001999" decimals="INF" unitRef="USDPShares">.01</ix:nonFraction></span> per warrant. Any Public Warrant either not exercised
or tendered back to the Company by the end of the date specified in the notice of call shall be canceled on the books of the Company
and have no further value except for the $<span id="xdx_905_eus-gaap--SharePrice_iI_c20231231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zDPgtepJUBre" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact002001" decimals="INF" unitRef="USDPShares">.01</ix:nonFraction></span> call price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
their initial sale in May of 2017 until May of 2020, the Company also had Private Warrants outstanding. The Company&#8217;s Private Warrants
were distinguished from the Company&#8217;s Public Warrants exclusively for their unique cashless exercise and limited redemption features.
The Private Warrants retained these features for as long as they were held by our Sponsor, NESR Holdings, Ltd. Periodically between December
of 2018 and May of 2020, NESR Holdings, Ltd. sold its Private Warrants, at which time the Company&#8217;s Private Warrants were converted
into Public Warrants. Subsequent to May of 2020, there were no Private Warrants outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002003" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_80D_eus-gaap--EarningsPerShareTextBlock_zE7wmM4afa1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_021"></span>17.
<span id="xdx_82B_zvn9LVjjOvy6">EARNINGS PER SHARE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
ASC 260, <i>Earnings per Share</i>, entities that have issued securities other than common stock that participate in dividends with common
stock (i.e., participating securities) are required to apply the two-class method to compute earnings per share (&#8220;EPS&#8221;).
The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating
security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings
had been distributed during the period. The dilutive effect of each participating security is calculated using the more dilutive of the
following approaches:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    treasury stock method, reverse treasury stock method, if-converted method or contingently issuable share method, as applicable, provided
    a participating security or second class of common stock is a potential common share</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    two-class method, assuming a participating security or second class of common stock is not exercised or converted</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to December 31, 2022, the Company had participating shares as RSUs granted until the end of 2019 had the right to participate in dividends.
The last of these RSUs vested during the year ended December 31, 2022. For the years-ended December 31, 2023, and 2022, the Company utilized
only the treasury stock method as there were no participating securities outstanding. For the year-ended December 31, 2021, computation,
participating securities do not participate in losses and thus the two-class method was not applicable. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 116; Value: 79 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Years
ended December 31, 2023, December 31, 2022, and December 31, 2021</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002005" name="NESR:ScheduleOfReconciliationOfBasicAndDilutedCommonSharesOutstandingTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfReconciliationOfBasicAndDilutedCommonSharesOutstandingTableTextBlock_zi7prrIVKOM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables provides a reconciliation of the data used in the calculation of basic and diluted ordinary shares outstanding for the
years ended December 31, 2023, December 31, 2022, and December 31, 2021 (in US$ thousands except shares and per share amounts):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zBiwRYM2uW3b" style="display: none">SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED COMMON SHARES OUTSTANDING</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Transaction Detail</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change in<br/> Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center; width: 20%">January 1, 2023</td><td style="width: 2%">&#160;</td>
    <td style="width: 45%; text-align: left">Beginning Balance</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">January 23, 2023</td><td>&#160;</td>
    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--ChangeInSharesRestrictedStockIssuance_pid_c20230101__20231231_zGlK8MJXfT7b" title="Change in shares restricted stock issuance" style="text-align: right"><ix:nonFraction name="NESR:ChangeInSharesRestrictedStockIssuance" contextRef="From2023-01-01to2023-12-31" id="Fact002009" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--WeightedAverageOrdinarySharesOutstandingRestrictedStockIssuance_pid_c20230101__20231231_zvDbUEYql2Db" title="Weighted average ordinary shares outstanding, restricted stock issuance" style="text-align: right"><ix:nonFraction name="NESR:WeightedAverageOrdinarySharesOutstandingRestrictedStockIssuance" contextRef="From2023-01-01to2023-12-31" id="Fact002011" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">March 18, 2022</td><td>&#160;</td>
    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">July 1, 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">March 18, 2021</td><td>&#160;</td>
    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">December 31, 2020</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">June 8, 2021</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">August 14, 2021</td><td>&#160;</td>
    <td style="text-align: left">Restricted Stock Issuance</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center; padding-bottom: 1.5pt">November 19, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt">Restricted Stock Issuance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td id="xdx_987_ecustom--ChangeInSharesRestrictedStockIssuanceFour_pid_c20210101__20211231_zvHTaGLhQAD9" title="Change in shares restricted stock issuance four" style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction name="NESR:ChangeInSharesRestrictedStockIssuanceFour" contextRef="From2021-01-012021-12-31" id="Fact002117" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; padding-bottom: 2.5pt">Ending Balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F0B_z6DmOcrH91L8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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<ix:exclude><!-- Field: Page; Sequence: 117; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8AC_zFMxIe9qmmnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, both potentially dilutive restricted stock units and Public Warrants had no impact
on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002212" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_807_eus-gaap--FairValueDisclosuresTextBlock_zZp0Uz7cuEB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_022"></span>18.
<span id="xdx_826_zOB69vEsKYXc">FAIR VALUE ACCOUNTING</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures and records the Buyer Stock Adjustment Amount derivative liability (note 9) at fair value in the accompanying financial
statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit
price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the
use of unobservable inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, includes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002214" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zDDA8fdue8Uj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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basis:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_ztGuAJegjca3" style="display: none">SCHEDULE
OF FAIR VALUE OF HIERARCHY AT FAIR VALUE ON RECURRING BASIS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A4_zu5RTjtaZ9fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 118; Value: 79 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_z47YvcgQtZtk" style="display: none">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A2_zIdROr4Dgqu9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002250" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zNWgxQMPnBg6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_023"></span>19.
<span id="xdx_82A_z0ddvDLQgLVc">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Nine
Energy Service, Inc. (&#8220;Nine&#8221;)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company purchased $<span id="xdx_90B_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20230101__20231231__dei--LegalEntityAxis__custom--NineEnergyServiceIncMember__us-gaap--FairValueByAssetClassAxis__custom--CoiledTubingEquipmentMember_z5uEPMAI4aHd" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_NineEnergyServiceIncMember_custom_CoiledTubingEquipmentMember" id="Fact002252" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million, $<span id="xdx_904_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20220101__20221231__dei--LegalEntityAxis__custom--NineEnergyServiceIncMember__us-gaap--FairValueByAssetClassAxis__custom--CoiledTubingEquipmentMember_zW8jcfuAOnBf" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_NineEnergyServiceIncMember_custom_CoiledTubingEquipmentMember" id="Fact002254" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.8</ix:nonFraction></span> million, and $<span id="xdx_909_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20210101__20211231__dei--LegalEntityAxis__custom--NineEnergyServiceIncMember__us-gaap--FairValueByAssetClassAxis__custom--CoiledTubingEquipmentMember_zD6azrJ47ZDe" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_NineEnergyServiceIncMember_custom_CoiledTubingEquipmentMember" id="Fact002256" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.2</ix:nonFraction></span> million for the years ended December 31, 2023, 2022, and 2021, respectively, of
products and rentals from Nine. One of the Company&#8217;s directors, Andrew Waite, also serves as a director of Nine. As of December
31, 2023, and December 31, 2022, the Company had total liabilities of $<span id="xdx_904_eus-gaap--Liabilities_iI_pn5n6_c20231231__dei--LegalEntityAxis__custom--NineEnergyServiceIncMember__us-gaap--FairValueByAssetClassAxis__custom--CoiledTubingEquipmentProductsAndServicesMember_zK23VGhmYqph" title="Liabilities"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31_custom_NineEnergyServiceIncMember_custom_CoiledTubingEquipmentProductsAndServicesMember" id="Fact002258" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million and $<span id="xdx_900_eus-gaap--Liabilities_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--NineEnergyServiceIncMember__us-gaap--FairValueByAssetClassAxis__custom--CoiledTubingEquipmentProductsAndServicesMember_z5iRn7Dowdyb" title="Liabilities"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31_custom_NineEnergyServiceIncMember_custom_CoiledTubingEquipmentProductsAndServicesMember" id="Fact002260" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million, respectively, on its Consolidated
Balance Sheets related to these purchases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002262" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_80D_eus-gaap--SegmentReportingDisclosureTextBlock_zMiCfxTGUqya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_024"></span>20.
<span id="xdx_828_zxCOlii7JKgk">REPORTABLE SEGMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
segments are components of an enterprise where separate financial information is available and that are evaluated regularly by the Company&#8217;s
CODM in deciding how to allocate resources and in assessing performance. The Company reports segment information based on the &#8220;management&#8221;
approach and its CODM is its Chief Executive Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s services are similar to one another in that they consist of oilfield services and related offerings, whose customers
are oil and natural gas companies. The results of operations of the service offerings are regularly reviewed by the CODM for the Company for
the purposes of determining resource and asset allocation and assessing performance. The Company has determined that it has <span id="xdx_90D_eus-gaap--NumberOfReportableSegments_pid_dc_uSegments_c20230101__20231231_zvZEIVeCgtb1" title="Number of Reportable Segments"><ix:nonFraction name="us-gaap:NumberOfReportableSegments" contextRef="From2023-01-01to2023-12-31" id="Fact002264" format="ixt-sec:numwordsen" decimals="INF" unitRef="Segments">two</ix:nonFraction></span> reportable
segments, Production Services and Drilling and Evaluation Services. The CODM evaluates the operating results of its reportable segments
primarily based on revenue and segment operating (loss) / income. Segment operating (loss) / income does not include general corporate
expenses, such as corporate overhead (costs incurred at the Company&#8217;s global and regional headquarter locations), share-based compensation,
and transaction and integration costs, as these expenses are not allocated to the Company&#8217;s reportable segments and not reported
to the Company&#8217;s CODM.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
Services that are offered depend on the well life cycle in which the services may fall. They include, but are not limited to, the following
types of service offerings: hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration services,
pipelines and industrial services, production assurance, artificial lift services, completions and integrated production management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
and Evaluation Services generates its revenue from the following service offerings: rigs and integrated services, fishing and downhole
tools, thru-tubing intervention, tubular running services, directional drilling, drilling fluids, pressure control, well testing services,
wireline logging services, and slickline services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2021, the Company announced an Environmental, Social, and Corporate Governance IMPACT (&#8220;ESG IMPACT&#8221;) initiative
to develop a portfolio of product lines and services aimed to mitigate climate change, enhance water management and conservation,
and minimize environmental waste in the industry. These innovative energy solutions so far include methane detection and control,
flare capture and re-use, and water treatment and re-use. In February 2024, NESR rebranded the ESG IMPACT segment to NESR
Environmental &amp; Decarbonization Applications (&#8220;NEDA&#8221;) to signify the importance of industry action in decarbonizing
the footprint of energy production. The results of NEDA or ESG IMPACT were not material to our Consolidated Statements of Operations
for the years ended December 31, 2023, December 31, 2022, or December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operations and activities are located within certain geographies, primarily the MENA region, as well as in Malaysia,
Indonesia and India.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002266" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zdP8YZG9fvOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from operations</i></span></p>

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OF SEGMENT REPORTING, INFORMATION ON REVENUES AND LONG-LIVED ASSETS</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-lived
assets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Production Services</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--ProductionServicesMember_zyF7mupX8LBh" title="Production Services" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_ProductionServicesMember" id="Fact002288" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">239,958</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Drilling and Evaluation Services</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--NoncurrentAssets_iI_pn3n3_c20231231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DrillingAndEvaluationServicesMember_zq9OpcVKw78a" title="Drilling and Evaluation Services" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2023-12-31_custom_DrillingAndEvaluationServicesMember" id="Fact002290" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">170,224</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DrillingAndEvaluationServicesMember_zodpEAOqe9a5" title="Drilling and Evaluation Services" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_DrillingAndEvaluationServicesMember" id="Fact002292" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">173,520</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Reportable Segments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--NoncurrentAssets_iI_pn3n3_c20231231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--TotalReportableSegmentsMember_zhHpvL1nHMo8" title="Total long-lived assets" style="text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2023-12-31_custom_TotalReportableSegmentsMember" id="Fact002294" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">395,836</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--TotalReportableSegmentsMember_zzs0wVAAsJU4" title="Total long-lived assets" style="text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_TotalReportableSegmentsMember" id="Fact002296" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">413,478</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Unallocated assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--NoncurrentAssets_iI_pn3n3_c20231231__srt--ProductOrServiceAxis__custom--UnallocatedAssetsMember_zpz9jlAB34x8" title="Unallocated assets" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2023-12-31_custom_UnallocatedAssetsMember" id="Fact002298" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">46,830</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__srt--ProductOrServiceAxis__custom--UnallocatedAssetsMember_zlZSRST3dcg4" title="Unallocated assets" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_UnallocatedAssetsMember" id="Fact002300" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47,583</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total long-lived assets</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98D_eus-gaap--NoncurrentAssets_iI_pn3n3_c20231231_zJlLtHIHfDtb" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2023-12-31" id="Fact002302" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">442,666</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_983_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231_zn6cjoIpFxG7" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31" id="Fact002304" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">461,061</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated
assets mainly comprise of buildings and leasehold improvements in the countries which supports both the segments in the normal course
of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total
segment operating (loss) / income</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December 31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Reportable Segment:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 52%; text-align: left">Production Services</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--OperatingIncomeLoss_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--ProductionServicesMember_zHtiLCMfpwJf" title="Production Services" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-012023-12-31_custom_ProductionServicesMember" id="Fact002306" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">111,060</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231__srt--ProductOrServiceAxis__custom--ProductionServicesMember_zb86vlutvpxe" title="Production Services" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31_custom_ProductionServicesMember" id="Fact002308" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,717</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--OperatingIncomeLoss_pn3n3_c20210101__20211231__srt--ProductOrServiceAxis__custom--ProductionServicesMember_z8JysSB2ljg5" title="Production Services" style="width: 12%; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31_custom_ProductionServicesMember" id="Fact002310" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,858</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Drilling and Evaluation Services</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--OperatingIncomeLoss_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--DrillingAndEvaluationServicesMember_zBZDkVea7kRd" title="Drilling and Evaluation Services" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-012023-12-31_custom_DrillingAndEvaluationServicesMember" id="Fact002312" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">36,461</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231__srt--ProductOrServiceAxis__custom--DrillingAndEvaluationServicesMember_z01fH87AIUlg" title="Drilling and Evaluation Services" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31_custom_DrillingAndEvaluationServicesMember" id="Fact002314" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33,473</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--OperatingIncomeLoss_pn3n3_c20210101__20211231__srt--ProductOrServiceAxis__custom--DrillingAndEvaluationServicesMember_zOmIQWqKbA9b" title="Drilling and Evaluation Services" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31_custom_DrillingAndEvaluationServicesMember" id="Fact002316" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,238</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Reportable Segments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--OperatingIncomeLoss_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--TotalReportableSegmentsMember_zqdwnx6kBIk" title="Total operating income" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-012023-12-31_custom_TotalReportableSegmentsMember" id="Fact002318" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">147,521</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231__srt--ProductOrServiceAxis__custom--TotalReportableSegmentsMember_z3hwsdaaG5zc" title="Total operating income" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31_custom_TotalReportableSegmentsMember" id="Fact002320" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">62,190</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--OperatingIncomeLoss_pn3n3_c20210101__20211231__srt--ProductOrServiceAxis__custom--TotalReportableSegmentsMember_zimRWXjCKQa4" title="Total operating income" style="text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31_custom_TotalReportableSegmentsMember" id="Fact002322" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,096</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Unallocated expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--OperatingIncomeLoss_pn3n3_c20230101__20231231__srt--ProductOrServiceAxis__custom--UnallocatedExpensesMember_zRVpyRvOlplf" title="Unallocated expenses" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-012023-12-31_custom_UnallocatedExpensesMember" id="Fact002324" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">66,818</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231__srt--ProductOrServiceAxis__custom--UnallocatedExpensesMember_z0QdeQUblOga" title="Unallocated expenses" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31_custom_UnallocatedExpensesMember" id="Fact002326" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">63,107</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--OperatingIncomeLoss_pn3n3_c20210101__20211231__srt--ProductOrServiceAxis__custom--UnallocatedExpensesMember_zvbne1h3jvfg" title="Unallocated expenses" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31_custom_UnallocatedExpensesMember" id="Fact002328" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">40,236</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total Operating income / (loss)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--OperatingIncomeLoss_pn3n3_c20230101__20231231_zuTMi1KITVp3" title="Total operating income" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact002330" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80,703</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231_zjalOwB7tRxi" title="Total operating income" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact002332" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">917</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--OperatingIncomeLoss_pn3n3_c20210101__20211231_zzAKLvGJpTs2" title="Total operating income" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact002334" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">43,332</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--InterestExpense_iN_pn3n3_di_c20230101__20231231_zRZjS1rooXo1" title="Interest expense, net" style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002336" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,826</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--InterestExpense_iN_pn3n3_di_c20220101__20221231_zaFhrp1SURx1" title="Interest expense, net" style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-012022-12-31" id="Fact002338" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,126</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--InterestExpense_iN_pn3n3_di_c20210101__20211231_zCXIENEtNUFk" title="Interest expense, net" style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-12-31" id="Fact002340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,174</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other (expense) / income, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8AB_zLfQYHBJQime" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated
expenses for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, mainly include corporate selling, general and
administrative expenses (inclusive of amortization), offset in small part by a portion of these costs that are allocated to the reportable
segments. As described elsewhere, corporate selling, general and administrative expenses are primarily comprised of payroll and compensation
costs for headquarters&#8217; employees, professional and legal expenses relating to audit firms, consulting firms and legal counsel,
and depreciation charges on headquarters&#8217; offices and leasehold improvements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002354" name="us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_zTknCrTcwdqk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
by geographic area</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zHplY8ndwPKh" style="display: none">SCHEDULE
OF REVENUE FROM EXTERNAL CUSTOMERS AND LONG-LIVED ASSETS, BY GEOGRAPHICAL AREAS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210101__20211231__srt--StatementGeographicalAxis__custom--RestOfWorldMember_zHyB5OHjW5Je" title="Total Revenue" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_RestOfWorldMember" id="Fact002372" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,812</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20230101__20231231_zXGCe2V1468" title="Total Revenue" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-01to2023-12-31" id="Fact002374" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,145,915</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-lived
assets by geographic area</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of</td><td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b> </span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Geographic area:</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Domestic (British Virgin Islands)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--NoncurrentAssets_iI_pn3n3_c20231231__srt--StatementGeographicalAxis__custom--DomesticMember_zMTPiQIZLWg2" title="Total long-lived assets" style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2380">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__srt--StatementGeographicalAxis__custom--DomesticMember_z4eIuPzSpLW1" title="Total long-lived assets" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2382">-</span></td><td style="text-align: left"/></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">MENA</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--NoncurrentAssets_iI_pn3n3_c20231231__srt--StatementGeographicalAxis__custom--MENAMember_zrazOfHYtpqk" title="Total long-lived assets" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2023-12-31_custom_MENAMember" id="Fact002384" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">431,002</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Rest of World</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__srt--StatementGeographicalAxis__custom--RestOfWorldMember_zkUw1LxiHlme" title="Total long-lived assets" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_RestOfWorldMember" id="Fact002390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,094</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">Total long-lived assets</td><td style="padding-bottom: 2.5pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><b>$</b></td><td id="xdx_98E_eus-gaap--NoncurrentAssets_iI_pn3n3_c20231231_zwp5EUyTtV2b" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; text-align: right"><b><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2023-12-31" id="Fact002392" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">442,666</ix:nonFraction></b></td><td style="padding-bottom: 2.5pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 2.5pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><b>$</b></td><td id="xdx_984_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231_zVciL4MjWkYj" title="Total long-lived assets" style="border-bottom: Black 2.5pt double; text-align: right"><b><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31" id="Fact002394" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">461,061</ix:nonFraction></b></td><td style="padding-bottom: 2.5pt; text-align: left"><b>&#160;</b></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zfDU5u4l2WT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Significant
customers</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from four customers individually accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zVNbMv69PIcf"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" id="Fact002395" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">44</ix:nonFraction></span>%, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zCbFOuegbMc2"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" id="Fact002396" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>%, <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zciK9PECxe57"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" id="Fact002397" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerFourMember_zSuE6WcOgCXg"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerFourMember" id="Fact002398" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% of the Company&#8217;s consolidated revenues in the year ended December
31, 2023, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zxApcuGSS9ei"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" id="Fact002399" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>%, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zrfdjfAdxXih"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" id="Fact002400" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction></span>%, <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_z03LjK1DEWhh"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" id="Fact002401" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerFourMember_zN32xiymZs2d"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerFourMember" id="Fact002402" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% of the Company&#8217;s consolidated revenues in the year ended December 31, 2022, and <span 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contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" id="Fact002404" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>%, <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_z2lMwW5MIEL"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" id="Fact002405" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerFourMember_zJeCNBSA2fml"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerFourMember" id="Fact002406" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>%
of the Company&#8217;s consolidated revenues in the year ended December 31, 2021.</span></p>

</ix:nonNumeric><p id="xdx_81E_zacVxgd2yNnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20f.htm", "secsgml_size_bytes": 2514842}]
{"company-data": {"conformed-name": "National Energy Services Reunited Corp.", "cik": "0001698514", "assigned-sic": "1389", "organization-name": "01 Energy & Transportation", "irs-number": "000000000", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-38091", "film-number": "24893921"}, "business-address": {"street1": "777 POST OAK BLVD.", "street2": "7TH FLOOR", "city": "HOUSTON", "state": "TX", "zip": "77056", "phone": "(832) 925-3777"}, "mail-address": {"street1": "777 POST OAK BLVD.", "street2": "7TH FLOOR", "city": "HOUSTON", "state": "TX", "zip": "77056"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
EXCHANGE
ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT
OF 1934
Commission
File Number:
001-38091
NATIONAL
ENERGY SERVICES REUNITED CORP.
(Exact
name of Registrant as specified in its charter)
Not
Applicable
(Translation
of registrant's name into English)
British
Virgin Islands
(Jurisdiction
of incorporation or organization)
777
Post Oak Blvd.
,
Suite 730
Houston
,
Texas
77056
(Address
of principal executive office)
Stefan
Angeli
Chief
Financial Officer
777
Post Oak Blvd
.,
Suite 730
Houston
,
Texas
77056
Phone
(832)
925-3777
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act. None
Securities
registered or to be registered pursuant to Section 12(g) of the Act. ordinary shares (1), warrants (1)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act. None.
(1)
Our ordinary shares and warrants (as defined below) were delisted from Nasdaq effective as of April 28, 2023, and, on the date of this
Annual Report, are quoted on the OTC Pink Market under the symbols "NESR" and "NESRW", respectively, on an "unsolicited
only" basis.
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the Annual Report:
As
of December 31, 2023, there were [
94,996,397
] ordinary shares and [35,540,380] warrants outstanding.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐
Accelerated filer
☒ Non-accelerated filer ☐ Emerging growth company
☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☒
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
Financial Reporting Standards as issued by the International Accounting Standards Board ☐
Other
☐
If
this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No
☒
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐
TABLE
OF CONTENTS
FORWARD-LOOKING STATEMENTS
5
BASIS OF THIS ANNUAL REPORT ON FORM 20-F
6
FINANCIAL INFORMATION AND CURRENCY OF FINANCIAL STATEMENTS
6
PART I
7
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
7
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
7
ITEM 3. KEY INFORMATION
7
A. [RESERVED]
7
B. CAPITALIZATION AND INDEBTEDNESS
7
C. REASONS FOR THE OFFER AND USE OF PROCEEDS
7
D. RISK FACTORS
7
ITEM 4. INFORMATION ON THE COMPANY
32
A. HISTORY AND DEVELOPMENT OF THE COMPANY
32
B. BUSINESS OVERVIEW
32
C. ORGANIZATIONAL STRUCTURE
39
D. PROPERTY, PLANTS, AND EQUIPMENT
39
ITEM 4A. UNRESOLVED STAFF COMMENTS
39
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
40
A. OPERATING RESULTS
40
B. LIQUIDITY AND CAPITAL RESOURCES
47
C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.
52
D. TREND INFORMATION
52
E. CRITICAL ACCOUNTING ESTIMATES
52
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
54
A. DIRECTORS AND SENIOR MANAGEMENT
54
B. COMPENSATION
57
C. BOARD PRACTICES
60
D. EMPLOYEES
63
E. SHARE OWNERSHIP
64
F. DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
64
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
64
A. MAJOR SHAREHOLDERS
64
B. RELATED PARTY TRANSACTIONS
65
C. INTERESTS OF EXPERTS AND COUNSEL
65
ITEM 8. FINANCIAL INFORMATION
65
A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
65
B. SIGNIFICANT CHANGES
65
2
ITEM 9. THE OFFER AND LISTING
65
A. OFFER AND LISTING DETAILS
65
B. PLAN OF DISTRIBUTION
65
C. MARKETS
66
D. SELLING SHAREHOLDERS
66
E. DILUTION
66
F. EXPENSES OF THE ISSUE
66
ITEM 10. ADDITIONAL INFORMATION
66
A. SHARE CAPITAL
66
B. MEMORANDUM AND ARTICLES OF ASSOCIATION
66
C. MATERIAL CONTRACTS
69
D. EXCHANGE CONTROLS
70
E. TAXATION
70
F. DIVIDENDS AND PAYING AGENTS
72
G. STATEMENT BY EXPERTS
72
H. DOCUMENTS ON DISPLAY
72
I. SUBSIDIARY INFORMATION
72
J. ANNUAL REPORT TO SECURITY HOLDERS
72
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
72
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
73
A. DEBT SECURITIES
73
B. WARRANTS AND RIGHTS
73
C. OTHER SECURITIES
73
D. AMERICAN DEPOSITORY SHARES
73
PART II
74
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
74
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
74
ITEM 15. CONTROLS AND PROCEDURES
74
ITEM 16. RESERVED
77
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
77
ITEM 16B. CODE OF ETHICS
77
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
77
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
78
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
78
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
78
3
ITEM 16G. CORPORATE GOVERNANCE
78
ITEM 16H. MINE SAFETY DISCLOSURE
78
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
78
ITEM 16J. INSIDER TRADING POLICIES
78
ITEM 16K. CYBERSECURITY
78
PART III
79
ITEM 17. FINANCIAL STATEMENTS
79
ITEM 18. FINANCIAL STATEMENTS
79
ITEM 19. EXHIBITS
79
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
82
CONSOLIDATED BALANCE SHEETS
84
CONSOLIDATED STATEMENTS OF OPERATIONS
85
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
86
CONSOLIDATED STATEMENTS SHAREHOLDERS' EQUITY
87
CONSOLIDATED STATEMENTS OF CASH FLOWS
88
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
89
1. DESCRIPTION OF BUSINESS
89
2. BASIS OF PRESENTATION
89
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
90
4. BUSINESS COMBINATIONS
98
5. REVENUE
101
6. ACCOUNTS RECEIVABLE
102
7. SERVICE INVENTORIES
102
8. PROPERTY, PLANT, & EQUIPMENT
103
9. GOODWILL, INTANGIBLE, AND OTHER ASSETS
103
10. LEASING
105
11. DEBT
106
12. EMPLOYEE BENEFITS
109
13. INCOME TAXES
111
14. COMMITMENTS AND CONTINGENCIES
114
15. SHARE-BASED COMPENSATION
114
16. EQUITY
116
17. EARNINGS PER SHARE
116
18. FAIR VALUE ACCOUNTING
118
19. RELATED PARTY TRANSACTIONS
119
20. REPORTABLE SEGMENTS
119
Exhibit 8.1
Exhibit 12.1
Exhibit 12.2
Exhibit 13.1
Exhibit 13.2
4
FORWARD-LOOKING
STATEMENTS
This
Annual Report on Form 20-F (this "Annual Report") contains forward-looking statements (as such term is defined in Section
27A of the Securities Act of 1933, as amended, (the "Securities Act"), and Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act")). Any and all statements contained in this Annual Report that are not statements of
historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would,"
"should," "could," "project," "estimate," "predict," "potential,"
"strategy," "anticipate," "attempt," "develop," "plan," "help,"
"believe," "continue," "intend," "expect," "future," and terms of similar
import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements
may contain one or more of these identifying terms. Forward-looking statements in this Annual Report may include, without limitation,
statements regarding our expectations related to our plans and ability to regain listing of our securities on Nasdaq or another national
or international stock exchange, our ability to implement our remediation plan in connection with the material weakness in our internal
control over financial reporting, the plans and objectives of management for future operations, projections of income or loss, earnings
or loss per share, capital expenditures, dividends, capital structure or other financial items, our future financial performance, including
any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included
pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"), expansion plans and opportunities,
completion and integration of acquisitions and the assumptions underlying or relating to any such statement.
The
forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be
realized because they are based upon our current projections, plans, objectives, beliefs, expectations, estimates and assumptions and
are subject to a number of risks and uncertainties and other influences, many of which we have no control over, including the impact
of the extent of any material weakness or significant deficiencies in our internal control
over financial reporting and any action taken by the SEC including potential fines or penalties arising out of the SEC inquiry. Actual
results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements
as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements
or cause actual results to differ materially from expected or desired results may include, without limitation:
●
Changing commodity prices,
    market volatility and other market trends that affect our customers' demand for our services;
●
Public health crises and
    other catastrophic events;
●
The level of capital spending
    by our customers;
●
Political, market, financial and regulatory risks, including those related
to the geographic concentration of our operations and customers;
●
Our operations, including
    maintenance, upgrades and refurbishment of our assets, may require significant capital expenditures, which may or may not be available
    to us;
●
Operating hazards inherent
    in our industry and the ability to secure sufficient indemnities and insurance;
●
Our ability to successfully
    integrate acquisitions;
●
Competition, including
    for capital and technological advances; and
●
Other risks and uncertainties
    set forth in Part I, Item 3D, "Risk Factors" included in this Annual Report.
5
Readers
are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to
the risk factors. We disclaim any obligation to update the forward-looking statements contained in this Annual Report to reflect any
new information or future events or circumstances or otherwise, except as required by law. Readers should read this Annual Report in
conjunction with the discussion under Part I, Item 3D, "Risk Factors" included in this Annual Report, our consolidated financial
statements and the related notes thereto included in this Annual Report, other documents which we may furnish from time to time with
the SEC, and other announcements we may make from time to time.
BASIS
OF THIS ANNUAL REPORT ON FORM 20-F
On
June 6, 2018, National Energy Services Reunited Corp. ("NESR," the "Company," "we,"
"our," "us" or similar terms) acquired all of the issued and outstanding equity interests of NPS Holdings
Limited ("NPS") and Gulf Energy S.A.O.C. ("GES" and, together with NPS, the "Subsidiaries")
(collectively, the "NPS/GES Business Combination"). On June 1, 2020, and May 5, 2021, respectively, NESR further
expanded its footprint within the Middle East and North Africa ("MENA") region when its NPS subsidiary acquired Sahara
Petroleum Services Company S.A.E. ("SAPESCO") and specific oilfield service lines of Action Energy Company
W.L.L. ("Action") (collectively with the NPS/GES Business Combination, the "Business Combinations"). On July
1, 2022, NESR acquired a minority stake in W. D. Von Gonten Engineering LLC ("WDVGE" or the "WDVGE
Investment") a premier Reservoir Characterization and Geological & Geophysical ("G&G") laboratory and
consulting business formed from the merger of W. D. Von Gonten Laboratories LLC and W. D. Von Gonten & Co. Petroleum Engineering
Consulting. See Note 4,
Business Combinations
, and Note 9,
Goodwill, Intangible, and Other Assets
, to the consolidated
financial statements included in Item 18, "
Financial Statements
," of this Annual Report for further discussion of
our most recent acquisitions and investments.
FINANCIAL
INFORMATION AND CURRENCY OF FINANCIAL STATEMENTS
The
financial statements included in Item 18, "
Financial Statements
," of this Annual Report, have been prepared in accordance
with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Unless otherwise indicated,
all references in this Annual Report to "dollars," "$," or "US$" are to U.S. dollars, which is the
reporting currency of the consolidated financial statements.
6
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
A.
[RESERVED]
B.
CAPITALIZATION AND INDEBTEDNESS
Not
applicable.
C.
REASONS FOR THE OFFER AND USE OF PROCEEDS
Not
applicable.
D.
RISK FACTORS
An
investment in our ordinary shares or warrants involves a high degree of risk. You should consider carefully the following risk factors,
as well as the other information contained in this Annual Report, before making an investment in our ordinary shares or warrants. Any
of the risk factors described below could significantly and negatively affect our financial position, results of operations or cash flows.
In addition, these risks represent important factors that can cause our actual results to differ materially from those anticipated in
our forward-looking statements.
Risk
Factor Summary
Risks
Related to Our Business and Operations
●
Our securities were delisted
    from Nasdaq, which has had and may continue to have a material adverse effect on our business and the trading and price of our securities.
●
Trends in oil and natural
    gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services
    and products, which could have a material adverse effect on our business, results of operations, and financial condition.
●
Our business is dependent
    on capital spending by our customers, and reductions in capital spending could have a material adverse effect on our business, results
    of operations, and financial condition.
●
Our assets require capital
    for maintenance, upgrades and refurbishment and we may require significant capital expenditures for new equipment.
●
The
    geographic concentration of our operations and customers exposes us to the risks of the regional economy and other regional adverse
    conditions.
●
We operate in multiple
    countries across the Middle East, North Africa, and Asia. Therefore our operations will be subject to political and economic instability
    and risk of government actions that could have a material adverse effect on our business, results of operations, and financial condition.
●
Physical
                                            dangers are inherent in our operations and may expose us to significant potential liability and losses.
                                            Personnel and property may be harmed during the process of drilling for oil and natural gas.
●
If
                                            we do not effectively or efficiently integrate the operations of businesses or companies
                                            we acquire, including the integration of the operations of our Subsidiaries, our future growth
                                            will be limited.
●
We
    compete in a highly competitive industry, and many of our competitors are larger than us and have greater resources than we do.
●
The
    inability to keep pace with technology developments could adversely affect our ability to maintain or grow market share.
Financial,
Regulatory, Legal and Compliance Risks
●
The
    matters identified in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our previously
    issued audited financial statements as of and for the year-ended December 31, 2020, may affect investor confidence and raise reputational
    issues and may subject us to additional risks and uncertainties, including increased professional costs and the increased risk from
    legal proceedings and regulatory inquiries.
●
We
    continue to have material
weaknesses in our
    internal control over financial reporting which we are in the process of remediating. If the material weaknesses
    persist or if we fail to develop or maintain an effective system of internal control, we may not be able to report our financial
    results accurately or prevent fraud, which could have a material adverse effect on our business, ordinary shares, results of operations
    and/or financial condition.
●
Impairment
    in the carrying value of goodwill could result in the incurrence of impairment charges.
●
We
    may not be fully indemnified against financial losses in all circumstances where damage to or loss of property, personal injury,
    death or environmental harm occur.
●
We
    operate in multiple countries and earn revenue in different currencies and as such may be exposed to risks arising from fluctuating
    exchange rates and currency control restrictions, which may limit our ability to reinvest earnings from operations in one country
    to fund the capital needs of our operations in other countries or to repatriate assets from some countries.
●
Changes
    in or new interpretations of tax laws could impact the determination of our income tax liabilities for a tax year.
●
Lack
    of consolidation of our fiscal results in a taxpaying jurisdiction prevents offsetting some losses against taxable profits.
●
The
    owners of NESR ordinary shares are subject to tax risks due to the possibility of changes in tax rules and regulations in foreign
    countries.
●
If
    our Subsidiaries are unable to comply with the restrictions and covenants in their debt agreements, they could default under the
    terms of such agreements, which could result in an acceleration of repayment.
●
To
    service our indebtedness, we may require a significant amount of cash, and our ability to generate cash will depend on many factors
    beyond our control.
●
Our
    borrowings under our various loan agreements and other financing arrangements expose us to interest rate risk and such arrangements
    also include restrictive covenants that may impact our Subsidiaries' ability to make distributions to us.
●
We
are exposed to the credit risk of our customers and counterparties, and delay, non-payment, and/or non-performance by our customers
could have an adverse effect on our financial condition, results of operations, or cash flows.
●
Limitations
    on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive
    advantage.
●
We
    may be subject to litigation if another party claims that we have infringed upon such third party's intellectual property rights.
●
Environmental
    compliance costs and liabilities could reduce our earnings and cash available for operations.
●
We
    could be subject to substantial liability claims, which could adversely affect our financial condition, results of operations, and
    cash flows.
●
Demand
    for our products and services could be reduced by existing and future legislation or regulations.
●
Increased
    attention to climate change, ESG matters and conservation measures by regulators and investors may adversely impact our business.
●
Some
    of our customers require bids for contracts in the form of long-term, fixed pricing contracts that require us to assume additional
    risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing
    and performance, and potential claims for liquidated damages.
●
Our
    failure to comply with complex United States of America ("U.S.") and foreign laws and regulations could have a
    material adverse effect on our operations.
●
We
    and U.S. persons working for us are subject to sanctions and export control regimes adopted by the United States and other jurisdictions.
●
Our
    operations in the Middle East and other countries could require us to incur additional costs in order to comply with U.S., United Kingdom ("UK") and European Union ("EU") sanctions-related regulations
    restricting or prohibiting activities with certain individuals and entities.
●
We
    are subject to litigation risks that may not be covered by insurance.
●
We
    may be unable to obtain or renew permits necessary for our operations, which could inhibit our ability to do business.
●
We
    might require additional equity or debt financing to fund operations and/or future acquisitions.
7
Risks
Related to Our Capital Structure
●
The market price of our ordinary shares and warrants may decline.
●
If securities or industry analysts do not publish or cease publishing
    research or reports about us, our business, or our market, or if they change their recommendations regarding our securities adversely,
    the price and trading volume of our ordinary shares and warrants could decline.
●
We are a holding company. Our sole material asset is our equity
    interest in our Subsidiaries and we are accordingly dependent upon distributions from them to cover our corporate and other overhead
    expenses.
●
Future sales of our ordinary shares could reduce our stock price,
    and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.
●
Because we currently have no plans to pay
    cash dividends on our ordinary shares, you may not receive any return on investment unless you sell your ordinary shares for a price
    greater than that what you paid for it.
●
There is no guarantee that the Public Warrants will be in the money,
    and they may expire worthless.
●
We may redeem Public Warrants prior to their exercise at a time
    that is disadvantageous to warrant holders, thereby making their warrants worthless.
Other
Risks Associated with Our Business
●
Cybersecurity risks and threats could adversely affect our business.
●
We depend on our suppliers to provide services and equipment in
    a timely manner and any delays, interruptions or failures by suppliers could expose us to increased costs or inability to meet contractual
    obligations.
●
We have engaged in related party transactions, the termination
    of which may inhibit business, and such transactions present possible conflicts of interest that could have an adverse effect on
    us.
●
The loss or unavailability of any of our executive officers or other
    key employees could have a material adverse effect on our business.
●
Our growth potential and ability to operate could be materially
    and adversely affected if we cannot employ and retain technical personnel at a competitive cost.
●
An investment in our securities may result in uncertain U.S. federal income tax consequences.
●
Substantially all of our assets are located outside the United States; therefore, investors
    may not be able to enforce U.S. federal securities laws or their other legal rights.
●
As a foreign private issuer in the United States, we are subject to different U.S. securities
    laws and rules than a domestic U.S. issuer.
●
We may lose our foreign private issuer status in the future, which could result in significant
    additional costs and expenses to us.
●
We are not subject to the supervision of the Financial Services Commission of the British Virgin Islands and so our shareholders are not protected by any regulatory inspections in the British Virgin Islands.
●
Investors may face difficulties in protecting their interests, and their ability to protect their rights through the U.S. federal courts may be limited, because we are formed under British Virgin Islands law.
●
Our amended and restated memorandum and articles of association permit
    the Board of Directors by resolution to create additional classes of securities, including shares with rights, preferences,
    designations and limitations as they determine which may have an anti-takeover effect.
Risk
Factors
Risks
Relating to Our Business and Operations
Our
securities were delisted from Nasdaq, which has had and may continue to have a material adverse effect on our business and the trading
and price of our securities.
Our
ordinary shares and warrants were delisted from Nasdaq effective April 28, 2023. As at the date of the filing of this Annual Report,
the Company's securities are quoted on the OTC Markets Pink Open Market ("OTC Pink Market") on an "unsolicited
only" basis.
The
OTC Pink Market is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in the
over-the-counter equity securities and provides significantly less liquidity than a listing on the Nasdaq Stock Markets or other national
securities exchange. OTC Pink Market securities are traded by a community of market makers that enter quotes and trade reports.
This market is limited in comparison to the national stock exchanges and any prices quoted may not be a reliable indication of the value
of our securities. Quotes for securities included on the OTC Pink Market are not listed in the financial sections of newspapers
as are those for the Nasdaq Stock Market or the NYSE. Therefore, prices for securities traded solely on the OTC Pink Market may
be difficult to obtain.
Trading
on the OTC Pink Market as opposed to a national securities exchange had resulted and may continue to result in a reduction in
some or all of the following, each of which could have a material adverse effect on the price of our securities and our company:
●
liquidity of our securities;
●
the market price of our securities;
8
●
more
    difficult and more expensive financings in the future; our ability to obtain financing to support our operations and the implementation
    of our business plan;
●
decreased
    ability to issue additional securities or obtain additional financing in the future;
●
loss
    of exemption under U.S. state securities registration requirements, which may require us to comply with applicable U.S. state securities
    laws;
●
the
    number of institutional and other investors that will consider investing in our securities;
●
the
    number of market markers in our securities;
●
the
    availability of information concerning the trading prices and volume of our securities; and
●
the
    number of broker-dealers willing to execute trades in our securities.
In
addition, the market price of our securities could be subject to wide fluctuations in response to:
●
actual or anticipated fluctuations in our results of
    operations;
●
the sale by us of our ordinary shares or other securities,
    or the anticipation of sales of such securities;
●
the trading volume of our securities, particularly
    if such volume is light;
●
the introduction of new products or services, or product
    or service enhancements by us or our competitors;
●
announcements of significant acquisitions or other
    agreements by us or our competitors;
●
sales or anticipated sales of our securities by our
    officers and directors;
●
conditions and trends in our industry;
●
changes in our pricing policies or the pricing policies
    of our competitors;
●
changes in the estimation of the future size and growth
    of our markets; and
●
general economic conditions.
The
stock market in general, and the OTC Pink Market in particular, have experienced extreme price and volume fluctuations that in
some cases may be unrelated or disproportionate to the operating performance of companies. These broad market and industry factors
may materially harm the market price of our securities, regardless of our operating performance. In addition, this volatility could adversely
affect an investor's ability to sell our securities and/or the available price for such securities, at any given time.
We
plan to seek to relist our ordinary shares and warrants on Nasdaq as soon as practicable through the normal relisting application process.
However, we cannot assure you that we will list our securities successfully on Nasdaq or another national securities exchange,
or that once listed, our securities will remain listed thereon. An active trading market for the Company's securities may never
develop or, if developed, it may not be sustained. You may be unable to sell your ordinary shares and/or warrants unless an active market
for such securities can be established and sustained.
Trends
in oil and natural gas prices affect the level of exploration, development, and production activity of our customers and the demand for
our services and products, which could have a material adverse effect on our business, results of operations, and financial condition
.
Demand
for our services and products is sensitive to the level of exploration, development, and production activity of, and the corresponding
capital spending by, oil and natural gas companies. The level of exploration, development, and production activity is directly affected
by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for
oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and
natural gas, market uncertainty, and a variety of other economic factors that are beyond our control. The following table illustrates
the high degree of variability in Europe Brent spot prices per barrel over the last three years:
Highest Closing Price
Lowest Closing Price
2021
$
85.76
$
50.36
2022
133.18
76.02
2023
97.10
71.03
9
A prolonged reduction in oil and natural gas prices could lead to depressed
levels of exploration, development, and production activity and could have a material adverse effect on our business, results of operations
and financial condition. Even the perception of longer-term lower oil and natural gas prices by oil and natural gas companies can result
in the reduction or deferral of major expenditures given the long-term nature of many large-scale development projects.
Factors
affecting the prices of oil and natural gas include:
●
the global and regional
    level of supply and demand for oil and natural gas including liquefied natural gas imports and exports;
●
governmental regulations,
    including the policies of governments regarding the exploration for and production and development of their oil and natural gas reserves,
    including environmental regulations;
●
increased attention to ESG matters and conservation measures may adversely
impact the oil and natural gas industry;
●
weather conditions, natural
    disasters, and public health crises and threats;
●
worldwide political, military,
    and economic conditions;
●
the
    ability or willingness of the Organization of the Petroleum Exporting Countries ("OPEC") and the expanded alliance known
    as OPEC+ ("OPEC+") to set and maintain oil production levels and quotas and member country compliance with quotas;
●
the level of oil and natural gas
    production by non-OPEC+ countries;
●
oil refining capacity and
    shifts in end-customer preferences toward fuel efficiency and the use of natural gas;
●
the cost of producing and
    delivering oil and natural gas;
●
technological advances
    affecting energy consumption; and
●
potential acceleration
    of the development of alternative fuels.
10
Our
business is dependent on capital spending by our customers, and reductions in capital spending could have a material adverse effect on
our business, results of operations, and financial condition.
Our
business is directly affected by changes in capital expenditures by our customers and reductions in our customers' capital spending
could reduce demand for our services and products and have a material adverse effect on our business, results of operations, and financial
condition. Most of our contracts can be cancelled or renegotiated by our customers at any time. Some of the items that may impact our
customer's capital spending include:
●
oil and natural gas prices,
    including volatility of oil and natural gas prices and expectations regarding future prices;
●
changes in government incentives
    and tax regimes;
●
the inability of our customers
    to access capital on economically favorable terms;
●
customer personnel changes;
    and
●
adverse developments in
    the business or operations of our customers, including write-downs of reserves and borrowing base reductions under customer credit
    facilities.
The
oil and natural gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our products
and services and downward pressure on the prices that we are able to charge. Sustained market uncertainty can also result in lower demand
and pricing for our products and services. A significant industry downturn, sustained market uncertainty, or increased availability of
economical alternative energy sources could result in a reduction in demand for our products and services, which could adversely affect
our business, financial condition, results of operations, cash flows and prospects. With respect to national oil company ("NOC")
customers, we are also subject to risk of policy, regime, currency and budgetary changes, all of which may affect our customers'
capital expenditures.
Our
assets require capital for maintenance, upgrades and refurbishment and we may require significant capital expenditures for new equipment.
Our
revenue is generated principally from providing services and related equipment as well as renting tools and equipment. Our tools and
equipment require capital investment in maintenance, upgrades and refurbishment to maintain our competitiveness. To the extent we are
unable to fund such projects, we may have less equipment available for service or our equipment may not be attractive to potential or
current customers. Additionally, increased demand, competition, advances in technology within our industry, and/or new emissions control, safety or other regulatory
requirements in the geographies that we operate in may require us to update or replace existing equipment. Such demands on our capital
or reductions in demand for our equipment and the increase in cost to maintain labor necessary for such maintenance and improvement,
in each case, could have a material adverse effect on our business, liquidity position, financial condition, prospects and results of
operations.
The
geographic concentration of our operations and customers exposes us to the risks of the regional economy and other regional adverse
conditions. The credit risks of our concentrated customer base in the energy industry could result in losses. In addition, we depend
on a small number of customers for a significant portion of our revenues. Therefore, the loss of any of these customers could result
in a decline in our revenues and adversely affect our financial condition, results of operations or cash flows.
Our
operations and our primary customers are located in the Middle East and North Africa and all are in the energy industry. Most of
our customers are NOCs. Given the importance of NOCs, which dominate the petroleum industry in our countries of operation, our business
is more susceptible to regional economic, budgetary and political conditions than other, more geographically diversified competitors.
Any changes in market conditions, unforeseen circumstances, or other events affecting the area in which our assets are located could
have a material adverse effect on our business, operating result, and financial condition.
11
Revenues
from four customers individually accounted for 44%, 8%, 7% and 5% of the Company's consolidated revenues in the year ended
December 31, 2023, 40%, 9%, 7% and 7% of the Company's consolidated revenues in the year ended December 31, 2022, and 51%, 10%,
7% and 4% of the Company's consolidated revenues in the year ended December 31, 2021. Under the terms of our customer contracts,
there is a risk of termination of one or more of such contracts and/or a lack of engagement in the same manner, or to the same level,
as has been the case historically. The loss of all or even a portion of the business from a major customer, the failure to extend or
replace the contracts with a major customer, or the extension or replacement of such contracts on less favorable terms, as a result of
competition or otherwise, could adversely affect our financial condition, results of operations or cash flows.
We
operate in multiple countries across the Middle East, North Africa, and Asia. Therefore, our operations will be subject to political
and economic instability and risk of government actions that could have a material adverse effect on our business, results of operations,
and financial condition
.
We
are exposed to risks inherent in doing business in each of the countries in which we operate. Our operations are subject to various risks unique to each country that could have a material adverse effect on our business, results of operations, and
financial condition. With respect to any particular country, these risks may include but are not limited to:
●
civil unrest, acts of terrorism,
    force majeure, war, other armed conflict, and sanctions;
●
recent efforts toward modernization
    in the region could have unanticipated consequences to cause unrest or political change that could cause loss of contracts;
●
inflation;
●
currency fluctuations,
    devaluations, and conversion restrictions;
●
government actions that
    may result in expropriation and nationalization of assets in that country;
●
confiscatory taxation or
    other adverse tax policies;
●
actions that limit or disrupt
    markets or our operations, restrict payments, limit the movement of funds or result in the deprivation of contract rights;
●
actions that result in
    the inability to obtain or retain licenses required for operation; and
●
retaliatory actions that
    may be taken by one country against other countries in the region.
Due
to the unsettled political conditions in many oil-producing
countries, our operations, revenue, and profits may be subject to the adverse consequences of war, the effects of terrorism, civil unrest,
strikes, currency controls, and governmental actions. These and other risks described above could result in the loss of our personnel
or assets, cause us to evacuate our personnel from certain countries, cause us to increase spending on security, cause us to cease operating
in certain countries, disrupt financial and commercial markets, including the supply of and pricing for oil and natural gas, disrupt
the supply of equipment required to operate in a country, result in labor shortages and generate greater political and economic instability
in some of the geographic areas in which we operate. Any possible reprisals as a consequence of military or other action, such as acts
of terrorism in the Middle East, could have a material adverse effect on our business, results of operations, and financial condition.
12
Physical
dangers are inherent in our operations and may expose us to significant potential liability and losses. Personnel and property may
be harmed during the process of drilling for oil and natural gas.
Drilling
for and producing hydrocarbons, and the associated products and services that we provide, include inherent dangers that may lead to property
damage or damage to geological formations, personal injury or loss of life, or the discharge of hazardous materials into the environment.
Many of these events are outside our control. Typically, we provide products and services at a well site where our personnel and equipment
are located together with personnel and equipment of our customer and third parties, such as other service providers. At many sites,
we depend on other companies and personnel to conduct drilling operations in accordance with appropriate safety standards. From time
to time, personnel are injured or equipment or property is damaged or destroyed as a result of accidents, failed equipment, faulty products
or services, failure of safety measures, uncontained formation pressures or other dangers inherent in drilling for oil and natural gas.
Any of these events can be the result of human error. With increasing frequency, our products and services are deployed on more challenging
prospects both onshore and offshore, where the occurrence of the types of events mentioned above can have an even more catastrophic impact
on people, equipment and the environment. These risks could expose us to substantial liability for personal injury, wrongful death, property
damage, loss of oil and natural gas production, pollution and other environmental damages and could expose us to a variety of claims,
losses and remedial obligations. In addition, interruption of customer activity as a result of such events could adversely affect our financial condition,
results of operations and cash flows.
If
we do not effectively or efficiently integrate the operations of businesses or companies we acquire, our future growth will be limited.
We
may not achieve expected returns and other benefits as a result of various factors, including integration and collaboration challenges.
The success of any acquisition is subject to various risks, including:
●
the inability to integrate
    the operations of recently acquired assets;
●
the diversion of management's
    attention from other business concerns;
●
the failure to realize
    expected volumes, revenues, profitability, or growth;
●
the failure to realize
    any expected synergies and cost savings;
●
the coordination of geographically
    disparate organizations, systems, and facilities;
●
the assumption of unknown
    liabilities;
●
the loss of customers or
    key employees; and
●
potential environmental
    or regulatory liabilities and title problems.
The
assessment by our management of these risks is inexact and may not reveal or resolve all existing and potential risks. Realization of
any of these risks could adversely affect our financial condition, results of operations and cash flows.
We
operate in a highly competitive industry, and many of our competitors are larger than us and have greater resources than we do.
Several
of our primary competitors are diversified multinational companies with substantially larger operating staffs and greater capital resources.
These larger competitors' greater resources could allow them to better withstand industry downturns and to compete more effectively
on the basis of technology, geographic scope and retained skilled personnel.
13
If
we are unable to keep pace with technology developments in the industry, this could adversely affect our ability to maintain or grow
market share.
The
oilfield service industry is subject to the introduction of new drilling and completion techniques, services using new technologies,
and emissions control requirements that could yield service innovations, some of which may be subject to patent or other
intellectual property protections. Some of these new technologies may be disruptive and lead to the rapid replacement of existing
technologies. We intend to introduce and integrate new technologies and procedures used by North American and European based
oilfield service companies; however, we cannot be certain that we will be able to develop and implement new technologies or services
on a timely basis or at an acceptable cost. The oilfield service industry is highly competitive and dominated by a few large players
that have resources to invest in new technologies. Our ability to continually provide competitive technology and services can impact
our ability to maintain or increase prices for our services, maintain market share, and negotiate acceptable contract terms with our
customers. If we are unable to continue to acquire or develop competitive technology or deliver it to our customers in a timely and
cost-competitive manner in the various markets we serve, it could adversely affect our financial condition, results of operations,
and cash flows.
Financial,
Regulatory, Legal and Compliance Risks
The
matters identified in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our
previously issued audited financial statements as of and for the year-ended December 31, 2020, may affect investor confidence
and raise reputational issues and may subject us to additional risks and uncertainties, including increased professional costs and the
increased risk from legal proceedings and regulatory inquiries.
As
a consequence of the matters discussed in our Annual Report on Form 20-F for the year ended December 31, 2022, we have incurred, and
may continue to incur, unanticipated costs for professional fees in connection therewith.
We also
have incurred significant costs in connection with or as a result of the delisting by Nasdaq of our securities in April 2023 (including
in connection with communicating with Nasdaq and assessing alternatives for continued trading of our securities in the United States),
and our remediation of our material weaknesses in internal control over financial reporting. See "Controls and Procedures"
for additional information regarding such material weaknesses and such remediation process.
We have become subject to a number
of additional risks and uncertainties, including the increased risk from litigation and regulatory inquiries. For example, we are the
subject of an ongoing SEC inquiry that could result in financial penalties. We have and will continue to fully cooperate with the SEC
inquiry. The SEC advised us that the initiation of a request for information should not be construed as an indication by the SEC or its
staff that any violation of the federal securities laws has occurred. At this stage, we are unable to predict when the SEC's inquiry
will conclude or what the consequences may be. Our management believes that the risk of loss in connection with this proceeding will
not have a material adverse effect on our financial condition. Any of the foregoing may affect investor confidence in the accuracy of
our financial disclosures and may raise reputational risks for our business, both of which could harm our business and financial results.
We
continue to have material weaknesses in our internal control over financial reporting which we are in the process of remediating.
If the material weaknesses persist or if we fail to develop or maintain an effective system of internal control, we may not be able to
report our financial results accurately or prevent fraud, which could have a material adverse effect on our business, ordinary shares,
results of operations and/or financial condition.
Effective
internal control is necessary for us to provide reliable and accurate financial statements and to effectively prevent fraud. As described
in Item 15, "Controls and Procedures," we have concluded that our internal control over financial reporting and disclosure
controls and procedures were not effective as of December 31, 2023, December 31, 2022, and December 31, 2021, due to material weaknesses
in our internal control over financial reporting. Our Senior Management failed to set an appropriate tone at the top sufficient
to ensure a culture of compliance with the Company's accounting, finance and internal control policies, including through:
●
Lack of an effective organizational
    structure to promote effective internal control:
●
Lack of effective communication
    protocols to ensure timely escalation and resolving of accounting issues; and
14
●
Insufficient technical
    accounting resources with an appropriate level of accounting knowledge, experience and training commensurate with our structure and
    financial reporting requirements to appropriately analyze, record and disclose accounting matters timely and accurately in accordance
    with U.S. GAAP.
Moreover,
the material weakness described above contributed to the following additional material weaknesses:
●
The Company's period-end
    financial reporting controls, specifically those over account reconciliations, were not effectively designed and implemented to detect
    potential misstatements and correct identified misstatements to period-end financial statements.
●
The
    Company did not design and maintain effective controls over certain accounts payable functions. Specifically, the Company
    did not maintain effective controls over the creation of purchase orders, the matching of goods of services received against purchase
    orders, and/or the review of the completeness and accuracy of accounts payable and accrued liabilities.
●
The Company did not design
    and maintain effective information technology general controls over financial reporting as privileged access users were not appropriately
    provisioned and inadequate monitoring controls were in place to enforce appropriate system access and segregation of duties.
We
are designing, implementing, and evaluating measures designed to remediate the material weaknesses.
However, we cannot be
certain that these measures will be successful or that we will be able to prevent future material weaknesses or significant
deficiencies.
Furthermore,
the efforts required to remediate those material weaknesses may cause a diversion of management's time and attention, which could
have a material adverse effect on our business, results of operations, financial position and cash flows.
Impairment
in the carrying value of goodwill could result in the incurrence of impairment charges.
As
of December 31, 2023, we had goodwill of $645.1 million. We review the carrying value of our goodwill for impairment annually or more
frequently if certain indicators are present. In the event we determine that the value of goodwill has become impaired, an accounting
charge for the amount of the impairment during the period in which the determination is made may be recognized. While we have not recorded
any impairment charge for goodwill for the periods presented in this Annual Report, future changes in our business and operations or
external market conditions, among other factors, could require us to record an impairment charge for goodwill, which could lead to decreased
assets and reduced income. If a significant write-down is required, the charge could have a material adverse effect
on our financial condition and results of operations.
We
may not be fully indemnified against financial losses in all circumstances where damage to or loss of property, personal injury, death
or environmental harm occur.
As
is customary in our industry, our contracts typically require that our customers indemnify us for claims arising from the injury or death
of their employees (and those of their other contractors), the loss or damage of their equipment (and that of their other contractors),
damage to the well or reservoir and pollution originating from the customer's equipment or from the reservoir (including uncontained
oil flow from a reservoir) and claims arising from catastrophic events, such as a well blowout, fire, explosion and from pollution below
the surface. Conversely, we typically indemnify our customers for claims arising from the injury or death of our employees, the loss
or damage of our equipment (other than equipment lost in the hole) or pollution originating from our equipment above the surface of the
earth or water.
Our
indemnification arrangements may not protect us in every case. For example, from time to time we may enter into contracts with less favorable
indemnities or perform work without a contract that protects us. Our indemnity arrangements may also be held to be overly broad in some
courts and/or contrary to public policy in some jurisdictions, and to that extent unenforceable. Additionally, some jurisdictions which
permit indemnification nonetheless limit its scope by statute. We may be subject to claims brought by third parties or government agencies
with respect to which we are not indemnified. Furthermore, the parties from which we seek indemnity may not be solvent, may become bankrupt,
may lack resources or insurance to honor their indemnities or may not otherwise be able to satisfy their indemnity obligations to us.
The lack of enforceable indemnification could expose us to significant potential liability and losses.
Further,
our assets generally are not insured against loss from political violence such as war, terrorism or civil commotion. If any of our assets
are damaged or destroyed as a result of an uninsured cause, we could recognize a loss of those assets.
15
We
operate in multiple countries and earn revenue in different currencies and as such may be exposed to risks arising from fluctuating exchange
rates and currency control restrictions, which may limit our ability to reinvest earnings from operations in one country to fund the
capital needs of our operations in other countries or to repatriate assets from some countries.
A
portion of our consolidated revenue and consolidated operating expenses is in foreign currencies. As a result, we will be subject to
risks, including:
●
foreign currency exchange
    risks resulting from changes in foreign currency exchange rates and the implementation of exchange controls; and
●
potential limitations that
    might be imposed on their ability to reinvest earnings from operations in one country to fund the capital needs of our operations
    in other countries.
In the future, we
may enter into foreign currency hedging contracts to reduce foreign currency volatility. However, we currently do not maintain foreign
currency hedging contracts with respect to our foreign currencies, and any contracts we may enter into may not fully mitigate our foreign
currency risk, may prove disadvantageous or may create additional risks.
Changes
in or new interpretations of tax laws could impact the determination of our income tax liabilities for a tax year.
We
have operations in 15 countries. Consequently, we are subject to the jurisdiction of a significant number of taxing authorities.
The income earned in these various jurisdictions is taxed on differing bases, including income actually earned, income deemed earned,
and revenue-based tax withholding. The final determination of our income tax liabilities involves the interpretation of local tax laws,
tax treaties, and related regulations in each jurisdiction, as well as the significant use of estimates and assumptions regarding the
scope of future operations and the nature of income earned and expenditures incurred. Changes in the operating environment, including
changes in or new interpretations of tax laws, could impact the determination of our income tax liabilities for the year.
Effective
January 1, 2018, the Gulf Cooperation Council ("GCC") countries agreed to impose a value added tax ("VAT") across
the GCC, however, as of year-end 2023 only Bahrain, Saudi Arabia, the United Arab Emirates, and Oman formalized and/or implemented their
plans. Under these VAT rules, most goods and services are taxed at rates ranging from 5-15%. Businesses subject to the VAT must keep
detailed financial and business records. This includes collecting invoices and accounting for the goods or services bought and sold,
as well as the VAT paid and charged going forward.
The Organization of Economic
Cooperation and Development ("OECD"), which represents a coalition of member countries, issued various white papers addressing
Tax Base Erosion and Jurisdictional Profit Shifting. The recommendations in these white papers are generally aimed at combating what
they believe is tax avoidance. Numerous jurisdictions in which we operate have been influenced by these white papers as well as other
factors and are increasingly active in evaluating changes to their tax laws. In addition, the OECD has advanced reforms focused on implementing
a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as Pillar
2. On October 8, 2021, the OECD announced an accord endorsing and providing an implementation plan for Pillar 2 agreed upon by 136 nations.
On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan by January 1,
2024. While the timing of the implementation of the accord is uncertain, when legislation is enacted to implement the accord
in the jurisdictions in which we have operations, it could materially increase the amount of taxes we owe, thereby negatively
affecting our results of operations and our cash flows from operations.
As noted above, Pillar
2 rules call for a global minimum tax of 15% on a per jurisdiction basis for multi-national enterprises with annual revenues of more
than €750.0 million. Therefore, the Company will likely be subject to the global minimum tax but is still analyzing the impact of
the new Pillar 2 rules to determine the overall impact to the Company going forward.
Lack
of consolidation of our fiscal results in a taxpaying jurisdiction prevents offsetting some losses against taxable profits.
NESR
is a British Virgin Islands corporation. NESR is not taxed by the British Virgin Islands on income generated outside of the British Virgin
Islands. As a result of our legal entity structure, annual fiscal losses in one of our subsidiaries may not be eligible to be
offset against profits in another subsidiary within the same jurisdiction to reduce consolidated tax liabilities.
The
owners of NESR ordinary shares are subject to tax risks due to the possibility of changes in tax rules and regulations in foreign countries.
The
British Virgin Islands does not impose income taxes on British Virgin Islands companies for dividends received or subsidiary operating
profits generated outside of the British Virgin Islands. The law could change to impose such taxes. In addition, our Subsidiaries operate
in many countries that have different tax rates and systems which may change including jurisdictions that currently do not impose tax
on corporations. U.S. shareholders must report on their tax returns all investments in foreign stocks, including ordinary shares.
If
our Subsidiaries are unable to comply with the restrictions and covenants in their debt agreements, they could default under the terms
of such agreements, which could result in an acceleration of repayment.
If
our Subsidiaries are unable to comply with the restrictions and covenants in their debt agreements, they could default under the terms
of these agreements. Our Subsidiaries' ability to comply with these restrictions and covenants, including meeting financial ratios
and tests, may be affected by events beyond their control. As a result, we cannot assure that our Subsidiaries will be able to comply
with these restrictions and covenants or meet such financial ratios and tests.
16
If
our Subsidiaries are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments
of principal, premium (if any), and interest on their indebtedness, or if they otherwise fail to comply with the various covenants, including
financial and operating covenants in the instruments governing their indebtedness they could default under the terms of the agreements
governing such indebtedness. In the event of such a default, the holders of such indebtedness could elect to declare all the funds borrowed
thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our Subsidiaries' debt agreements
could terminate their commitments to lend, cease making further loans, seize collateral and institute foreclosure proceedings against
their assets, and our Subsidiaries could be forced into bankruptcy or liquidation. If any of these events occur, the assets of our Subsidiaries
might not be sufficient to repay in full all of their outstanding indebtedness and we may be unable to find alternative financing. Even
if we could obtain alternative financing, it might not be on terms that are favorable or acceptable to us or our Subsidiaries. Additionally,
we may not be able to amend their debt agreements or obtain needed waivers on satisfactory terms.
To
service our indebtedness, we may require a significant amount of cash, and our ability to generate cash will depend on many factors beyond
our control.
Our
ability to make payments on and to refinance our Subsidiaries' indebtedness and to fund planned capital expenditures depends in
part on our ability to generate cash in the future. Our growth and capital expenditure plan require substantial capital, and any inability
to obtain such capital could lead to a decline in our ability to sustain our current business, access new service markets or grow our
business. Our Subsidiaries' debt is required to be repaid through an installment structure that may unduly strain our ability to
meet our growth objectives. Our ability to service such indebtedness is, to a certain extent, subject to general economic, financial,
competitive, legislative, regulatory and other factors that are beyond our control. We cannot provide assurance that we will generate
sufficient cash flow from operations, that we will realize operating improvements on schedule, or that future borrowings will be available
to us in an amount sufficient to enable us to service and repay our Subsidiaries' indebtedness or to fund their other liquidity
needs. If we are unable to satisfy our Subsidiaries' debt obligations, we may have to undertake alternative financing plans, such
as:
●
refinancing or restructuring
    their debt;
●
selling assets;
●
reducing or delaying capital
    investments; or
●
seeking to raise additional
    capital.
Collection
of receivables from work performed may not be sufficient to fund working capital needs. We have arranged financing in anticipation of
our projected cash requirements, but events beyond our control could cause cash collection to be less than projected and cause us not
to meet our Subsidiaries' debt obligations.
We
cannot provide assurance that any additional refinancing or debt restructuring would be possible, that any assets could be sold or that,
if sold, the timing of the sales and the amount of proceeds realized from those sales would be favorable to us or that additional financing
could be obtained on acceptable terms. Our inability to generate sufficient cash flows to satisfy the debt obligations, or to obtain
alternative financing, could materially and adversely affect our business, financial condition, results of operations and prospects.
For more information on our outstanding indebtedness and the terms and conditions related thereto, please see Note 11, Debt, to the consolidated
financial statements.
17
Our
borrowings under our various loan agreements and other financing arrangements expose us to interest rate risk and such arrangements also
include restrictive covenants that may impact our Subsidiaries' ability to make distributions to us.
Our
earnings are exposed to interest rate risk associated with $452.2 million in borrowings under our various loan agreements and
other financing arrangements as of December 31, 2023. Each of these arrangements requires the payment of floating interest rates based
upon short-term interest rate indices. If interest rates increase, so will our interest costs, which may have a material adverse effect
on our financial condition and results of operations.
Additionally,
the terms of these financing arrangements, including the restrictive covenants therein, may restrict the ability of our Subsidiaries
to make distributions to us, which could materially adversely affect our liquidity and financial condition.
We
are exposed to the credit risk of our customers and counterparties, and delay, non-payment, and/or non-performance by our customers could
have an adverse effect on our financial condition, results of operations, or cash flows.
We
are subject to risks of loss resulting from non-payment or non-performance by our customers and other counterparties. Customers may also
delay payments by imposing complex administrative processes, by disputing or rejecting invoices, or through other means. Any increase
in the non-payment and non-performance by our customers could adversely affect our financial condition, results of operations, or cash
flows. Lower commodity prices may result in a significant reduction in the liquidity of our customers and their ability to make payment
or perform on their obligations to us. Furthermore, some of our customers may be leveraged and subject to their own operating and regulatory
risks, which increases the risk that they may default on their obligations to us.
18
Limitations
on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive
advantage.
Some
of our products or services, and the processes they use to produce or provide products and services, constitute trade secrets and
confidential know how. We may lose employees who have knowledge of important trade secrets and who may not be prohibited in the
relevant countries in which they work from using such trade secrets to compete with us. Our business may be adversely affected if
any acquired patents are unenforceable, the claims allowed under their patents are not sufficient to protect our technology, our
patent applications are denied, or our trade secrets are not adequately protected. In addition, our competitors may be able to
independently develop technology that is similar to the technology used by us without infringing on our patents or gaining access to
our trade secrets, which could adversely affect our financial condition, results of operations, and cash flows.
We
may be subject to litigation if another party claims that we have infringed upon such party's intellectual property rights.
The
tools, techniques, methodologies, programs and components that we use to provide our services may infringe upon the intellectual property
rights of others. Infringement claims may result in significant legal and other costs and may distract our management from running
our core business. Royalty payments under licenses from third parties, if available, and developing non-infringing technologies would
increase our costs. If licenses were required and not available, we might not be able to continue providing a particular service or product,
which could adversely affect our financial condition, results of operations, and cash flows.
Environmental
compliance costs and liabilities could reduce our earnings and cash available for operations.
We
are subject to increasingly stringent laws and regulations relating to the importation and use, storage, handling, transportation, and
disposal of hazardous materials, radioactive materials, chemicals and explosives, and to environmental protection and health and safety,
including laws and regulations governing air emissions, hydraulic fracturing, water and other discharges and waste management and natural
resources. For more information, see our regulatory disclosures titled "Environmental Regulation" and "Health and Safety
Regulation." We expect to incur capital and operating costs to comply with environmental laws and regulations. The technical requirements
of these laws and regulations are becoming increasingly complex, stringent and expensive to implement.
Our
operations use and generate hazardous substances and wastes. Accordingly, we could become subject to material liabilities relating to
the investigation and clean-up of potentially contaminated properties, and to claims alleging personal injury or property damage as the
result of exposures to, or releases of, hazardous substances or wastes. Applicable laws may provide for "strict liability"
for remediation costs, damages to natural resources or threats to public health and safety. Strict liability can render a party liable
for damages without regard to negligence or fault on the part of the party. Some environmental laws provide for joint and several liabilities
for remediation of spills and releases of hazardous substances and wastes. Joint and several liability can render one party liable for
all damages arising from a spill or release even if other parties also contributed to the spill or release.
19
In
addition, stricter enforcement of existing laws and regulations, new laws and regulations, the discovery of previously unknown contamination
or the imposition of new or increased requirements could require us to incur costs, become the basis for new or increased liabilities,
subject us to certain government-imposed penalties or result in certain licenses being revoked. Any of these developments could reduce
our earnings and cash available for operations or otherwise result in interruptions or delays in our operations that could have an adverse
effect on our financial position.
We
could be subject to substantial liability claims, which could adversely affect our financial condition, results of operations, and cash
flows.
The
technical complexities of our operations expose us to a wide range of significant health, safety and environmental risks. Our products
and service offerings involve production-related activities, radioactive materials, chemicals, explosives, and other equipment and services
that are deployed in challenging exploration, development, and production environments. An accident involving these services or equipment,
or a failure of a product, could cause personal injury, loss of life, damage to or destruction of property, equipment or the environment,
or suspension of operations. Our insurance may not protect us against liability for certain kinds of events, including events involving
pollution, or against losses resulting from business interruption. Moreover, we may not be able to maintain insurance for certain risks
or at levels of risk coverage or policy limits that we deem adequate. Any damages caused by our services or products that are not covered
by insurance or are in excess of policy limits or subject to substantial deductibles, could adversely affect our financial condition,
results of operations, and cash flows.
Demand
for our products and services could be reduced by existing and future legislation or regulations.
Environmental
advocacy groups and regulatory agencies in the United States and other countries have been focusing considerable attention on the emissions
of carbon dioxide, methane and other greenhouse gases and their role in climate change. Existing or future legislation and regulations
related to greenhouse gas emissions and climate change, as well as government or private sector initiatives to conserve energy or promote
the use of alternative energy sources, or reduce greenhouse gas emissions, may significantly curtail demand and production of fossil
fuels such as oil and natural gas in areas of the world where our customers operate and thus adversely affect future demand for our services.
For more information, see our regulatory disclosure titled "Environmental Regulation."
Some
international, national and local governments and agencies have also adopted laws and regulations or are evaluating proposed legislation
and regulations that are focused on the extraction of shale gas or oil using hydraulic fracturing. Hydraulic fracturing is a stimulation
treatment routinely performed on oil and natural gas wells in low-permeability reservoirs. Specially engineered fluids with proppants are pumped
at high pressure and rate into the reservoir interval to be treated, causing cracks in the target formation. Future hydraulic fracturing-related
legislation or regulations could limit or ban hydraulic fracturing, or lead to operational delays and increased costs, including for
the capture of fugitive methane emissions, and therefore reduce demand for our pressure pumping services. If such additional international,
national, or local legislation or regulations are enacted, it could adversely affect our financial condition, results of operations,
and cash flows.
20
Increased
attention to climate change, ESG matters and conservation measures by regulators and investors may adversely impact our business.
Increasing
attention to climate change, societal expectations on companies to address climate change, investor and societal expectations regarding
voluntary ESG disclosures, and consumer demand for alternative forms of energy may result in increased costs, reduced demand for our
services, reduced profits, increased investigations and litigation, and negative impacts on our stock price and access to capital markets.
Increasing attention to climate change and environmental conservation, for example, may result in demand shifts for oil and natural gas
products, additional governmental investigations, and private litigation against oil and natural gas operators. To the extent
that societal pressures or political or other factors are involved, it is possible that such liability could be incurred without regard
to our causation of or contribution to the asserted damage, or to other mitigating factors. All of these factors have the potential to
adversely affect demand for our services, our financial condition, results of operations, and cash flows.
Moreover,
while we may make voluntary statements regarding ESG matters from time to time, many of the statements in those voluntary disclosures
are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or
forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain
and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach
to identifying, measuring and reporting on many ESG matters. Consequently, while we continue to examine potential ESG related risks and
opportunities, set goals, and implement mitigation measures, we cannot guarantee that these efforts will be successful. In addition,
as this is a continuously evolving area, we can provide no assurance that our current assessment of ESG-related risks and opportunities
is comprehensive or that the risks we identify and our conclusions about their effects and potential mitigation will not be subject to
change.
In
addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes
for evaluating companies on their approach to ESG matters. Such ratings are used by some investors to inform their investment and voting
decisions. Unfavorable ESG ratings and recent activism directed at shifting funding away from companies with energy-related assets could
lead to increased negative investor sentiment toward us and our industry and to the diversion of investment to other industries, which
could have a negative impact on our stock price and our access to and costs of capital. Also, institutional lenders may decide not to
provide funding for fossil fuel energy companies based on climate change related concerns, which could affect our access to capital.
Some
of our customers require bids for contracts in the form of long-term, fixed pricing contracts that require us to assume additional
risks associated with cost over-runs, operating cost inflation, labor availability and productivity, supplier and contractor pricing
and performance, and potential claims for liquidated damages.
Some of our customers, primarily NOCs, require bids for contracts in the
form of long-term, fixed pricing contracts that require us to provide integrated project management services outside our normal discrete
businesses acting as project managers as well as service providers, and require us to assume additional risks associated with cost over-runs. In addition, NOCs often operate in countries
with unsettled political conditions, war, civil unrest, or other types of community issues that may also result in cost over-runs, delays,
and project losses.
21
Providing
services on an integrated basis or long-term may also require us to assume additional risks associated with operating cost inflation,
labor availability and productivity, supplier pricing and performance, and potential claims for liquidated damages. We might rely on
third-party subcontractors and equipment providers to assist our customers with the completion of these types of contracts. To the extent
that we cannot engage subcontractors or acquire equipment or materials in a timely manner and on reasonable terms or on terms consistent
with the customer contract, our ability to complete a project in accordance with stated deadlines or at a profit may be impaired. If
the amount we are required to pay for these goods and services exceeds the amount we have estimated in bidding for fixed-price work,
we could experience losses in the performance of these contracts. These delays and additional costs may be substantial, and we may be
required to compensate our customers for these delays. This may reduce the profit to be realized or result in a loss on a project and
adversely affect our financial condition, results of operations, and cash flows.
Our
failure to comply with complex U.S. and foreign laws and regulations could have a material adverse effect on our operations.
We
are subject to complex U.S. and foreign laws and regulations, such as the U.S. Foreign Corrupt Practices Act and various other anti-bribery
and anti-corruption laws. At this time, the U.K. Bribery Act has not been adopted to apply to British Virgin Islands companies, but does
apply to any employees of us or our Subsidiaries that are U.K. citizens or residents, including any British overseas territory citizens,
and any subsidiaries formed in the U.K. We or our employees may also be subject to trade controls (including export controls) and trade
sanctions laws and regulations that restrict the movement of certain goods and technologies to, and certain operations in, various countries
or with certain persons. Thus, our ability to transfer people and products among certain countries and engage in certain transactions
or activities will be subject to maintaining required licenses and complying with these laws and regulations. The internal controls,
policies and procedures, and employee training and compliance programs we have implemented to deter prohibited practices may not be effective
in preventing employees, contractors or agents from violating or circumventing such internal policies or violating applicable laws and
regulations. Any determination that we have violated or are responsible for violations of anti-bribery, trade control, trade sanctions
or anti-corruption laws could have a material adverse effect on our financial condition and may result in fines and penalties, administrative
remedies or restrictions on business conduct, and could have a material adverse effect on our reputation and our business.
Regulatory
enforcement and accountability mechanisms have steadily changed the financial landscape for companies organized in the British Virgin
Islands. One major regulatory development came in 2014 following the enactment in the United States of the Foreign Account Tax Compliance
Act ("FATCA") which was designed primarily to reduce tax evasion by U.S. persons using overseas accounts and financial services
entities or institutions. FATCA requires certain types of foreign entities to identify and report specific information to the United
States Internal Revenue Service ("IRS") about U.S. taxpayers holding foreign accounts and financial assets. The reporting
obligations under FATCA were directly implemented into British Virgin Islands Law in 2014, in relation to BVI entities carrying on certain
activities.
22
Another
key regulatory change came following the British Virgin Islands' implementation of the "Common Reporting Standard"
("CRS") into its financial services legislation and oversight. CRS reporting in the British Virgin Islands commenced during
the second half of 2017. CRS obligations were specifically designed to fight against tax evasion, and, as with FATCA, the CRS system
requires certain types of financial services entities or institutions established in the CRS jurisdiction to report certain financial
account information to their national tax or other relevant authority, who then share that information automatically on an annual basis
with other CRS partner jurisdictions. We are not currently required to comply with either CRS or FATCA.
We
and U.S. persons working for us are subject to sanctions and export control regimes adopted by the United States and other jurisdictions.
We and U.S. persons working for us are subject to laws, reporting requirements
and sanctions imposed by the United States or by other jurisdictions where we do business that may restrict or even prohibit us, U.S.
persons, or certain of our affiliates from doing business in certain countries, with designated companies including in the oil and natural
gas sector, or engaging in certain transactions or activities. Countries in the Middle East, Asia, and Africa are among the locations
in which the United States, the United Nations, the United Kingdom and the European Union have imposed economic sanctions that restrict
or impede contracting and other transactions involving identified sanctioned countries or parties. We cannot predict what sanctions might
be imposed in the future against any country in which we or our Subsidiaries might operate or might receive contracts for performing services.
In addition, the U.S. Commerce Department and State Department administer export controls that regulate the types of commodities and technologies
that can be sold or provided to certain countries or recipients if those items are subject to U.S. jurisdiction, and such controls are
modified from time to time. Trade restrictions, export controls and sanctions could adversely impact our potential income, or our ability
to pursue new undeveloped business objectives.
The
United States government has implemented mechanisms to collect information on companies registered on a U.S. stock exchange related
to certain business activities that might be sanctionable under the various U.S. sanctions programs if the foreign companies or their
subsidiaries are U.S. companies. Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 requires an annual or quarterly
"219 Report" to be filed with the SEC by any company registered on a U.S. stock exchange, and requires the company to disclose,
as if the listed company were a U.S. entity, certain business activities relating to U.S. sanctions, which includes certain activities
involving the Iranian energy sector, even if the activity is not prohibited by U.S. sanctions for the foreign company. Such reporting
of any future activities that we or our Subsidiaries may engage in, could initiate an investigation by the U.S. government and require
us to engage counsel to monitor or respond to such investigations. A 219 Report is required for knowingly engaging in certain activities,
including activities that constitute an investment in the Iranian energy sector of $5 million each, or in the aggregate of over $20 million
in a 12-month period, among other types of transactions. A 219 Report is also required for knowingly engaging in any transaction with
certain individuals or entities identified in the U.S. Department of the Treasury's Office of Foreign Assets Control's ("OFAC")
List of Specially Designated Nationals ("SDNs") and Blocked Persons ("SDN List"), whether or not located in Iran,
depending on the reason such persons were designated as SDNs. The risk of an investigation or inadvertent action that relates to sanctioned
activity could increase costs and have an adverse impact on financial conditions and results of operations.
Our
operations in the Middle East and other countries could require us to incur additional costs in order to comply with United States of
America ("U.S."), United Kingdom ("UK") and European Union ("EU") sanctions-related regulations restricting
or prohibiting activities with certain individuals and entities.
The
United States government, the UK government and the EU have established lists of corporations and people with which engaging in business
by a person subject to the jurisdiction of such government authority is prohibited without a license. The property and interests in property
of persons or entities identified on the SDN List, are blocked in the United States and when in the possession or control of U.S. persons.
U.S. persons are broadly prohibited from engaging in transactions of any nature with persons on the SDN List or with entities owned 50
percent or more by persons on the SDN List. OFAC may designate an individual or entity on the SDN List for a variety of reasons, depending
on the applicable sanctions program that serves as the authority for the designation. There is no advance notice or advance due process
for the listed person. If any person were to be added to the SDN List, no U.S. persons can be involved in contracting or providing services
to or with such listed person without a license. Disclosure in a 219 Report is also required for knowingly engaging in any transaction
or dealing with certain SDNs.
23
Similarly,
the UK Government publishes a UK Sanctions List, which provides details of those persons or entities designated under the UK Sanctions
and Anti-Money Laundering Act 2018, and the Office of Financial Sanctions Implementation ("OFSI") also publishes a Consolidated
List of Financial Sanction Targets, which covers all financial sanction designations imposed by the UK. UK financial sanctions apply
to any individual or entity within the UK's territory, or that carry out activities within the UK's territory. UK nationals
and entities, including their overseas branches, must comply with UK sanctions regardless of where they are located or where their activities
take place. Financial sanction measures can include targeted asset freezes on individuals and entities, which may prohibit any persons
or companies from (i) dealing with funds or economic resources belonging to, or controlled by, a designated person, or (ii) making any
funds available, directly, indirectly or otherwise for the benefit of a designated person. Any suspected or actual breach must be reported
to the OFSI, and breach of any financial sanctions may result in significant fines (or carry a penal sentence for individuals).
EU
sanctions also target companies, groups, organizations, or individuals through similar measures including asset freezes or other economic
measures. The European Commission similarly maintains an EU-specific consolidated list of persons, groups and entities subject to EU
financial sanctions, with EU sanctions being binding on EU nationals or persons located in the EU or companies doing business in the
EU.
Although
we cannot be assured that no individual or entity in the Middle East or elsewhere with which we or our Subsidiaries have done business
will not be identified on the SDN List or other relevant denied party lists in the future, we have confirmed that to the best of our
knowledge none of our key employees, key vendors, or any companies with which we are currently conducting business, nor or any of our
Subsidiaries, their key employees, key vendors, or any company with which they are currently conducting business are listed on the SDN
List or similar lists in the EU and UK. If any customer, employee or vendor were to be listed on the SDN List in the future (or similar
lists in the EU and UK), we will need to incur costs to seek legal advice to determine whether any further business could be conducted
with such person or whether all business relationships with such person must cease.
We
are subject to litigation risks that may not be covered by insurance.
In
the ordinary course of business, we and our Subsidiaries may become the subject of various claims, lawsuits, and administrative proceedings
seeking damages or other remedies concerning our commercial operations, employees, and other matters. We maintain insurance to cover
certain potential losses and are subject to various self-insurance retentions and deductibles under our insurance policies. It is possible,
however, that a judgment could be rendered against us in cases in which we could be uninsured and beyond the amounts that we currently
have reserved or anticipate incurring for such matters. If we were made a party to lawsuits to which our Subsidiaries are currently a
party, we could be exposed to one or more judgments that are in excess of what our management may believe that it should pay and would
not likely be covered by insurance. In addition, insurance coverage is increasingly expensive, including with respect to directors'
and officers' liability insurance, or "D&O insurance." We may not be able to maintain D&O insurance at a reasonable
cost or in an amount adequate to satisfy any liability that may arise.
We
may be unable to obtain or renew permits necessary for our operations, which could inhibit our ability to do business.
In
order to perform our operations, we are required to obtain and maintain a number of government permits, licenses and approvals with terms
and conditions containing a significant number of prescriptive limits and performance standards. While this is a common scenario for
foreign investors operating in the region, we must comply with relevant foreign ownership restrictions and/or applicable licenses, permits,
and approvals for the operation of foreign owned entities in the jurisdictions of the GCC. The GCC has made efforts to increase local
content and in country value requirements. All the permits, licenses, approval limits, and standards require a significant amount of
monitoring, record keeping, and reporting in order to demonstrate compliance with the underlying permit, license, approval limit or standard.
Noncompliance or incomplete documentation of our compliance status may result in the imposition of fines, penalties and injunctive relief.
A decision by a government agency to deny or delay the issuance of a new or existing material permit or other approval, or to revoke
or substantially modify an existing permit or other approval, could adversely affect our ability to initiate or continue operations at
the affected location or facility. Furthermore, such a decision could adversely affect our financial condition, results of operations,
and cash flows.
24
We
might require additional equity or debt financing to fund operations and/or future acquisitions.
We
may need access to additional debt or equity capital to fund operations or to fund potential acquisitions. If additional capital is required,
we may not be able to obtain debt and/or equity financing on terms favorable to us, or at all. The failure to obtain additional funding
could result in a curtailment of our operations and future development, which in turn could adversely affect our business, results of
operations, and financial condition.
The
assessment by our management of these risks is inexact and may not reveal or resolve all existing and potential risks. Realization of
any of these risks could adversely affect our financial condition, results of operations and cash flows.
Risks
Related to Our Capital Structure
The
market price of our ordinary shares and warrants may decline.
Fluctuations
in the price of our ordinary shares and warrants could contribute to the loss of all or part of your investment. The trading price of
our ordinary shares and warrants could be volatile and subject to wide fluctuations in response to various factors, some of which are
beyond our control. Any of the factors listed below could have a material adverse effect on your investment and our ordinary shares and
warrants may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of our ordinary
shares and warrants may not recover and may experience a further decline.
Factors
affecting the trading price of our ordinary shares and warrants may include:
●
actual or anticipated fluctuations
    in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us;
●
changes in the market's
    expectations about our operating results;
●
success of competitors;
●
our operating results failing
    to meet the expectation of securities analysts or investors in a particular period;
●
changes in financial estimates
    and recommendations by securities analysts concerning us or the market in general;
●
operating and stock price
    performance of other companies that investors deem comparable to us;
●
our ability to market new
    and enhanced products on a timely basis;
●
changes in laws and regulations
    affecting our business;
●
commencement of, or involvement
    in, litigation or regulatory inquiries involving us;
●
changes in our capital
    structure, such as future issuances of securities or the incurrence of additional debt;
●
the volume of securities
    available for public sale;
●
any major change in our
    board or management;
●
the sale of a substantial
    amount of our ordinary shares and warrants by our directors, executive officers or significant stockholders or the perception that
    such sales could occur; and
●
general economic and political
    conditions such as recession, world health events, changes in interest rates, fuel prices, international currency fluctuations, and
    acts of war or terrorism.
25
Many
of the factors listed above are beyond our control. In addition, broad market and industry factors may materially harm the market price
of our ordinary shares and warrants irrespective of our operating performance. The stock market in general, including the OTC Markets,
has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the
particular companies affected. The trading prices and valuations of our ordinary shares and warrants, which currently trade on the OTC
Pink Market, may not be predictable. A loss of investor confidence in the market for retail stocks or the stocks of other companies
which investors perceive to be similar to us could depress the price of our securities regardless of our business, prospects, financial
conditions or results of operations. A decline in the market price of our ordinary shares and warrants also could adversely affect our
ability to issue additional securities and our ability to obtain additional financing in the future.
If
securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they
change their recommendations regarding our securities adversely, the price and trading volume of our ordinary shares and warrants could
decline.
The
trading market for our ordinary shares and warrants relies in part on the research and reports that industry or financial analysts publish
about us or our business. We do not control these analysts. Furthermore, if one or more of the analysts who do cover us downgrade or
provide negative outlook on our stock or our industry, or the stock of any of our competitors, or publish inaccurate or unfavorable research
about our business, the price of our ordinary shares and warrants could decline. If one or more of these analysts cease coverage of our
business or fail to publish reports on us regularly, we could lose visibility in the market, which in turn could cause our stock price
or trading volume to decline.
We
are a holding company. Our sole material asset is our equity interest in our Subsidiaries and we are accordingly dependent upon distributions
from them to cover our corporate and other overhead expenses.
We
are a holding company and have no material assets other than our equity interest in our Subsidiaries. We have no independent means of
generating revenue. To the extent the Subsidiaries have available cash, we intend to cause them to make non-pro rata payments to us to
reimburse us for our corporate and other overhead expenses. To the extent that we need funds and the Subsidiaries are restricted from
making such distributions or payments under applicable law or regulation or under the terms of any financing arrangements due to restrictive
covenants or otherwise, or are otherwise unable to provide such funds, our liquidity and financial condition could be materially adversely
affected.
Future
sales of our ordinary shares could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible
securities may dilute your ownership in us.
We
may sell additional securities in subsequent public or private offerings. On December 31, 2023, 94,996,397 ordinary shares were outstanding
and 35,540,380 Public Warrants were outstanding. Our outstanding ordinary shares do not include ordinary shares issuable upon
exercise of the Public Warrants, which may be resold in the public market.
Downward
pressure on the market price of our ordinary shares that likely will result from sales of our ordinary shares issued in connection with
the exercise of the warrants could encourage short sales of our ordinary shares by market participants. Generally, short selling means
selling a security, contract or commodity not owned by the seller. The seller is committed to eventually purchase the financial instrument
previously sold. Short sales are used to capitalize on an expected decline in the security's price. Such sales of ordinary shares
could have a tendency to depress the price of the stock, which could increase the potential for short sales.
26
We
cannot predict the size of future issuances of our ordinary shares or the effect, if any, that future issuances and sales of shares of
our ordinary shares will have on the market price of our ordinary shares. Sales of substantial amounts of our ordinary shares (including
shares issued in connection with an acquisition), or the perception that such sales could occur, may adversely affect prevailing market
prices of our ordinary shares.
Because
we currently have no plans to pay cash dividends on our ordinary shares, you may not receive any return on investment unless you sell
your ordinary shares for a price greater than that what you paid for it.
We
currently do not expect to pay any cash dividends on our ordinary shares. Any future determination to pay cash dividends or other distributions
on our ordinary shares will be at the discretion of the Board of Directors and will be dependent on our earnings, financial
condition, operation results, capital requirements, and contractual, regulatory and other restrictions, including restrictions contained
in the agreements governing any existing and future outstanding indebtedness we or our Subsidiaries may incur, on the payment of dividends
by us or by our Subsidiaries to us, and other factors that our Board of Directors deems relevant.
As
a result, you may not receive any return on an investment in our ordinary shares unless you sell the ordinary shares for a price greater
than that what you paid for it.
There
is no guarantee that the Public Warrants will be in the money, and they may expire worthless.
The exercise price for our warrants is $5.75 per one-half of an ordinary
share. Warrants must be exercised for whole ordinary shares. The Public Warrants were initially set to expire on June 6, 2023 (five years
after the completion of the NPS/GES Business Combination) but were subsequently extended to June 6, 2025, by vote of the Company's
Board of Directors during 2022. The warrants are not "in the money" as of December 31, 2023, and there is a risk that they
may expire worthless. Furthermore, as long as our ordinary shares are not traded on a national securities exchange, or there is no currently
effective registration statement covering the ordinary shares underlying the warrants, the ability of warrant holders to exercise and/or
sell ordinary shares received upon exercise is limited.
We
may redeem Public Warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making
their warrants worthless.
We
have the ability to redeem the remaining Public Warrants prior to their expiration at a price of $0.01 per warrant, provided that
(i) the last reported sale price of our ordinary shares equals or exceeds $21.00 per share for any 20 trading days within the 30 trading-day
period ending on the third business day before we send the notice of such redemption and (ii) on the date we give notice of redemption
and during the entire period thereafter until the time the warrants are redeemed, there is an effective registration statement under
the Securities Act covering the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating
to them is available unless warrants are exercised on a cashless basis. Redemption of the outstanding Public Warrants could force
holders of Public Warrants:
●
to exercise their warrants
    and pay the exercise price therefor at a time when it may be disadvantageous for them to do so;
●
to sell their warrants
    at the then-current market price when they might otherwise wish to hold their warrants; or
●
to accept the nominal redemption
    price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market value
    of their warrants.
27
Other
Risks Associated with Our Business
Cybersecurity
risks and threats could adversely affect our business.
We
rely heavily on information systems to conduct our business. There can be no assurance that the systems we have designed to prevent or
limit the effects of cyber incidents or attacks will be sufficient to prevent or detect such incidents or attacks, or to avoid a material
impact on our systems when such incidents or attacks do occur. If our systems for protecting against cybersecurity risks are circumvented
or breached, this could result in the loss of our intellectual property or other proprietary information, including customer data, and
disruption of our business operations.
A
cyber incident or attack could result in the disclosure of confidential or proprietary customer information, employee information,
theft or loss of intellectual property, damage to our reputation with our customers and the market, failure to meet customer
requirements or customer dissatisfaction, theft or exposure to litigation and enforcement actions including under data privacy laws
and regulations, damage to equipment (which could cause environmental or safety issues) and other financial costs and losses. In
addition, as cybersecurity threats continue to evolve, we may be required to devote additional resources to continue to enhance our
protective measures or to investigate or remediate any cybersecurity vulnerabilities. We do not presently maintain insurance
coverage to protect against cybersecurity risks and such insurance may not be available to us in the future on acceptable terms and with the desired coverage limits
if we seek to acquire it. If we procure such coverage in the future, we cannot ensure that it will be
sufficient to cover any particular losses we may experience as a result of such cyberattacks.
We
depend on our suppliers to provide services and equipment in a timely manner and any delays, interruptions or failures by suppliers could
expose us to increased costs or inability to meet contractual obligations.
We
rely on suppliers of equipment and spare parts as well as suppliers of technical labor to perform certain contractual obligations with
our customers. Failure by suppliers to provide goods and services in a timely manner could lead to delays by us in fulfilling contractual
obligations, the inability to fulfill such obligations, or additional costs in seeking replacement suppliers.
We
have engaged in a party transactions, the termination of which may inhibit business, and such transactions present
possible conflicts of interest that could have an adverse effect on us.
We
rely at times upon services and products supplied by related parties if no other suitable alternatives are available.
In
addition, these related party transactions create the possibility of conflicts of interest. Such a conflict could cause such persons to seek to advance their economic interests above ours. Further, the appearance of conflicts
of interest created by related party transactions could impair the confidence of our investors. While our Board of Directors
regularly reviews these transactions, related party transactions presenting a conflict of interest could have a material adverse
effect on our liquidity, results of operations and financial condition.
The
loss or unavailability of any of our executive officers or other key employees could have a material adverse effect on our business.
We
depend on the efforts of our executive officers and other key employees to manage our operations. The loss or unavailability of any of
our executive officers or other key employees could have a material adverse effect on our business. Although we expect all of our key
personnel to remain with us, it is possible that we will lose some key personnel, the loss of which could negatively impact our business
operations and profitability. In addition, the delivery of our services and products requires personnel with specialized skills and experience.
Our ability to be productive and profitable will depend upon our ability to employ and retain such skilled workers.
28
Our
growth potential and ability to operate could be materially and adversely affected if we cannot employ and retain technical personnel
at a competitive cost.
Many
of the products and services we provide and sell are complex and highly engineered and often must perform in harsh conditions. Our success
depends upon our ability to employ and retain technical personnel with the ability to design, utilize, and enhance these services and
products. A significant increase in the wages paid by competing employers could result in increased competition for the skilled labor
force we require, increases in the wage rates that we must pay, or both. If either of these events were to occur, our cost structures
could increase, our margins could decrease, and our growth potential, if any, could be impaired.
We
are not subject to the supervision of the Financial Services Commission of the British Virgin Islands and so our shareholders are not
protected by any regulatory inspections in the British Virgin Islands.
We
are not an entity subject to any regulatory supervision in the British Virgin Islands by the Financial Services Commission. As a result,
shareholders are not protected by any regulatory supervision or inspections by any regulatory agency in the British Virgin Islands and
we are not required to observe any restrictions in respect of our conduct save as disclosed in this Annual Report or our amended and
restated memorandum and articles of association.
An
investment in our securities may result in uncertain U.S. federal income tax consequences.
An
investment in our securities may result in uncertain U.S. federal income tax consequences. For example, the U.S. federal income tax consequences
of a cashless exercise of warrants included in the units sold in our initial public offering is unclear under current U.S. law. Prospective
investors are urged to consult their tax advisers with respect to these and other tax consequences when purchasing, holding or disposing
of our securities.
Substantially
all of our assets are located outside the United States; therefore, investors may not be able to enforce U.S. federal securities laws
or their other legal rights.
Substantially
all of our assets are located outside of the United States. Thus, it may be difficult, or in some cases not possible, for investors in
the United States to enforce their legal rights or to enforce judgments of United States courts predicated upon civil liabilities and
criminal penalties under United States laws.
29
As
a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer.
We
are a foreign private issuer under the Exchange Act and, as a result, are exempt from certain rules under the Exchange Act. Under the
Exchange Act we are subject to reporting obligations that, in certain respects, permit less detailed and/or less frequent disclosures
than those of U.S. domestic reporting companies, which may limit the information publicly available to our shareholders. The rules we
are exempt from include the proxy rules that impose certain disclosure and procedural requirements for proxy solicitations. In addition,
we are not required to file periodic reports and financial statements with the SEC as frequently, promptly or in as much detail as U.S.
companies with securities registered under the Exchange Act. We are not required to comply with Regulation FD, which imposes certain
restrictions on the selective disclosure of material information. Moreover, our officers, directors and principal shareholders are exempt
from the reporting and short-swing profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act
with respect to their purchases and sales of our ordinary shares. Although the Company currently prepares its financial statements in
accordance with U.S. GAAP, it is not required to do so, or to reconcile to U.S. GAAP, if it instead elects to prepare its financial statements
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. As a result
of such varied reporting obligations, shareholders should not expect to receive the same information at the same time as information
provided by U.S. domestic companies.
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.
As
discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and
current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business
day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect
to us on June 28, 2024. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting
securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we
fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer
status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are
more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy
requirements, and our officers, directors and 10% shareholders will become subject to the short-swing profit disclosure and recovery
provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance
requirements under the listing rules of the exchanges. As a U.S. listed public company that is not a foreign private issuer, we will
incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.
Investors
may face difficulties in protecting their interests, and their ability to protect their rights through the U.S. federal courts may be
limited, because we are formed under British Virgin Islands law.
We
are a company formed under the laws of the British Virgin Islands. As a result, it may be difficult for investors to enforce judgments
obtained in the United States courts against some of our directors or officers.
30
Our
corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law
of the British Virgin Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and
the fiduciary responsibilities of our directors to us under British Virgin Islands law are governed by the Companies Act and the common
law of the British Virgin Islands. The common law of the British Virgin Islands is derived from English common law, and while the decisions
of the English courts are of persuasive authority, they are not binding on a court in the British Virgin Islands. The rights of our shareholders
and the fiduciary responsibilities of our directors under British Virgin Islands law may not be as clearly established as they would
be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the British Virgin Islands has a less
developed body of securities laws as compared to the United States, and some states, such as Delaware, have more fully developed and
judicially interpreted bodies of corporate law. In addition, while statutory provisions do exist in British Virgin Islands law for derivative
actions to be brought in certain circumstances, shareholders in British Virgin Islands companies may not have standing to initiate a
shareholder derivative action in a federal court of the United States. The circumstances in which any such action may be brought, and
the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a British
Virgin Islands company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders
may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred.
The
British Virgin Islands Courts are also unlikely:
●
to recognize or enforce
    against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws where that
    liability is in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company; and
●
to impose liabilities against
    us, in original actions brought in the British Virgin Islands, based on certain civil liability provisions of U.S. securities laws
    that are penal in nature.
There
is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British
Virgin Islands will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in itself which may
be sued upon as a debt at common law so that no retrial of the issues would be necessary provided that:
●
the U.S. court issuing
    the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident or carrying on
    business within such jurisdiction and was duly served with process;
●
the judgment is final and
    for a liquidated sum;
●
the judgment given by the
    U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;
●
in obtaining judgment there
    was no fraud on the part of the person in whose favor judgment was given or on the part of the court;
●
recognition or enforcement
    of the judgment would not be contrary to public policy in the British Virgin Islands; and
●
the proceedings pursuant
    to which judgment was obtained were not contrary to natural justice.
In
appropriate circumstances, a British Virgin Islands Court may give effect in the British Virgin Islands to other kinds of final foreign
judgments such as declaratory orders, orders for performance of contracts and injunctions.
As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management or controlling shareholders than they would as public shareholders of a U.S. company.
Our
amended and restated memorandum and articles of association permit the Board of Directors by resolution to create additional
classes of securities, including shares with rights, preferences, designations and limitations as they determine which may have an anti-takeover
effect.
Our
amended and restated memorandum and articles of association permits the Board of Directors by resolution to amend the memorandum
and articles of association to designate rights, preferences, designations and limitations attaching to the preferred shares as they
determine in their discretion, without shareholder approval with respect to the terms or the issuance. If issued, the rights, preferences,
designations and limitations of the preferred shares would be set by the Board of Directors and could operate to the disadvantage
of the outstanding ordinary shares the holders of which would not have any pre-emption rights in respect of such an issue of preferred
shares. Such terms could include, among others, preferences as to dividends and distributions on liquidation, or could be used to prevent
possible corporate takeovers.
31
ITEM
4. INFORMATION ON THE COMPANY
A.
HISTORY AND DEVELOPMENT OF THE COMPANY
The
Company
National
Energy Services Reunited Corp. is a British Virgin Islands corporation headquartered in Houston, Texas. The Company, through its wholly-owned
subsidiaries, NPS and GES, is a regional provider of products and services to the oil and natural gas industry primarily in the MENA
region. Our principal executive offices are located at 777 Post Oak Blvd., Suite 730, Houston, Texas 77056 and our telephone number is
+1 (832) 925 3777. Our registered agent in the British Virgin Islands is Intertrust Corporate Services (BVI) Limited, which is located
at Luna Tower, Waterfront Drive, Road Town, Tortola, VG1110, British Virgin Islands.
History
and Business Development
Formed
in January 2017, NESR started as a special purpose acquisition company ("SPAC") designed to invest in the oilfield services
space globally. NESR filed a registration statement for its initial public offering in May 2017. In November 2017, NESR announced the
acquisition of two oilfield services companies in the MENA region: NPS and GES. The formation of NESR as an operating entity was completed
on June 7, 2018, after the transactions were approved by NESR shareholders. On June 1, 2020, NESR further expanded its footprint within
the MENA region when its NPS subsidiary acquired SAPESCO. On May 5, 2021, NESR again expanded its footprint within the MENA region when
its NPS subsidiary acquired specific oilfield service lines of Action. On July 1, 2022, NESR acquired a minority stake in WDVGE, a premier
Reservoir Characterization and G&G laboratory and consulting business.
NESR's
revenues are primarily derived by providing production services ("Production Services") such as hydraulic fracturing,
coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services,
production assurance, artificial lift services, completions and integrated production management. NESR also provides drilling and
evaluation services ("Drilling and Evaluation Services") such as rigs and integrated services, fishing and downhole
tools, thru-tubing intervention, tubular running services, directional drilling, drilling fluids, pressure control, well testing
services, wireline logging services, and slickline services. NESR has significant operations throughout the MENA region including
Saudi Arabia, Oman, Kuwait, United Arab Emirates, Algeria, Egypt, Libya, Iraq and Qatar.
Emerging
growth company
The
Company qualified as an "emerging growth company ("EGC")," as defined in Section 2(a) of the U.S. Securities
Act of 1933 as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012, as amended
(the "JOBS Act") until December 31, 2022, the last day of the fiscal year in which the fifth anniversary (May 17, 2022) of
our initial public offering occurred. As an EGC, we were able to take advantage of certain exemptions from various reporting requirements
that are applicable to public companies that are not emerging growth companies including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and not being required to comply with new or revised
financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared
effective or do not have a class of securities registered under the Securities Exchange Act of 1934) are required to comply with the
new or revised financial accounting standards. The Company had adopted all deferred accounting standards in its Annual Report on Form
20-F for the year ended December 31, 2022. We expect to incur significant expenses and devote substantial management effort toward ensuring compliance with
the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC.
Capital
Expenditures
During
the three most recent fiscal years, the Company's capital expenditures were $297.7 million in the aggregate, comprising $68.2 million
during the year ended December 31, 2023, $122.4 million during the year ended December 31, 2022, and $107.1 million during the year ended
December 31, 2021. The primary geographies for the Company's capital expenditures were Saudi Arabia, Oman, Kuwait, and United Arab
Emirates. The Company has utilized these capital expenditures to purchase equipment to support ongoing revenue growth. For more information
on our capital expenditures and requirements, see Item 5B, "
Liquidity and Capital Resources
."
Additionally,
the Company's Integrated Production Management ("IPM") projects are focused on developing and managing production on
behalf of the Company's customers under long-term agreements. The Company invests its own services and products, and in some cases
cash, into the field development activities and operations. Although in certain arrangements the Company is paid for a portion of the
services or products it provides, generally the Company is not paid at the time of providing its services or upon delivery of its products.
Instead, the Company is compensated based upon cash flow generated. The Company invested $16.0 million and $17.4 million in IPM
projects during the years ended December 31, 2023, and December 31, 2022, respectively.
During
2023, as a result of the need for extraordinary cash flow management processes during a period when the Company had restricted access
to its full credit facilities, the Company's CFO was given final responsibility for the Company's capital expenditure process,
under the supervision of the Board of Directors.
Electronic
Information about the Company
The
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC at
http://www.sec.gov
. Our Company website can be found at
http://www.nesr.com
. Information
on our website is not incorporated into this Annual Report or otherwise made part of this Annual Report.
B.
BUSINESS OVERVIEW
NESR is one of the largest oilfield services providers in the MENA region.
The Company's business consists of primarily upstream and midstream oilfield services with oil and natural gas companies as customers.
The Company has organized its service lines into two reportable segments, Production Services and Drilling and Evaluation Services.
32
Principal
Activities
Production
Services
. Our Production Services segment includes the results of operations from services that are generally offered and performed
during the production stage of a well's lifecycle. These services include, but are not limited to, the following:
●
Hydraulic Fracturing –
    Hydraulic fracturing services are performed to enhance production of oil and natural gas from formations with low permeability and
    restricted flow of hydrocarbons. The process of hydraulic fracturing involves pumping a highly viscous, pressurized fracturing fluid,
    typically a mixture of water, chemicals and proppant, into a well casing or tubing in order to fracture underground mineral formations.
    These fractures release trapped hydrocarbon particles and free a channel for the oil or natural gas to flow freely to the wellbore
    for collection. Fracturing fluid mixtures include proppant that becomes lodged in the cracks created by the hydraulic fracturing
    process, "propping" them open to facilitate the flow of hydrocarbons upward through the well.
●
Coiled Tubing – We
    provide various coiled tubing services ranging from basic nitrogen lifting, fishing, milling, clean-out, scale removal and other
    complex well applications. We employ design software to predict the performance of coiled tubing string and fluid behavior. The work
    history and integrity of each coiled tubing work string is constantly monitored in real-time to allow our engineers to continually
    evaluate developments in coiled tubing applications. Our coiled tubing units are suitable for both onshore and offshore.
●
Stimulation and Pumping
    – We employ stimulation and pumping services in our operations. We currently offer acidizing of wells, cleaning jobs, the release
    of stuck pipes during drilling, pressure testing wells and inhibition jobs on gas wells.
●
Cementing – We have
    over 25 years of experience in primary and remedial cementing services across the MENA region. Our cementing solutions include cementing
    equipment with complete automated density control capabilities, large volume batch mixers allowing larger volume of slurries to be
    mixed and pumped at homogeneous density and customized cement systems for specific applications such as gas migration, ultra-light
    weight, flexible cement, HTHP (high-temperature/high-pressure) and self-healing cement. We also have an extensive database of knowledge
    and experience.
●
Nitrogen Services –
    We offer a complete nitrogen service package through our nitrogen fleets. Our equipment incorporates a combination of low, intermediate,
    and high-rate units. Our operational capabilities range from stand-alone nitrogen services such as freeing stuck drill pipe and unloading
    or cleaning out wellbores, to supplying our coiled tubing, stimulation and cementing service with the essential gaseous components
    necessary for positive results in various applications.
●
Filtration Services –
    We provide filtration services through our two-stage, skid mounted, easy to handle filtration vessels. The primary and secondary
    filtration stages are usually carried out together. We have filtered thousands of barrels on rig sites for reduced damage drilling
    as well as for UBD (Under Balanced Drilling) operations. We also provide frac tanks and pumping units as necessary.
●
Pipelines and Industrial
    Services – We provide pipeline services to plants and refineries including water filling and hydro testing, nitrogen purging,
    de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems. Our equipment and resources
    include an existing fleet of nitrogen pump units, pig launchers and receivers, intelligent pigs, high rate pumping units at high
    and low pressure, and pipeline inspection services.
●
Production Assurance –
    Our fleet of water well drilling rigs and portfolio of water treatment technologies (chemicals and filtration) allow us to serve
    the full water cycle. This includes the sourcing and treatment of water for oil and natural gas, municipal and industrial use and the disposal
    of water into selected aquifers. We also provide a portfolio of production assurance chemicals to assist hydrocarbon production from
    a specific reservoir in meeting the desired production target. This is achieved by collaborating with selected chemical companies
    and academic institutes and establishing an in-house technical team of engineers and laboratory capabilities.
●
Artificial Lift Services
    – We provide vertical, deviated and horizontal rod pumping systems, analysis and optimization recommendations for fluid level
    and dynamometer testing, artificial lift optimization and data interpretation, long term monitoring and optimization, and associated
    field services. We also provide gas lift systems and downhole monitoring systems. We maintain a downhole pump workshop that is equipped
    with up-to-date equipment and tools, including pump testers, barrel honing and API beam pump gauges.
●
Completions – We
    provide surface and subsurface safety systems, high-pressure packer systems, flow controls, service tools, expandable liner technology,
    VIT (Vacuum Insulated Tubing) technology for steam applications, and engineering capabilities with manufacturing capacity and testing
    facilities. We focus on in-country value by taking a systems approach to well completions for maximum recovery in addition to intelligent
    completion architectures.
●
Integrated
    Production Management – These projects are focused on developing and managing production on behalf of the
    Company's customers under long-term agreements. The Company invests its own services and products, and in some cases cash,
    into the field development activities and operations. Although in certain arrangements the Company is paid for a portion of the
    services or products it provides, generally the Company is not be paid at the time of providing its services or upon delivery of its
    products. Instead, the Company is compensated based upon cash flow generated.
33
Drilling
and Evaluation Services.
Our Drilling and Evaluation Services segment includes the results of operations from services that are generally
offered and performed during pre-production stages of a well's lifecycle and related mainly to the operation of oil rigs. These
services include, but are not limited to, the following:
●
Rigs and Integrated Services
    – Our fleet of rigs range from 200 horsepower (HP) to 1,500 HP and offer drilling capabilities for all type of wells with depths
    up to 4,000 meters. Our fleet includes 750 HP truck-mounted, fast moving rigs, which are ideal for both light and heavy work over
    campaigns as both rigs are equipped with full edge mud systems that can handle normal drilling activities. In addition, we provide
    a "One Stop Solution" that includes delivering and managing the full spectrum of services involved in the upstream sector
    from the provision of the rig to completion and testing of the well.
●
Fishing and Downhole – We provide highly innovative and reliable
drilling tools and machine shop services for conventional and unconventional drilling applications. Our manufacturing capabilities include
manufacturing flanges, subs, pup joints, pony drill collars and all types of cross overs. We also have the provision of threading and
repair services for the oil and natural gas industry including the re-cutting of tubing and casing, repair of drilling and production
tubulars and well heads.
●
Thru-Tubing Intervention
    – We provide comprehensive oilfield solutions for all thru-tubing intervention requirements, from milling to thru-tubing fishing
    and thru-tubing well intervention.
●
Tubular Running Services
    – We provide traditional Tubular Running Services operated by highly trained personnel focused on safety, quality, efficiency
    and well integrity. Our Casing Running Tool service enables simultaneous connection make-up, break-out, circulation and rotation,
    increasing the chance of getting casing to total depth safely and efficiently the first time.
●
Directional Drilling –
    Our directional drilling services provide a suite of solutions from conventional to unconventional drilling applications, including
    directional drilling, measurement while drilling, logging while drilling, drilling optimization, drilling engineering, borehole surveying,
    and surface mud logging.
●
Drilling Fluids –
    We provide drilling fluid systems and related technologies for a number of projects, including development drilling, exploration
    drilling and High-Pressure High-Temperature drilling, in accordance with international standards and regulations for both onshore
    and offshore projects.
●
Pressure Control –
    With a full range of wellhead products, flow control equipment and frac equipment, we can provide safe and efficient drilling and
    production. From pre-engineered products, to fully customized designs, we offer solutions for a wide variety of applications.
●
Well Testing Services –
    Our well testing services are used to measure solids, gas, oil and water produced from a well. We offer integrated well testing services
    in the exploration, appraisal and development phases of oil and natural gas wells. Our aim is to provide newer, faster and more precise testing
    results though innovation and superior service quality, and our services include surface well testing onshore and offshore, flow
    back packages, sand management, burner boom stack for gas flaring, smokeless burner, multi-phase flow meters (MPFM), zero-flaring
    packages, and water treatment and filtration.
●
Wireline Logging Services
    – Our fleet of logging trucks, offshore units, logging tools and pressure control equipment provides a wide variety of cased-hole
    logging services to our clients, including production and injection performance evaluation, stimulation performance evaluation, water
    shutoff determination, tubing and multiple casing integrity, acoustic leak detection, perforation, pipe recovery, cased hole formation
    evaluation, and interval isolation and borehole seal.
●
Slickline Services –
    Our slickline services cover the basic removal of scale, wax and sand build-up, setting plugs, changing out gas lift valves, fishing
    and other complex well applications.
Portfolio enhancement within the Drilling and Evaluation Services continues
to be a strategic focus for the Company. Since 2021, the Company has entered into several strategic Drilling and Evaluation Services'
partnerships with other service providers to bring enhanced technologies to its customers. Key partnerships within the Drilling and Evaluation
Services segment include PHX Energy Services Corp., to bring leading directional drilling capabilities from North America to the MENA
region; Beyond Energy Services & Technology, to offer managed pressure drilling services; Ulterra Drilling Technologies, L.P. to deploy
polycrystalline diamond compact drill bits; and Kinetic Pressure Control, to develop and expand share of its unique Kinetic Blowout Stopper
("KBOS") technology in the MENA region, through which the first KBOS was recently deployed commercially.
In
2023, the Company achieved market penetration of its expanding Drilling and Evaluation Services portfolio and ramped activity in
several recently awarded Drilling and Evaluation Services contracts. Additionally, the Company, together with its technology
partner, made strides in strategic Drilling and Evaluation Services technology development initiatives. In Oman, NESR and its
technology partner completed several pivotal, successful field deployments of their under-development logging-while-drilling
("LWD") tool, which confirmed its technical ability to deploy formation evaluation services commercially. NESR and its
technology partner also tested its newly developed measurement-while-drilling ("MWD") tool successfully in the U.S. and
is currently in the process of field testing the tool in various countries in the Middle East. Additionally, in the field
development of its rotary steerable ("RSS") tool, NESR and its partner have achieved significant cumulative drilling
footage across multiple countries and drilling environments. NESR and its partner's aim is to complete field testing in 2024
and be in a position to deploy more tools within the scope of recently awarded Drilling and Evaluation Services contracts in the
MENA region, where NESR will be the exclusive provider of these tools.
In
February 2024, following the opening of the International Petroleum Technology Conference ("IPTC") in Saudi Arabia, NESR
launched its Roya™ advanced drilling platform, signaling the commercialization of cutting-edge technologies and services that had been
in development for several years prior. The Roya™ platform of advanced drilling technologies, comprised of a RSS RoyaSteer™,
MWD tool RoyaStream™, and LWD tool RoyaSeek™, paves the way for NESR to participate in all high-end drilling opportunities.
34
ESG
IMPACT
. In 2021, NESR embarked upon a new Environmental, Social, and Corporate Governance
IMPACT ("ESG IMPACT") initiative to introduce innovative energy solutions and develop a portfolio of product lines and services
aimed to mitigate climate change, enhance water management and conservation, and minimize environmental waste in the industry. Since the
inauguration of ESG IMPACT, NESR has grown and cultivated strategic technology partnerships, invested in key research and development
projects, and executed field deployments of innovative solutions in four focus areas: Water Treatment and Mineral Recovery, Emissions
Detection and Control, Flare Mitigation and Carbon Capture, and Heat Capture and Geothermal.
In
2023, ESG IMPACT conducted a second successful pilot of its zero liquid discharge ("ZLD") desalination solution in the region's
largest unconventional gas field to qualify another upstream circular water application and unlock the opportunity for commercial deployment
of the technology. Additionally, NESR piloted its artificial intelligence-based, continuous emissions monitoring platform with a prominent,
multinational customer in Oman, representing the largest NESR pilot deployment to-date. In Carbon Capture, NESR executed the next phase
of its carbon dioxide ("CO2") sequestration pilot expansion, with an expanded scope encompassing CO2 logistics, injection,
and subsurface monitoring. In Flare Mitigation, the Company mobilized equipment to North Africa to execute its first commercial-scale
gas capture project, and in conjunction with its Well Testing service, the Company rolled out key Zero Flare services to augment the
emissions profile of well evaluation.
NESR Environmental and
Decarbonization Applications
. In the first quarter of 2024, NESR announced the rebranding of ESG IMPACT
as NESR Environmental and Decarbonization Applications ("NEDA") to signify the importance of industry action in decarbonizing
the footprint of energy production. The NEDA initiative encompasses the growing portfolio of solutions that were previously launched under
the ESG IMPACT initiative and that include a Carbon Light Brine Plant in North Rumaila, Iraq, providing for the utilization of brackish
groundwater proximal to the plant to directly generate high-specification brine from a previously unusable water source, and the aforementioned
ZLD pilot project in Saudi Arabia.
The results of NEDA or ESG IMPACT were not material to our Consolidated Statements of Operations for the years ended
December 31, 2023, December 31, 2022, or December 31, 2021.
35
Principal
Markets
The
Company's operations and activities are located within certain geographies, primarily in the MENA region. The revenue earned by
geographic area, based on drilling location, was as follows for the periods presented (in US$ thousands):
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Geographic Area:
Domestic (British Virgin Islands)
$
-
$
-
$
-
MENA
1,132,321
893,635
865,917
Rest of World
13,594
15,882
10,812
Total revenue
$
1,145,915
$
909,517
$
876,729
Seasonality
Seasonal
changes in weather and significant weather events affect the demand and price of oil and therefore the demand for our services. Furthermore,
customer spending patterns for oilfield services and products generally result in higher activity in the fourth quarter of each year
as clients seek to utilize their annual budgets.
Sources
and Availability of Raw Materials
We
purchase various component parts in connection with delivering our products and services. These materials are generally, but not always,
available from multiple sources and may be subject to price volatility. While we generally do not experience significant long-term shortages
of these materials, we have from time-to-time experienced temporary shortages of particular component parts. We are always seeking ways
to ensure the availability of resources, as well as manage costs of component parts.
Marketing
Channels
We
sell to our customers through direct and indirect channels. Our primary sales channel is through our direct sales force, which has a
strong country focus with local teams close to the customer.
Intellectual
Property
We
own and control a variety of intellectual property, including but not limited to proprietary information and software tools and applications
that, in the aggregate, are material to our business. No individual instance of intellectual property is material to the Company.
36
Customers
Revenues
from four customers individually accounted for 44%, 8%, 7% and 5% of the Company's consolidated revenues in the year ended December
31, 2023, 40%, 9%, 7% and 7% of the Company's consolidated revenues in the year ended December 31, 2022, and 51%, 10%, 7% and 4%of
the Company's consolidated revenues in the year ended December 31, 2021.
Competition
We
provide products and services in the MENA region in highly competitive markets, with competitors comprised of both small and large companies.
Our revenues and earnings can be affected by several factors, including changes in competition, fluctuations in drilling and completion
activity, perceptions of future prices of oil and natural gas, government regulation, disruptions caused by weather and general economic conditions.
We believe that the principal competitive factors are price, performance, product and service quality, safety, response time and breadth
of products and services.
Material
Effects of Governmental Regulations
Our
business is significantly affected by country, regional, local laws and other regulations. These laws and regulations relate to, among
other things:
●
worker safety standards;
●
the protection of the environment
    and natural resources;
●
the storage, handling,
    transportation, use and disposal of hazardous materials; and
●
the mobilization of our
    equipment to, and operations conducted at, our work sites.
Numerous
permits are required for the conduct of our business and operation of our various facilities and equipment. These permits can be revoked,
modified or renewed by issuing authorities based on factors both within and outside our control.
We
cannot predict the level of enforcement of existing laws and regulations or how such laws and regulations may be interpreted by enforcement
agencies or court rulings in the future. We also cannot predict whether additional laws and regulations will be adopted, including changes
in regulatory oversight, increase of federal, state or local taxes, increase of inspection costs, or the effect such changes may have
on us, our businesses or our financial condition. However, failure to comply with laws, regulations, or permits may result in fines,
the imposition of remedial obligations, or other penalties that have a material impact on our operations, including (in some instances)
the revocation of necessary authorizations.
Environmental
Regulation
In
the countries where we operate, we are subject to environmental laws and regulations governing the discharge of materials into the environment
or otherwise relating to environmental protection and occupational health and safety, including regulations related to greenhouse gas
emissions and hydraulic fracturing. The trend in environmental regulation has been to place more restrictions and limitations on activities
that may adversely affect the environment, and thus any changes in environmental laws and regulations or re-interpretation of enforcement
policies that result in more stringent and costly regulatory requirements could have a material adverse effect on our business, liquidity
position, financial condition, results of operations and prospects. We may be unable to pass on such increased compliance costs to our
customers. Where applicable we have obtained and maintain licenses to operate through the local ministry of environment or similar governmental
authority. We have established and implemented an environmental health and safety management system based on ISO 14001 and OHSAS 18001.
In addition, we remain accountable to each customer or operator we service and ensure that compliance is maintained based on each customer's
requirements. Although our operations are subject to a variety of regulations across multiple jurisdictions, a summary of the most pertinent
regulations affecting our operations is provided below.
Air
and Climate
Certain
of our operations result in the emissions of regulated air pollutants, which may require permits in certain jurisdictions where we operate.
Many countries impose limitations on air emissions and require adherence to certain maintenance, work practice, reporting, recordkeeping,
and other requirements. Failure to obtain a permit or to comply with permit or other regulatory requirements could result in the imposition
of sanctions, including administrative, civil and criminal penalties. In addition, we or our customers could be required to shut down
or retrofit existing equipment, leading to additional capital or operating expenses and operational delays.
Additionally,
the threat of climate change continues to attract considerable attention in the United States and foreign countries. Numerous proposals
have been made and could continue to be made at multiple levels of government to monitor, limit and disclose existing emissions of greenhouse
gases as well as to restrict or eliminate such future emissions. As a result, our operations as well as the operations of our oil and
natural gas exploration and production customers are subject to a series of risks associated with the production and processing of fossil
fuels and emission of greenhouse gases.
Multiple
jurisdictions have adopted laws that require the monitoring, reporting, disclosure or reduction of emissions of certain greenhouse gases
from the oil and natural gas sector. Additionally, several jurisdictions have adopted policies to reduce the consumption of fossil fuels, which
may ultimately result in decreased demand for our services. Internationally, the United Nations-sponsored Paris Agreement requires member
states to submit non-binding, individually-determined reduction goals every five years after 2020. Most of the jurisdictions where we
operate have ratified the Paris Agreement and, as a result, developed emissions reduction goals, several of which focus on reducing the
emissions from the oil and natural gas sector or promoting the use of renewable energy or energy efficiency technologies.
Litigation
risks are also increasing, as various parties (including individuals, local governments, and environmental activists) have brought suit
in a number of jurisdictions. Although novel legal theories continue to be developed, many of these suits are brought on one of the following
themes: (1) governments have a duty to reduce greenhouse gas emissions within their jurisdiction; (2) oil and natural gas companies are
liable for various asserted damages associated with the production of fuels that contributed to climate change; or (3) oil and natural
gas companies have been aware of the adverse effects of climate change for some time but failed to adequately disclose those impacts
to investors or consumers.
37
There
are also increasing financial risks for fossil fuel companies. Shareholders may elect in the future to shift some or all of their investments
into non-energy related sectors. Institutional lenders who provide financing to fossil fuel energy companies also have become more attentive
to sustainable lending practices and some of them may elect not to provide funding for fossil fuel energy companies. There is also a
risk that financial institutions will be required to adopt policies that have the effect of reducing the funding provided to the fossil
fuel sector. Multiple financial regulators have adopted, or are considering adopting, climate stress-testing or disclosure requirements.
The
adoption and implementation of new or more stringent legislation, regulations or other regulatory initiatives that impose more stringent
standards for greenhouse gas emissions from the oil and natural gas sector or otherwise restrict the areas in which this sector may produce
oil and natural gas or generate greenhouse gas emissions could result in increased costs of compliance or costs of consuming, and thereby
reduce demand for, oil and natural gas, which could reduce demand for our services and products. Additionally, litigation and financial
risks may result in our oil and natural gas customers restricting or cancelling production activities, incurring liability for infrastructure
damages as a result of climatic changes, or impairing their ability to continue to operate in an economic manner, which also could reduce
demand for our services and products.
Water
Most
of the countries in which we operate have laws and regulations in place referencing water discharge particularly in the vicinity of inhabited
areas or regulated waterways. Multiple jurisdictions also regulate the disposal of produced water associated with the hydraulic fracturing
process. Restrictions and controls regarding the unauthorized discharge of pollutants, including produced waters and other oil and natural gas
wastes, into regulated waters are in place but not always subject to formal assessments by the regulators. We are working to ensure that
our facilities have adequate drainage, sumps, and appropriate sedimentation tanks where required, the integrity of primary and secondary
containment systems, and that spill prevention controls and countermeasures plans are in place to minimize the impact of potential releases
or spills.
Waste
and Hazardous Materials
Our
operations use and generate hazardous substances and wastes. Accordingly, we could become subject to material liabilities relating to
the investigation and cleanup of potentially contaminated properties, and to claims alleging personal injury or property damage as the
result of exposures to, or releases of, hazardous substances or wastes. Applicable laws may provide for "strict liability"
for remediation costs, damages to natural resources or threats to public health and safety. Some environmental laws provide for joint
and several liability for remediation of spills and releases of hazardous substances and wastes. Joint and several liability can render
one party liable for all damages arising from a spill or release even if other parties also contributed to the spill or release.
38
Health
and Safety Regulation
We
are subject to certain requirements that regulate the protection of health and safety. We are committed to providing a safe workplace.
Our health and safety (HSE) standards are influenced by a combination of the U.S. Occupational Safety and Health Act and the International
Association of Oil and Gas Producers, a global forum whose members identify and share best practices to achieve improvements. Our HSE
policy objectives include:
●
identifying risks to health
    and safety and implementing measures to control risk to an acceptable level;
●
periodically setting and
    publishing specific health and safety targets in consultation with employees and monitoring progress towards achieving such targets;
●
providing appropriate financial
    and physical resources to implement our health and safety targets;
●
recognizing that management
    of health and safety is a prime responsibility of line management;
●
devoting sufficient resources
    to ensure environmentally friendly performance;
●
encouraging full commitment
    of employees, by involving and consulting them on HSE matters;
●
ensuring employees receive
    appropriate information and training;
●
periodic reviewing and
    auditing our health and safety system to ensure its adequacy and effectiveness; and defining internal standards on HSE reporting,
    service quality reporting, injury and loss prevention, mechanical lifting, driving and journey management, hazard effects and management
    plan, environmental management, and audit and training.
We
review and implement many practices to meet these objectives, but we cannot guarantee that we will implement every practice that we review
or that these practices will fully achieve our stated objectives.
C.
ORGANIZATIONAL STRUCTURE
For
a full listing of our significant subsidiaries as of December 31, 2023, see Exhibit 8.1 to this Annual Report.
D.
PROPERTY, PLANTS, AND EQUIPMENT
Properties
We
have operations in 15 countries including Algeria, Bahrain, Chad, Egypt, India, Indonesia, Iraq, Kuwait, Libya, Malaysia, Oman,
Qatar, Saudi Arabia, and United Arab Emirates ("UAE"). In most countries, we have localized support bases that house equipment
and personnel that are used to deliver the services we provide. In early 2023, we opened the NESR Oilfield Research & Innovation
("NORI") Center in Saudi Arabia's Dharan Techno Valley ("DTV"). We expect that the NORI facility, located
in the heart of Saudi Arabia's industrial research, technology, and academic hub, will enhance NESR's ability to drive energy
sector research and innovation across the MENA region through activities such as providing advanced core analysis and reservoir studies
for our customers. Our principal executive offices are in Houston, Texas, U.S., with our regional headquarters in Dubai, UAE. No single
tangible fixed asset is individually material to our operations.
ITEM
4A. UNRESOLVED STAFF COMMENTS
Not
applicable.
39
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion and analysis should be read in conjunction with Item 3A, "Selected Financial Data" and the accompanying
consolidated financial statements and related notes included in Item 18, "Financial Statements," in this Annual Report.
A.
OPERATING RESULTS
Overview
We
are a provider of services to the oil and natural gas industry primarily in the MENA region. We currently operate in 15 countries,
with a strong presence in Saudi Arabia, Oman, Kuwait, United Arab Emirates, Algeria, Egypt, Libya, Iraq and Qatar. Our company was founded
with a vision of creating a regional provider for oilfield services that offers a full portfolio of solutions for our customers with
a strong focus on supporting the economies in which we operate. ESG considerations are central to our company, and we believe that employing
local staff and fully integrating with regional economies is a critical part of the social component of our ESG philosophy. In addition,
we have found that promoting high local content in our operations optimizes our cost structure, enhancing our ability to generate free
cash flow in various commodity price environments. With its vast reserves of oil and natural gas, the MENA region continues to dominate
in its role as a vital source of global energy supply and stability. Our services include a broad suite of offerings that are essential
in the drilling and completion of new oil and natural gas wells and in the remedial work on existing wells, both onshore and offshore,
including completion services and equipment and drilling and evaluation services and equipment.
Factors
Affecting our Results of Operations
Global
E&P Trends
We
provide oilfield services to exploration and production companies with operations in the onshore and offshore oil and natural gas sectors in
the MENA region. Demand for our services is mainly driven by our customers' operations and is therefore linked to global commodity
prices and expectations about future prices, rig activity and other factors.
Cyclical
Nature of Sector
The
oilfield services sector is a highly cyclical industry. As a result, our operating results can fluctuate from quarter to quarter and
period to period. However, due to the lower average cost
of production
per barrel in
the Middle East and the need for infrastructure spending to sustain or increase current production levels of these oil rich
countries, we believe that we are less affected by oil price volatility as compared to oilfield services companies that operate in
other regions, as discussed below.
Drilling
Environments
Based
on energy industry data, the bulk of oil production comes from onshore activity while offshore oil production currently provides an estimated
30% of all global oil supply. We provide services to exploration and production ("E&P") companies with both onshore and
offshore drilling operations. Offshore drilling generally provides higher margins to service providers due to greater complexity, logistical
challenges and the need for innovative solutions.
40
Geographic
Concentration; Middle Eastern Operations
During
the years ended December 31, 2023, December 31, 2022, and December 31, 2021, 99%, 98%, and 98%, respectively, of our revenue came from
the MENA region, particularly the Middle East. The Middle East accounts for almost a third of global oil production, according to the
Energy Institute Statistical Review of World Energy 2023 (72
nd
edition). Given the low break-even price of production, it
is a key region for oilfield service companies. Most oil and natural gas fields in the Middle East are legacy fields on land or in shallow waters.
These fields are largely engaged in development drilling activity, driven by the need for redevelopment, enhanced oil recovery via stimulation
and the drilling of new production wells. Further, a number of gas fields scheduled to be developed in the near future will require oilfield
services. As a result, our capital expenditure and related financing needs may increase materially in the future.
In
addition, regional drilling operations may be impacted by local political and economic trends. Due to the concentration of our operations
in the MENA region, and particularly the Middle East, our financial condition and results of operations may be impacted by geopolitical,
political or economic instability affecting the countries in which we operate, including reduced production and drilling activities,
extended periods of low oil prices and decreased oil demand, armed conflict, imposition of economic sanctions, changes in governments
and currency devaluations, among others.
Many
MENA countries rely on the energy sector as the major source of national revenues. Even at lower oil and natural gas prices, such oil
and natural gas dependent economies have continued to maintain significant production and drilling activities. Further, given that Middle
East markets have among the lowest break-even prices of production, they can continue to produce profitably at significantly lower commodity
prices.
Key
Components of Revenues and Expenses
Revenues
We
earn revenue from our broad suite of oilfield services, including coiled tubing, hydraulic fracturing, cementing, stimulation and pumping,
well testing services, drilling services and rental, fishing and remediation, drilling and workover rigs, nitrogen services, wireline
logging services, turbines drilling, directional drilling, filtration services and slickline services, among others. Revenues are recognized
when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration the Company
expects to be entitled to in exchange for services rendered or rentals provided. A performance obligation arises under contracts with
customers to render services or provide rentals and is the unit of account under Accounting Standards Update (ASU) 2014-09,
Revenue
from Contracts with Customers
. The Company accounts for services rendered and rentals provided separately if they are distinct and
the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services
rendered or rentals provided on its own or with other resources that are readily available to the customer. A contract's transaction
price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.
A contract's standalone selling prices are determined based on the prices that the Company charges for its services rendered and
rentals provided. Most of the Company's performance obligations are satisfied over time, which is generally represented by a period
of 30 days or less. The Company's payment terms vary by the type of products or services offered. The term between invoicing and
when the payment is due is typically 30-60 days per contract.
Cost
of services
Cost
of services primarily includes staff costs for service personnel, purchase of non-capitalized material, equipment and supplies (such
as tools and rental equipment), depreciation relating to capital assets used in our operations, vehicle and equipment rental and maintenance
and repair.
Selling,
general and administrative (excluding Amortization) ("SG&A") expense
SG&A
expense, excluding Amortization as it is presented separately, primarily includes salary and employee benefits for non-production personnel
(primarily management and administrative personnel), professional service fees, office facilities and equipment, office supplies and
non-capitalized office equipment and depreciation of office furniture and fixtures.
Amortization
Amortization
expense primarily includes amortization of intangible assets associated with acquired customer contracts, trademarks and tradenames.
41
Interest
expense, net
Interest
expense primarily consists of interest on outstanding debt, net of interest income.
Other
income / (expense), net
Other
income / (expense), net primarily consists bank charges and foreign exchange gains and losses.
Key
Performance Indicators
Historically,
we have tracked two principal non-financial performance indicators that are important drivers of our results of operations: oil price
and rig count. Oil price is important because the level of spending by E&P companies, our principal customers, is significantly influenced
by anticipated future prices of oil, which is typically indicative of expected supply and demand. Changes in E&P spending, in turn,
typically result in an increased or decreased demand for our services. Rig count, particularly in the regions in which we operate, is
an indicator of the level of activity and spending by our E&P customers and has historically been an important indicator of our financial
performance and activity levels. More recently, our customers in certain parts of the MENA region have increased their efforts to commercialize
natural gas, particularly from unconventional formations. Over time, we anticipate that the market for natural gas will also become a
key performance indicator for the Company.
The
following table shows rig count (Source: Baker Hughes Published Rig Count Data) and oil prices as of the dates indicated:
As of December 31,
2023
2022
2021
Rig count:
MENA
379
358
332
Rest of World – outside of North America
576
542
502
Total International Rig Count
955
900
834
Brent Crude (per barrel)
$
77.69
$
82.82
$
77.24
Basis
of Presentation of Financial Information
Segments
We
operate our business and report our results of operations through three operating and two reporting segments, Production Services
and Drilling and Evaluation Services, which aggregate services performed during distinct stages of a typical life cycle of an oil
well.
Production
Services
. Our Production Services segment includes the results of operations from services that are generally offered and performed
during the production stage of a well's lifecycle. These services mainly include hydraulic fracturing, coiled tubing, stimulation
and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance, artificial lift
services, completions and integrated production management. Our Production Services accounted for 69%, 62%, and 63%, of our revenues
for the years ended December 31, 2023, 2022, and 2021, respectively.
Drilling
and Evaluation Services
. Our Drilling and Evaluation Services segment includes the results of operations from services that are generally
offered and performed during pre-production stages of a well's lifecycle and related mainly to the operation of oil rigs. The services
mainly include rigs and integrated services, fishing and downhole tools, thru-tubing intervention, tubular running services, directional
drilling, drilling fluids, pressure control, well testing services, wireline logging services and slickline services. Our Drilling and
Evaluation Services accounted for accounted for 31%, 38%, and 37%, of our revenues for the years ended December 31, 2023, 2022, and 2021,
respectively. Please see Item 4B, "Business Overview" in this Annual Report for a description of our reportable segments.
42
Results
of Operations
The
discussions below relating to significant line items from our consolidated statements of operations are based on available information
and represent our analysis of significant changes or events that impact the fluctuations in or comparability of reported amounts. Where
appropriate, we have identified specific events and changes that affect comparability or trends. In addition, the discussions below for
revenues are on an aggregate basis for each fiscal period, as the business drivers for all services are similar. All amounts in tables
are in US$ thousands, except share data and per share amounts.
2023
compared to 2022
The
following table presents our Consolidated Statements of Operations data for the periods indicated:
Year ended
Description
December 31,
2023
December 31,
2022
Revenues
$
1,145,915
$
909,517
Cost of services
(997,265
)
(844,039
)
Gross profit
148,650
65,478
Selling, general and administrative expenses (excluding Amortization)
(49,173
)
(47,530
)
Amortization
(18,774
)
(18,865
)
Operating income / (loss)
80,703
(917
)
Interest expense, net
(45,826
)
(34,126
)
Other (expense) / income, net
(5,031
)
5,242
Income / (Loss) before income tax
29,846
(29,801
)
Income tax expense
(17,266
)
(6,619
)
Net income / (loss)
$
12,580
$
(36,420
)
Revenue
.
Revenue was $1,145.9 million for the year ended December 31, 2023, compared
to $909.5 million for the year ended December 31, 2022.
The
table below presents our revenue by segment for the periods indicated:
Year ended
December 31,
2023
December 31,
2022
Reportable Segment:
Production Services
$
785,642
$
567,249
Drilling and Evaluation Services
360,273
342,268
Total revenue
$
1,145,915
$
909,517
Production Services revenue was $785.6 million for the year ended December
31, 2023, compared to $567.2 million for the year ended December 31, 2022. The change in revenue was primarily due to increased hydraulic
fracturing activity in Saudi Arabia,  and higher coiled tubing activity across most
of the Company's operating locations. Additionally, activity was higher in Egypt due to production chemical sales, in Algeria on
cementing, and in Oman from IPM work.
43
Drilling and Evaluation Services revenue was $360.3 million for the year
ended December 31, 2023, compared to $342.3 million for the year ended December 31, 2022. The change in revenue was primarily due to higher
activity in wireline logging in Saudi Arabia and Iraq.
Cost
of services.
Cost of services was $997.3 million for the year ended December 31, 2023, compared to $844.0 million for the
year ended December 31, 2022. On a percentage basis, cost of services was 87.0% of revenue during the year ended December 31, 2023,
as compared to 92.8% of revenue for the year ended December 31, 2022, a 577-basis point reduction. The reduction in cost of services
(on a percentage basis) was primarily due to efficiencies in compensation, product costs, and base fixed operating costs brought
about by higher activity in Saudi Arabia, Abu Dhabi, Oman, Algeria, and Kuwait, combined with the impact on cost percentages of a
full year of unconventional hydraulic fracturing activity  in 2023 versus a partial year in
2022 on contract transition. Cost of services included depreciation expense of $109.7 million and $97.0 million for the year ended
December 31, 2023, and the year ended December 31, 2022, respectively.
Gross profit.
Gross profit as a percentage of total revenue was 13.0% and 7.2% for the year ended December 31, 2023,
and the year ended December 31, 2022, respectively. The reason for the change is described under "Revenue" and "Cost
of services."
SG&A
expenses.
SG&A expenses, which represent costs associated with managing and supporting our operations, were $49.2
million for the year ended December 31, 2023, compared to $47.5 million for the year ended December 31, 2022. SG&A increased
year-over-year primarily due to an increase in professional fees associated with the preparation and audit of our Annual Report on
Form 20-F for the year ended December 31, 2022, which was filed with the U.S. SEC on December 29, 2023, and higher spend on
activities designed to facilitate remediation of the Company's material weaknesses. SG&A as a percentage of total revenue
was 4.3% and 5.2% for the year ended December 31, 2023, and the year ended December 31, 2022, respectively, as SG&A expenses did not grow as quickly as total revenue during 2023.
Amortization
expense.
Amortization expense was $18.8 million for the year ended December 31, 2023, compared to $18.9 million for the year
ended December 31, 2022. Amortization expense is driven mainly by acquired intangible assets resulting from the acquisitions of GES and
NPS in 2018, SAPESCO in 2020, and  Action  in 2021.
Interest
expense, net.
Interest expense, net, was $45.8 million for the year ended December 31, 2023, compared to $34.1 million for the
year ended December 31, 2022. Interest expense, net, increased year-over-year due to higher interest rates across geographies as central
banks sought to reduce inflationary pressures through the year.
Other
(expense) / income, net.
Other (expense) / income, net, was ($5.0) million for the year ended December
31, 2023, compared to $5.2 million for the year ended December 31, 2022. The difference between periods is primarily due to the other-than-temporary
impairment recorded on the WDVGE investment during 2023 (see Note 9,
Goodwill, Intangible, and Other Assets
, to the consolidated
financial statements included in Item 18, "
Financial Statements
," of this Annual Report for further discussion).
Income
tax expense.
Income tax expense was $17.3 million for the year ended December 31, 2023,
compared to $6.6 million for the year ended December 31, 2022. The change in the effective tax rate from 2022 to 2023 is primarily the
result of positive earnings in 2023, resulting in taxable income in multiple countries in addition to additional provisions for unrecognized
tax benefits. During 2022, income tax expense was largely driven by additional provisions for unrecognized tax benefits. See Note 13,
Income Taxes
, to our consolidated financial statements included in Item 18, "
Financial Statements
," of this
Annual Report.
Net
(loss) / income.
As a result of the foregoing, net income was $12.6 million for the year ended December 31, 2023, compared to
a net loss of ($36.4) million for the year ended December 31, 2022.
Supplemental
Segment Operating Income Discussion
Year ended
December 31,
2023
December 31,
2022
Reportable Segment
(1)
:
Production Services
$
111,060
$
28,717
Drilling and Evaluation Services
36,461
33,473
(1)
See Note 20,
Reportable
    Segments
, to our consolidated financial statements included in Item 18, "Financial Statements," of this Annual Report.
44
Production
Services segment operating income was $111.1 million for the year ended December 31, 2023, compared to $28.7 million for the year ended
December 31, 2022. The change in segment operating income was largely attributable to the revenue growth during 2023, coupled with efficiencies
in compensation, product costs, and base fixed operating costs.
Drilling
and Evaluation segment operating income was $36.5 million for the year ended December 31, 2023, compared to $33.5 million for the year
ended December 31, 2022. Similar to Production Services, the change in segment operating income was largely attributable to the revenue
growth during 2023.
2022
compared to 2021
The
following table presents our Consolidated Statements of Operations data for the periods indicated:
Year ended
Description
December 31,
2022
December 31,
2021
Revenues
$
909,517
$
876,729
Cost of services
(844,039
)
(873,948
)
Gross profit
65,478
2,781
Selling, general and administrative expenses (excluding Amortization)
(47,530
)
(28,071
)
Amortization
(18,865
)
(18,042
)
Operating loss
(917
)
(43,332
)
Interest expense, net
(34,126
)
(15,174
)
Other income / (expense), net
5,242
(2,073
)
Loss before income tax
(29,801
)
(60,579
)
Income tax (expense) / benefit
(6,619
)
(3,989
)
Net loss
$
(36,420
)
$
(64,568
)
Revenue
.
Revenue was $909.5 million for the year ended December 31, 2022, compared to $876.7 million for the year ended December 31, 2021.
The
table below presents our revenue by segment for the periods indicated:
Year ended
December 31,
2022
December 31,
2021
Reportable Segment:
Production Services
$
567,249
$
554,097
Drilling and Evaluation Services
342,268
322,632
Total revenue
$
909,517
$
876,729
Production
Services revenue was $567.2 million for the year ended December 31, 2022, compared to $554.1 million for the year ended December 31,
2021. The change in revenue was primarily due to increased coiled tubing revenue across Oman, Algeria and United Arab Emirates where activity
levels from existing customers were up on the strength of higher average oil prices in 2022 coupled with fewer lingering impacts from
the COVID-19 pandemic and subsequent global economic recovery, partially offset by a reduction in hydraulic fracturing activity in Saudi
Arabia during a transitory period between hydraulic fracturing contracts.
45
Drilling
and Evaluation Services revenue was $342.3 million for the year ended December 31, 2022, compared to $322.6 million for the year ended
December 31, 2021. The change in revenue was primarily due to higher activity in Algeria and Iraq on contract wins, higher activity volume
in Kuwait, which includes the impact of a full year of the Action Business Combination, partially offset by lower Well Testing activity
in Saudi Arabia.
Cost
of services.
Cost of services was $844.0 million for the year ended December 31, 2022, compared to $873.9 million for the year
ended December 31, 2021. On a percentage basis, cost of services was 92.8% of revenue during the year ended December 31, 2022, as compared
to 99.7% of revenue for the year ended December 31, 2021, a 690-basis point reduction. The reduction in cost of services was primarily
due to (1) improved utilization on a more efficient operating cost structure, (2) fewer non-recurring costs year-over-year, (3) continued
abatement of COVID-19 pandemic consequences such as supply chain disruption and inflationary pressure, and (4) lower depreciation expense
because of a change in the ownership structure and thus depreciable life for a portion of the Company's hydraulic fracturing fleet
beginning in the fourth quarter of 2021. These cost improvements were partially offset by a higher cost structure maintained to support
hydraulic fracturing during a transitory period between hydraulic fracturing contracts in Saudi Arabia and shortages in supply chain
commodities such as chemicals leading to increases in the cost base. Cost of services included depreciation expense of $97.0 million
and $104.1 million for the year ended December 31, 2022, and the year ended December 31, 2021, respectively.
Gross
profit.
Gross profit as a percentage of total revenue was 7.2% and 0.3% for the year ended December 31, 2022, and the year ended
December 31, 2021, respectively. The reason for the change is described under "Revenue" and "Cost of services."
SG&A
expenses.
SG&A expenses, which represent costs associated with managing and supporting our operations, were $47.5
million for the year ended December 31, 2022, compared to $28.1 million for the year ended December 31, 2021. SG&A increased
year-over-year primarily due to professional fees incurred in relation to (1) the matters identified in our Annual Report on Form
20-F for the year ended December 31, 2022, relating to restatement of our previously issued audited financial statements as of and
for the year-ended December 31, 2020, (2) costs related to the preparation and audit of our Annual Report on Form 20-F for the year ended December 31, 2022, including multiple audit firms; (3) costs
associated with the third-party root cause analysis for the prior period errors; and (4) costs associated with the remediation
efforts to ensure that such errors will not occur again. SG&A as a percentage of total revenue was 5.2% and 3.2% for the year
ended December 31, 2022, and the year ended December 31, 2021, respectively.
Amortization
expense.
Amortization expense was $18.9 million for the year ended December 31, 2022, compared to $18.0 million for the year
ended December 31, 2021. Amortization expense is driven mainly by acquired intangible assets resulting from the acquisitions of GES and
NPS in 2018, SAPESCO in 2020, and the Action Business Combination in 2021.
Interest
expense, net.
Interest expense, net, was $34.1 million for the year ended December 31, 2022, compared to $15.2 million for the
year ended December 31, 2021. Interest expense, net, increased year-over-year due to higher interest rates across geographies as central
banks sought to reduce inflationary pressures through the year.
Other
(expense) income, net.
Other (expense) income, net, was $5.2 million for the year ended December 31, 2022, compared to ($2.1)
million for the year ended December 31, 2021. The difference between periods is primarily due to a nonrecurring $4.2 million mark-to-market
gain recognized at year-end 2022 in connection with on a derivative liability initially recognized at the time of the Company's
investment in WDVGE.
Income
tax (expense) / benefit.
Income tax (expense) / benefit was ($6.6) million for the year ended December 31, 2022, compared
to ($4.0) million for the year ended December 31, 2021. The change in the effective tax rate from 2021 to 2022 is primarily the result
of country mix. See Note 13,
Income Taxes
, to our consolidated financial statements included in Item 18, "
Financial Statements
,"
of this Annual Report.
Net
loss.
As a result of the foregoing, net loss was ($36.4) million for the year ended December 31, 2022, compared to ($64.6) million
for the year ended December 31, 2021.
Supplemental
Segment Operating Income / (Loss) Discussion
Year ended
December 31,
2022
December 31,
2021
Reportable Segment
(1)
:
Production Services
$
28,717
$
(1,858
)
Drilling and Evaluation Services
33,473
(1,238
)
(1)
See Note 20,
Reportable
    Segments
, to our consolidated financial statements included in Item 18, "Financial Statements," of this Annual Report.
46
Production
Services segment operating income / (loss) was $28.7 million for the year ended December 31, 2022, compared to ($1.9) million for the
year ended December 31, 2021. The change in segment operating income / (loss) was largely attributable to incremental revenue growth
in 2022 coupled with an easing of the labor and supply chain cost pressures that existed during 2021.
Drilling
and Evaluation segment operating income / (loss) was $33.5 million for the year ended December 31, 2022, compared to ($1.2) million for
the year ended December 31, 2021. Similar to Production Services, the change in segment operating income / (loss) was largely attributable
to incremental revenue growth in 2022 coupled with an easing of the labor and supply chain cost pressures that existed during 2021.
B.
LIQUIDITY AND CAPITAL RESOURCES
Our
objective is to maintain sufficient liquidity, adequate financial resources and financial flexibility to fund our operations. We had
cash and cash equivalents of $67.8 million as of December 31, 2023, and $78.9 million as of December 31, 2022. Our outstanding borrowings
were $452.2 million as of December 31, 2023, and $535.1 million as of December 31, 2022. Current available borrowing capacity totaled
$153.1 million as of December 31, 2023. We believe that our cash on hand, cash flows generated from operations, and liquidity available
through our credit facilities, including recently drawn facilities, will provide sufficient liquidity to manage our cash needs.
See "Capital Resources" below.
Cash
Flows
(In US$ thousands)
Year ended
December 31, 2023
December 31, 2022
December 31, 2021
Cash provided by (used in):
Operating Activities
$
176,959
$
92,576
$
127,743
Investing Activities
(83,463
)
(146,708
)
(164,536
)
Financing Activities
(104,528
)
(72,795
)
167,544
Effect of exchange rate changes on cash
-
8
9
Net change in cash and cash equivalents
$
(11,032
)
$
(126,919
)
$
130,760
Operating
Activities
Cash
flows provided by operating activities were $177.0 million for the year ended December 31, 2023, compared to cash flows provided by operating
activities of $92.6 million for the year ended December 31, 2022. Cash flows from operating activities fluctuated by $84.4 million in
the year ended December 31, 2023, compared to year ended December 31, 2022, primarily due to significantly improved operating results
coupled with a reduction in inventory balances.
Investing
Activities
Cash
flows used in investing activities were $83.5 million for the year ended December 31, 2023, compared to cash flows used in investing
activities of $146.7 million for the year ended December 31, 2022. The difference between periods was primarily due to reduced capital
expenditures during 2023. Our principal recurring
investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment
in place to generate revenue from operations.
Financing
Activities
Cash flows used in financing activities were $104.5 million for the year
ended December 31, 2023, compared to cash flows used in financing activities of $72.8 million for the year ended December 31, 2022.
The increase between 2022 and 2023 is primarily attributable to an increase in repayment of long term and short-term borrowings during
2023 as compared to 2022.
47
Material
Cash Requirements from Contractual Obligations
The
table below summarizes the payments due by fiscal year for our material cash requirements from contractual obligations as of December
31, 2023. Certain amounts included in this table are based on our estimates and assumptions about these obligations, including their
duration, anticipated actions by third parties and other factors. The contractual cash obligations we will actually pay in future periods
may vary from those reflected in the table below because the estimates and assumptions are subjective.
Payments Due by Period
Less than
1 –
    3
3 –
    5
More than
(In thousands)
Total
1
    year
years
years
5
    years
Principal payments for long-term
    debt
(1)
$
408,479
71,744
143,235
193,500
-
Principal and interest payments for short-term debt
(2)
50,722
50,722
-
-
-
Estimated interest payments for long-term debt
(3)
85,617
32,093
41,496
12,028
-
Operating leases
(4)
57,366
8,306
11,241
5,149
32,670
Finance leases
(5)
8,153
3,833
4,320
-
-
Seller-provided installment financing for capital expenditures
(6)
1,459
1,459
-
-
-
Contractual commitments for capital expenditures
(7)
15,400
15,400
-
-
-
Employees' end
    of service benefits
(8)
53,056
6,538
11,037
10,851
24,630
Total
$
680,252
190,095
211,329
221,528
57,300
(1)
Amounts represent the cash payments for the principal amounts related to our long-term debt at December 31, 2023. Amounts for debt
do not include any unamortized discounts or deferred issuance costs. Cash payments for interest are excluded from these amounts.
(2)
Amounts represent the cash payments for the principal amounts and interest related to our short-term debt at December 31, 2023.
(3)
Amounts represent the cash payments for interest on our long-term debt.
(4)
Amounts represent the future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or
more. We enter into operating leases, some of which include renewal options; however, we have excluded renewal options from the table
above unless it is anticipated that we will exercise such renewals.
(5)
Represents gross future minimum payments under finance leases. We enter into finance leases for property, plant, and equipment when
the terms of these leases are advantageous to immediate purchase or where other unique business factors exist.
(6)
Represents future minimum under agreements to purchase capital assets using seller-provided installment financing.
(7)
Contractual commitments for capital expenditures include agreements to purchase property, plant, and equipment that are enforceable
and legally binding and specify all significant terms. Our performance is secured by letters of credit, as described in Item 5A, "Off-
Balance Sheet Arrangements," for $2.0 million of this balance.
(8)
Amount represents the expected payments of employees' end of service benefits.
48
Credit
Facilities
As
of December 31, 2023, we had the following principal credit facilities and instruments outstanding or available:
2021
Secured Facilities Agreement
On November 4, 2021, the
Company entered into a $860 million Secured Facilities Agreement (the "2021 Secured Facilities Agreement") with Arab Petroleum
Investments Corporation ("APICORP"), HSBC Bank Middle East Limited ("HSBC"), Mashreqbank PSC and Saudi British
Bank acting as initial mandated lead arrangers, HSBC acting as bookrunner and global agent, HSBC and Mashreqbank PSC acting as coordinator,
Saudi British Bank and Mashreqbank PSC acting as security agents, and NPS Bahrain for Oil & Gas Wells Services WLL, Gulf Energy SAOC,
Energy Oilfield Supplies DMCC and National Petroleum Technology Company as borrowers. Effective September 2023, Sohar International Bank
('Sohar') acquired HSBC Oman, resulting in a transition of the lending facility from HSBC Oman to Sohar. Upon consummation
of this transaction, the Company settled its existing debt obligations under the 2019 Secured Facilities Agreement. The refinancing was
treated as a modification for accounting purposes with only third-party costs charged to the Consolidated Statements of Operations for
the year ended December 31, 2021. Deferred debt issuance costs totaling $5.3 million and $8.6 million as of December 31, 2023, and December
31, 2022, respectively, have been assigned ratably to the term, revolving and working capital facilities and will be amortized to interest
expense over periods of 6, 4, and 1 year(s), respectively. The amounts are shown as contra liabilities in the accompanying Consolidated
Balance Sheets.
At inception,
the $860 million Secured Facilities Agreement consisted of a $430 million term loan due by November 4, 2027 (the "Term Loan"
or "Secured Term Loan"), a $80.0 million revolving credit facility due by November 4, 2025 ("RCF" or "Secured
Revolving Credit Facility"), and a $350 million working capital facility that renews annually by mutual agreement of the Lenders
and the Company.
Prior
to September 2023, borrowings under the Term Loan and RCF facilities incurred interest at the rate of three-month LIBOR for U.S.
dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings plus 2.6% to 3.0% per annum, varying based on the
Company's Net Debt / EBITDA ratio as defined in the 2021 Secured Facilities Agreement. Effective September 2023, the Company
entered into an amendment to its Secured Facilities Agreement replacing LIBOR with the second overnight financing rate
("SOFR") as the interest rate benchmark for U.S. dollar denominated borrowings. As of December 31, 2023, and December 31, 2022, this
resulted in interest rates of 8.23% and 7.64%, respectively, for U.S. dollar denominated borrowings, and interest rates of 8.58% and
8.60%, respectively, for Saudi Arabian Riyal borrowings. No payments were due on the Term Loan until the first quarter of 2023 with
final settlement by November 4, 2027. The Term Loan permits prepayment but once repaid, amounts may not be redrawn. As of December
31, 2023, and December 31, 2022, the Company had drawn $387.0 million and $430.0 million, respectively, of the Term Loan, and $10.0
million and $10.0 million, respectively, of the RCF.
The RCF
was obtained for general corporate and working capital purposes including capital expenditure related requirements and acquisitions (including
transaction related expenses). The RCF requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate
of 25% of the margin on the facility lender's available commitment for the relevant quarter. Under the terms of the RCF, the
final settlement is due by November 4, 2025. The Company is permitted to make any prepayment under this RCF in multiples of $5.0 million
during this 4-year period up to November 4, 2025. Any unutilized balances from the RCF can be drawn down again during the 4-year tenure
at the same terms. As of December 31, 2023, and December 31, 2022, the Company had $70.0 million and $70.0 million, respectively, available
to be drawn under the RCF.
The
2021 Secured Facilities Agreement also includes a working capital facility of $325 million and $350 million as of December 31, 2023,
and December 31, 2022, respectively, for issuance of letters of guarantee, letters of credit and refinancing letters of credit into
debt over a period of no more than two years, which prior to September 2023 carried an interest rate equal to three-month LIBOR for
U.S. dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings, for the applicable interest period, plus a margin of
1.25% to 1.5% per annum. Effective September 2023, the Company entered into an amendment to its Secured Facilities Agreement
replacing LIBOR with the second overnight financing rate ("SOFR") as the interest rate benchmark for U.S. dollar
denominated borrowings. As of December 31, 2023, and December 31, 2022, this resulted in interest rates of 8.23% and 7.64%,
respectively, for U.S. dollar denominated borrowings, and interest rates of 8.58% and 8.60%, respectively, for Saudi Arabian Riyal
borrowings. The working facility requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate
of 0.3125% (25% of the margin) on the facility lender's available commitment for the relevant quarter. As of December 31,
2023, and December 31, 2022, the Company had utilized $178.6 million and $252.9 million, respectively, under this working capital
facility and the balance of $146.4 million and $97.1 million, respectively, was available to the Company.
49
The Company has also retained
legacy bilateral working capital facilities from HSBC totaling $10.6 million and $10.6 million at December 31, 2023 and December 31, 2022,
respectively, in Qatar ($10.3 million at December 31, 2023, $10.3 million at December 31, 2022), in the UAE ($0.2 million at December
31, 2023, and $0.2 million at December 31, 2022) and in Kuwait ($0.1 million at December 31, 2023 and $0.1 million at December 31, 2022).
As of December 31, 2023, and December 31, 2022, the Company had utilized $3.9 million and $4.7 million, respectively, under this working
capital facility and the balance of $6.7 million and $5.9 million, respectively, was available to the Company.
Utilization
of the working capital facilities under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement comprises letters of credit
issued to vendors, guarantees issued to customers, vendors, and others, and short-term borrowings used to settle letters of credit. Once
a letter of credit is presented for payment by the vendor, the Company at its election can settle the letter of credit from available
cash or leverage short-term borrowings available under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement that will
be repaid quarterly over a period of up to two years. Until a letter of credit is presented for payment by the vendor, it is disclosed
as an off-balance sheet obligation. For additional discussion of outstanding letters of credit and guarantees, see Note 14,
Commitments
and Contingencies
.
The
2021 Secured Facilities Agreement includes covenants that specify maximum leverage (Net Debt / EBITDA) up to 3.50, minimum debt service
coverage ratio (Cash Flow / Debt Service) of at least 1.25, and interest coverage (EBITDA / Interest) of at least 4.00. As of December
31, 2023, the Company was in compliance with all financial and nonfinancial covenants under the 2021 Secured Facilities Agreement.
CIB
Short-Term Debt
The
Commercial International Bank Short-Term Debt facilities (collectively, "CIB Short-Term Debt") include $2.8 million and
$8.8 million in U.S. dollar letters of guarantee available at December 31, 2023, and December 31, 2022, respectively.
As
of December 31, 2023, the Company had utilized $2.8 million in letters of guarantee with a balance of $0 (zero) million available to
the Company. As of December 31, 2022, the Company had utilized $4.4 million in letters of guarantee with a balance of $4.4
million available to the Company.
50
Off-Balance
Sheet Arrangements
Letters
of Credit
The
Company had outstanding letters of credit amounting to $2.0 million and $26.4 million as of December 31, 2023 and December 31, 2022,
respectively.
Guarantee
Agreements
In
the normal course of business with customers, vendors and others, the Company has entered into off-balance sheet arrangements, such as
surety bonds for performance, and other bank issued guarantees which totaled $122.8 million and $132.4 million as of December 31, 2023,
and December 31, 2022, respectively. The Company has also entered into cash margin guarantees totaling $3.6 million and $3.6 million
at December 31, 2023, and December 31, 2022, respectively. A liability is accrued when a loss is both probable and can be reasonably
estimated. None of the off-balance sheet arrangements either has, or is likely to have, a material effect on the Company's consolidated
financial statements.
Capital
Resources
For
the foreseeable future, we believe cash on hand, cash flows from operating activities and available credit facilities, including those
of our Subsidiaries, will provide us with sufficient capital resources and liquidity to manage our working capital needs, meet contractual
obligations, fund capital expenditures, and support the development of our short-term operating strategies.
We
plan to pursue strategic acquisitions as an element of our business strategy. The timing, size or success of any acquisition and the
associated potential capital commitments are unpredictable and uncertain. We may seek to fund all or part of any such acquisition with
proceeds from debt or equity issuances, or may issue equity directly to the sellers in any such acquisition, or any combination thereof.
Our ability to obtain capital for strategic acquisitions will depend on our future operating performance, financial condition and, more
broadly, on the availability of equity and debt financing. Capital availability will be affected by prevailing conditions in our industry,
the global economy, the global financial markets and other factors, many of which are beyond our control. Any additional
debt service requirements we take on could be based on higher interest rates and shorter maturities and could impose a significant burden
on our results of operations and financial condition, and the issuance of additional equity securities could result in significant dilution
to our shareholders.
Other
Factors Affecting Liquidity
Customer
receivables
. In line with industry practice, we bill our customers for our services in arrears and are, therefore, subject to
our customers delaying or failing to pay our invoices. In weak economic environments, we may experience increased delays and failures
to pay our invoices due to, among other reasons, a reduction in our customers' cash flow from operations and their access to the
credit markets as well as unsettled political conditions. If our customers delay paying or fail to pay us a significant amount of our
outstanding receivables, it could have a material impact on our liquidity, results of operations and financial condition.
Shelf
registration statement.
The Company does not have any effective shelf registration statements as of December 31, 2023.
Nasdaq
Delisting.
Effective April 28, 2023, Nasdaq delisted the Company's ordinary shares and warrants. The delisting of the ordinary
shares and warrants has affected the liquidity of such securities and could inhibit or restrict our ability to raise additional financing,
among other things.
We plan to seek to relist our ordinary shares and warrants on Nasdaq as soon as practicable through the normal relisting
application process. However, we cannot assure you that we will list our securities successfully on Nasdaq or another national
securities exchange, or that once listed, our securities will remain listed thereon. An active trading market for the Company's
securities may never develop or, if developed, it may not be sustained. You may be unable to sell your ordinary shares and/or warrants
unless an active market for such securities can be established and sustained.
Capital
Expenditure Commitments
The
Company was committed to incur capital expenditures of $15.4 million and $38.4 million at December 31, 2023 and 2022, respectively. Substantially
all of the commitments outstanding as of December 31, 2023, are expected to be settled during 2024.
51
C.
RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.
We
own and control a variety of intellectual property, including but not limited to proprietary information and software tools and applications
that, in the aggregate, are material to our business. No individual instance of intellectual property is material to the Company. To
date, the Company has not made significant expenditures on research and development activities aside from strategic investments and partnerships
with companies to expand the NEDA and Drilling and Evaluation Services portfolios. Additionally, in early 2023, the Company opened NORI
in Saudi Arabia's DTV. We expect that the NORI facility, located in the heart of Saudi Arabia's industrial research, technology
and academic hub, will enhance NESR's ability to drive energy sector research and innovation across the MENA region.
D.
TREND INFORMATION
Global
E&P Trends and Oil Prices
See
"– Global E&P Trends and Oil Prices" included in Item 5A, "Operating Results".
E.
CRITICAL ACCOUNTING ESTIMATES
We
have defined a critical accounting estimate as one that is both important to the portrayal of either our financial condition or results
of operations and requires us to make difficult, subjective or complex judgments or estimates about matters that are uncertain. We believe
that the following are the critical accounting estimates used in the preparation of our consolidated financial statements. There are
other items within our consolidated financial statements that require estimation and judgment, but they are not deemed critical as defined
above. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included
in this Annual Report.
Goodwill
Goodwill
is the excess cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination.
Goodwill is evaluated for impairment on an annual basis as of October 1, or more frequently if circumstances indicate an impairment may
exist at the reporting unit level. When performing the annual impairment test we have the option of first performing a qualitative assessment
to determine the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair
value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative
impairment assessment of goodwill. A quantitative assessment for the determination of impairment is made by comparing the carrying amount
of each reporting unit with its fair value. Determining the fair value of a reporting unit is judgmental in nature and involves the use
of significant estimates and assumptions and typically requires analysis of discounted cash flows and other market information, such
as trading multiples, and comparable transactions. Cash flow analysis requires judgment regarding many factors, such as management's
projections of future cash flows, weighted-average cost of capital, and long-term growth rates. Market information requires judgmental
selection of relevant market comparables. We assess the valuation methodology based upon the relevance and availability of the data at
the time the valuation is performed. Our estimates are based upon assumptions believed to be reasonable, but which are inherently uncertain,
and actual results may differ from those assumed in our analysis. The determination of whether goodwill is impaired involves a significant
level of judgment in these assumptions, and changes in our forecasts, business strategy, government regulations, or economic or market
conditions could significantly impact these judgments, potentially decreasing the fair value of one or more reporting units. Any resulting
impairment charges could have a material impact on our results of operations.
The
Company estimated that the aggregate fair value of its two reporting units as of October 1, 2023, its most recent annual goodwill impairment
test date, was $2.1 billion. The Company's market capitalization as of October 1, 2023, was $533.6 million based on an October
1, 2023, share price of $5.74 and 94,996,397 common shares outstanding. It is the Company's opinion that the share price was not
representative of the implied fair value as of October 1, 2023, due to control premium, the Company's strong operational performance
in comparison to the prevailing trends in oil prices and the financial performance of industry peers, and non-public information of which
management is privy but is not reflected in the share price. In determining the control premium, management has considered current and
historical industry transactions prior to valuation.
In further assessing the valuation
of the Company's goodwill, management performs sensitivity analysis by reducing estimates of growth in the Company's future
cash flows. For the October 1, 2023 test date, these reductions ranged from 1% to 3% for Production Services and 3% and 8% for Drilling
and Evaluation. The severity of the reductions is based on the management's level of certainty and confidence in the estimates.
As of October 1, 2023, the Company's sensitized models continued to show fair value in excess of the carrying amount of equity for
both reporting units.
52
Intangible
assets
Our
intangible assets with finite lives consist of customer contracts, trademarks and trade names primarily acquired in connection with the
Business Combinations. The cost of intangible assets with finite lives is amortized over the estimated period of economic benefit, ranging
from eight to ten years. Asset lives are adjusted whenever there is a change in the estimated period of economic benefit. No residual
value has been assigned to these intangible assets.
Intangible
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
These conditions may include a change in the extent or manner in which the asset is being used or a change in future operations. We assess
the recoverability of the carrying amount by preparing estimates of future revenue, margins, and cash flows. In reviewing for impairment,
the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and
their eventual disposition. If such cash flows are not sufficient to support the asset's recorded value, an impairment charge is
recognized to reduce the carrying value of the asset to its estimated fair value. The determination of future cash flows as well as the
estimated fair value of assets involves significant estimates on the part of management. If there is a material change in economic conditions
or other circumstances influencing the estimate of future cash flows or fair value, we could be required to recognize impairment charges
in the future. Fair value of these assets may be determined by a variety of methodologies, including discounted cash flow models.
Income
taxes
Income
tax (expense) / benefit represents the sum of current tax and deferred tax. Interest and penalties relating to income tax are also included
in the income tax (expense) / benefit. Income tax is recognized in the statements of operations, except to the extent that it relates
to items recognized in other comprehensive income or directly in equity, in which case the related tax is recognized in other comprehensive
income or directly in equity. Current tax is based on the taxable profit for the period. Taxable profit differs from net profit as reported
in the statements of operations because it is determined in accordance with the rules established by the applicable taxation authorities.
It therefore excludes items of income or expense that are taxable or deductible in other periods as well as items that are never taxable
or deductible. Our liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by
the balance sheet date.
Deferred
tax is provided, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences
except:
●
where the deferred tax
    liability arises on the initial recognition of goodwill;
●
where the deferred tax
    liability arises on the initial recognition of an asset or liability in a transaction that is not a business combination and, at
    the time of the transaction, affects neither accounting profit nor taxable profit or loss; and
●
In respect of taxable temporary
    differences associated with investments in subsidiaries and associates and interests in joint arrangements, where we are able to
    control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse
    in the foreseeable future.
53
Deferred
tax assets are recognized for deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent
that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of
unused tax credits and unused tax losses can be utilized except where the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither accounting profit nor taxable profit or loss. In respect of deductible temporary differences associated
with investments in subsidiaries and associates and interests in joint arrangements, deferred tax assets are recognized only to the extent
that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilized.
The
carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized.
The
computation of our income tax (expense) / benefit and liability involves the interpretation of applicable tax laws and regulations in
many jurisdictions. The resolution of tax positions taken by us, through negotiations with relevant tax authorities
or through litigation, can take several years to complete and in some cases it is difficult to predict the ultimate outcome. Therefore,
judgment is required to determine provisions for income taxes. In addition, we have carry-forward tax losses and tax credits in certain
taxing jurisdictions that are available to offset against future taxable profit. However, deferred tax assets are recognized only to
the extent that it is probable that taxable profit will be available against which the unused tax losses or tax credits can be utilized.
Management judgment is exercised in assessing whether this is the case and estimates are required to be made of the amount of future
taxable profits that will be available.
Recently
Issued Accounting Pronouncements
Please
refer to Note 3 to our consolidated financial statements included in Item 18, "
Financial Statements,
" of this Annual
Report, for a discussion of recent accounting pronouncements and their anticipated impact.
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
DIRECTORS AND SENIOR MANAGEMENT
We
rely on the Senior Management of our principal operating subsidiaries to manage our business. Our Senior Management team is
responsible for the day-to-day management of our operations. Members of our senior management are appointed from time to time by
vote of the Board of Directors and hold office until a successor is elected and qualified. Our current Chief Executive Officer,
Chief Financial Officer and Chief Commercial Officer (collectively, our "Senior Management") are:
Name
Age
(1)
Position
Sherif Foda
54
Executive Chairman of the Board and Chief Executive
    Officer
Stefan Angeli
64
Chief Financial Officer
Dhiraj Dudeja
47
Chief Commercial Officer
(1)
As of December 31, 2023.
Sherif
Foda
has served as the Chairman and Chief Executive Officer of NESR since inception. He started the Company in 2017 as a
SPAC to create the first and largest energy services company from the MENA region publicly listed on the Nasdaq Stock Market. He has
more than 25 years of professional experience in the energy industry working primarily in his earlier career for Schlumberger
Limited (NYSE: SLB) around the world, particularly in the Middle East, Europe and the US. He served as Senior Advisor to the
Chairman of SLB, an officer and President of the Production Group, the President of Europe and Africa, Vice President, and Managing
Director of the Arabian market, President of well intervention worldwide, Vice President of Europe, Caspian and Africa, and Managing
Director of Oman, among other roles. He started his career in 1993 with SLB, working on the offshore fields in the Red Sea, then
transferred to Germany and Europe before getting to multiple senior level positions. Prior to working in the oil and natural gas
industry, he worked in the information technology and computer industry for two years after graduating from Ain Shams University in
Cairo with double majors in Electronics Engineering and Automatic control. He attended various executive courses at HBS, Oxford and
IMD and is a usual speaker in multiple forums. Mr. Foda used to serve as a board member of Energy Recovery, Inc. (Nasdaq: ERII), a
technology company based in California and the Board of Trustees of Awty International School in Houston. He currently serves as the
Chairman of the board of directors of WDVG Engineering based in Houston, GLC energy company in London and is a member of the Oxford
Energy Policy Club in the UK. He is also a board member for Al Fanar Venture philanthropy in London.
54
We
believe that Mr. Foda is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry,
including approximately 25 years with Schlumberger and his extensive oil field services industry experience throughout the MENA region
and globally as an executive and board member.
Stefan
Angeli
has been the Chief Financial Officer of NESR since February 8, 2022. Previously, Mr. Angeli was CFO for Stratum Reservoir
– a private equity portfolio company involved in reservoir characterization, laboratory services and instrumentation for upstream,
downstream and the mining sector. Mr. Angeli spent the majority of his career (30 years) at Schlumberger in diverse roles with his last
5 assignments being Group Controller for Integrated Project Management, Controller for the Reservoir Production Group, Area Controller
for Latin America Oilfield Services, and Controller for Schlumberger Information Systems & Well Completion and Productivity Business
Segments. During his career, Mr. Angeli has been based in Sydney, Singapore, Jakarta, Aberdeen, Luanda, London, Rio De Janeiro and Houston.
He earned a Bachelor of Economics degree majoring in Economics and Accounting from the University of Sydney and then qualified as a chartered
accountant. He has also attended advanced finance management courses at the International Institute for Management Development
(IMD) and the Wharton School of the University of Pennsylvania.
Dhiraj
Dudeja
is the Chief Commercial Officer for NESR and leads the Merger and Acquisitions as well as Sales and Marketing
functions at NESR and has more than 25 years of professional experience in the oil and natural gas industry. In his career, Mr.
Dudeja has worked across a diverse group of roles and geographies with significant experience in executive management, operations,
sales and marketing, mergers and acquisitions, venture capital, capital markets, investor relations, technology development, and
personnel functions. His career has allowed him to work in various regions across the globe specifically South Asia, Southeast Asia,
Middle East and Europe, and now in the U.S. where he has been with NESR since its inception in this role. As the first employee of
NESR, Mr. Dudeja has been intimately involved with every aspect of the growth of the Company and in addition to his day-to-day role
is heavily focused on all the growth and strategic initiatives including any technology or business partnerships and investments.
Previously he also co-founded two startups in the education analytics field in India and the U.S., one of which he actively led from
2012 to 2014 as Chief Operating Officer. Mr. Dudeja also presently serves on the board of directors of ICE Thermal Harvesting, an
ESG focused geothermal energy company, Kinetic Upstream Technologies, an innovator developer of drilling automation systems and WDVG
Engineering, a premier petroleum engineering firm. Mr. Dudeja is also a founding supporter of The Nudge Institute, an action
institute that works with governments, markets, and civil society to build resilient livelihoods for all in India. Mr. Dudeja
graduated from the Indian Institute of Technology, Delhi (IIT-Delhi) and holds a Bachelor of Technology degree in Electrical
Engineering with a minor in Management Studies.
Board
of Directors
The
Company's Class I Directors were elected by the shareholders at the Company's 2020 annual general meeting whereas Class II
directors were elected by the shareholders at the Company's 2021 annual general meeting. The Company did not hold an annual general
meeting in 2022 or 2023 due to the ongoing activities associated with the matters identified in our Annual Report on Form 20-F for the
year ended December 31, 2022, relating to restatement of our previously issued audited financial statements as of and for the year-ended
December 31, 2020. Under the Company's Memorandum and Articles of Association, directors elected to succeed those directors whose
terms expire shall be elected for a term of office to expire at the second annual general meeting following their election. The Company
expects that both Class I and Class II Director seats will next be up for election at the 2024 annual general meeting as over two years
have elapsed since the most recent annual general meeting. Search efforts are currently underway to add additional independent directors
to the Company's Board including female and minority representation. Set forth below are the names, ages and positions of each
of the individuals who currently serve or served during 2023 as directors of NESR:
Name
Age
(3)
Class
Position
Antonio J. Campo Mejia
66
I
Lead Independent Director
Yousef Al Nowais
(1)
69
II
Independent Director
Andrew Waite
(2)
62
I
Independent Director
Thomas D. Wood
67
II
Independent Director
Sherif Foda
54
II
Executive Chairman of the Board and Chief Executive
    Officer
(1)
Al Nowais Investments LLC ("ANI") is entitled, pursuant to a Relationship Agreement dated June 6, 2018, to nominate
one director to the Board of Directors for so long as it or its affiliates hold at least 50% of the NESR ordinary shares acquired pursuant
to the NPS/GES Business Combination. Mr. Al Nowais represents ANI on the Board.
(2)
SCF-VIII,
L.P. ("SCF-VIII") is entitled, pursuant to a Voting Agreement dated June 6, 2018, to nominate one director to the Board
of Directors for so long as it or its affiliates hold at least 60% of the NESR ordinary shares acquired pursuant to the NPS/GES
Business Combination. Mr. Waite represents SCF-VIII on the Board. Prior to restructuring during 2020, these shares held by SCF-VIII
were held by SV3 Holdings, Pte Ltd.
(3)
Age as of December 31, 2023.
Information
regarding the business experience of each director is provided below. There are no family relationships among NESR's executive
officers and directors.
55
Class
I Directors
Antonio
J. Campo Mejia
has been an independent director of the Company since May 12, 2017, and is the Lead Director of the Board.
Mr. Campo Mejia has been a non-executive director of the Supervisory Board and member of the Compensation and Nomination committees
of Fugro N.V. (Euronext: FUR), a company providing geotechnical, survey, subsea and geosciences services since 2014 and
Vice-Chairman and member of the Audit Committee of Basin Holdings, a global holding company focused on providing products and
services to energy and industrial customers since 2012. From 2012 to 2013, Mr. Campo Mejia served as non-executive director at
Integra Group, an oilfield services company, mainly active in Russia and the Commonwealth of Independent States and served as its
Chief Executive Officer from 2009 to 2012. Mr. Campo Mejia also served as non-executive director at Basin Supply LP, Basin Tools LP
and Basin Energy Services LP from 2009 to 2014. Prior to that, Mr. Campo Mejia spent 28 years of his professional career at
Schlumberger, one of the world's leading oilfield services companies, in a multitude of senior management positions in
different parts of the world. In his various roles with Schlumberger, Mr. Campo Mejia served as the President of Latin America for
Oilfield Services and President of Europe & Africa and was the President of Schlumberger's Integrated Project Management
business responsible for the worldwide operations in this service line. Prior to that, Mr. Campo Mejia served as Director of
Personnel for the Reservoir Management Group in Houston, Texas and Vice President of Oilfield Services Latin America South, managing
a full range of services in the region. In his career prior to 1997, Mr. Campo Mejia held a number of senior management and
technical positions in Schlumberger's wireline business. Mr. Campo Mejia received his bachelor's degree in Electronic
Engineering from Pontificia Universidad Javeriana in 1980.
We
believe that Mr. Campo Mejia is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry
and his experience as an executive in oilfield services and board member of multinational companies.
Andrew
Waite
was elected to the Board as of June 6, 2018, and is an independent director. Mr. Waite is Managing Partner of SCF
Partners, Inc., the ultimate general partner of SCF-VIII, L.P., and has been an officer of that company since October 1995. He was
previously Vice President of Simmons & Company International, where he served from August 1993 to September 1995. From 1984 to
1991, Mr. Waite held a number of engineering and project management positions with Royal Dutch / Shell Group, an integrated energy
company. Mr. Waite currently serves on the board of directors of Nine Energy Service, Inc. (NYSE: NINE), a position he has held
since February 2013. Mr. Waite previously served on the board of directors of Complete Production Services, Inc. (previously
NYSE:CPX), a provider of specialized oil and natural gas completion and production services, from 2007 to 2009, Hornbeck Offshore
Services, Inc. (previously NYSE:HOS), a provider of marine services to the energy sector and military customers, from 2000 to 2006,
Oil States International, Inc. (NYSE:OIS), a diversified oilfield services and equipment company, from August 1995 through April 2006,
Atlantic Navigation Holdings (Singapore) Limited (SGX: 5UL), a provider of marine logistic, ship repair, fabrication, and other
marine services, from January 2016 to December 2018 and Forum Energy Technologies, Inc. (NYSE: FET), a provider of value added
solutions and products to the energy industry, from 2010 to 2021. Mr. Waite received a Bachelor of Science degree in Civil
Engineering from Loughborough University, a Master of Science in Environmental Engineering Science from California Institute of
Technology, and an M.B.A., with high distinction, from Harvard Business School.
We
believe that Mr. Waite is qualified to serve on our Board of Directors because of his extensive public company experience in the energy
sector, in particular in the oilfield services industry, and his experience in identifying strategic growth trends in the energy industry
and evaluating potential transactions.
56
Class
II Directors
Sherif
Foda
's biographical information is set forth above.
Yousef
Al Nowais
was nominated by our Nominating and Governance Committee and Board of Directors on November 9, 2019, to serve as a
Class II Director. He serves as the Chairman and Managing Director of Arab Development ("ARDECO"), a company he founded
in his home city of Abu Dhabi, the United Arab Emirates. ARDECO is a large, diversified business and a leading player in the oil and
natural gas and petrochemical sectors as well as power generation and distribution and other engineering and infrastructure project
services. He served as the Co-Chairman of Al Nowais Investments LLC, a leading investment company based in Abu Dhabi with local and
international holdings in a broad range of strategic investments and actively managed subsidiaries. Prior to founding ARDECO, Mr. Al
Nowais joined Abu Dhabi National Oil Company ("ADNOC") after graduating from the University of Arizona in 1979 and held
many senior positions in the ADNOC group, including Finance Director and Managing Director of ADNOC's subsidiary FERTIL. From
2007 to 2013, Mr. Al Nowais served as Managing Director of Al Maabar International, a leading UAE organization investing
internationally in real estate projects in the MENA region, which was formed as a joint venture between Al Dar Properties, Mubadala,
Al Qudra Holdings, Reem Investment and Reem International.
We
believe that Mr. Al Nowais is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry.
Thomas
Wood
has served as a director since our inception and served as our Chief Financial Officer from inception until October
2017 and from November 29, 2017, until June 2018. He is an entrepreneur with over 35 years of experience in establishing and growing
public and private companies that provide or use oil and natural gas contract drilling services. During 2023, Mr. Wood joined Ecd
Automotive Design, co-founded XtremeX Mining Technology where he serves as Chairman, and founded Advanced Mining Drilling
Technology, a mining rig engineering and design corporation, where he serves as Executive Chairman. Since December 1990, he has
served as the Chief Executive Officer of Round Up Resource Service Inc., a private investment company. Mr. Wood founded Xtreme
Drilling Corp. (TSX:XDC), an onshore drilling and coiled tubing technology company, in May 2005 and served as its Executive Chairman
until May 2011 and its Chief Executive Officer and Director from May 2011 through August 2016. He is the founder of Savanna Energy
Services Corp. (TSE: SVY), a North American energy services provider, where he served as the Chairman from 2001 to March 2005. He
also served as Director at various companies engaged in the exploration and production of junior oil and natural gas, including
Wrangler West Energy Corp. from April 2001 to 2014; New Syrus Capital Corporation from 1998 to 2001 and Player Petroleum Corporation
from 1997 to 2001. In addition, Mr. Wood served as the President, Drilling and Wellbore Service, of Plains Energy Services Ltd. from
1997 to 2000 and Wrangler Pressure Control from 1998 to 2001. He served as the President of Round-Up Well Servicing Inc. from 1988
to 1997 and Vice President of Shelby Drilling from 1981 to 1987. Mr. Wood holds a Bachelor of Arts in Economics from the University
of Calgary.
We
believe that Mr. Wood is qualified to serve on our Board of Directors because of his extensive experience in the oil and natural gas industry
and his experience as an entrepreneur and building public companies and high growth organizations.
B.
COMPENSATION
Senior
Management
Members of our Senior Management receive compensation for the services
they provide. Base compensation for each member of Senior Management has been comprised of cash salary and annual cash incentive bonus,
the latter of which is dependent upon the achievement of Company financial targets and personal objectives. Additionally, certain members
of our Senior Management have received compensation in the form of restricted stock units ("RSUs"), issued pursuant to our
2018 Long Term Incentive Plan (the "LTIP"), and retention arrangements. During the year ended December 31, 2023, the aggregate
cash salary and annual cash incentive bonus compensation paid to all current members of our Houston, Texas-based Senior Management as
a group was $1.8 million. The grant date fair value of LTIP grants to all current members of Senior Management totaled $0 (zero) million.
Sherif Foda in his capacity as Chief Executive Officer ("CEO") waived receiving stock awards from 2018 to 2023 in order to increase the number of shares available
to grant to a broader pool of employees. Additionally, Mr. Foda waived his cash bonus for 2021 and 2022.
During 2023, in recognition of the extraordinary circumstances associated with the matters identified in our Annual
Report on Form 20-F for the year ended December 31, 2022, related to restatement of our previously issued audited financial statements
as of and for the year ended December 31, 2020, the Compensation Committee of the Board of Directors awarded key members of our Senior
Management, excluding the CEO, retention agreements that provide for cash payments and future equity grants in exchange for continued
service at the Company. The Company paid (in aggregate) cash retention totalling $0.4 million during 2023,
with $0.6 million payable as of December 31, 2023, and an amount not to exceed $1.5 million available to be earned prior to the expiration
of the retention provisions on January 15, 2025. In addition to cash payments, the retention agreements also provide for future equity
awards of no more than 380,000 shares (in aggregate) issuable when the Company's LTIP has sufficient shares to satisfy these grants.
As of December 31, 2023, 59,999 of these shares were payable with the remainder to be earned ratably each March 15th until March 15,
2026. In the event the Company does not have sufficient shares available under the Company's LTIP to satisfy these future equity
grants prior to June 15, 2025, the amounts due are required to be settled in cash.
The
compensation that we pay to our Senior Management is evaluated on an annual basis considering the following primary factors: position
scope and responsibilities, experience and individual performance, market data, financial targets, personal objectives, and execution
on longer-term financial and strategic goals that drive stockholder value creation and support the Company's retention strategy.
In addition, members of our Senior Management are eligible to participate in welfare benefit programs made available to our workforce
generally, including medical, dental and vision benefits, medical and dependent care flexible spending accounts, short-term and long-term
disability insurance, and life insurance. We believe that the compensation awarded to our Senior Management is consistent with that of
our peers and similarly situated companies in the industry in which we operate.
57
Directors
Our
Director compensation philosophy is to appropriately compensate our non-employee Directors for their services as a Director of a complex
multi-national company. The compensation structure should align the interests of Directors and shareholders. Directors who are also employees
of NESR do not receive compensation for serving on the Board. We believe that our Director fee structure is customary and reasonable
and consistent with that of our peers and similarly situated companies in the industry in which we operate.
All
non-employee Directors receive an annual retainer of $50,000, paid in quarterly installments, and pro-rated for any partial year of service.
In addition, the chairs of the Compensation and Nominating and Governance Committees receive an additional $15,000 annual retainer and
the chair of the Audit Committee receives an additional annual retainer of $20,000, paid in quarterly installments, and pro-rated for
any partial years of service. As of December 31, 2023, the Company has unpaid 2023 Director cash compensation of $200,000, respectively, which is expected to be settled in 2024.
Additionally,
all non-employee Directors are also to receive an annual equity award with a grant date fair value of approximately $100,000,
consisting of restricted shares that vest over one year. As the Company has substantially exhausted the 5,000,000 ordinary shares
reserved for issuance under the 2018 LTIP, the Board expects to issue 2023 stock awards once the Company's shareholders
approve a new, long term incentive plan, and the shares therefrom are covered by an effective registration statement on file with
the SEC. The actual number of restricted shares to be issued will be calculated by dividing $100,000 by the closing price of our
common stock on the OTC Pink Market on the date of grant. Upon award, all shares will follow the terms and
conditions of the long term incentive plan in effect at the time of grant.
Non-employee
Directors are permitted to waive Director's fees.
Director
Compensation
The
following table provides information on the compensation earned, paid or awarded to our current Directors for the year ended December
31, 2023.
Fees Earned or
Stock
Name
Paid in Cash
Awards
Total
($)
($)
($)
Antonio Campo Mejia
65,000
-
65,000
Yousef Al Nowais
(1)
-
-
-
Andrew Waite
70,000
-
70,000
Thomas D. Wood
65,000
-
65,000
Hala Zeibek
(2)
-
-
-
Sherif Foda
(3)
-
-
-
(1)
Mr. Al Nowais waived his
    2023 compensation.
(2)
Prior
    to her registration from our Board of Directors in the third quarter of 2023, Ms. Zeibak also waived her 2023 compensation.
(3)
Employees or non-independent directors do not receive
    any compensation including any cash or stock grants for their service on our Board of Directors.
58
Equity
and Long-Term Incentive Compensation Plans
On
May 18, 2018, our shareholders approved the LTIP, effective upon the closing of the NPS/GES Business Combination. A total of 5,000,000
ordinary shares are reserved for issuance under the LTIP. The Board of Directors approved the LTIP on February 9, 2018, including the
performance criteria upon which performance goals may be based.
The
purpose of the LTIP is to enhance our ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to NESR by providing these individuals with equity ownership opportunities. The Company intends to use share-based awards to reward long-term
performance of employees. The Company believes that providing a meaningful portion of the total compensation package in the form of share-based
awards will align the incentives of its executive officers with the interests of its shareholders and serve to motivate and retain the
broader workforce.
The
Company has established a strong culture of granting stock awards to all its top performers. The plan includes all employees at all
levels. The program is designed to award up to 200% of the annual salary as LTIP awards for achieving certain stretch goals and
incentivizes key employees to contribute and excel. The 200% annual salary cap is applicable to all employees equally and includes
the Chief Executive Officer, Chief Financial Officer and the senior executive officers of the Company. As mentioned earlier, the
Chief Executive Officer waived his LTIP compensation from 2018 to 2023 to increase the pool of awards to a wider range of
employees.
During
the year ended December 31, 2023, the Company awarded 5,000 RSUs under the LTIP at a value of $0.03 million. The RSUs were allocated
to the recipients at a weighted average grant date fair value of $5.04 per share and vest ratably on an annual
basis over a 3-year period (1/3 of the shares vest at the anniversary of the grant date). Expense related to share-based compensation of $6.7 million, $9.3 million, and $9.8 million was recorded in
the Consolidated Statements of Operations in the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and
2022, the Company had unrecognized compensation expense of $3.8 million and $12.4 million, respectively, related to unvested RSUs to
be recognized on a straight-line basis over a weighted average remaining period of 1.02 years and 1.72 years, respectively.
59
Benefit
Plans and Programs
The
Company provides welfare and other benefit programs made, as consistent with local custom in each country in which it operates, generally
including medical, dental and vision benefits, medical and dependent care flexible spending accounts, short-term and long-term disability
insurance, and life insurance.
The
Company provides a defined benefit plan of severance pay to eligible employees. Accruals for these end-of-service indemnities totaled
$33.7 million and $28.3 million as of December 31, 2023, and 2022, respectively. The severance pay plan provides for a lump sum payment
to employees on separation (retirement, resignation, death while in employment or on termination of employment) of an amount based upon
the employees last drawn salary and length of service, subject to the completion of minimum service period (1-2 years) and taking into
account the provisions of local applicable law or as per applicable employee contracts. The Company records annual amounts relating to
these long-term employee benefits based on calculations that incorporate various actuarial and other assumptions, including discount
rates, mortality, assumed rates of return, compensation increases and turnover rates. The Company reviews its assumptions on an annual
basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications
to those assumptions is recorded in the Consolidated Statements of Operations. The Company believes that the assumptions utilized in
recording its obligations under its plans are reasonable based on its experience and market conditions. The net periodic costs are recognized
as employees render the services necessary to earn these benefits.
The
Company provides a defined contribution retirement plan and occupational hazard insurance for Omani employees. Contributions to a defined
contribution retirement plan and occupational hazard insurance for Omani employees in accordance with the Omani Social Insurances Law
are recognized as an expense in the Consolidated Statements of Operations as incurred.
We
have established an annual bonus plan for key employees whose decisions, activities and performance have a significant impact on business
results. Target bonus levels are determined on an individual basis and take into account individual performance, competitive pay practices
and external market conditions. Entitlement to bonus payments is based largely on the achievement of our Company's targets for
the annual period.
C.
BOARD PRACTICES
See
Item 10B, "Memorandum and Articles of Association—Voting Rights—Appointment and Removal of Directors" for a detailed
description regarding the appointment and removal of our Board of Directors.
As
of December 31, 2023, the Board of Directors consisted of five directors. This included three NESR directors existing prior to our acquisition
of NPS and GES, Sherif Foda, Thomas Wood, and Antonio J. Campo Mejia, and two additional directors, Yousef Al Nowais, and Andrew L. Waite.
See Item 6A, "Directors and Senior Management" for more information about our current Senior Management and Board of Directors.
There
are no service contracts between us or any of our Subsidiaries and any of our current directors providing for benefits upon termination
of their service.
Committees
of the Board of Directors
Our
Board of Directors has established an Audit Committee, a Compensation Committee and a Nominating and Governance Committee and may create
such other committees as the Board of Directors shall determine from time to time. Each of the standing committees of our Board of Directors
has the composition and responsibilities described below.
60
Audit
Committee
We
have established an Audit Committee of the Board of Directors. Our Audit Committee currently consists of Mr. Waite, Mr. Campo Mejia and
Mr. Wood, with Mr. Waite serving as the chairman of the Audit Committee. Under applicable SEC rules, subject to certain exceptions, we
are required to have three members of the Audit Committee, all of whom must be independent. Our Board of Directors has determined that
Mr. Waite, Mr. Campo Mejia and Mr. Wood are each independent under applicable SEC rules.
Each
member of the Audit Committee is financially literate, and our Board of Directors has determined that Mr. Waite qualifies as an "audit
committee financial expert" as defined in applicable SEC rules.
We
have adopted an Audit Committee charter, which details the principal functions of the Audit Committee, including:
●
reviewing and discussing
    with management and the independent auditor the annual audited financial statements, and recommending to the Board of Directors whether
    the audited financial statements should be included in our annual reports;
●
reviewing and discussing
    with management and our independent auditor our quarterly financial statements prior to the filing of our quarterly reports, including
    the results of the independent auditor's review of the quarterly financial statements;
●
discussing with management
    and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial
    statements;
●
discussing with management
    major risk assessment and risk management policies;
●
monitoring the independence
    of the independent auditor;
●
verifying the rotation
    of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing
    the audit as required by law;
●
reviewing and approving
    all related-party transactions;
●
inquiring and discussing
    with management our compliance with applicable laws and regulations;
●
pre-approving all audit
    services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the services
    to be performed;
●
appointing or replacing
    the independent auditor;
●
determining the compensation
    and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent
    auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; and
●
establishing procedures
    for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls
    or reports which raise material issues regarding our financial statements or accounting policies.
On
March 11, 2022, the Board formed a subcommittee of its Audit Committee, consisting of independent directors Mr. Waite and Mr. Campo
Mejia, to serve as an independent committee (the "Subcommittee") to understand and address the causes of the matters
described in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our previously issued
audited financial statements as of and for the year-ended December 31, 2020.
61
Compensation
Committee
The
Board of Directors has formed a Compensation Committee of the Board of Directors. During 2023, the members of our Compensation
Committee were Mr. Campo Mejia, Mr. Wood, Ms. Zeibek until her resignation from the Board of Directors, and Mr. Waite subsequent to
Ms. Zeibek's departure. Mr. Wood served as the chairman of the Compensation Committee throughout 2023. We have adopted a Compensation
Committee charter, which details the principal functions of the Compensation Committee, including:
●
reviewing and approving
    on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation, evaluating our
    Chief Executive Officer's performance in light of such goals and objectives and determining and approving the remuneration
    of our Chief Executive Officer based on such evaluation;
●
reviewing and approving
    the compensation of all other executive officers;
●
recommending the short-
    and long-term incentive compensation of all executive officers to the Board of Directors;
●
reviewing our executive
    compensation policies and plans;
●
implementing and administering
    our incentive compensation equity-based remuneration plans;
●
assisting management in
    complying with our proxy statement and Annual Report disclosure requirements;
●
approving all special perquisites,
    special cash payments and other special compensation and benefit arrangements for our executive officers and employees;
●
if required, producing
    a report on executive compensation to be included in our annual proxy statement; an
●
reviewing, evaluating and
    recommending changes, if appropriate, to the remuneration for directors.
The
charter also provides that the Compensation Committee may, in its sole discretion, retain or obtain the advice of a compensation consultant,
legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such
adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the
Compensation Committee will consider the independence of each such adviser, including the factors required by the SEC.
Nominating
and Governance Committee
Our
Nominating and Governance Committee consists of Mr. Waite, Mr. Campo Mejia and Mr. Wood, with Mr. Campo Mejia serving as the chairman
of the Nominating and Governance Committee. The Nominating and Governance Committee is responsible for monitoring compliance with good
corporate governance standards and overseeing the selection of persons to be nominated to serve on our Board of Directors. The Nominating
and Governance Committee considers persons identified by its members, management, shareholders, investment bankers and others. The guidelines
for selecting nominees, which are specified in our Nominating and Governance Committee charter, generally provide that persons to be
nominated:
●
should have demonstrated
    notable or significant achievements in business, education or public service;
●
should possess the requisite
    intelligence, education and experience to make a significant contribution to the Board of Directors and bring a range of skills,
    diverse perspectives and backgrounds to its deliberations; and
●
should have the highest
    ethical standards, a strong sense of professionalism and intense dedication to serving the interests of our shareholders.
The
Nominating and Governance Committee will consider a number of qualifications relating to management and leadership experience, background,
integrity and professionalism in evaluating a person's candidacy for membership on the Board of Directors. The Nominating and Governance
Committee may require certain skills or attributes, such as financial or accounting experience, to meet specific Board needs that arise
from time to time and will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of Board
members. The Nominating and Governance Committee does not distinguish among nominees recommended by shareholders and other persons.
62
We
have adopted a Nominating and Governance Committee charter which details the principal functions of the Nominating and Governance Committee
including:
●
reviewing the Company's
    Code of Conduct and other governance guidelines at least annually and making such recommendations to the Board of Directors with
    respect thereto as it may seem advisable;
●
reviewing qualifications
    of individuals suggested as potential candidates for director of the Company, including candidates suggested by shareholders, and
    considering for nomination any of such individuals who are deemed qualified in line with the Board of Directors Candidate Guidelines;
●
recommending to the Board
    of Directors candidates for election as directors of the Company to fill open seats on the Board of Directors between annual general
    meetings, including vacancies created by an increase in the number of directors;
●
providing comments and
    suggestions to the Board of Directors concerning committee structure of the Board of Directors, committee operations, committee member
    qualifications, and committee member appointment;
●
reviewing any allegation
    that an executive officer or director may have violated the Company's Code of Conduct and reporting its findings to the Board
    of Directors; and
●
taking such other actions
    and doing such other things as may be referred to the Nominating and Governance Committee from time to time by the Board of Directors.
D.
EMPLOYEES
As
of December 31, 2023, 2022, and 2021, we employed 6,231, 5,968, and 5,623 employees and independent contractors, respectively, from
over 60 different nationalities.
Our
employees are at the forefront of our strategy. We believe that our future success depends on our ability to attract, retain and motivate
qualified personnel. NESR places great importance on building and maintaining a highly motivated and skilled workforce by identifying
and developing key skills, experience and knowledge and applying this talent set to job specific requirements.
Our
team of experienced professionals is dedicated to providing safe and outstanding service to ensure customer satisfaction in all areas
of operation. Extensive training is provided to our employees and is split between on-the job training, online training and classroom
training. We also have a career development plan covering key competencies and skills required for employees to advance both their seniority
level and career within the company.
The
Company has no history of prolonged labor disputes or work stoppages and thus believes that relations with employees are good.
With
the exception of certain of our employees in Oman, none of our employees are currently represented by unions or covered by collective
bargaining agreements.
63
E.
SHARE OWNERSHIP
The
table below shows the number and percentage of our outstanding ordinary shares beneficially owned by each of our directors and executive
officers and all of our directors and executive officers as a group as of December 31, 2023.
Beneficial Interest in Ordinary Shares
Officer and/or Director
Number of shares
Percentage
(a)
Sherif Foda
(b)
2,965,325
3.12
%
Stefan Angeli
-
*
Dhiraj Dudeja
316,033
*
Antonio J. Campo Mejia
726,922
*
Yousef Al Nowais
(c)
5,358,396
5.64
%
Andrew Waite
42,103
*
Thomas Wood
929,209
1.0
%
All officers and directors as a group
10,337,988
10.88
%
*
less than 1%
(a)
Based on issued and outstanding
    ordinary shares of 94,996,397 as of December 31, 2023.
(b)
Mr. Foda owns 2,965,325
    ordinary shares, inclusive of shares held by NESR Holdings, Ltd., our Sponsor. Mr. Foda has exclusive voting and dispositive power
    over the ordinary shares held by NESR Holdings Ltd.
(c)
Includes 5,358,396 ordinary
    shares held by Al Nowais Investments LLC over which Mr. Al Nowais shares dispositive power.
F.
DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
Not
applicable.
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
MAJOR SHAREHOLDERS
The
following table sets forth information as of December 31, 2023, for each shareholder whom we know to beneficially own more than five
percent of our outstanding ordinary shares:
Ordinary Shares Held
Shareholders
Number of shares
(in thousands)
Percentage of Ordinary Shares Outstanding
(a)
Olayan Saudi Holding Company
17,025
17.9
%
Mubbadrah Investment LLC
(b)
9,288
9.8
%
SCF-VIII, L.P.
(c)
7,992
8.4
%
Encompass Capital Advisors LLC
7,337
7.7
%
FMR LLC
(d)
5,522
5.8
%
Al-Nowais Investments LLC
5,358
5.6
%
(a)
Based on issued and outstanding
    ordinary shares of 94,996,397 as of December 31, 2023.
(b)
Includes NESR ordinary
    shares owned by Mubbadrah Investments LLC, Hilal Al Busaidy and Yasser Al Barami.
(c)
SCF-VIII, L.P. (of which
    SCF GP LLC, an affiliate of SCF Partners, is the indirect beneficial owner) is the direct owner of 7,991,667 ordinary shares.
(d)
Includes NESR ordinary
    shares owned by FMR LLC and Abigail P. Johnson.
Our
major shareholders have no different voting rights from those of the rest of our shareholders.
We
are aware of the following significant changes in the percentage ownership held by the foregoing major shareholders over the past three
years:
●
NESR SPV, Ltd. ceased to
    be a more than 5% shareholder of the Company.
●
Encompass Capital Advisors
    LLC and FMR LLC became more than 5% shareholders of the Company.
There
are no arrangements, known to the Company, the operation of which may at a subsequent date result in a change in control of the Company.
64
B.
RELATED PARTY TRANSACTIONS
See
Note 19,
Related Party Transactions
, to the consolidated financial statements included in Item 18, "
Financial Statements
,"
of this Annual Report.
C.
INTERESTS OF EXPERTS AND COUNSEL
Not
applicable.
ITEM
8. FINANCIAL INFORMATION
A.
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
See
Item 18, "
Financial Statements,
" within this Annual Report.
Legal
Proceedings
See
Note 14,
Commitments and Contingencies
, to our consolidated financial statements included in Item 18, "
Financial Statements
,"
of this Annual Report.
Dividend
Policy
We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends in the foreseeable future. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial
condition. The payment of any cash dividends will be within the discretion of our Board of Directors. In addition, our ability to declare
dividends may be limited by restrictive covenants we may agree to in connection with our indebtedness.
B.
SIGNIFICANT CHANGES
Not
applicable.
ITEM
9. THE OFFER AND LISTING
A.
OFFER AND LISTING DETAILS
Holders
of our ordinary shares and warrants should obtain current market quotations for their securities. Our ordinary shares and warrants were
previously listed on Nasdaq under the symbols "NESR" and "NESRW," respectively. Our ordinary shares and warrants
were delisted from Nasdaq effective on April 28, 2023. As at the date of the filing of this Annual Report, the Company's securities
are quoted on the OTC Pink Market on an "unsolicited only" basis.
See
"Risk Factors - Our securities were delisted from Nasdaq, which has had and may continue to have a material adverse effect on our
business and the trading and price of our securities" for additional information related to the lack of liquidity of our securities.
B.
PLAN OF DISTRIBUTION
Not
applicable.
65
C.
MARKETS
As
at the date of the filing of this Annual Report, our ordinary shares and warrants are quoted on the OTC Markets Pink marketplace under
the symbols "NESR" and "NESRW", respectively, on an "unsolicited only" basis.
D.
SELLING SHAREHOLDERS
Not
applicable.
E.
DILUTION
Not
applicable.
F.
EXPENSES OF THE ISSUE
Not
applicable.
ITEM
10. ADDITIONAL INFORMATION
A.
SHARE CAPITAL
Not
applicable.
B.
MEMORANDUM AND ARTICLES OF ASSOCIATION
The
following description of our memorandum and articles of association, as amended and restated, does not purport to be complete and is
subject to, and qualified by reference to, all of the provisions of our memorandum and articles of association, which is
incorporated herein by reference to Exhibit 1.1 to the Company's Annual Report on Form 20-F (File No. 001-38091) filed on
December 29, 2023.
Corporate
Profile
We
are a company incorporated in the British Virgin Islands on January 23, 2017 as a BVI company limited by shares (company number
1935445), and our affairs are governed by our Memorandum and Articles of Association, as amended and restated (which document shall
be herein referred to as our "Charter"), the BVI Business Companies Act, 2004, as amended (the "Companies
Act"), and the common law of the British Virgin Islands. The registered office of the Company is at Luna Tower, Waterfront
Drive, Road Town, Tortola, VG1110, British Virgin Islands, and the registered agent of the Company is Intertrust Corporate
Services (BVI) Limited also located at the same address. The Company may change its registered office or registered agent by a
Resolution of Directors or a Resolution of Members. The change shall take effect upon the Registrar registering a notice of change
filed under section 92 of the Companies Act.
Corporate
Purpose
The
Company has, subject to the Companies Act and any other British Virgin Islands legislation for the time being in force, irrespective
of corporate benefit:
●
full capacity to carry
    on or undertake any business or activity, do any act or enter into any transaction; and
●
for the purposes of the
    bullet above, full rights, powers and privileges.
There
are, subject to the requirements of the Companies Act and any other British Virgin Islands legislation for the time being in force, no
limitations on the lawful business that the Company may carry on.
Description
of Share Capital
The
following is a summary of our share capital and the rights of the holders of our ordinary shares that are material to an investment in
our ordinary shares. These rights are set forth in our Charter or are provided by applicable BVI law, and these rights may differ from
those typically provided to shareholders of U.S. companies under the corporation laws of the various states of the United States. This
summary does not contain all information that may be important to readers.
66
The
Company is authorized to issue an unlimited number of shares of no par value divided into six classes of shares as follows:
●
Ordinary shares of no par
    value (Ordinary Shares);
●
Class A preferred shares
    of no par value (Class A Preferred Shares);
●
Class B preferred shares
    of no par value (Class B Preferred Shares);
●
Class C preferred shares
    of no par value (Class C Preferred Shares);
●
Class D preferred shares
    of no par value (Class D Preferred Shares); and
●
Class E preferred shares
    of no par value (Class E Preferred Shares and together with the Class A Preferred Shares, the Class B Preferred Shares, Class C Preferred
    Shares and the Class D Preferred Shares being referred to as the Preferred Shares).
As
of December 31, 2023, an aggregate of 94,996,397 ordinary shares were issued and outstanding. After considering unvested RSUs
outstanding as of December 31, 2023,
38,103
shares remain reserved for issuance under the
2018 LTIP. The Company anticipates requesting ordinary shareholder approval of a new long-term incentive plan at the Company's
next annual general meeting. Each of our outstanding ordinary shares entitles its holder to one vote at any general meeting of shareholders.
There were no preferred shares issued as of the filing of this Annual Report.
To
our knowledge, there were no shareholders' arrangements or agreements the implementation or performance of which could, at a later
date, result in a change in the control of us in favor of a third person.
Our
ordinary shares and our Charter are governed by BVI law. More information concerning shareholders' rights can be found in the Companies
Act and our Charter.
Form
and Transfer of Shares
We
are a party to various registration rights agreements with holders of our securities. These registration rights agreements provide certain
holders with demand and "piggyback" registration rights, and holders have other rights to require us to register for resale
such securities pursuant to Rule 415 under the Securities Act. The registration rights are subject to various limitations. We generally
bear the expenses incurred in connection with the filing of any such registration statements.
BVI
law does not impose any limitations on the rights of BVI or non-BVI residents to hold or vote our shares.
Issuance
of Shares
Subject
to the provisions of the Charter and, where applicable, the rules of the Designated Stock Exchange (as defined in the Charter), the unissued
ordinary shares of the Company shall be at the disposal of the Board of Directors and ordinary shares and other securities may be issued
and option to acquire ordinary shares or other securities may be granted.
BVI
law does not impose any limitations on the rights of BVI or non-BVI residents to hold or vote our shares.
Securities
may be granted at such times, to such Eligible Persons (as defined in the Charter), for such consideration and on such terms as the Board
of Directors may by resolution determine.
67
Without
prejudice to any special rights previously conferred on the holders of any existing preferred shares or class of preferred shares, any
class of preferred shares may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard
to dividend, voting or otherwise as the Board of Directors may from time to time determine.
The
Company may at the discretion of the Board of Directors, but shall not otherwise be obliged to, issue fractional shares or round up or
down fractional holdings of shares to its nearest whole number and a fractional share (if authorized by the Board of Directors) may have
the corresponding fractional rights, obligations and liabilities of a whole share of the same class or series of shares.
Redemption
of Shares and Treasury Shares
The
Company may purchase, redeem or otherwise acquire and hold its own shares save that the Company may not purchase, redeem or otherwise
acquire its own shares without the consent of the holder whose shares are to be purchased, redeemed or otherwise acquired unless the
Company is permitted or required by the Companies Act or any other provision in the Charter to purchase, redeem or otherwise acquire
the shares without such consent.
General
Meeting of Shareholders
A
general meeting of the shareholders shall be held annually at such date and time as may be determined by the Board of Directors unless
the Board of Directors resolve, at their discretion but acting reasonably and with due regard to the interests of the Company and its
members, to delay or postpone the date of any general meeting. The most recent annual general meeting was held on June 25, 2021. The
Company did not hold an annual general meeting in 2022 or 2023, due to the ongoing activities associated with the restatement of previously
issued financial statements in the Annual Report on Form 20-F for the year ended December 31, 2022. The Company expects its next annual
general meeting will be held in 2024. Each of our ordinary shares entitle the holder of record thereof to attend our general meeting
of shareholders, either in person or by proxy, to address the general meeting of shareholders, and to exercise voting rights, subject
to the provisions of our Charter. Each share entitles the holder to one vote at a general meeting of shareholders. There is no other
minimum shareholding required to be able to attend or vote at a general meeting of shareholders.
BVI
law provides that our Board of Directors is obligated to convene a general meeting of shareholders if shareholders representing, in the
aggregate, 30% of the issued share capital so request in writing with an indication of the agenda. In such a case, the general meeting
of shareholders must be held within a period not less than 10 days and not more than 60 days from the date the Company issued a written
notice.
Voting
Rights
Each
ordinary share in the Company confers upon the holder of such ordinary share (unless waived by such holder), subject to Clause 11 of
the Charter, the right to one vote at a meeting of the shareholders of the company or on any resolution of shareholders.
General
Meetings of Shareholders
. A meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present
in person or by proxy not less than 50% of the votes of the shares entitled to vote to be considered at the meeting. Resolutions are
adopted by a simple majority of the votes validly cast. Abstentions are not considered "votes."
Appointment
and Removal of Directors
. Members of our Board of Directors may be elected by simple majority of the votes validly cast at any general
meeting of shareholders. Under the Charter, all directors can be elected for a period of up to two years with such possible extension
as provided therein. Any director may be removed with or without cause by a simple majority vote at any general meeting of shareholders.
If the office of a director becomes vacant, our Articles provide that the other directors, acting by a simple majority, may fill the
vacancy on a provisional basis until a new director is appointed at the next general meeting of shareholders.
Neither
BVI law nor the Charter contains any restrictions as to the voting of our ordinary shares by non-BVI residents.
68
Amendment
to Our Articles of Association
The
Company may amend its Charter by a resolution of shareholders or by a resolution of the Board of Directors, save that no amendment may
be made by a resolution of Board of Directors:
●
to restrict the rights
    or powers of the shareholders to amend the Charter;
●
to change the percentage
    of shareholders required to pass a resolution of shareholders to amend the Charter;
●
in circumstances where
    the Charter cannot be amended by the shareholders; or
●
to change certain provisions
    set forth in the Charter.
Merger
and De-Merger
The
Company may merge or consolidate with another company in accordance with the applicable provisions of the Companies Act. However, the
Board of Directors has no power to delegate down to a committee of the board the power to approve a plan of merger, consolidation or
arrangement.
Liquidation
Each
holder of our ordinary shares has the right to an equal share with each other holder of our ordinary shares in the distribution of any
surplus assets of the Company in the event of its liquidation. The Company may by a resolution of shareholders or by a resolution of
the Board of Directors appoint a voluntary liquidator.
Distributions
The
Board of Directors of the Company may by resolution authorize a distribution at a time and of an amount, on reasonable grounds that, immediately after the distribution, the value of the
Company's assets will exceed its liabilities and the Company will be able to pay its debts as and when they fall due.
Dividends may be paid in money, shares, or other property. The Company may, by resolution of the Board of Directors, from time to
time pay to the shareholders such interim dividends as appear to the Board of Directors to be justified by the profits of the
Company, provided always that they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the
Company's assets will exceed its liabilities and the Company will be able to pay its debts as and when they fall due. Notice
in writing of any dividend that may have been declared shall be given to each shareholder and all dividends unclaimed for three
years after such notice has been given to a shareholder may be forfeited by resolution of the Board of Directors for the benefit of
the Company. No dividend shall bear interest as against the Company.
Annual
Accounts
The
Company shall keep records that are sufficient to show and explain the Company's transactions and that will, at any time,
enable the financial position of the Company to be determined with reasonable accuracy. The Company may by resolution of
shareholders call for the Board of Directors to prepare periodically and make available a profit and loss account and a balance
sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a fair view of the profit and loss
of the Company for a financial period and a fair view of the assets and liabilities of the Company as at the end of a financial
period. The Company may by resolution of shareholders call for the accounts to be examined by auditors. The report of the auditors
shall be annexed to the accounts and shall be read at the meeting of shareholders at which the accounts are laid before the Company
or shall be otherwise given to the shareholders.
Transfer
Agent and Registrar
The
transfer agent and registrar for our ordinary shares is Continental Stock Transfer & Trust Company.
C.
MATERIAL CONTRACTS
There
were no material contracts, other than material contracts entered into in the ordinary course of business, to which we or any of our
Subsidiaries is a party, for the two years immediately preceding the date of this Annual Report. See "Item 5. Operating and Financial
Review and Prospects—B. Liquidity and Capital Resources—Credit Facilities" for a description of our credit agreements.
69
D.
EXCHANGE CONTROLS
There
are no exchange control restrictions on payment of dividends on the Company's ordinary shares or on the conduct of the Company's
operations either in the United States, where the Company's principal executive offices are located, or the BVI, where the Company
is incorporated. There are no BVI laws which impose foreign exchange controls on the Company or that effect the payment of dividends,
interest, or other payments to non-resident holders of the Company's securities. BVI laws and the Charter impose no limitations
on the right of non-resident or foreign owners to hold the Company's securities or vote the Company's ordinary shares.
E.
TAXATION
NESR
is a holding company incorporated in the British Virgin Islands which imposes a zero percent statutory corporate income tax rate on income
generated outside of the British Virgin Islands. The Subsidiaries operate in multiple tax jurisdictions throughout the MENA region where
statutory tax rates generally vary from 0% to 43.7%.
UAE
Corporate Income Tax
On
June 1, 2023, the UAE Ministry of Finance Federal Decree-Law No. 47 of 2022 ("Decree-Law No. 47") became effective for
accounting periods beginning on or after this date (as applicable to NESR, January 1, 2024). Decree-Law No. 47 establishes a federal corporate tax regime in the UAE.
Cabinet of Ministers' Decision No. 116 of 2022 specifies the threshold of income over which the 9% tax rate would apply and
accordingly, Decree-Law No. 47 is now considered to be substantively enacted. A rate of 9% will apply to taxable income exceeding
United Arab Emirates Dirhams ("AED") 375,000, a rate of 0% will apply to taxable income not exceeding AED 375,000, and a
rate of 0% will apply on qualifying income of free zone entities. Based on our assessment of facts and circumstances that existed as
of December 31, 2023, we have not identified any deferred tax implications.
U.S.
Federal Income Taxation
The
brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial
owner of shares and, for U.S. federal income tax purposes, (1) an individual citizen or resident of the United States, (2) a corporation,
or any other entity taxable as a corporation, organized under the laws of the United States, any state thereof or the District of Columbia,
(3) an estate whose income is subject to U.S. federal income tax regardless of its source, or (4) a trust if (i) a U.S. court can exercise
primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions
of the trust or (ii) it has in effect a valid election under applicable U.S. Treasury regulations to be treated as a U.S. person.
The
following summary does not discuss all aspects of U.S. federal income taxation that may be applicable to U.S. Holders in light of
their particular circumstances or to investors who are subject to special treatment under U.S. federal income tax law, including
certain former citizens or long-term residents of the United States, insurance companies, banks or other financial institutions,
regulated investment companies, securities or foreign currency dealers, tax-exempt organizations, persons holding shares as part of
a straddle, hedging, constructive sale, or conversion transaction, persons subject to the foreign tax credit splitting events rules,
persons subject to the alternative minimum tax, persons who acquired their shares pursuant to the exercise of employee stock options
or otherwise as compensation, U.S. Holders having a functional currency other than the U.S. dollar, traders in securities that use
the mark-to-market method of accounting, persons owning (directly, indirectly or by attribution) 10% or more of our outstanding
share capital or voting stock and persons not holding the shares as capital assets (generally, property held for investment). This
discussion also does not address the consequences of the Medicare tax on net investment income or any aspect of state, local or
non-U.S. tax law or any other aspect of U.S. federal taxation (e.g., the estate or gift tax) other than income taxation.
If
a partnership or an entity or arrangement treated as a partnership for U.S. federal income tax purposes owns shares, the U.S. federal
income tax treatment of a partner in such a partnership will generally depend upon the status of the partner, the activities of the partnership,
and certain determinations made at the partner level. A partnership that owns shares and the partners in such partnership should consult
their own tax advisers about the U.S. federal income tax consequences of holding and disposing of ordinary shares.
Prospective
purchasers are urged to consult their own tax advisers about the application of the U.S. federal tax rules to their particular circumstances
as well as the state, local, non-U.S. and other tax consequences to them of the purchase, ownership and disposition of our shares.
Taxation
of Dividends and Other Distributions on our Shares
Subject to the passive foreign investment company ("PFIC")
rules discussed below, the gross amount of distributions paid by us to U.S. Holders with respect to the shares (including the amount of
any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date that you actually or constructively
receive the distribution in accordance with your regular method of accounting for U.S. federal income tax purposes, but only to the extent
that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles).
To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal
income tax principles), it will be treated first as a tax-free return of capital causing a reduction in your tax basis in your shares,
and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to
calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution
will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain
under the rules described above. With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received
deduction allowed to corporations in respect of dividends received from other U.S. corporations.
70
With
respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends generally will be taxed at the lower capital gains
rate applicable to qualified dividend income, provided that (1) the shares are readily tradable on an established securities market in
the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes
an exchange of information program, (2) we are not a PFIC (as discussed below) for either our taxable year in which the dividend is paid
or the preceding taxable year, and (3) certain holding period requirements are met. There is currently no income tax treaty between the United States and the
British Virgin Islands. Pursuant to IRS authority, shares are considered
for the purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed
on an "over-the-counter" market. However, there can be no assurance that the OTC Pink Market will be treated as an established
securities market for these purposes. You are urged to consult your own tax adviser regarding the availability of the lower rate for
dividends paid with respect to our shares, including the effects of any change in law after the date of this annual report.
Dividends
will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income
(as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will
be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable
to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income.
For this purpose, dividends distributed by us with respect to our shares will constitute "passive category income" but could,
in the case of certain U.S. Holders, constitute "general category income."
Sale,
Exchange or Other Taxable Disposition
Upon
the sale, exchange or other taxable disposition of shares, a U.S. Holder generally will recognize capital gain or loss equal to the difference
between the U.S. dollar value of the amount realized on the sale, exchange or other taxable disposition and the U.S. Holder's adjusted
tax basis, determined in U.S. dollars, in the shares. In the case of individual U.S. Holders, capital gains generally are subject to
U.S. federal income tax at preferential rates if specified minimum holding periods are met. Any gain or loss recognized upon the sale,
exchange or other taxable disposition of the shares will be treated as long-term capital gain or loss if, at the time of the sale, exchange
or other taxable disposition, the holding period of the shares exceeds one year. Such capital gain or loss will generally be treated
as U.S.-source income or loss for foreign tax credit limitation purposes. The deductibility of capital losses by a U.S. Holder is subject
to significant limitations. U.S. Holders should consult their own tax advisers in this regard.
Passive
Foreign Investment Company
A non-U.S. corporation will be classified as a PFIC for any taxable year
if (i) at least 75% of its gross income consists of passive income, (such as dividends, interest, rents, and royalties (other than rents
or royalties derived in the active conduct of a trade or business and received from an unrelated person) and gains on the disposition
of certain minority interests or (ii) at least 50% of the average value of its assets consist of assets that produce or are held for the
production of, passive income. We currently believe that we were not a PFIC for the taxable year ended December 31, 2023, and we do not
expect to be classified as a PFIC in the foreseeable future. However, this conclusion is a factual determination that must be made at
the close of each year and is based on, among other things, a valuation of our shares and assets, which will likely change from time to
time. If we were characterized as a PFIC for any taxable year, a U.S. Holder would suffer adverse tax consequences. A U.S. Holder of shares
in a PFIC that does not make certain elections would realize ordinary income rather than capital gains on the disposition of shares and
may be subject to punitive interest charges with respect to certain dividends and gains on the sale or other disposition of the shares.
Furthermore, dividends paid by a PFIC are not eligible to be treated as qualified dividend income (as discussed above). In addition, if
a U.S. Holder holds shares in any year in which we are treated as a PFIC, such U.S. Holder will be subject to additional tax form filing
and reporting requirements.
Application
of the PFIC rules is complex. U.S. Holders should consult their own tax advisers regarding the potential application of the PFIC rules
to the ownership of our shares.
71
Information
Reporting and Backup Withholding
Dividend payments with respect to our shares and proceeds from the sale,
exchange or other taxable disposition of our shares may be subject to information reporting to the IRS and possible U.S. backup withholding
at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification
number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to
establish their exempt status generally must provide such certification on IRS Form W-9 (Request for Taxpayer Identification Number and
Certification).
Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the IRS and furnishing any required information. We do not intend to withhold taxes on dividends paid to individual shareholders.
Certain
U.S. Holders are required to report information relating to certain "specified foreign financial assets," which
generally include shares of a foreign corporation, subject to certain exceptions (including an exception for shares held in accounts
maintained by certain financial institutions), by attaching a complete IRS Form 8938 (Statement of Specified Foreign Financial
Assets) with their tax return for each year in which they hold such shares. U.S. Holders are urged to consult their tax advisers
regarding the application of the U.S. information reporting and backup withholding rules.
F.
DIVIDENDS AND PAYING AGENTS
Not
applicable.
G.
STATEMENT BY EXPERTS
Not
applicable.
H.
DOCUMENTS ON DISPLAY
Documents
concerning the Company which are referred to in this Annual Report are available on the SEC's website at
http://www.sec.gov
.
I.
SUBSIDIARY INFORMATION
Not
applicable.
J.
ANNUAL REPORT TO SECURITY HOLDERS
Not
applicable.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Currency Risk
We
are exposed to foreign currency risks that arise from normal business operations. These risks include transaction gains and losses associated
with transactions denominated in currencies other than a location's functional currency.
Local
currency balances in the United Arab Emirates, Saudi Arabia, Oman, Kuwait and Qatar entities are not considered to represent
significant currency risk as the respective currencies in these countries are pegged to either the U.S. dollar or a weighted basket
of currencies heavily weighted to the U.S. dollar. Our foreign currency risk arises from the settlement of transactions in
currencies other than our functional currency, specifically in the Algerian Dinar, Egyptian Pound, Libyan Dinar, and Iraqi Dinar.
However, customer contracts in these countries are largely denominated in U.S. dollars. We do not believe that a 10% increase or
decrease in the relative value of the U.S. dollar to other currencies would have a material effect on our operating results or
financial condition.
72
Credit
Risk
Credit
risk is the risk that one party to a financial instrument may fail to discharge an obligation and cause the other party to incur a financial
loss. We are exposed to credit risk on our accounts receivable, unbilled revenue, and other receivables and certain other assets (such
as bank balances) as reflected in our Consolidated Balance Sheet, with the maximum exposure equaling the carrying amount of these assets
in the Consolidated Balance Sheet. We seek to manage our credit risk with respect to banks by only dealing with reputable banks (our
cash and cash equivalents are primarily held with banks and financial institution counterparties that are rated A1 to Baa3, based on
Moody's ratings) and with respect to customers by monitoring outstanding receivables and following up on outstanding balances.
Management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry
and the country in which our customers operate. We sell our products to a variety of customers, mainly to NOCs in the MENA region.
We
have not experienced any material losses related to non-payment of receivables from individual or groups of customers due to loss of
creditworthiness during the years ended December 31, 2023, 2022 and 2021. Management believes that we do not have additional credit risk
beyond the amounts already provided for credit losses in our accounts receivable.
Liquidity
Risk
Liquidity
risk is the risk that we may not be able to meet our financial obligations as they fall due. Our approach to managing liquidity risk
is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities when due, under both normal and
stressed conditions, without incurring unacceptable costs or liabilities. We maintain cash flow forecasts to monitor our liquidity position.
Accounts
payable are normally settled within customary terms for the industry. We believe cash on hand, cash flows from operating activities and
the available credit facilities will provide us with sufficient capital resources and liquidity to manage our working capital needs,
meet contractual obligations, fund capital expenditures, and support the development of our short-term and long-term operating strategies.
See "Risk Factors – We might require additional equity or debt financing to fund operations and/or future acquisitions,"
"Risk Factors – Our securities were delisted from Nasdaq, which has had and may continue to have a material adverse effect
on our business and the trading and price of our securities," and "Operating and Financial Review and Prospects - Liquidity
and capital resources" above.
Market
Risk
We are exposed to market risks primarily from changes in interest rates
on our borrowings.
Since the end of
2021, interest rates have significantly increased as central banks have sought to reduce inflationary pressures. As of December 31, 2023,
and December 31, 2021, borrowings under the Term Loan and RCF facilities incurred interest at the rate of 8.23% and 2.96%, respectively,
for U.S. dollar denominated borrowings, and interest rates of 8.58% and 3.44%, respectively, for Saudi Arabian Riyal borrowings. Consequently,
our interest expense, net, has increased.
We
do not use derivatives for trading purposes, to generate income or to engage in speculative activity.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
DEBT SECURITIES
Not
applicable.
B.
WARRANTS AND RIGHTS
As of both December 31, 2023,
and December 31, 2022, there were 35,540,380 Public Warrants outstanding. Each Public Warrant entitles the registered holder to purchase
one-half of one ordinary share at a price of $5.75 per half share at any time commencing on July 6, 2018 (30 days after the completion
of the NPS/GES Business Combination). The Public Warrants must be exercised for whole ordinary shares. The Public Warrants were initially
set to expire on June 6, 2023 (five years after the completion of the NPS/GES Business Combination) but were subsequently extended to
June 6, 2025, by vote of the Company's Board of Directors during 2022.
The Company reserves the right
to call the Public Warrants at any time prior to its exercise with a notice of call in writing to the holders of record of the Warrant,
giving at least 30 days' notice of such call, at any time while the Public Warrants are exercisable, if the last sale price of the
Company's ordinary shares has been at least $21.00 per share on each of 20 trading days within any 30 trading day period (the "30-day
trading period") ending on the third business day prior to the date on which notice of such call is given and if, and only if, there
is a current registration statement in effect with respect to the Company's ordinary shares underlying the Public Warrants commencing
five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. The call price
of the Public Warrants is to be $.01 per warrant. Any Public Warrant either not exercised or tendered back to the Company by the end of
the date specified in the notice of call shall be canceled on the books of the Company and have no further value except for the $.01 call
price.
From their initial sale in May
of 2017 until May of 2020, the Company also had Private Warrants outstanding. The Company's Private Warrants were distinguished
from the Company's Public Warrants exclusively for their unique cashless exercise and limited redemption features. The Private Warrants
retained these features for as long as they were held by our Sponsor, NESR Holdings, Ltd. Periodically between December of 2018 and May
of 2020, NESR Holdings, Ltd. sold its Private Warrants, at which time the Company's Private Warrants were converted into Public
Warrants. Subsequent to May of 2020, there were no Private Warrants outstanding.
C.
OTHER SECURITIES
Not
applicable.
D.
AMERICAN DEPOSITORY SHARES
Not
applicable.
73
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
There
have not been any defaults, dividend arrearages, or delinquencies.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
ITEM
15. CONTROLS AND PROCEDURES
DISCLOSURE
CONTROLS AND PROCEDURES
We
maintain disclosure controls and procedures that are designed to provide reasonable assurance that material information required to be
disclosed in our reports that we submit under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded,
processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is
accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding required financial disclosure. In designing and evaluating the disclosure controls and procedures, management
recognized that a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that
the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if any, with a company have been detected. Based on their
evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined
in rules 13(a)-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended), were not effective as of the end of the
period covered by this Annual Report due to material weaknesses in our internal control over financial reporting described below.
MANAGEMENT'S
ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
The
management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as
such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Internal control over financial reporting is defined as a process
designed by, or under the supervision of, the issuer's principal executive and principal financial officers, or persons
performing similar functions, and effected by the Company's Board of Directors, management, and other personnel, to provide
reasonable assurance regarding reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles and includes those policies and procedures which (a) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the
Company, (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only
in accordance with authorizations of management and the Board of Directors of the Company, and (c) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect
on the financial statements. A material weakness is a deficiency, or a combination of deficiencies, in internal control over
financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial
statements will not be prevented or detected on a timely basis.
74
Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted
an evaluation of the effectiveness of our internal control over financial reporting based on the
Internal Control Integrated Framework
(2013)
issued by the Committee of Sponsoring Organizations of The Treadway Commission. Based on our evaluation under the
Internal
Control Integrated Framework (2013)
, our management concluded that our internal control over financial reporting was not effective
as of December 31, 2023, due to material weaknesses in our internal control over financial reporting described as follows:
Control
Environment
The
Company did not design and maintain an effective control environment commensurate with our financial reporting requirements. Our Senior
Management failed to set an appropriate tone at the top sufficient to ensure a culture of compliance with the Company's accounting,
finance and internal control policies, including through:
●
Lack of an effective organizational
    structure to promote effective internal control;
●
Lack of effective communication
    protocols to ensure timely escalation and resolving of accounting issues; and
●
Insufficient technical
    accounting resources with an appropriate level of accounting knowledge, experience and training commensurate with our structure and
    financial reporting requirements to appropriately analyze, record and disclose accounting matters timely and accurately in accordance
    with U.S. GAAP.
Control
Activities
The
material weakness described above contributed to the following additional material weaknesses:
●
The Company's period-end
    financial reporting controls, specifically those over account reconciliations, were not effectively designed and implemented to detect
    potential misstatements and correct identified misstatements to period-end financial statements.
●
The
    Company did not design and maintain effective controls over certain accounts payable functions. Specifically, the Company did not
    maintain effective controls over the creation of purchase orders, the matching of goods or services received against purchase
    orders, and/or the review of the completeness and accuracy of accounts payable and accrued liabilities.
●
The Company did not design
    and maintain effective information technology general controls over financial reporting as privileged access users were not appropriately
    provisioned and inadequate monitoring controls were in place to enforce appropriate system access and segregation of duties.
As
discussed in our Annual Report on Form 20-F for the year ended December 31, 2022, relating to restatement of our previously
issued audited financial statements as of and for the year-ended December 31, 2020, these
material weaknesses contributed to material errors which resulted in the restatement of our previously issued financial statements. Additionally,
each of the material weaknesses described above could result in a misstatement of substantially all of our accounts or disclosures that
would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected.
75
ATTESTATION
REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM
Our
independent registered public accounting firm, Grant Thornton Audit and Accounting Limited (Dubai Branch), as auditor of our consolidated
financial statements included in this Annual Report on Form 20-F, has issued an attestation report on the effectiveness of our internal
control over financial reporting as of December 31, 2023.
CHANGES
IN INTERNAL CONTROL OVER FINANCIAL REPORTING
Other than as described below under "Management's Plan for Remediation," there have been no changes
in our internal control over financial reporting during the most recently completed fiscal year that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.
Management's
Plan for Remediation
The
Company is committed to ensuring a strong internal control environment and to ensuring that a proper, consistent tone is communicated
throughout the organization. To that end, management, with oversight of the Audit Committee of the Board of Directors, has identified
and began to implement steps to remediate the material weaknesses described above. As of the date of this filing, the Company has successfully
completed the following remedial steps:
●
Changed the Company's reporting lines for financial reporting on an interim basis including that the Company's CFO reports directly to the non-executive members of the Board of Directors as to all financial reporting and accounting matters and will continue to do so at least through 2024, the expected period of the remediation efforts;
●
Appointed an internally promoted Director of Internal Audit in
    addition to engaging a third party to provide an Internal Audit function on an interim basis until such time as the Company develops
    a sufficient in-house Internal Audit team;
●
Engaged in training throughout the financial and accounting organization, including through a three-day Controllers Conference in May 2023, focused on U.S. GAAP and the specific issues that led to the Company's restatement;
●
Conducted formal compliance workshops with country management, service line management, the complete supply chain organization, and function heads that reemphasized the location of key Company policies and required certifications that each trainee understood where to find the Company's policies and understood their content;
●
Commenced a series of formal monthly trainings for all senior finance staff with topics such as how to improve and better facilitate the audit process;
●
Conducted a formal training on SOX for executive management, country leaders, segment directors and function leads;
●
Starting in 2023, tied future compensation awards to compliance;
●
Invested in additional software to centralize and automate financial controls;
●
Made significant improvements to "procurement-to-pay" processes through investment in technology and creation of additional procedures.
●
Instituted improved processes for reconciliations to help detect, and correct, potential misstatements;
●
Enhanced policies and procedures to improve our overall control environment and develop proper monitoring controls around timely evaluation and communication of internal control deficiencies to those parties responsible for taking corrective action, including Senior Management and the Board of Directors, as appropriate;
●
Enhanced user access provisioning and monitoring controls to enforce appropriate system access and segregation of duties; and
●
Recruited additional individuals to key positions within our financial reporting, technology, accounting, internal audit and other support functions.
76
The
Company is still in the process of undertaking the following additional steps (and continuing to expand on certain of the steps outlined
above) to address the material weaknesses. These include:
●
Evaluating the optimal
    structure for the financial reporting and accounting functions, considering the decentralized nature of the Company's operations
    and the regions in which it operates;
●
Evaluating the quantity
    and qualifications of employees at all levels of the financial reporting, technology, accounting, internal audit and other support
    functions, and recruiting additional personnel as needed;
●
Recruiting additional independent
    Board members to provide additional support to the members of the Audit Committee;
●
Continuous additional training,
    with a particular focus on the accrual process, U.S. GAAP, and the importance of raising ethics and other concerns, among employees
    in all regions;
●
Investing in IT security, including software to enforce appropriate system
access and segregation of duties;
●
Evaluating and redesigning
    as appropriate the full set of financial controls utilized by the Company; and
●
Improving the completeness
    and accuracy of underlying data used in the operation of certain controls within the Company's financial reporting process
    by working with control preparers and reviewers to enhance documentation and properly identifying control attribute and preparing
    spreadsheet controls checklist to assist in this process.
We
are committed to ensuring that our internal controls over financial reporting are designed and operating effectively. Management
believes the efforts taken to date and the planned remediation will improve the effectiveness of our internal control over financial
reporting. In order for the material weaknesses to be considered remediated, the controls currently being implemented must be
in place and operating effectively for a sufficient period of time to allow for testing by management and the Company's independent
registered public accounting firm.
ITEM
16. RESERVED
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our
Board of Directors has determined that Mr. Waite, Chairman of the Audit Committee, is an audit committee financial expert as defined
by the SEC. See Item 6A, "Directors and Senior Management" for a description of Mr. Waite's relevant experience.
ITEM
16B. CODE OF ETHICS
We
have a Code of Conduct applicable to our employees, contractors, directors and officers, including our Chief Executive Officer and Chief
Financial Officer, that meets the standards and definitions of the SEC. Any changes to, or waiver from, the Code of Conduct will be made
only by the Board of Directors, or a committee thereof, and appropriate disclosure will be made promptly on our website at www.nesr.com,
in accordance with the rules and regulations of the SEC.
We
have posted a copy of our Code of Conduct on our website at www.nesr.com in the Investor Relations section.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Services
Provided by and Fees Paid to Grant Thornton Audit and Accounting Limited (Dubai Branch)
In
the second quarter of 2023, the Audit Committee appointed Grant Thornton Audit and Accounting Limited (Dubai Branch)
("GT") as the Company's independent registered public accounting firm and our principal external auditors,
effective immediately, to complete the audits for fiscal years ended December 31, 2022, December 31, 2021, and the re-audit for the
fiscal year ended December 31, 2020. On February 4, 2024, GT was reappointed to complete the audit for the fiscal year ended December 31, 2023.
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by GT, for the periods indicated (in US$ thousands):
Year ended
December 31, 2023
December 31, 2022
Audit fees
(a)
$
2,750
$
2,450
Audit-related fees
(b)
50
85
Tax fees
(c)
-
-
All other fees
(d)
-
-
Total
$
2,800
$
2,535
(a)
Audit fees represent fees
    for services provided in connection with the audit of our consolidated financial statements, and audit services provided in connection
    with regulatory filings.
(b)
Audit-related fees consist
    of assurance and related services rendered by the principal accountant related to the performance of the audit or review of our consolidated
    financial statements, which have not been reported under audit fees above.
(c)
Tax fees represent fees
    for professional services rendered for tax compliance, tax advice and tax planning.
(d)
All other fees include
    fees for services provided other than the services reported above.
77
Audit
Committee's Pre-Approval Policies and Procedures
The
Audit Committee's primary responsibilities are to assist the Board of Directors' oversight of our accounting practices; the
integrity of our financial statements; our compliance with legal and regulatory requirements; the qualifications, selection, independence
and performance of our independent auditors; and the internal audit function. The Audit Committee has adopted in its charter a policy
regarding the pre-approval of audit and permissible non-audit services provided by the Company's independent auditors.
Under
the policy, the Audit Committee pre-approves all audit services to be provided to the Company, whether provided by the principal auditors
or other firms, and all other services (review, attest and non-audit) to be provided to the Company by the independent auditors; provided,
however, that de minimis non-audit services may instead be approved in accordance with applicable rules and regulations. All services
provided by the principal external auditors for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, were approved
by the Audit Committee pursuant to the pre-approval policy.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
ITEM
16G. CORPORATE GOVERNANCE
We
are incorporated in the British Virgin Islands and our corporate governance practices are governed by applicable BVI law and our amended
and restated memorandum and articles of association.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
Applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not
Applicable.
ITEM
16J. INSIDER TRADING POLICIES
On November
18, 2018, the Board of Directors adopted its Policy on Insider Trading which sets forth guidelines that apply to all employees of the
Company, all officers of the Company and all members of the Company's Board of Directors and their immediate family members (collectively,
the "Covered Person(s)"). The Company's general policy forbids trading or causing trading while in possession of material
non-public information. Key provisions include:
(a)
No Covered Person may purchase or sell, or offer to purchase or sell, any Company security, whether or not issued by the Company, while in possession of material non-public information about the Company.
(b)
No Covered Person who knows of any material non-public information about the Company may communicate ("tip") that information to any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.
(c)
No Covered Person may purchase or sell any security of any other company while in possession of material non-public information about the other company that was obtained in the course of his or her involvement with the Company. No Covered Person who knows of any such material non-public information may communicate that information to, or tip, any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.
(d)
Covered Persons should never trade, tip or recommend securities (or otherwise cause the purchase or sale of securities) while in possession of information that they have reason to believe is material and non-public unless they first consult with, and obtain the advance approval of, the Company's compliance officer.
(e)
Directors and officers must "pre-clear" all trading in securities of the Company.
ITEM
16K. CYBERSECURITY
To
assess, identify and manage the material risks of cybersecurity threats to our business, operations and control environments, we
have made investments in our technology and have implemented policies, programs and controls, with a focus on cybersecurity incident
prevention and mitigation. Our cybersecurity program is integrated into our risk management process. The program is aligned with
industry standards and best practices. As part of our cybersecurity process, we engage external experts and consultants to assess
our cybersecurity program and compliance with applicable practices and standards. The Company mitigates risks of cybersecurity
incidents using a multifaceted approach which includes, but is not limited to: establishing information security policies,
implementing information protection processes and technologies, assessing cybersecurity risk, implementing cybersecurity training,
and monitoring our information technology systems. Our cyber security policy includes personnel affiliated with third parties. The
Company is currently in material compliance with relevant information privacy and cybersecurity governmental standards with which it
is required to comply. The Company has not experienced a material cybersecurity incident during the year ended December 31, 2023.
For more information on how material cybersecurity incidents may impact our business, see Item 3D. "Risk Factors- Other Risks
Associated with Our Business -" Cybersecurity risks and threats could adversely affect our business" of this Annual
Report on Form 20-F.
Cybersecurity
Governance
On
July 26, 2023, the SEC adopted a final rule requiring, among other things, registrants to disclose certain information regarding
cybersecurity risk management, strategy and governance annually and certain information about material cybersecurity incidents
within four business days of the incident. The final rule became effective on September 5, 2023. The Company's Head of
Information Technology (who has over 15 years of relevant experience plus education that includes a Ph.D. in Information Technology
from Dublin City University) monitors day-to-day cybersecurity risks using the approach described above. Material near-term and
long-term risks are communicated with Senior Management and the Board of Directors. The Company's Board of Directors is
engaged in overseeing and reviewing the Company's strategic direction and objectives, taking into account, among other
considerations, the Company's risk profile and exposures. While the Board of Directors retains oversight over policy and
strategy related to cybersecurity, it has delegated the responsibility for the oversight of the Company's cybersecurity
program to the Audit Committee. The Audit Committee is responsible for reviewing and discussing the Company's policies
regarding risk assessment and risk management, major accounting risk exposures and the implementation and effectiveness of risk
management protocols with respect to information technology security and cybersecurity risks, as well as reviewing material breaches
and attacks, as applicable.
NESR's Head of Information Technology reports directly to the Company's Chief
Financial Officer who provides periodic (at least quarterly) updates to the Audit Committee regarding matters that are relevant to
those charged with governance.
78
PART
III
ITEM
17. FINANCIAL STATEMENTS
See
Item 18, "
Financial Statements,
" below.
ITEM
18. FINANCIAL STATEMENTS
The
following financial statements listed below are filed as part of this Annual Report:
National
Energy Services Reunited Corp. and Subsidiaries
Consolidated
Financial Statements
Report of Independent Registered Public Accounting Firm
(PCAOB ID
3211
)
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income
Consolidated Balance Sheets
Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
ITEM
19. EXHIBITS
No.
Description
    of Exhibit
1.1
Memorandum
    and Articles of Association, as amended and restated (incorporated herein by reference to Exhibit 1.1 to the Company's Annual
    Report on Form 20-F (File No. 001-38091) filed on December 29, 2023).
2.1
Specimen Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.2 to the Company's Registration Statement on Form S-1/A (File No. 333-217006) filed on April 25, 2017).
2.2
Specimen Warrant Certificate (incorporated herein by reference to Exhibit 4.3 to the Company's Registration Statement on Form S-1/A (File No. 333-217006) filed on April 25, 2017).
2.3
Warrant Agreement, dated May 11, 2017, by and between the Company and Continental Stock Transfer & Trust Company (incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 001-38091) filed on May 17, 2017.
2.4
Consent Agreement, dated November 29, 2018, by and among Mubbadrah Investments LLC, Hilal Al Busaidy, Yasser Said Al Barami and the Company (incorporated herein by reference to Exhibit 4.4 to the Company's Registration Statement on Form F-3 (File No. 333-229801) filed on February 22, 2019).
2.5
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated herein by reference to Exhibit 2.5 to the Company's Annual Report on Form 20-F (File No. 001-38091) filed on December 29,2023).
4.1
Relationship Agreement, dated June 5, 2018, by and between the Company, NESR Holdings Limited and Hana Investments Co. WLL (incorporated herein by reference to Exhibit 10.14 to the Company's Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.2
Registration Rights Agreement, dated June 5, 2018, by and between the Company and Hana Investments Co. WLL (incorporated herein by reference to Exhibit 10.15 to the Company's Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.3
Relationship Agreement, dated June 6, 2018, by and between the Company and AL Nowais Investments LLC. (incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.4
Amended and Restated Registration Rights Agreement, dated June 6, 2018, by and among the Company, NESR Holdings Ltd., Al Nowais Investments LLC, and NESR SPV Limited (incorporated herein by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
79
No.
Description
    of Exhibit
4.5
National Energy Services Reunited Corp. 2018 Long Term Incentive Plan (incorporated herein by reference to Annex F to the Company's Proxy Statement on Schedule 14A (File No. 001-38091) filed on May 8, 2018).
4.6
Voting Agreement, dated June 6, 2018, by and between the Company, NESR Holdings Ltd. and SV3 Holdings PTE LTD (incorporated herein by reference to Exhibit 10.19 to the Company's Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
4.7
Registration Rights Agreement dated June 6, 2018 by and between the Company and SV3 Holdings PTE LTD (incorporated herein by reference to Exhibit 10.20 to the Company's Current Report on Form 8-K (File No. 001-38091) filed on June 12, 2018).
8.1*
Subsidiaries of National Energy Services Reunited Corp.
12.1*
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
12.2*
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
13.1**
Certificate of Chief Executive Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
13.2**
Certificate of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101.INS*
XBRL
    Instance Document.
101.SCH*
XBRL
    Taxonomy Extension Schema Document.
101.CAL*
XBRL
    Taxonomy Extension Calculation Linkbase Document.
101.DEF*
XBRL
    Taxonomy Extension Definition Linkbase Document.
101.LAB*
XBRL
    Taxonomy Extension Label Linkbase Document.
101.PRE*
XBRL
    Taxonomy Extension Presentation Linkbase Document.
*
Filed herewith.
**
Furnished herewith.
80
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.
NATIONAL
    ENERGY SERVICES REUNITED CORP.
By:
/s/
    Sherif Foda
Name:
Sherif
    Foda
Title:
Chief
    Executive Officer
Date:
April
    30, 2024
By:
/s/
    Stefan Angeli
Name:
Stefan
    Angeli
Title:
Chief
    Financial Officer
Date:
April
    30, 2024
81
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors
National
Energy Services Reunited Corp.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of National Energy Services Reunited Corp. (a British Virgin Islands corporation)
and subsidiaries (the "Company") as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive
income, changes in shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2023, and
the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2023, and 2022, and the results of its operations
and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally
accepted in the United States of America.
We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"),
the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in the 2013 Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"),
and our report dated April 30, 2024, expressed an adverse opinion.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
Critical
Audit Matter
The
critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated
or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Uncertain
tax positions
As
set forth in Note 13 to the consolidated financial statements, the Company's tax filings are subject to regular audit by the tax
authorities. These audits could lead to additional tax assessments that are resolved with the tax authorities or, potentially, through
the courts. Tax liabilities are recorded based on management's estimates of additional taxes that will be due upon the conclusion
of these audits.
We
identified the evaluation of the Company's uncertain tax position as a critical audit matter due to the significant judgment applied
by management in determining these liabilities including a high degree of estimation uncertainty due to the uncertain and complex application
of tax regulations, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate
management's estimates.
Our
audit procedures related to the uncertain tax positions included the following, among others (i) evaluating management's process
for determining the estimated liabilities for uncertain tax positions, (ii) evaluating the completeness and reasonableness of uncertain
tax positions recorded in the consolidated financial statements, and (iii) evaluating positions taken as per the tax assessment issued
by relevant tax authorities as of date.
Professionals
with specialized skill and knowledge were used to assist in evaluating the reasonableness of assumptions used by management, including
management's assessment of whether tax positions are more-likely-than-not of being sustained.
/s/
Grant Thornton Audit and Accounting Limited (Dubai Branch)
We
have served as the Company's auditor since 2023.
Dubai,
United Arab Emirates
April
30, 2024
82
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors
National
Energy Services Reunited Corp.
Opinion
on Internal Control over Financial Reporting
We
have audited the internal control over financial reporting of National Energy Services Reunited Corp. (a British Virgin Islands corporation)
and subsidiaries (the "Company") as of December 31, 2023, based on criteria established in the Internal Control – Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO criteria"). In
our opinion, because of the effect of material weaknesses described in the following paragraphs on the achievement of the objectives
of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2023,
based on the COSO criteria.
A
material weakness is a deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented
or detected on a timely basis. The following material weaknesses have been identified and included in management's assessment.
i.
The
    Company did not design and maintain an effective control environment.
ii.
The
    Company's period-end financial reporting controls, specifically those over account reconciliations, were not effectively designed
    and implemented to detect potential misstatements and correct identified misstatements to period-end financial statements.
iii.
The
    Company did not design and maintain effective controls over certain accounts payable functions. Specifically, the Company did not
    maintain effective controls over the creation of purchase orders, the matching of goods of services received against purchase orders,
    and/or the review of the completeness and accuracy of accounts payable and accrued liabilities.
iv.
The
    Company did not design and maintain effective information technology general controls over financial reporting as privileged access
    users were not appropriately provisioned and inadequate monitoring controls were in place to enforce appropriate system access and
    segregation of duties.
We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"),
the consolidated financial statements of the Company as of and for the year ended December 31, 2023. The material weaknesses identified
above were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2023 consolidated financial
statements, and this report does not affect our report dated April 30, 2024, which expressed an unqualified opinion on those financial
statements.
Basis
for Opinion
The
Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting, included in the accompanying management's annual report on Internal
Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial
reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect
to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other
procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition
and Limitations of Internal Control over Financial Reporting
A
company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Other
information
We
do not express an opinion or any other form of assurance on management's statements referring to any corrective actions taken by
the Company after the date of management's assessment.
/s/
Grant Thornton Audit and Accounting Limited (Dubai Branch)
Dubai,
United Arab Emirates
April
30, 2024
83
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
US$ thousands, except share data)
December 31,
2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
67,821
78,853
Accounts receivable, net (Note 6)
171,269
148,709
Unbilled revenue
95,997
110,186
Service inventories (Note 7)
98,434
110,521
Prepaid assets
9,238
337
Retention withholdings
48,419
34,268
Other receivables
39,778
38,271
Other current assets
10,759
16,669
Total current assets
541,715
537,814
Non-current assets
Property, plant and equipment, net (Note 8)
442,666
461,061
Intangible assets, net (Note 9)
84,304
102,914
Goodwill (Note 9)
645,095
645,095
Operating lease right-of-use assets (Note 10)
31,628
29,970
Other assets
52,332
51,473
Total assets
$
1,797,740
$
1,828,327
Liabilities and equity
Liabilities
Accounts payable and accrued expenses
351,240
353,536
Current installments of long-term debt (Note 11)
71,744
53,352
Short-term borrowings (Note 11)
48,889
89,885
Income taxes payable (Note 13)
8,421
7,262
Other taxes payable
14,674
7,604
Operating lease liabilities (Note 10)
7,406
6,263
Other current liabilities
31,073
26,166
Total current liabilities
533,447
544,068
Long-term debt (Note 11)
331,565
391,863
Deferred tax liabilities (Note 13)
-
-
Employee benefit liabilities (Note 12)
28,935
24,382
Non-current operating lease liabilities (Note 10)
25,145
25,051
Other liabilities
57,154
40,615
Total liabilities
976,246
1,025,979
Commitments and contingencies (Note 14)
-
-
Equity
Preferred shares,
no
par value;
unlimited
shares authorized;
none
issued and outstanding at December 31, 2023 and December 31, 2022, respectively (Note 16)
-
-
Common stock and additional paid in capital,
no
par value;
unlimited
shares authorized;
94,996,397
and
94,012,752
shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively (Note 16)
883,865
877,299
Retained (deficit)
(
62,440
)
(
75,020
)
Accumulated other comprehensive income
69
69
Total equity
821,494
802,348
Total liabilities and equity
$
1,797,740
$
1,828,327
The
accompanying notes are an integral part of the consolidated financial statements.
84
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In
US$ thousands, except share data and per share amounts)
Year ended
Description
December 31,
2023
December 31,
2022
December 31,
2021
Revenues
$
1,145,915
$
909,517
$
876,729
Cost of services
(
997,265
)
(
844,039
)
(
873,948
)
Gross profit
148,650
65,478
2,781
Selling, general and administrative expenses (excluding Amortization)
(
49,173
)
(
47,530
)
(
28,071
)
Amortization
(
18,774
)
(
18,865
)
(
18,042
)
Operating income / (loss)
80,703
(
917
)
(
43,332
)
Interest expense, net
(
45,826
)
(
34,126
)
(
15,174
)
Other (expense) / income, net
(
5,031
)
5,242
(
2,073
)
Income / (loss) before income tax
29,846
(
29,801
)
(
60,579
)
Income tax expense
(
17,266
)
(
6,619
)
(
3,989
)
Net income / (loss)
$
12,580
$
(
36,420
)
$
(
64,568
)
Weighted average shares outstanding (Note 17):
Basic
94,748,324
92,962,048
91,043,830
Diluted
94,748,324
92,962,048
91,043,830
Net earnings per share (Note 17):
Basic
$
0.13
$
(
0.39
)
$
(
0.71
)
Diluted
$
0.13
$
(
0.39
)
$
(
0.71
)
The
accompanying notes are an integral part of the consolidated financial statements.
85
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(In
US$ thousands)
Year ended
Description
December 31,
2023
December 31,
2022
December 31,
2021
Net income / (loss)
$
12,580
$
(
36,420
)
$
(
64,568
)
Other comprehensive income, net of tax
Foreign currency translation adjustments
-
-
5
Total Comprehensive Income, net of tax
$
12,580
$
(
36,420
)
$
(
64,563
)
The
accompanying notes are an integral part of the consolidated financial statements.
86
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS SHAREHOLDERS' EQUITY
(In
US$ thousands, except share data)
Common Stock
and
Accumulated
Additional
Other
Total
Ordinary
Paid in
Comprehensive
Retained
Description
Shares
Capital
Income
(Deficit)
Equity
Balance at December 31, 2022
94,012,752
$
877,299
$
69
$
(
75,020
)
$
802,348
Share-based compensation expense
-
6,763
-
-
6,763
Vesting of restricted share units
983,645
(
197
)
-
-
(
197
)
Other
-
-
-
-
-
Net (loss) / income
-
-
-
12,580
12,580
Balance at December 31, 2023
94,996,397
883,865
69
(
62,440
)
821,494
Common Stock and
Accumulated
Additional
Other
Total
Ordinary
Paid
in
Comprehensive
Retained
Description
Shares
Capital
Income
(Deficit)
Equity
Balance at December 31, 2021
91,366,235
$
856,792
$
69
$
(
35,827
)
$
821,034
Share-based compensation expense
-
9,269
-
-
9,269
Vesting of restricted share units
996,517
-
-
-
-
Current Expected Credit Loss Accounting Standard Adoption (Note 3)
-
-
-
(
2,773
)
(
2,773
)
Acquisition of W.D. Van Gonten Engineering (Note 9)
1,650,000
11,238
-
-
11,238
Other
-
-
-
-
-
Net (loss) / income
-
-
-
(
36,420
)
(
36,420
)
Balance at December 31, 2022
94,012,752
$
877,299
$
69
$
(
75,020
)
$
802,348
Common  Stock and
Accumulated
Retained
Total
Ordinary
Additional Paid in
Other Comprehensive
Earnings
Company Shareholders'
Non- controlling
Total Shareholders'
Description
Shares
Capital
Income
/
(Deficit)
Equity
Interests
Equity
Balance at December 31, 2020
87,777,553
$
831,146
$
64
$
28,741
$
859,951
$
(
8
)
$
859,943
Share-based compensation expense
-
9,759
-
-
9,759
-
9,759
Shares issued to SAPESCO Selling Shareholders
2,648,650
17,569
-
-
17,569
-
17,569
Acquisition of SAPESCO Noncontrolling Interest
-
(
1,682
)
-
-
(
1,682
)
8
(
1,674
)
Vesting of restricted share units
940,032
-
-
-
-
-
-
Other
-
-
5
-
5
-
5
Net (loss) / income
-
-
-
(
64,568
)
(
64,568
)
-
(
64,568
)
Balance at December 31, 2021
91,366,235
$
856,792
$
69
$
(
35,827
)
$
821,034
$
-
$
821,034
87
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
US$ thousands)
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Cash flows from operating activities:
Net (loss) / income
$
12,580
$
(
36,420
)
$
(
64,568
)
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Depreciation and amortization
142,230
115,845
122,125
Share-based compensation expense
6,763
9,269
9,759
Loss (Gain) on disposal of assets
487
(
60
)
333
Non-cash interest (income) expense
1,549
8,087
3,041
Deferred tax expense / (benefit)
(
3,753
)
(
10,261
)
(
12,140
)
Allowance for (reversal of) doubtful receivables
410
8,185
1,114
Charges on obsolete service inventories
137
100
3,610
Earn-outs on business combinations
-
-
1,767
Impairments and other charges
7,917
-
-
(Gain) on Buyer Stock Adjustment Amount (Note 9)
-
(
4,236
)
-
Other operating activities, net
933
837
(
75
)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(
22,971
)
(
29,252
)
(
8,289
)
(Increase) decrease in unbilled revenue
14,189
(
1,704
)
56,088
(Increase) decrease in retention withholdings
(
14,151
)
6,837
(
4,000
)
(Increase) decrease in inventories
11,951
(
16,756
)
(
3,236
)
(Increase) decrease in prepaid expenses
(
8,901
)
6,164
(
884
)
(Increase) decrease in other current assets
2,817
(
13,711
)
(
16,717
)
(Increase) decrease in other long-term assets and liabilities
16,259
6,075
8,854
Increase (decrease) in accounts payable and accrued expenses
(
3,365
)
33,651
31,221
Increase (decrease) in other current liabilities
11,878
9,926
(
260
)
Net cash provided by operating activities
176,959
92,576
127,743
Cash flows from investing activities:
Capital expenditures
(
68,190
)
(
122,415
)
(
107,076
)
IPM investments (Note 3)
(
16,031
)
(
17,367
)
-
Proceeds from disposal of assets
1,758
626
2,760
Acquisition of business, net of cash acquired
-
-
(
51,921
)
Other investing activities
(
1,000
)
(
7,552
)
(
8,299
)
Net cash used in investing activities
(
83,463
)
(
146,708
)
(
164,536
)
Cash flows from financing activities:
Proceeds from long-term debt
11,300
3,194
527,488
Repayments of long-term debt
(
54,763
)
(
78,755
)
(
360,000
)
Proceeds from short-term borrowings
94,506
139,482
123,787
Repayments of short-term borrowings
(
137,402
)
(
119,165
)
(
78,983
)
Payments on capital leases
(
2,403
)
(
3,108
)
(
21,361
)
Payments on seller-provided financing for capital expenditures
(
15,569
)
(
14,443
)
(
15,333
)
Other financing activities, net
(
197
)
-
(
8,054
)
Net cash provided by (used in) financing activities
(
104,528
)
(
72,795
)
167,544
Effect of exchange rate changes on cash
-
8
9
Net increase (decrease) in cash
(
11,032
)
(
126,919
)
130,760
Cash and cash equivalents, beginning of period
78,853
205,772
75,012
Cash and cash equivalents, end of period
$
67,821
$
78,853
$
205,772
Supplemental disclosure of cash flow information (also refer Note 3):
Interest paid
33,914
19,236
9,890
Income taxes paid
15,221
10,989
12,777
The
accompanying notes are an integral part of the consolidated financial statements.
88
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
1.
DESCRIPTION OF BUSINESS
National
Energy Services Reunited Corp. ("NESR," the "Company," "we," "our," "us"
or similar terms), a British Virgin Islands corporation headquartered in Houston, Texas, is one of the largest oilfield services providers
in the Middle East North Africa ("MENA") region.
Formed
in January 2017, NESR started as a special purpose acquisition company ("SPAC") designed to invest in the oilfield services
space globally. NESR filed a registration statement for its initial public offering in May 2017. In November 2017, NESR announced the
acquisition of two oilfield services companies in the MENA region: NPS Holdings Limited ("NPS") and Gulf Energy S.A.O.C.
("GES" and, together with NPS, the "Subsidiaries," or the "NPS/GES Business Combination"). The formation
of NESR as an operating entity was completed on June 7, 2018, after the transactions were approved by the NESR shareholders.
On
June 1, 2020, NESR further expanded its footprint within the MENA region when its NPS subsidiary acquired Sahara Petroleum Services Company
S.A.E. ("SAPESCO"). On May 5, 2021, NESR again expanded its footprint within the MENA region when its NPS subsidiary acquired
specific oilfield service lines of Action Energy Company W.L.L. ("Action," or the "Action Business Combination").
On July 1, 2022, NESR acquired a minority stake in W. D. Von Gonten Engineering LLC ("WDVGE" or the "WDVGE Investment"),
a premier Reservoir Characterization and Geological & Geophysical ("G&G") laboratory and consulting business.
NESR's revenues are primarily derived by providing production services
("Production Services") such as hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services,
filtration services, pipelines and industrial services, production assurance, artificial lift services, completions and integrated production
management. NESR also provides drilling and evaluation services ("Drilling and Evaluation Services") such as rigs and integrated
services, fishing and downhole tools, thru-tubing intervention, tubular running services, directional drilling, drilling fluids, pressure
control, well testing services, wireline logging services, and slickline services. NESR has significant operations throughout the MENA
region including Saudi Arabia, Oman, Kuwait, United Arab Emirates, Algeria, Egypt, Libya, Iraq and Qatar.
2.
BASIS OF PRESENTATION
The
accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted
in the United States of America ("US GAAP"). All amounts are shown in U.S. dollars, except as noted.
89
Use
of estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company's
significant estimates include the purchase price allocation for the acquisition of Action, the determination of reserves and future
production associated with Integrated Production Management ("IPM") projects, allowance for credit losses, evaluation
for impairment of property, plant and equipment, evaluation for impairment of goodwill and intangible assets, evaluation for
impairment of cost and equity method investments (and as required, fair valuation thereof), estimated useful lives of property,
plant, and equipment and intangible assets, provision for inventories obsolescence, unrecognized tax benefits, recoverability of
deferred tax assets, contingencies, and actuarial assumptions in employee benefit plans.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could differ significantly from the estimates.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Consolidation
The
Company consolidates entities in which the Company has a majority voting interest and entities that meet the criteria for variable interest
entities for which the Company is deemed to be the primary beneficiary for accounting purposes. The Company eliminates intercompany transactions
and accounts in consolidation.
Functional
and presentation currency
These
consolidated financial statements are presented in U.S. Dollars ("USD"), which is the functional and reporting currency of
the Company. The majority of the Company's sales are denominated in USD. Each subsidiary of NESR determines its own functional
currency and items included in the financial statements of each subsidiary are measured using that functional currency. All financial
information presented in USD is rounded to the nearest thousand, unless otherwise indicated.
Transactions
in foreign currencies are translated to the respective functional currency of the Company's subsidiaries at exchange rates at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency
at the exchange rate as of the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency
are translated to the functional currency at the exchange rate when the fair value was determined. Foreign currency differences are generally
recognized in profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are not translated.
The
assets and liabilities of entities whose functional currency is not the USD are translated into the USD at the exchange rate as of the
reporting date. The income and expenses of such entities are translated into the USD using average exchange rates for the reporting period.
Exchange differences on foreign currency translations are recorded in other comprehensive income (loss).
Restatement
As disclosed in our Annual Report on Form 20-F for the year ended December 31, 2022, the Company restated certain
balances included in its financial statements as of and for the year-ended December 31, 2020.
Revenue
recognition
The
Company recognizes revenue from contracts with customers upon transfer of control of promised services to customers at an amount that
reflects the consideration it expects to receive in exchange of services. The Company typically receives "callouts" from
its customers for specific services at specific customer locations, typically initiated by the receipt of a purchase/service order or
similar document from the customer. Customer callouts request that the Company provide a "suite of services" to fulfill the
service order, encompassing personnel, use of Company equipment, and supplies required to perform the work. Rates for these services
are defined in the Company's contracts with customers. The term between invoicing and when the payment is due is typically 30-60
days.
90
Revenue
is recognized for each performance obligation when the customer obtains control of the service the Company is providing. For most services,
control is obtained over time as (1) the customer simultaneously receives and consumes the benefits provided by the Company's performance
as Company employees perform and (2) the Company's performance creates or enhances an asset that the customer controls. Revenue
is recorded based on daily drilling logs, recognized at the standalone selling price of the services provided as reduced proportionately
for management's estimate of volume or early pay discount where applicable. Upon initial recording, revenue is presented as unbilled
revenue on the Company's Consolidated Balance Sheet and subsequently reclassified to Accounts receivable when the final invoice
is presented to the customer or accepted in the customer's electronic invoice processing portal, as applicable. Amounts collected
on behalf of third parties in conjunction with revenue, such as taxes, are generally presented gross as the Company is typically the
principal in each taxing jurisdiction.
Costs
of obtaining a customer contract that are incremental and expected to be recovered are recognized as an asset. Costs are subsequently
amortized over the term of the contract or less if circumstances indicate that a shorter deferral period better matches these costs with
the revenue they generate.
Costs
that relate directly to a contract or an anticipated contract that the Company can specifically identify, that generate or enhance resources
of the Company that will be used in satisfying performance obligations in the future, and are expected to be recovered, are capitalized
as contract fulfillment costs and amortized into the Statements of Operations of the Company over the period of anticipated benefit.
Cash
and cash equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Supplemental
cash flow information
Non-cash
transactions were as follows during the year ended December 31, 2023:
●
Purchases
    of property, plant, and equipment in Accounts payable of $
17.6
million are not included under "Capital expenditures"
    within the Consolidated Statement of Cash Flows.
●
Purchases
    of property, plant, and equipment using seller-provided installment financing of $
5.5
million in Accounts payable are not included
    under "Payments on seller-provided financing for capital expenditures" within the Consolidated Statement of Cash Flows.
Non-cash
transactions were as follows during the year ended December 31, 2022:
●
Purchases
    of property, plant, and equipment in Accounts payable of
$
9.1
million are not included under "Capital expenditures" within
    the Consolidated Statement of Cash Flows.
●
Purchases
    of property, plant, and equipment using seller-provided installment financing of $
11.6
million in Accounts payable are not included
    under "Payments on seller-provided financing for capital expenditures" within the Consolidated Statement of Cash Flows.
●
During
    the year-to-date period ended December 31, 2022, the Company issued NESR ordinary share consideration of
1,650,000
shares as consideration
    for the WDVGE Investment (Note 9). These transactions were non-cash and do not appear in the Consolidated Statement of Cash Flows
    for the year-to-date period ended December 31, 2022.
91
Non-cash
transactions were as follows during the year ended December 31, 2021:
●
Purchases
    of property, plant, and equipment in Accounts payable of $
2.6
million are not included under "Capital expenditures" within
    the Consolidated Statement of Cash Flows.
●
Purchases
    of property, plant, and equipment using seller-provided installment financing of $
7.3
million, $
1.1
million and $
6.0
million in Accounts
    payable, Other current liabilities and Short term borrowings, respectively, are not included under "Payments on seller-provided
    financing for capital expenditures" within the Consolidated Statement of Cash Flows.
●
Obligations
    of $
4.4
million classified as Other current liabilities and $
6.1
million classified as Other liabilities, related to the future payments
    of cash for the purchase of Action (Note 4), are not included under "Acquisition of business, net of cash acquired" within
    the Consolidated Statement of Cash Flows.
●
The
    Company issued NESR ordinary share consideration of
2,237,000
shares,
145,039
Additional Earn-Out Shares, and
266,611
shares primarily
    relating to Customer Receivables Earn-Out Shares, to the SAPESCO selling shareholders. These transactions were non-cash
    and do not appear in the Consolidated Statement of Cash Flows for the year-to-date period ended December 31, 2021.
Concentration
of credit risk
The
Company's assets that are exposed to concentrations of credit risk consist primarily of cash, accounts receivable from customers,
unbilled revenue from customers, and retention withholdings. The Company places its cash with financial institutions and limits the amount
of credit exposure with any one of them. The Company regularly evaluates the creditworthiness of the issuers in which it invests. The
Company minimizes this credit risk by entering into transactions with high-quality counterparties, limiting the exposure to each counterparty
and monitoring the financial condition of its counterparties.
Unbilled
revenue, accounts receivable and allowance for credit losses
Trade
accounts receivable are recorded at the invoiced amount. Accounts receivable are reclassified from unbilled revenue when presented to
the customer or accepted in the customer's electronic invoice processing portal, if applicable. No interest is charged on past-due
balances.
On
January 1, 2022, the Company adopted Accounting Standards Update ("ASU") No. 2016-13,
Financial Instruments – Credit
Losses
(collectively, Accounting Standards Codification 326 ("ASC 326")). The ASU introduced a new accounting model,
the Current Expected Credit Losses model ("CECL"), which requires earlier recognition of credit losses and additional disclosures
related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses
for loans and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each
period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current U.S. GAAP,
which generally require that a loss be incurred before it is recognized. The new standard also applies to financial assets arising from
revenue transactions such as unbilled revenue and accounts receivable. The Company recorded a $
2.8
million cumulative-effect adjustment
in opening retained (deficit) as of January 1, 2022, related to the adoption of ASC 326.
The
Company monitors its customers' payment history and current credit worthiness to determine that collectability of the related financial
assets is reasonably assured. The Company also considers the overall business climate in which our customers operate. For accounts receivable,
a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age
of receivables, adjusted for any forward-looking information and management expectations.
Prior
to the adoption of ASC 326, the Company maintained an allowance for doubtful accounts for estimated losses inherent in its accounts receivable
portfolio. In establishing the required allowances management considers historical losses adjusted to take into account current market
conditions and the customer's financial conditions, the amount of receivable in dispute, current receivables ageing and current
payment patterns. Significant accounts receivable balances and balances that have been outstanding greater than 90 days are reviewed
for collectability. Account balances, when determined to be uncollectable, are charged against the allowance.
Service
inventories
The
Company's service inventory consists of spare parts and chemicals support ongoing operations which are held for the purpose of
service contracts and are measured at the lower of cost or net realizable value. The cost is based on the weighted average cost principle
and includes expenditures incurred in acquiring the service inventories. Net realizable value is the estimated selling price less estimated
costs of completion and selling expenses incurred in the ordinary course of business.
The
Company determines charges for obsolete service inventory based on historical usage of inventory on-hand, assumptions about future demand
and market conditions and estimates about potential alternative uses, which are limited.
92
Property,
plant and equipment
Property,
plant and equipment, inclusive of equipment under capital lease, is stated at cost less accumulated depreciation. The cost of ordinary
maintenance and repair is charged to operating expense, while replacement of critical components and major improvements that extend the
life of the related asset are capitalized. Capital work in progress mainly represents costs incurred on drilling rigs and equipment that
are in transit at the reporting date. No depreciation is charged to capital work in progress. Depreciation of property, plant and equipment
is calculated using the straight-line method over the asset's estimated useful life as follows:
Buildings
    and leasehold improvements
5
to
25
years or the estimated lease period, whichever is shorter
Drilling
    rigs, plant and equipment
1
to
15
years
Office
    equipment (furniture and fixtures) and tools
3
to
10
years
Vehicles
    and cranes
5
to
10
years
Equipment
held under capital leases are generally amortized on a straight-line basis over the shorter of the estimated useful life of the underlying
asset and the term of the lease.
Property,
plant and equipment is reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying
value of an asset or asset group may not be recoverable. Events or circumstances that may indicate include, but are not limited to, matters
such as a significant decline in market value or a significant change in business climate ("triggering events"). An impairment
loss is recognized when the carrying value of an asset exceeds the estimated undiscounted future cash flows from the use of the asset
and its eventual disposition.
The
amount of impairment loss recognized is the excess of the asset's carrying value over its fair value. In determining the fair market
value of the assets, the Company considers market trends and recent transactions involving sales of similar assets, or when not available,
discounted cash flow analysis. The Company has not recorded any impairment charges of property, plant and equipment in the accompanying
Consolidated Statements of Operations for any of the periods presented.
Assets
to be disposed of are reported at the lower of the carrying value or the fair value less cost to sell. Upon sale or other disposition
of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying value of the asset
and the net proceeds received.
Production
Management Assets
The
Company's IPM projects are focused on developing and managing production on behalf
of the Company's customers under long-term agreements. The Company invests its own services and products, and in some cases cash, into the field development activities
and operations. Although in certain arrangements the Company is paid for a portion of the services or products it provides, generally
the Company is not be paid at the time of providing its services or upon delivery of its products. Instead, the Company is compensated
based upon cash flow generated. Revenues from IPM arrangements, which is recognized as
the related production is achieved, represented less than
1
%,
0
% (zero), and
0
% (zero) of the Company's Revenues in 2023, 2022
and 2021, respectively.
The
Company capitalizes its cash investments in a project as well as the direct costs associated with providing services or products for
which the Company will be compensated when the related production is achieved. These capitalized investments are amortized to the Consolidated
Statements of Operations as the related production is achieved based on the units of production method, whereby each unit produced is
assigned a pro-rata portion of the unamortized costs based on estimated total production, resulting in a matching of revenue with the
applicable costs. Amortization expense relating to these capitalized investments was $
13.7
million, $
0.0
(zero) million and $
0.0
(zero)
million in 2023, 2022 and 2021, respectively.
The
unamortized portion of the Company's investments in IPM projects was $
18.8
million and $
17.4
million at December 31, 2023 and 2022,
respectively. These amounts are included within 'Other assets' in the Company's Consolidated Balance Sheets.
At
December 31, 2023, the Company assessed whether the unamortized costs associated with these investments exceed the present value of future
cash flows from the projects, and has recorded an impairment charge of $
0.9
million. The Company will continue to assess, in future reporting
periods, whether the unamortized costs associated with these investments exceed the discounted present value of future cash flows, as
a significant deviation in future production levels or future selling prices could result in a material charge in the Consolidated Statement
of Operations for future reporting periods.
93
Goodwill
Goodwill
is the excess cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination.
Goodwill
is evaluated for impairment on an annual basis on October 1st, or more frequently if circumstances require. The Company performs a qualitative
assessment to determine whether it is more-likely-than-not that the fair value of the applicable reporting unit is less than its carrying
amount. If the Company determines, as a result of its qualitative assessment, that it is not more-likely-than-not that the fair value
of the applicable reporting unit is less than its carrying amount, no further testing is required. If the Company determines, as a result
of its qualitative assessment, that it is more-likely-than-not that the fair value of the applicable reporting unit is less than its
carrying amount, a goodwill impairment assessment is performed using a two-step, fair-value based test. Under the first step, goodwill
is reviewed for impairment by comparing the carrying value of the reporting unit's net assets (including allocated goodwill) to
the fair value of the reporting unit. The fair value of the reporting units is determined using a discounted cash flow approach. Determining
the fair value of a reporting unit requires judgment and the use of significant estimates and assumptions. Such estimates and assumptions
include revenue growth rates, discount rates, operating margins, weighted average costs of capital, market share and future market conditions,
among others. If the reporting unit's carrying value is greater than its fair value, a second step is performed whereby the implied
fair value of goodwill is estimated by allocating the fair value of the reporting unit in a hypothetical purchase price allocation analysis.
If the amount of goodwill resulting from this hypothetical purchase price allocation is less than the carrying value of the reporting
unit's goodwill, the recorded carrying value of goodwill is written down to the implied fair value. The Company performed quantitative
assessments for both of its reporting units as of October 1, 2023, October 1, 2022, and October 1, 2021, and has not recorded any impairment
charge for goodwill in the accompanying Consolidated Statements of Operations for any of the periods presented.
Intangible
assets
Intangible
assets were identified that met either the separability criterion or the contractual-legal criterion described in ASC 805. The Company's
intangible assets with finite lives consist of customer contracts, trademarks and trade names. The cost of intangible assets with finite
lives is amortized over the estimated period of economic benefit on a straight-line basis, ranging from
eight
to
ten years
. Asset lives
are adjusted whenever there is a change in the estimated period of economic benefit. No residual value has been assigned to these intangible
assets.
Intangible
assets with finite lives are tested for impairment whenever events or changes in circumstances indicate the carrying value may not be
recoverable. These conditions may include a change in the extent or manner in which the asset is being used or a change in future operations.
The Company assesses the recoverability of the carrying amount by preparing estimates of future revenue, margins and cash flows. If the
sum of expected future cash flows (undiscounted) is less than the carrying amount, an impairment loss is recognized. The impairment loss
recognized is the amount by which the carrying amount exceeds the fair value. Fair value of these assets may be determined by a variety
of methodologies, including discounted cash flow models.
Investments
in Equity Instruments
Investments
in equity instruments (of entities in which the Company do not have either a controlling financial interest or significant influence,
most often because the Company hold a voting interest of
0
% to
20
%) are recorded at cost minus impairment, if any, plus or minus changes
resulting from observable price changes in orderly transactions for identical or similar equity securities of the same issuer. These
changes are recorded in Other income / (expense), net in the Consolidated Statements of Operations.
Equity
method investments are equity holdings in entities in which the Company do not have a controlling financial interest, but over which
the Company have significant influence, most often because the Company hold a voting interest of
20
% to
50
%. The results of our equity
method investments are presented in the Consolidated Statements of Operations within Other income(expense) net. Investments in, and advances
to, equity method investments are presented on a one-line basis in the caption Other assets in our Consolidated Balance Sheets.
94
Leasing
In
February 2016, the FASB issued ASU 2016-02,
Leases
, with amendments in 2018, 2019, and 2020 (collectively, "ASC 842")
which amends the accounting for lease assets and lease liabilities. ASC 842 requires lessees to recognize both finance and operating
lease assets and liabilities generated by lease arrangements longer than a year on their balance sheet. This guidance also expands the
required quantitative and qualitative disclosures for leasing arrangements and gives rise to other changes impacting certain aspects
of lessee and lessor accounting. The two permitted transition methods under the guidance are the modified retrospective transition approach,
which requires application of the guidance for all comparative periods, and the cumulative effect adjustment approach, which requires
prospective application from the adoption date. Under this transition method, financial statements for periods after the adoption date
are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the
accounting standard originally in effect for such periods.
Upon
transition, the Company applied the package of practical expedients permitted under the ASC 842 transition guidance. As a result, the
Company did not reassess (1) whether expired or existing contracts contain leases under the new definition of a lease, including whether
an existing or expired contract contains an embedded lease, (2) lease classification for expired or existing leases and (3) any initial
direct costs of existing leases. As a result of the adoption of ASC 842 on January 1, 2022, the Company recorded right-of-use assets
of $
33.7
million, including a reduction of approximately $
0.4
million of leasehold liabilities and $
0.1
million of prepaid rent assets,
and lease liabilities of $
33.2
million.
The
Company determines if an arrangement contains a lease at inception. The Company has operating leases that primarily consist of land and
buildings. The Company also has finance leases for its equipment. Right-of-use ("ROU") assets represent the Company's
right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments
arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future
minimum lease payments over the lease term at commencement date. The lease term is determined to be the non-cancelable period including
any lessee renewal options which are considered to be reasonably certain of exercise. The Company has elected the practical expedient
to utilize the risk-free rate over a similar period as the remaining lease term as the applicable discount rate. Lease expense for fixed
lease payments on operating leases is recognized over the expected term on a straight-line basis, while interest expense for fixed lease
payments on finance leases is recognized using the effective interest method.
The
Company has elected, as an accounting policy, to not apply the recognition requirements in ASC 842 to short-term leases. The Company
did not elect the hindsight practical expedient, which would have allowed the Company to revisit key assumptions, such as lease term,
that were made when the lease was originally entered. The Company has also elected, as a practical expedient, by underlying class of
asset, not to separate lease components from non-lease components and instead, account for them as a single lease component.
Prior
to the adoption of ASC 842, the Company evaluated and classified its leases as operating or capital for financial reporting purposes.
Assets held under capital leases were included in Property, plant and equipment, net, on the Consolidated balance sheets. Operating lease
expense is recorded on a straight-line basis over the lease term in the Consolidated Statements of Operations.
Employee
benefits
The
Company provides defined benefit plan of severance pay to the eligible employees. The severance pay plan provides for a lump sum payment
to employees on separation (retirement, resignation, death while in employment or on termination of employment) of an amount based upon
the employees last drawn salary and length of service, subject to the completion of minimum service period (1-2 years) and taking into
account the provisions of local applicable law or as per applicable employee contracts. The Company records annual amounts relating to
these long-term employee benefits based on calculations that incorporate various actuarial and other assumptions, including discount
rates, mortality, assumed rates of return, compensation increases and turnover rates. The Company reviews its assumptions on an annual
basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications
to those assumptions is recorded in the statement of income. The Company believes that the assumptions utilized in recording its obligations
under its plans are reasonable based on its experience and market conditions. The net periodic costs are recognized as employees render
the services necessary to earn these benefits. Contributions to a defined contribution retirement plan and occupational hazard insurance
for Omani employees in accordance with the Omani Social Insurances Law are recognized as an expense as incurred.
95
Income
taxes
The
Company applies an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities
are computed for differences between the financial statement carrying amount and the tax basis of assets and liabilities that will result
in future deductible or taxable amounts and for carryforwards, based on enacted tax laws and rates applicable to the periods in which
the deductible or taxable temporary differences are expected to affect taxable income. Valuation allowances are established to reduce
deferred tax assets to the amount that is more likely than not to be realized.
The
Company applies a recognition threshold and measurement attribute for evaluating tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized, a tax position, based solely on the technical merits, must be more-likely-than-not to be
sustained upon examination by taxing authorities. Recognized tax positions are measured as the largest amount of tax benefit that is
greater than 50 percent likely of being realized upon settlement. The Subsidiaries operate in multiple tax jurisdictions in the Middle
East, North Africa and Asia. The Company has provided for income taxes based on enacted tax laws and tax rates in effect in the countries
where the Company operates and earns income. The income taxes in these jurisdictions vary substantially. The Company engages in transactions
in which the income tax consequences may be subject to uncertainty and examination by the varying taxing authorities. Significant judgment
is required by the Company's management in assessing and estimating the income tax consequences of these transactions. While the
Company prepares tax returns based on interpretations of tax laws and regulations, in the normal course of business, the income tax returns
may be subject to examination by the various taxing authorities. Such examinations may result in future assessments of additional income
tax, interest and penalties. NESR classifies interest and penalties relating to an underpayment of income taxes within income tax (expense)
/ benefit in the Consolidated Statements of Operations. Considerable judgment is involved in determining which tax positions are more
likely than not to be sustained.
Commitments
and contingencies
The
Company accrues for costs relating to litigation claims and other contingent matters, including liquidated damage liabilities, when such
liabilities become probable and reasonably estimable. In circumstances where the most likely outcome of a contingency can be reasonably
estimated, the Company accrues a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses
is established and if no one amount in that range is more likely than others, the low end of the range is accrued. Such estimates may
be based on advice from third parties or on management's judgment, as appropriate. Revisions to contingent liabilities are reflected
in income in the period in which different facts or information become known or circumstances change that affect the Company's
previous judgments with respect to the likelihood or amount of loss. Amounts paid upon the ultimate resolution of contingent liabilities
may be materially different from previous estimates and could require adjustments to the estimated reserves to be recognized in the period
such new information becomes known.
Stock-based
compensation arrangements
The
Company provides stock-based compensation in the form of restricted stock awards to members of its Board of Directors and employees.
Awards are issued pursuant to the terms of the Company's 2018 Long Term Incentive Plan ("LTIP") and valued at their
grant date fair value. Such awards qualify as participating securities as they have the right to participate in dividends issued on the
Company's ordinary shares, if any. Grants to members of the Company's Board of Directors are time-based and vest ratably
over a
1
-year period. Grants to Company employees are time-based and with limited exceptions, vest ratably over a
3
-year period.
Net
(loss) / income per ordinary share
Basic
income per ordinary share was computed by dividing basic net (loss) / income by the weighted-average
number of ordinary shares outstanding. Diluted income per ordinary share was computed by dividing diluted net (loss) / income by the weighted-average number of ordinary shares outstanding plus dilutive potential ordinary shares, if any.
Dilutive potential ordinary shares include outstanding warrants, restricted stock awards, and/or other contracts to issue ordinary stock
and are determined by applying the treasury stock method or if-converted method, as applicable, if dilutive.
96
Derivative
financial instruments
The
Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify
as an embedded derivative. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as other income (expense).
Fair
value of financial instruments
The
Company's financial instruments consist of cash and cash equivalents, accounts receivable, unbilled revenue, accounts payable,
leases, contingent consideration assumed in the Action transaction (Note 4), loans and borrowings and private warrants. The fair value
of the Company's financial instruments under ASC Topic 820, "
Fair Value Measurements and Disclosures
," approximates
the carrying amounts represented in the accompanying Consolidated Balance Sheet, primarily due to their short-term nature or market-index
features, as applicable.
Fair
value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and
bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
●
Level
    1 - Quoted prices in active markets for identical assets or liabilities.
●
Level
    2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical
    or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market
    data for substantially the full term of the assets or liabilities.
●
Level
    3 - Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants
    would use in pricing the asset or liability.
Segment
information
An
operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and
incur expenses and about which separate financial information is regularly evaluated by the Company's chief operating decision
maker ("CODM") in deciding how to allocate resources. Similar operating segments can be aggregated into a single operating
segment if the businesses are similar. Management has determined that the Company has two operating segments and two reportable segments
(Note 20), which reflects the manner in which the CODM operates the Company. The Company's CODM is its Chief Executive Officer.
Recently
issued accounting standards not yet adopted
All
new accounting pronouncements that have been issued but not yet effective are currently being evaluated and, at this time, are not expected
to have a material impact on our financial position or results of operations.
97
4.
BUSINESS COMBINATIONS
Action
Business Combination
On
May 5, 2021, NESR executed the Sale and Purchase Agreement ("Action Sale and Purchase Agreement") to acquire specific oilfield
service lines of Action Energy Company W.L.L.
Description
of the Action Transaction
Under
the terms of the Action Sale & Purchase Agreement, NESR acquired the working capital, property, plant, and equipment, contract labor
force, and the economic benefit of three five-year customer contracts associated with specific oilfield service lines of Action in an
all-cash transaction which comprised of $
36.8
million paid at closing and an estimated $
16.9
million deferred consideration payment to
be paid 6 months after closing or shortly thereafter.
The
Action Sale & Purchase Agreement also contained earn-out mechanisms that enabled the sellers to receive additional consideration
after the closing of the Action Business Combination as follows:
●
First
    Earn-Out Consideration ("First Earn-Out") of
1
% of revenue associated with the three acquired customer contracts, including
    the first renewal of each of these contracts (if any). The First Earn-Out is payable quarterly;
●
Second
    Earn-Out Consideration ("Second Earn-Out") of
3
% of the revenue associated with the first renewal (if any) of the three
    acquired customer contracts.
66.66
% of the Second Earn-Out is payable upon contract renewal with the remaining balance due at the
    conclusion of the renewed contract's term. At its discretion, NESR may settle the Second Earn-Out using cash or shares; and
●
Third
    Earn-Out Consideration ("Third Earn-Out") of up to
1.12
% of the revenue associated with the three acquired contracts,
    dependent on the amount of incremental earnings before interest, taxes, depreciation, and amortization contributed by the contracts
    minus certain adjustments such as capital expenditures. The Third Earn-Out is payable within 90 days of the conclusion of the term
    of the last of the three acquired customer contracts. At its discretion, NESR may settle the Third Earn-Out using cash or shares.
The
First Earn-Out and Second Earn-Out were determined using a discounted cash flow approach within a scenario analysis. The Third Earn-Out
was valued using a Black Sholes simulation. Collectively, the First Earn-Out, Second Earn-Out, and Third Earn-Out were fair valued at
$
6.4
million as of May 5, 2021.
Subsequent to May 5, 2021,
the Company recorded valuation adjustments to the First Earn-Out and Second Earn-Out totalling ($
0.9
),
$
0.7
million,
and $
0.5
million, respectively, during the years ended December 31, 2023, December 31, 2022, and December 31, 2021. Additionally, during the
years ended December 31, 2023, December 31, 2022, and December 31, 2021, the Company cash settled $
0.6
,
$
0.7
and $
0.0
(zero), respectively, related to the First Earn-Out. The First Earn-Out, Second Earn-Out, and Third Earn-Out were collectively valued at
$
6.0
million, $
3.0
million, and $
4.3
million, respectively, as of December 31, 2023, December 31, 2022, and December 31, 2021.
Financing
of Action Business Combination
Consideration
for the Action Business Combination was funded through the following sources and transactions:
●
cash
    and cash equivalents of $
36.8
million;
●
deferred
    cash consideration of $
16.9
million;
The
following summarizes the consideration to purchase the working capital, property, plant, and equipment, contract labor force, and the
economic benefit of three five-year customer contracts associated with specific oilfield service lines of Action:
Consideration
(In US$
thousands)
Cash consideration
$
36,767
Deferred cash consideration
16,935
Total consideration – cash
53,702
First Earn-Out
2,716
Second Earn-Out
3,635
Third Earn-Out
-
Total estimated earn-out mechanisms
6,351
Total consideration
$
60,053
98
Accounting
treatment
The
Action Business Combination was accounted for under ASC 805, Business Combinations ("ASC 805"). Pursuant to ASC 805, NESR
has been determined to be the accounting acquirer. Action constitutes a business, with inputs, processes, and outputs. Accordingly, the
acquisition of Action constitutes the acquisition of a business for purposes of ASC 805, and due to the change in control of Action was
accounted for using the acquisition method. NESR recorded the fair value of assets acquired and liabilities assumed from Action.
The
following table summarizes the final purchase price allocation (in US$ thousands):
Allocation
of consideration
Cash and cash equivalents
$
382
Accounts receivable
8,565
Unbilled revenue
1,352
Service inventories
2,862
Prepaid assets
310
Other receivables
89
Other current assets
1,122
Property, plant and equipment
13,162
Intangible assets
29,100
Other assets
2,053
Total identifiable assets acquired
58,997
Accounts payable
5,294
Accrued expenses
2,465
Other current liabilities
200
Employee benefit liabilities
584
Net identifiable liabilities acquired
8,543
Total fair value of net assets acquired
50,454
Goodwill
9,599
Total consideration
$
60,053
99
All
employee benefit liabilities relate to end of service benefits (Note 12).
Intangible
assets
Intangible
assets were identified that met either the separability criterion or the contractual-legal criterion described in ASC 805.
The
allocation to intangible assets is as follows (in US$ thousands):
Fair Value
Total
Useful Life
(In US$
thousands)
Customer relationships
$
29,100
10
years
Total intangible assets
$
29,100
Goodwill
As
of December 31, 2022, $
9.6
million has been allocated to goodwill. Goodwill represents the excess of the gross consideration transferred
over the fair value of the underlying net tangible and identifiable definite-lived intangible assets acquired. Goodwill is not amortizable
and/or deductible for tax purposes. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets
that are not recognized as separate identifiable intangible assets apart from goodwill. Intangible assets not recognized apart from goodwill
consist primarily of the strong market positions and the assembled workforces.
In
accordance with FASB ASC Topic 350,
Goodwill and Other Intangible Assets
, goodwill will not be amortized, but instead will be
tested for impairment at least annually or more frequently if certain indicators are present. In the event management determines that
the value of goodwill has become impaired, an accounting charge for the amount of impairment during the period in which the determination
is made may be recognized.
Supplemental
unaudited pro-forma information
The
following table summarizes the supplemental consolidated results of the Company on an unaudited pro-forma basis, as if the Action Business
Combination had been consummated on January 1, 2021, for the year ended December 31, 2021 (in US$ thousands):
December 31,
2021
Revenues
$
885,671
Net (loss) / income
(
64,529
)
These
supplemental unaudited pro-forma results were based on estimates and assumptions, which the Company believes are reasonable. They are
not the results that would have been realized had the Company been a consolidated company during the periods presented and are not necessarily
indicative of results of operations in future periods. The supplemental unaudited pro-forma results include adjustments primarily related
to purchase accounting adjustments. Acquisition costs and other non-recurring charges incurred in connection with the Action Business
Combination are included in the earliest period presented.
Action
revenue of $
25.1
million and net income of
$
3.9
million are included in the Consolidated Statement of Operations during year ended December 31, 2021.
100
5.
REVENUE
Disaggregation
of revenue
There
is significant homogeneity amongst the Company's revenue-generating activities. In all service lines, the Company provides a "suite
of services" to fulfill a customer purchase/service order, encompassing personnel, use of Company equipment, and supplies required
to perform the services. Ninety-nine percent of the Company's revenue is from the MENA region with the majority sourced from governmental customers,
predominantly in Oman and Saudi Arabia. Information regularly reviewed by the chief operating decision maker ("CODM") for
evaluating the financial performance of operating segments is focused on the timing of when the services are performed during a well's
lifecycle. Production Services are services performed during the production stage of a well's lifecycle. Drilling and Evaluation
Services are services performed during the pre-production stages of a well's lifecycle.
Based
on these considerations, the following table provides disaggregated revenue data by the phase in a well's lifecycle during which
revenue has been recorded (in US$ thousands):
Year ended
Description
December 31,
2023
December 31,
2022
December 31,
2021
Revenue by Phase in Well's Lifecycle:
Production Services
$
785,642
$
567,249
$
554,097
Drilling and Evaluation Services
360,273
342,268
322,632
Total revenue by phase in well's life cycle
$
1,145,915
$
909,517
$
876,729
101
6.
ACCOUNTS RECEIVABLE
The
following table summarizes the accounts receivable of the Company as of the period end dates set forth below (in US$ thousands):
December 31,
2023
December 31,
2022
Trade receivables
$
180,989
$
161,373
Less: allowance for credit losses
(
9,720
)
(
12,664
)
Total
$
171,269
$
148,709
Trade
receivables relate to the sale of services, for which credit is extended based on the Company's evaluation of the customer's
creditworthiness. The gross contractual amounts of trade receivables at December 31, 2023, and December 31, 2022 were $
181.0
million and
$
161.4
million, respectively. The movement in the allowance for credit losses is as follows (in US$ thousands):
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Allowance for credit losses at beginning of period
$
(
12,664
)
$
(
2,052
)
$
(
1,722
)
CECL Accounting Standard Adoption (Note 3)
-
(
2,773
)
-
(Increase) decrease to allowance for the period
410
(
8,185
)
(
769
)
(Recovery) write-off of credit losses
2,534
346
439
Allowance for credit losses at end of period
$
(
9,720
)
$
(
12,664
)
$
(
2,052
)
The
Company's allowance for credit losses at December 31, 2023 and 2022, includes $
7.2
million and $
9.4
million respectively related
to the application of the CECL accounting standard.
7.
SERVICE INVENTORIES
The
following table summarizes the service inventories for the period end dates as set forth below (in US$ thousands):
December 31,
December 31,
2023
2022
Spare parts
$
66,615
$
64,006
Chemicals
31,819
46,515
Total
$
98,434
$
110,521
102
8.
PROPERTY, PLANT, & EQUIPMENT
Property,
plant and equipment, net of accumulated depreciation, of the Company consists of the following as of the period end dates set forth below
(in US$ thousands):
Estimated
Useful Lives
(in years)
December 31,
2023
December 31,
2022
Buildings and leasehold improvements
5
to
25
$
57,002
$
52,442
Drilling rigs, plant and equipment
1
to
15
749,492
677,263
Office equipment (furniture and fixtures) and tools
3
to
10
16,763
15,937
Vehicles and cranes
5
to
10
14,446
15,756
Less: Accumulated depreciation
(
420,812
)
(
323,325
)
Land
11,664
11,664
Capital work in progress
14,111
11,324
Total
$
442,666
$
461,061
The
Company recorded depreciation expense of $
109.7
million, $
97.0
million, and $
104.1
million for the years ended December 31, 2023, December
31, 2022, and December 31, 2021, respectively, in the Consolidated Statement of Operations.
9.
GOODWILL, INTANGIBLE, AND OTHER ASSETS
Goodwill
Changes
in the carrying amount of goodwill of the Company between December 31, 2022, and December 31, 2023, are as follows (in US$ thousands):
Production
Services
Drilling and
Evaluation
Services
Goodwill
Balance as of December 31, 2022
$
459,710
$
185,385
$
645,095
Not applicable
-
-
-
Balance as of December 31, 2023
$
459,710
$
185,385
$
645,095
Intangible
assets subject to amortization, net
The
following is the weighted average amortization period for intangible assets of the Company subject to amortization (in years):
Amortization
Customer contracts & relationships
10.0
Trademarks and trade names
7.9
Total intangible assets
9.7
The
details of our intangible assets subject to amortization are set forth below (in US$ thousands):
December 31, 2023
December 31, 2022
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Gross carrying
amount
Accumulated
amortization
Net
carrying
amount
Customer contracts & relationships
$
153,500
$
(
76,899
)
$
76,601
$
153,500
$
(
61,477
)
$
92,023
Trademarks and trade names
25,940
(
18,237
)
7,703
25,940
(
15,049
)
10,891
Total intangible assets
$
179,440
$
(
95,136
)
$
84,304
$
179,440
$
(
76,526
)
$
102,914
103
The
aggregate amortization expense remaining for each of the five years subsequent to December 31, 2023, is $
18.6
million for 2024, $
18.6
million for 2025, $
16.8
million for 2026, $
15.4
million for 2027, and $
8.1
million for 2028.
Equity
method investments
On
July 1, 2022, NESR acquired a minority stake in WDVGE, a premier Reservoir Characterization and G&G laboratory and consulting business.
The
following table presents our investments at the dates indicated (in US$ thousands):
Segment
Ownership
December 31, 2023
December 31, 2022
WDVGE
Production Services
46.2
%
$
7,782
16,086
During
2023, NESR recorded other than temporary impairment of $
7.0
million in its investment in WDVGE. The Company determined that its investment in WDVGE was not fully recoverable on account of
slower than anticipated customer and revenue growth as compared to NESR's original expectations. NESR's investment in WDVGE was fair valued using a discounted cash flow approach within a scenario analysis.
The
following table presents earnings (loss) from equity investments for the periods indicated (in US$ thousands):
Segment
Year ended
December 31, 2023
6 months ended
December 31, 2022
WDVGE
Production Services
$
(
454.1
)
42.7
Summarized
combined financial information for our equity method investments is as follows for the periods indicated (amounts represent 100% of investee
financial information in US$ thousands):
December 31, 2023
December 31, 2022
Balance Sheet data:
Current assets
$
4,397
4,484
Noncurrent assets
18,227
21,392
Total assets
$
22,624
25,876
Current liabilities
$
2,624
2,837
Other liabilities
13,115
15,171
Combined equity
6,885
7,868
Total liabilities and combined equity
$
22,624
25,876
Year ended
December 31, 2023
6 months ended
December 31, 2022
Statement of operations data:
Revenue
$
19,263
10,035
Operating (loss) / income
(
1,041
)
(
350
)
Net (loss) / income
(
983
)
92
Other
investments
To
date, the Company has not made significant expenditures on research and development activities aside from making strategic investments
and partnerships with companies to expand the NEDA and Drilling & Evaluation portfolios. These six investments are individually
insignificant but total $
15.2
million and $
14.2
million as of December 31, 2023, and December 31, 2022, respectively. The Company accounts
for these under ASC 321,
Investments - Equity Securities
, and they are recorded at cost as none of the investments have readily
determinable fair values. The Company monitors recent transactions in these investments as well as other information that may indicate
that impairments have occurred. For the years ended December 31, 2023, December 31, 2022, or December 31, 2021, no impairments, or other
downward revisions in the value of these investments, have been recorded.
104
10.
LEASING
Our
leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities, research centers, service
centers, sales offices and certain equipment.
The
following table presents components of lease expense (in US$ thousands):
Year ended
Year ended
December 31,
2023
December 31,
2022
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets
$
3,290
3,595
Interest on lease liabilities
166
390
Operating lease cost
8,715
7,142
Short-term lease
(1)
146,206
136,818
Sublease income
(
24
)
(
54
)
Total lease expense
$
158,353
147,891
(1)
Leases
    with a term of one year or less, including leases with a term of one month or less
.
Amounts
recognized in the Consolidated Balance Sheet (in US$ thousands):
As of
December 31,
2023
As of
December 31,
2022
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)
$
31,628
29,970
Current portion of operating lease liabilities
7,406
6,263
Operating lease liabilities (non-current)
25,145
25,051
Finance leases:
Property, plant and equipment, net (non-current)
$
11,943
7,176
Other current liabilities
3,403
2,268
Other liabilities (not current)
4,128
192
Year ended
Year ended
December 31,
2023
December 31,
2022
Other supplemental information (in US$ thousands except percentages):
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases
$
8,317
$
6,662
Operating cash flows used by finance leases
166
390
Financing cash flows used by finance leases
2,403
3,108
Noncash investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations on adoption of ASC 842:
Operating leases
$
33,651
Finance leases
10,771
Modifications of right-of-use assets obtained in exchange for lease obligations during the year ended:
Operating leases
2,360
-
Finance leases
-
-
Right-of-use assets obtained in exchange for lease obligations during the year ended:
Operating leases
5,855
1,945
Finance leases
7,679
-
Derecognition of prepaid rent upon adoption of ASC 842
93
Derecognition of prepaid rent during the year ended:
-
683
Derecognition of tenant improvements upon adoption of ASC 842
362
Weighted-average remaining lease term:
Operating leases
12.84
years
14.29
years
Finance leases
2.68
years
1.35
years
Weighted-average discount rate for leases:
Operating leases
7.60
%
7.39
%
Finance leases
7.07
%
5.88
%
105
As
of December 31, 2023, maturities of our lease liabilities are as follows (in US$ thousands):
Operating Leases
Finance
Leases
Year:
2024
$
8,306
$
3,833
2025
7,394
3,600
2026
3,847
720
2027
2,864
-
2028
2,285
-
Thereafter
32,670
-
Total lease payments
57,366
8,153
Less: imputed interest
(
24,815
)
(
622
)
Total
$
32,551
$
7,531
As
of December 31, 2022, maturities of our lease liabilities are as follows (in US$ thousands):
Operating Leases
Finance
Leases
Year:
2023
$
6,967
$
2,402
2024
5,383
203
2025
4,958
-
2026
2,972
-
2027
2,567
-
Thereafter
34,481
-
Total lease payments
57,328
2,605
Less: imputed interest
(
26,014
)
(
145
)
Total
$
31,314
$
2,460
11.
DEBT
Long-term
debt
The
Company's long-term debt obligations consist of the following (in US$ thousands):
December 31,
2023
December 31,
2022
Secured Term Loan
$
387,000
$
430,000
Secured Revolving Credit Facility
10,000
10,000
Borrowings from Long-Term 24 Month Working Capital Facilities
11,479
11,942
Less: unamortized debt issuance costs
(
5,170
)
(
6,727
)
Total loans and borrowings
403,309
445,215
Less: current installments
(
71,744
)
(
53,352
)
Long-term debt, net of unamortized debt issuance costs and excluding current installments
$
331,565
$
391,863
106
2021
Secured Facilities Agreement
On
November 4, 2021, the Company entered into a $
860
million Secured Facilities Agreement (the "2021 Secured Facilities Agreement")
with Arab Petroleum Investments Corporation ("APICORP"), HSBC Bank Middle East Limited ("HSBC"), Mashreqbank
PSC and Saudi British Bank acting as initial mandated lead arrangers, HSBC acting as bookrunner and global agent, HSBC and Mashreqbank
PSC acting as coordinator, Saudi British Bank and Mashreqbank PSC acting as security agents, and NPS Bahrain for Oil & Gas Wells
Services WLL, Gulf Energy SAOC, Energy Oilfield Supplies DMCC and National Petroleum Technology Company as borrowers. Effective September
2023, Sohar International Bank ('Sohar') acquired HSBC Oman, resulting in a transition of the lending facility from HSBC
Oman to Sohar. Upon consummation of this transaction, the Company settled its existing debt obligations under the 2019 Secured Facilities
Agreement. The refinancing was treated as a modification for accounting purposes with only third-party costs charged to the Consolidated
Statements of Operations for the year ended December 31, 2021. Deferred debt issuance costs totaling $
5.3
million and $
8.6
million as
of December 31, 2023, and December 31, 2022, respectively, have been assigned ratably to the term, revolving and working capital facilities
and will be amortized to interest expense over periods of 6, 4, and 1 year(s), respectively. The amounts are shown as contra liabilities
in the accompanying Consolidated Balance Sheets.
At
inception, the $
860
million Secured Facilities Agreement consisted of a $
430
million term loan due by
November
4, 2027
(the "Term Loan" or "Secured Term Loan"), a $
80.0
million revolving credit facility due by
November
4, 2025
("RCF" or "Secured Revolving Credit Facility"), and a $
350
million working capital facility that renews annually by mutual agreement of the Lenders and the Company.
Prior
to September 2023, borrowings under the Term Loan and RCF facilities incurred interest at the rate of three-month LIBOR for U.S.
dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings plus
2.6
%
to
3.0
%
per annum, varying based on the Company's Net Debt / EBITDA ratio as defined in the 2021 Secured Facilities Agreement.
Effective September 2023, the Company entered into an amendment to its Secured Facilities Agreement replacing LIBOR with the second
overnight financing rate ("SOFR") as the interest rate benchmark for U.S. dollar denominated borrowings. As of December 31, 2023, and
December 31, 2022, this resulted in interest rates of
8.23
%
and
7.64
%,
respectively, for U.S. dollar denominated borrowings, and interest rates of
8.58
%
and
8.60
%,
respectively, for Saudi Arabian Riyal borrowings. No payments were due on the Term Loan until the first quarter of 2023 with final
settlement by November 4, 2027. The Term Loan permits prepayment but once repaid, amounts may not be redrawn. As of December 31,
2023, and December 31, 2022, the Company had drawn $
387.0
million and $
430.0
million, respectively, of the Term Loan, and $
10.0
million and $
10.0
million, respectively, of the RCF.
The
RCF was obtained for general corporate and working capital purposes including capital expenditure related requirements and acquisitions
(including transaction related expenses). The RCF requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of 25% of the margin on the facility lender's available commitment
for the relevant quarter. Under the terms of the RCF, the final settlement is due by November 4, 2025.
The Company is permitted to make any prepayment
under this RCF in multiples of $5.0 million during this 4-year period up to November 4, 2025
. Any unutilized balances from the RCF can
be drawn down again during the 4-year tenure at the same terms. As of December 31, 2023, and December 31, 2022, the Company had $
70.0
million and $
70.0
million, respectively, available to be drawn under the RCF.
The
2021 Secured Facilities Agreement also includes a working capital facility of $
325
million and $
350
million as of December 31, 2023, and December 31, 2022, respectively, for issuance of letters of guarantee, letters of credit and
refinancing letters of credit into debt over a period of no more than two years, which prior to September 2023 carried an interest
rate equal to three-month LIBOR for U.S. dollar denominated borrowings or SIBOR for Saudi Arabia Riyal borrowings, for the
applicable interest period, plus a margin of
1.25
%
to
1.5
%
per annum. Effective September 2023, the Company entered into an amendment to its Secured Facilities Agreement replacing LIBOR with
the second overnight financing rate ("SOFR") as the interest rate benchmark for U.S. dollar denominated borrowings. As
of December 31, 2023, and December 31, 2022, this resulted in interest rates of 8.23% and 7.64%, respectively, for U.S. dollar
denominated borrowings, and interest rates of 8.58% and 8.60%, respectively, for Saudi Arabian Riyal borrowings. The working
facility requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of
0.3125
%
(25% of the margin) on the facility lender's available commitment for the relevant quarter. As of December 31, 2023, and
December 31, 2022, the Company had utilized $
178.6
million and $
252.9
million, respectively, under this working capital facility and the balance of $
146.4
million and $
97.1
million, respectively, was available to the Company.
The
Company has also retained legacy bilateral working capital facilities from HSBC totaling $
10.6
million and $
10.6
million at December
31, 2023 and December 31, 2022, respectively, in Qatar ($
10.3
million at December 31, 2023, $
10.3
million at December 31, 2022), in the
UAE ($
0.2
million at December 31, 2023, and $
0.2
million at December 31, 2022) and in Kuwait ($
0.1
million at December 31, 2023 and $
0.1
million at December 31, 2022). As of December 31, 2023, and December 31, 2022, the Company had utilized $
3.9
million and $
4.7
million,
respectively, under this working capital facility and the balance of $
6.7
million and $
5.9
million, respectively, was available to the
Company.
Utilization
of the working capital facilities under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement comprises letters of credit
issued to vendors, guarantees issued to customers, vendors, and others, and short-term borrowings used to settle letters of credit. Once
a letter of credit is presented for payment by the vendor, the Company at its election can settle the letter of credit from available
cash or leverage short-term borrowings available under both the legacy HSBC arrangement and 2021 Secured Facilities Agreement that will
be repaid quarterly over a period of up to two years. Until a letter of credit is presented for payment by the vendor, it is disclosed
as an off-balance sheet obligation. For additional discussion of outstanding letters of credit and guarantees, see Note 14,
Commitments
and Contingencies
.
107
The
2021
Secured Facilities Agreement includes covenants that specify maximum leverage (Net Debt / EBITDA) up to 3.50, minimum debt service
coverage ratio (Cash Flow / Debt Service) of at least 1.25, and interest coverage (EBITDA / Interest) of at least 4.00
. As of December
31, 2023, the Company was in compliance with all financial and nonfinancial covenants under the 2021 Secured Facilities Agreement.
Short-term
debt
The
Company's short-term debt obligations consist of the following (in US$ thousands):
December 31,
December 31,
2023
2022
Other short-term borrowings from working capital facilities
$
49,001
$
91,747
Less: unamortized debt issuance costs
(
112
)
(
1,862
)
Short-term debt, excluding current installments of long-term debt
$
48,889
$
89,885
Short-term
borrowings primarily consist of financing for capital equipment and inventory purchases.
CIB
Short-Term Debt
The
Commercial International Bank Short-Term Debt facilities (collectively, "CIB Short-Term Debt") include $
2.8
million and $
8.8
million in U.S. dollar letters of guarantee available at December 31, 2023, and December 31, 2022, respectively.
As of December 31, 2023, the Company had utilized $
2.8
million in letters of guarantee with a balance of $
0
(zero)
million available to the Company. As of December 31, 2022, the Company had utilized $
4.4
million in letters of guarantee with a balance
of $
4.4
million available to the Company.
108
Other
debt information
Scheduled
principal payments of long-term debt for periods subsequent to December 31, 2023, are as follows (in US$ thousands):
2024
$
71,744
2025
78,735
2026
64,500
2027
193,500
Total
$
408,479
12.
EMPLOYEE BENEFITS
Defined
benefit plans
The
following tables set out the funded status of the end-of-service indemnities employees receive under one of the five benefit structures
the Company and its subsidiaries offer to its employees and the amounts recognized in the Company's financial statements as of
December 31, 2023, and 2022 (in thousands):
December 31,
2023
December 31,
2022
Change in benefit obligations
Benefit obligations at the beginning of the year
$
28,314
$
27,410
Actuarial (gain) / loss
1,344
(
1,128
)
Service cost
4,979
4,876
Interest cost
1,522
675
Benefits paid
(
2,498
)
(
3,519
)
Benefit obligations at the end of the year
33,661
28,314
Current benefit obligation (within Other current liabilities)
4,726
3,932
Non-current benefit obligation
28,935
24,382
Benefit obligation at the end of the year
33,661
28,314
Change in plan assets
Fair value of plan assets at the beginning of the year
-
-
Employer contributions
2,498
3,519
Benefits paid
(
2,498
)_
(
3,519
)
Plan assets at the end of the year
-
-
Unfunded status
$
33,661
$
28,314
Net
cost for the years ended December 31, 2023, 2022, and 2021, comprises the following components (in thousands):
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Service cost
$
4,979
$
4,876
$
4,545
Interest cost
1,522
675
482
Actuarial (gain)/loss
1,344
(
1,128
)
(
69
)
Other
-
-
-
Net cost
$
7,845
$
4,423
$
4,958
109
The
weighted-average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 are set out below:
December 31,
2023
December 31,
2022
Discount rate
5.00
%
5.00
%
Rate of increase in compensation levels:
4.5
-
5
%
4.5
-
5
%
The
discount rate has been set with regard to the market yields on high quality corporate bonds as of December 31, 2023 for the measurements
as of December 31, 2023 (and as of December 31, 2022 for the measurements as of December 31, 2022) of duration broadly consistent with
the duration of the benefit obligations. The primary yield curve for the purpose of this comparison has been the 'FTSE Above Median
Double-A Curve'.
The
weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2023 and 2022 are set out below:
December 31,
2023
December 31,
2022
Discount rate
5
%
2.25
%
Rate of increase in compensation levels:
4.5
-
5
%
4.5
-
5
%
The
Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards.
The
following illustrates the sensitivity to changes in discount rate, holding all other assumptions constant, for in the Company's
benefit obligations (in thousands):
Change in assumption:
Benefit
obligation
at the end
of the year
100 basis point decrease in discount rate
+$
2,020
100 basis point increase in discount rate
-$
(
1,797
)
The
Company has no regulatory requirement to fund these benefits in advance and intends to pay benefits directly as they fall due. As of
December 31, 2023, the Company has no plan assets to invest.
Accumulated
benefit obligation was $
19.2
million and $
15.8
million as of December 31, 2023 and 2022, respectively.
The
following reflect expected future benefit payments (in thousands):
Year
    ended
December
    31,
2023
2024
$
6,538
2025
$
5,448
2026
$
5,589
2027
$
5,511
2028
$
5,340
2029
    through 2032
$
24,630
110
The
expected benefits are based materially on the same assumptions used to measure the Company's benefit obligations as of December
31, 2022.
Defined
contribution plans
The
Company also provides a defined contribution retirement plan and occupational hazard insurance for Omani employees. Contributions to
a defined contribution retirement plan and occupational hazard insurance for Omani employees in accordance with the Omani Social Insurances
Law are recognized as an expense in the Consolidated Statements of Operations as incurred. Total contributions for the years ended December
31, 2023, 2022, and 2021, were $
3.3
million, $
3.8
million, and $
3.7
million, respectively.
13.
INCOME TAXES
NESR
is a holding company incorporated in the British Virgin Islands, which imposes a zero percent statutory corporate income tax rate on
income generated outside of the British Virgin Islands. The subsidiaries operate in multiple tax jurisdictions throughout the MENA region
where statutory tax rates generally vary from
0
% to
43.7
%. In the British Virgin Islands, the statutory rate is effectively
0
% as tax
is not applied on extra territorial activity.
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Domestic
$
(
7,865
)
$
(
8,726
)
$
(
183
)
Foreign
37,711
(
21,075
)
(
60,396
)
(Loss) / Income before income tax
$
29,846
$
(
29,801
)
$
(
60,579
)
Income
tax expense / (benefit)
The
components of the income tax expense / (benefit), all of which is foreign, are as follows (in US$ thousands):
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Current tax expense
$
21,019
$
16,880
$
16,129
Deferred tax expense/ (benefit)
(
3,753
)
(
10,261
)
(
12,140
)
Income tax expense / (benefit)
$
17,266
$
6,619
$
3,989
Deferred
taxes have been recognized for temporary differences and carryforwards that will have effects on income taxes payable or receivables
in future years. The components of net deferred tax liabilities and assets are as follows (in US$ thousands):
As of
December 31,
2023
December 31,
2022
Deferred Tax Assets
Property, plant and equipment
$
7,030
$
4,644
Net operating loss carryforward
26,332
26,514
Total deferred tax assets
33,362
31,158
Less: valuation allowance
(
10,311
)
(
10,042
)
Deferred tax assets, net of valuation allowance
$
23,051
$
21,116
Deferred Tax Liabilities
Property, plant and equipment
$
(
5,558
)
$
(
4,335
)
Intangible assets
(
12,292
)
(
15,408
)
Total deferred tax liabilities
(
17,850
)
(
19,743
)
Net deferred tax asset / (liability)
$
5,201
$
1,373
111
The Company has $
280.1
million of tax effective operating loss carryforwards
made of $
186.9
million reported in Saudi Arabia, which can be indefinitely carried forward, and $
93.2
million reported in other countries
that generally expire between 2024 and 2028.
Deferred tax assets are reduced by valuation allowances. As of December
31, 2023, and 2022, valuation allowances of $
10.3
million and $
10.0
million relate to deferred tax assets for net operating loss carryforwards.
Changes in the Company's estimates and assumptions used to determine the valuation allowance, including any changes in applicable
tax laws or tax rates, may impact the Company's ability to recognize the underlying deferred tax assets and could require future
adjustments to the valuation allowances. For the year ended December 31, 2023, the net change in the valuation allowance was $
0.2
million however the activity during the period included an additional allowance of $
2.9
million and utilization of $
3.1
million from the
beginning-of-the-year valuation allowance due to statute of limitation on carry forwards and a change in assumption on recoverability
of the deferred tax assets by the Company, respectively. Further, deferred tax assets in the table above, for operating loss carryforwards
as of December 31, 2023, and 2022, have been presented net of an unrecognized tax benefit for likely disallowances of $
26.7
million and
$
26.5
million, respectively.
Deferred tax liabilities on Property, plant and equipment of $
5.6
million
and $
4.3
million at December 31, 2023, and 2022, respectively, include an unrecognized tax benefit of $
3.6
million and $
3.6
million, respectively.
The Company generally does not recognize deferred tax liabilities related
to undistributed earnings of foreign subsidiaries because such earnings either would not be taxable when remitted or they are indefinitely
reinvested. This position may change if the Company decides to distribute the earnings from its subsidiaries, which are subject to withholding
taxes, or if there are any unfavorable changes in the tax laws in this regard. Accordingly, a determination of the amount of unrecognized
deferred tax liability on such undistributed earnings is not practicable. Current tax expense will be incurred if/when the Company distributes
earnings from its subsidiaries which are subject to withholding taxes.
Income
Tax Rate Reconciliation
The difference between the
reported amount of income tax expense and the amount that would result from applying the British Virgin Islands statutory rate is shown
in the table below (in thousands). In the British Virgin Islands, the statutory rate is effectively 0% as income tax is not applied on
extra territorial activity. For the United Arab Emirates, the statutory rate on our operations is also 0% through the end of 2023.
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Income tax at statutory rate (BVI and UAE
0
%)
$
-
$
-
$
-
Foreign tax rate differential
3,178
(
1,498
)
(
6,981
)
Tax effect of adjustments to prior years current tax expense
-
-
(
997
)
Effect of changes in valuation allowances
2,861
(
1,460
)
1,391
Unrecognized tax benefits
9,703
9,577
10,576
Other
1,524
-
-
Income tax expense / (benefit)
$
17,266
$
6,619
$
3,989
The foreign tax rate differential relates to differences between the income
tax rates in effect in the foreign countries in which the Company operates, which can vary significantly, and the Company's statutory
tax rate of
0
%. Income tax (benefit)/ expense for the years ended December 31, 2023 and 2022, include $
1.5
million and $
0.8
million, respectively,
of penalties and interest associated with the Company's unrecognized tax benefits.
112
Unrecognized
Tax Benefits
The Company records
estimated accrued interest and penalties related to an underpayment of income taxes in income tax expense. As of December 31, 2023,
and 2022, the Company had $
68.5
million and $
61.1
million, respectively, of unrecognized tax benefits, excluding estimated accrued interest and penalties of $
5.1
million and $
2.9
million, respectively, which are included in Other Long-Term Liabilities in the Consolidated Balance Sheet. There are no timing
differences or other items that have indirect effects included in the unrecognized tax benefits and as such all $
73.6
million of the net unrecognized tax benefits as of December 31, 2023, would affect the effective tax rate if recognized.
A
summary of activity related to the net unrecognized tax benefits is as follows:
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Balance at beginning of period
$
61,115
$
51,002
$
33,336
Additions from tax positions related to the current period
7,957
16,953
26,916
Additions from tax positions related to prior periods
629
-
311
Reductions from tax positions related to earlier periods
(
863
)
(
5,485
)
(
8,512
)
Settlement of tax positions
(
326
)
(
1,355
)
(
1,049
)
Balance at end of period
$
68,512
$
61,115
$
51,002
The
Company does not anticipate the amount of the unrecognized tax benefits will change significantly over the next twelve months.
Unrecognized tax benefits may change from quarter-to-quarter based on various
factors, including, but not limited to, favorable or unfavorable resolution of tax audits or disputes, expiration of relevant statutes
of limitations, changes in tax laws or changes to the interpretation of existing tax laws due to new legislative guidance or court rulings,
or new tax positions taken on recently filed tax returns. Although the Company has recorded unrecognized tax benefits for all tax positions
which, in management's judgment, are not more likely than not to be sustained if challenged by the relevant tax authorities in the
future, the Company cannot provide assurance as to the final tax liability related to its tax positions as it is not possible to predict
with certainty the ultimate outcome of any related tax disputes. Thus, it is reasonably possible that the ultimate tax liabilities related
to such tax positions could substantially exceed recorded unrecognized tax benefits related to such tax positions, resulting in a material
adverse effect on the Company's earnings and cash flows from operations.
The Company's tax returns for year 2019 and subsequent years for
all major jurisdictions remain subject to examination by tax authorities. The Company is currently subject to or expects to be subject
to income tax examinations in various jurisdictions where the Company operates or has previously operated. If any tax authority successfully
challenges the Company's tax positions, including, but not limited to, tax positions related to the tax consequences of various
intercompany transactions, the taxable presence of the Company's subsidiaries in a given jurisdiction, the basis of taxation in
a given jurisdiction (such as deemed profits versus net-filing basis), or the applicability of relevant double tax treaty benefits to
certain transactions; or should the Company otherwise lose a material tax dispute in any jurisdiction, the Company's income tax
liability could increase substantially and the Company's earnings and cash flows from operations could be materially adversely affected.
113
14.
COMMITMENTS AND CONTINGENCIES
Capital
expenditure commitments
The
Company was committed to incur capital expenditures of $
15.4
million and $
38.4
million at December 31, 2023, and December 31, 2022, respectively.
Substantially all of the commitments outstanding as of December 31, 2023, are expected to be settled during 2024.
Other
commitments
The
Company purchases certain property, plant, and equipment using seller-provided installment financing with payment terms extending to
24 months. As of December 31, 2023, and December 31, 2022, the Company recorded $
1.5
million and $
11.6
million, respectively, in Accounts
payable for amounts due using seller-provided installment financing.
The
Company had outstanding letters of credit amounting to $
2.0
million and $
26.4
million as of December 31, 2023, and December 31, 2022,
respectively.
In
the normal course of business with customers, vendors and others, the Company has entered into off-balance sheet arrangements, such as
surety bonds for performance, and other bank issued guarantees which totaled $
122.8
million and $
132.4
million as of December 31, 2023,
and December 31, 2022, respectively. The Company has also entered into cash margin guarantees totaling $
3.6
million and $
3.6
million
at December 31, 2023, and December 31, 2022, respectively. A liability is accrued when a loss is both probable and can be reasonably
estimated. None of the off-balance sheet arrangements either has, or is likely to have, a material effect on the Company's consolidated
financial statements.
As
of December 31, 2023, and December 31, 2022, the Company had liabilities of $
2.0
million and $
2.0
million, respectively, on the Consolidated
Balance Sheet included in the line item "Other liabilities," reflecting various liabilities associated with the 2014 acquisition
of NPS Bahrain by NPS Holdings Limited.
Legal
proceedings
The
Company is involved in certain legal proceedings which arise in the ordinary course of business and the outcomes of which are currently
subject to uncertainties and therefore the probability of a loss, if any, being sustained and an estimate of the amount of any loss are
difficult to ascertain. Consequently, it is not possible to make a reasonable estimate of the expected financial effect, if any, that
will result from ultimate resolution of these disputes. The Company is contesting these claims/disputes and the Company's management
currently believes that it is not required to recognize a provision because they are not probable or reasonably estimable and any impacts
are not expected to have a material impact on the Company's business, financial condition, results of operations, or liquidity.
15.
SHARE-BASED COMPENSATION
In
2018, the NESR shareholders approved the 2018 Long Term Incentive Plan (the "LTIP"). A total of
5,000,000
ordinary shares
are reserved for issuance under the LTIP. Grants to members of the Company's Board of Directors are time-based and vest ratably
over a
1
-year period. Grants to Company employees are time-based and with limited exceptions, vest ratably over a
3
-year period.
The
purpose of the LTIP is to enhance NESR's ability to attract, retain and motivate persons who make (or are expected to make) important
contributions to NESR by providing these individuals with equity ownership opportunities. The Company intends to use time-based restricted
stock unit awards to reward long-term performance of the executive officers. The Company believes that providing a meaningful portion
of the total compensation package in the form of share-based awards will align the incentives of its executive officers with the interests
of its shareholders and serve to motivate and retain the individual executive officers.
114
The
following tables set forth the LTIP activity for the periods indicated (in US$ thousands, except share and per share amounts):
Year ended
December 31, 2023
December 31, 2022
December 31, 2021
Number
of
Restricted
Shares
Weighted
Average
Value
per Share
Number of Restricted Shares
Weighted
Average
Value
per Share
Number of
Restricted Shares
Weighted
Average Value
per Share
Unvested at Beginning of Period
2,076,317
$
10.10
2,248,699
$
9.58
2,038,662
$
7.38
Granted
5,000
$
5.04
1,011,040
$
8.76
1,413,335
$
11.67
Vested
(
1,049,243
)
$
8.80
(
1,064,774
)
$
9.38
(
940,032
)
$
8.04
Forfeited
(
189,193
)
$
9.68
(
118,648
)
$
9.25
(
263,266
)
$
9.20
Unvested at End of Period
842,881
$
9.80
2,076,317
$
10.10
2,248,699
$
9.58
At
December 31, 2023 and December 31, 2022, there were
34,484
restricted stock units awarded to 77 participants, and
14,828
restricted stock units awarded to 42 participants, respectively, that were vested but not yet issued by the stock transfer agent. The issuance of
these vested restricted stock units is subject to the participants setting up their participant accounts with the stock transfer
agent. Additionally, during the year ended December 31, 2023, the Company acquired
45,942
treasury shares for $
0.2
million
in connection with employee tax withholding for vested shares.
At
December 31, 2023 and 2022, the Company had unrecognized compensation expense of $
3.8
million and $
12.4
million, respectively, related
to unvested LTIP to be recognized on a straight-line basis over a weighted average remaining period of
1.02
years and
1.72
years, respectively.
Stock-based compensation has been recorded in the Consolidated Statements of Operations as follows (in US$ thousands):
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Cost of Services
$
3,368
$
4,466
$
4,632
Selling, general and administrative expenses (excluding Amortization)
3,395
4,803
5,127
Net cost
$
6,763
$
9,269
$
9,759
115
16.
EQUITY
Common
Stock
The
Company is authorized to issue an unlimited number of ordinary shares, no par value, and preferred shares, no par value. The Company's
ordinary shares are entitled to one vote for each share. As of December 31, 2023 and December 31, 2022, there were
94,996,397
and
94,012,752
,
respectively, ordinary shares outstanding.
Preferred
Shares
The
Company is authorized to issue an unlimited number of preferred shares divided into five classes with designations, voting and other
rights and preferences as may be determined from time to time by the Board of Directors. As of December 31, 2023, and December 31, 2022,
there were
no
preferred shares issued or outstanding.
Public
Warrants
As
of both December 31, 2023, and December 31, 2022, there were
35,540,380
Public Warrants outstanding. Each Public Warrant entitles the
registered holder to purchase one-half of one ordinary share at a price of $
5.75
per half share at any time commencing on July 6, 2018
(30 days after the completion of the NPS/GES Business Combination). The Public Warrants must be exercised for whole ordinary shares.
The Public Warrants were initially set to expire on
June 6, 2023
(
five years
after the completion of the NPS/GES Business Combination)
but were subsequently extended to June 6, 2025, by vote of the Company's Board of Directors during 2022.
The
Company reserves the right to call the Public Warrants at any time prior to its exercise with a notice of call in writing to the holders
of record of the Warrant, giving at least 30 days' notice of such call, at any time while the Public Warrants are exercisable,
if the last sale price of the Company's ordinary shares has been at least $
21.00
per share on each of 20 trading days within any
30 trading day period (the "30-day trading period") ending on the third business day prior to the date on which notice of
such call is given and if, and only if, there is a current registration statement in effect with respect to the Company's ordinary
shares underlying the Public Warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter
until the date of redemption. The call price of the Public Warrants is to be $
.01
per warrant. Any Public Warrant either not exercised
or tendered back to the Company by the end of the date specified in the notice of call shall be canceled on the books of the Company
and have no further value except for the $
.01
call price.
From
their initial sale in May of 2017 until May of 2020, the Company also had Private Warrants outstanding. The Company's Private Warrants
were distinguished from the Company's Public Warrants exclusively for their unique cashless exercise and limited redemption features.
The Private Warrants retained these features for as long as they were held by our Sponsor, NESR Holdings, Ltd. Periodically between December
of 2018 and May of 2020, NESR Holdings, Ltd. sold its Private Warrants, at which time the Company's Private Warrants were converted
into Public Warrants. Subsequent to May of 2020, there were no Private Warrants outstanding.
17.
EARNINGS PER SHARE
Under
ASC 260,
Earnings per Share
, entities that have issued securities other than common stock that participate in dividends with common
stock (i.e., participating securities) are required to apply the two-class method to compute earnings per share ("EPS").
The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating
security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings
had been distributed during the period. The dilutive effect of each participating security is calculated using the more dilutive of the
following approaches:
●
The
    treasury stock method, reverse treasury stock method, if-converted method or contingently issuable share method, as applicable, provided
    a participating security or second class of common stock is a potential common share
●
The
    two-class method, assuming a participating security or second class of common stock is not exercised or converted
Prior
to December 31, 2022, the Company had participating shares as RSUs granted until the end of 2019 had the right to participate in dividends.
The last of these RSUs vested during the year ended December 31, 2022. For the years-ended December 31, 2023, and 2022, the Company utilized
only the treasury stock method as there were no participating securities outstanding. For the year-ended December 31, 2021, computation,
participating securities do not participate in losses and thus the two-class method was not applicable.
116
Years
ended December 31, 2023, December 31, 2022, and December 31, 2021
The
following tables provides a reconciliation of the data used in the calculation of basic and diluted ordinary shares outstanding for the
years ended December 31, 2023, December 31, 2022, and December 31, 2021 (in US$ thousands except shares and per share amounts):
Date
Transaction Detail
Change in
Shares
Year ended
December 31,
2023,
Weighted
Average
Ordinary
Shares
Outstanding
January 1, 2023
Beginning Balance
94,012,752
January 23, 2023
Restricted Stock Issuance
500
468
February 2, 2023
Restricted Stock Issuance
22,440
20,411
February 24, 2023
Restricted Stock Issuance
250
212
March 1, 2023
Restricted Stock Issuance
333
278
March 16, 2023
Restricted Stock Issuance
247,286
196,474
March 17, 2023
Restricted Stock Issuance
578,436
457,995
April 12, 2023
Restricted Stock Issuance
666
480
June 1, 2023
Restricted Stock Issuance
40,000
23,342
June 22, 2023
Restricted Stock Issuance
1,484
781
August 14, 2023
Restricted Stock Issuance
92,250
35,131
December 31, 2023
Ending Balance
94,748,324
Date
Transaction Detail
Change in
Shares
Year ended
December 31,
2022,
Weighted
Average
Ordinary
Shares
Outstanding
December 31, 2021
Beginning Balance
91,366,235
February 23, 2022
Restricted Stock Issuance
32,868
28,005
March 16, 2022
Restricted Stock Issuance
279,493
222,063
March 17, 2022
Restricted Stock Issuance
74,000
58,592
March 18, 2022
Restricted Stock Issuance
242,727
191,522
March 19, 2022
Restricted Stock Issuance
316,775
249,081
July 1, 2022
WDVGE - NESR ordinary share consideration
1,650,000
827,260
August 14, 2022
Restricted Stock Issuance
50,654
19,290
December 31, 2022
Ending Balance
92,962,048
Date
Transaction Detail
Change in
Shares
Year ended
December 31,
2021,
Weighted
Average
Ordinary
Shares
Outstanding
December 31, 2020
Beginning Balance
87,777,553
June 1, 2020
SAPESCO - NESR ordinary share consideration (issued January 14, 2021)
(1)
2,237,000
2,237,000
December 31, 2020
SAPESCO - Additional Earn-Out Shares (issued January 14, 2021)
(2)
145,039
145,039
February 23, 2021
Restricted Stock Issuance
87,905
74,900
March 16, 2021
Restricted Stock Issuance
316,781
251,689
March 18, 2021
Restricted Stock Issuance
288,329
227,503
December 31, 2020
SAPESCO - Contingently Issuable Shares (contingency resolved at December 31, 2020)
(3)
150,434
150,434
March 31, 2021
SAPESCO - Contingently Issuable Shares (contingency resolved at March 31, 2021; issued on June 8, 2021)
(3)
113,215
85,299
June 8, 2021
SAPESCO - Customer Receivables Earn-Out Shares (contingency resolved and issued both on June 8, 2021)
(3)
2,962
1,672
August 14, 2021
Restricted Stock Issuance
242,017
92,166
November 19, 2021
Restricted Stock Issuance
5,000
575
December 31, 2021
Ending Balance
91,043,830
(1)
Contingently
    issuable shares are included in basic EPS only when there is no circumstance under which those shares would not be issued; as such
2,237,000
shares issued in the quarter ended March 31, 2021, pursuant to the SAPESCO Sale & Purchase Agreement, have been included
    in basic earnings per share since June 1, 2020.
(2)
Contingently
    issuable shares are included in basic EPS only when there is no circumstance under which those shares would not be issued; as such
145,039
shares, relating to the quarter ended March 31, 2021, issuance of Additional Earn-Out Shares pursuant to the SAPESCO Sale
    & Purchase Agreement, have been included in basic earnings per share since December 31, 2020.
(3)
Contingently
    issuable shares are included in basic EPS only when there is no circumstance under which those shares would not be issued; as such
266,611
shares, relating primarily to the actual/expected 2021 issuance of Customer Receivables Earn-Out Shares pursuant to the SAPESCO
    Sale & Purchase Agreement, have been included in basic earnings per share since the conditions for issuance were satisfied.
117
December
31, 2023
December 31, 2022
December 31, 2021
Net (loss) / income to Ordinary Shareholders
Weighted-average ordinary shares outstanding
EPS
Net (loss) / income to Ordinary Shareholders
Weighted-average ordinary shares outstanding
EPS
Net (loss) / income to Ordinary Shareholders
Weighted-average ordinary shares outstanding
EPS
Basic EPS - ordinary shares
$
12,580
94,748,324
0.13
$
(
36,420
)
92,962,048
$
(
0.39
)
$
(
64,568
)
91,043,830
$
(
0.71
)
Restricted stock units
-
-
-
Antidilution sequencing - subtotal
12,580
94,748,324
0.13
(
36,420
)
92,962,048
(
0.39
)
(
64,568
)
91,043,830
(
0.71
)
35,540,380
Public Warrants @ $
5.75
per half share
-
-
-
Diluted EPS - ordinary shares
$
12,580
94,748,324
0.13
$
(
36,420
)
92,962,048
$
(
0.39
)
$
(
64,568
)
91,043,830
$
(
0.71
)
For
the years ended December 31, 2023, 2022 and 2021, both potentially dilutive restricted stock units and Public Warrants had no impact
on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive.
18.
FAIR VALUE ACCOUNTING
The
Company measures and records the Buyer Stock Adjustment Amount derivative liability (note 9) at fair value in the accompanying financial
statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit
price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the
use of unobservable inputs. The three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value, includes:
●
Level
    1 – Observable inputs for identical assets or liabilities such as quoted prices in active markets;
●
Level
    2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
●
Level
    3 – Unobservable inputs in which little or no market data exists, which are therefore developed by the Company using estimates
    and assumptions that reflect those that a market participant would use.
The
following tables present the Company's fair value hierarchy for its financial liabilities measured at fair value on a recurring
basis:
As of December 31, 2023
Level 1
Level 2
Level 3
Total
Liabilities:
Liability for Buyer Stock Adjustment Amount derivative (Note 9)
$
-
$
-
$
-
$
-
As
of December 31, 2022
Level 1
Level 2
Level 3
Total
Liabilities:
Liability for Buyer Stock Adjustment Amount derivative (Note 9)
$
-
$
-
$
-
$
-
The
Company's Buyer Stock Adjustment Amount derivative is included as a Level 3 measurements in the tables above. Adjustment Amount
derivative liability was calculated using the Monte Carlo simulation analysis.
118
The
change in fair value of the Company's Level 3 measurements is as follows:
Year-to-date period ended
December 31,
2023
December 31,
2022
December 31,
2021
Beginning Balance
$
-
$
-
$
-
Initial accounting for Buyer Stock Adjustment Amount derivative liability (Note 9)
-
(
4,236
)
-
Change in Buyer Stock Adjustment Amount derivative liability (Note 9)
-
4,236
-
Ending Balance
$
-
$
-
$
-
The
Company's other financial instruments consist of cash and cash equivalents, accounts receivable, unbilled revenue, accounts payable,
leases, contingent consideration assumed in the Action transaction (Note 4), and loans and borrowings. The fair value of the Company's
other financial instruments approximates the carrying amounts represented in the accompanying Consolidated Balance Sheets, primarily
due to their short-term nature. The fair value of the Company's long-term borrowings also approximates the carrying amounts as
these loans are carrying interest at the market rate.
19.
RELATED PARTY TRANSACTIONS
Nine
Energy Service, Inc. ("Nine")
The
Company purchased $
1.5
million, $
0.8
million, and $
1.2
million for the years ended December 31, 2023, 2022, and 2021, respectively, of
products and rentals from Nine. One of the Company's directors, Andrew Waite, also serves as a director of Nine. As of December
31, 2023, and December 31, 2022, the Company had total liabilities of $
0.4
million and $
0.2
million, respectively, on its Consolidated
Balance Sheets related to these purchases.
20.
REPORTABLE SEGMENTS
Operating
segments are components of an enterprise where separate financial information is available and that are evaluated regularly by the Company's
CODM in deciding how to allocate resources and in assessing performance. The Company reports segment information based on the "management"
approach and its CODM is its Chief Executive Officer.
The
Company's services are similar to one another in that they consist of oilfield services and related offerings, whose customers
are oil and natural gas companies. The results of operations of the service offerings are regularly reviewed by the CODM for the Company for
the purposes of determining resource and asset allocation and assessing performance. The Company has determined that it has
two
reportable
segments, Production Services and Drilling and Evaluation Services. The CODM evaluates the operating results of its reportable segments
primarily based on revenue and segment operating (loss) / income. Segment operating (loss) / income does not include general corporate
expenses, such as corporate overhead (costs incurred at the Company's global and regional headquarter locations), share-based compensation,
and transaction and integration costs, as these expenses are not allocated to the Company's reportable segments and not reported
to the Company's CODM.
Production
Services that are offered depend on the well life cycle in which the services may fall. They include, but are not limited to, the following
types of service offerings: hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration services,
pipelines and industrial services, production assurance, artificial lift services, completions and integrated production management.
Drilling
and Evaluation Services generates its revenue from the following service offerings: rigs and integrated services, fishing and downhole
tools, thru-tubing intervention, tubular running services, directional drilling, drilling fluids, pressure control, well testing services,
wireline logging services, and slickline services.
In
January 2021, the Company announced an Environmental, Social, and Corporate Governance IMPACT ("ESG IMPACT") initiative
to develop a portfolio of product lines and services aimed to mitigate climate change, enhance water management and conservation,
and minimize environmental waste in the industry. These innovative energy solutions so far include methane detection and control,
flare capture and re-use, and water treatment and re-use. In February 2024, NESR rebranded the ESG IMPACT segment to NESR
Environmental & Decarbonization Applications ("NEDA") to signify the importance of industry action in decarbonizing
the footprint of energy production. The results of NEDA or ESG IMPACT were not material to our Consolidated Statements of Operations
for the years ended December 31, 2023, December 31, 2022, or December 31, 2021.
The
Company's operations and activities are located within certain geographies, primarily the MENA region, as well as in Malaysia,
Indonesia and India.
119
Revenue
from operations
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Reportable Segment:
Production Services
$
785,642
$
567,249
$
554,097
Drilling and Evaluation Services
360,273
342,268
322,632
Total revenue from external customers
$
1,145,915
$
909,517
$
876,729
Long-lived
assets
As of
December 31,
2023
December 31,
2022
Reportable Segment:
Production Services
$
225,612
$
239,958
Drilling and Evaluation Services
170,224
173,520
Total Reportable Segments
395,836
413,478
Unallocated assets
46,830
47,583
Total long-lived assets
$
442,666
$
461,061
Unallocated
assets mainly comprise of buildings and leasehold improvements in the countries which supports both the segments in the normal course
of business.
Total
segment operating (loss) / income
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Reportable Segment:
Production Services
$
111,060
$
28,717
$
(
1,858
)
Drilling and Evaluation Services
36,461
33,473
(
1,238
)
Total Reportable Segments
147,521
62,190
(
3,096
)
Unallocated expenses
(
66,818
)
(
63,107
)
(
40,236
)
Total Operating income / (loss)
80,703
(
917
)
(
43,332
)
Interest expense, net
(
45,826
)
(
34,126
)
(
15,174
)
Other (expense) / income, net
(
5,031
)
5,242
(
2,073
)
(Loss) / income before income tax
29,846
(
29,801
)
(
60,579
)
Unallocated
expenses for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, mainly include corporate selling, general and
administrative expenses (inclusive of amortization), offset in small part by a portion of these costs that are allocated to the reportable
segments. As described elsewhere, corporate selling, general and administrative expenses are primarily comprised of payroll and compensation
costs for headquarters' employees, professional and legal expenses relating to audit firms, consulting firms and legal counsel,
and depreciation charges on headquarters' offices and leasehold improvements.
Revenue
by geographic area
Year ended
December 31,
2023
December 31,
2022
December 31,
2021
Geographic Area:
Domestic (British Virgin Islands)
$
-
$
-
$
-
MENA
1,132,321
893,635
865,917
Rest of World
13,594
15,882
10,812
Total revenue
$
1,145,915
$
909,517
$
876,729
Long-lived
assets by geographic area
As of
December 31, 2023
December 31, 2022
Geographic area:
Domestic (British Virgin Islands)
$
$
-
MENA
431,002
443,967
Rest of World
11,664
17,094
Total long-lived assets
$
442,666
$
461,061
Significant
customers
Revenues
from four customers individually accounted for
44
%,
8
%,
7
% and
5
% of the Company's consolidated revenues in the year ended December
31, 2023,
40
%,
9
%,
7
% and
7
% of the Company's consolidated revenues in the year ended December 31, 2022, and
51
%,
10
%,
7
% and
4
%
of the Company's consolidated revenues in the year ended December 31, 2021.
120