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

<!-- Field: Rule-Page --><div style="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; margin: 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 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 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 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>Form
<span id="xdx_90E_edei--DocumentType_c20220101__20221231_zDLwsmgKxbk1"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:DocumentType">20-F</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--DocumentRegistrationStatement_c20220101__20221231_zvj9z94pUdHi"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span>
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentAnnualReport_c20220101__20221231_zlkC6ZwE2Eu4"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleantrue" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span>
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--DocumentTransitionReport_c20220101__20221231_z5pC5DanxoMl"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" 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 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--DocumentShellCompanyReport_c20220101__20221231_zEd7p4RusCgc"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" 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 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_901_edei--EntityRegistrantName_c20220101__20221231_zyV8PQeYHcG5"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityRegistrantName">NATIONAL
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityIncorporationStateCountryCode_c20220101__20221231_zY21fXy39rvl"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">British
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20220101__20221231_z8UjsH8hwrZ8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine1">777
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressAddressLine1_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_ztPF5C9trwc"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">777
Post Oak Blvd</ix:nonNumeric></span>., <span id="xdx_901_edei--EntityAddressAddressLine2_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zSa5mnzzfT7g"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine2">Suite 730</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressCityOrTown_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zLyycmdZ5PJ3"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Houston</ix:nonNumeric></span>,
<span id="xdx_903_edei--EntityAddressStateOrProvince_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOtPDeMxOG9f"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">Texas</ix:nonNumeric></span> <span id="xdx_908_edei--EntityAddressPostalZipCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zIqFRmprqUA1"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">77056</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Phone
<span id="xdx_90E_edei--CityAreaCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zbto6hAS0QMg"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:CityAreaCode">(832)</ix:nonNumeric></span> <span id="xdx_900_edei--LocalPhoneNumber_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zn0xFhCsqjSh"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">925-3777</ix:nonNumeric></span></b></span></p>

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

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

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 50%"><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 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 Expert 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 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 0; 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, there were [<span id="xdx_90B_edei--EntityCommonStockSharesOutstanding_iI_c20221231_zg7iXdjhHEQ4"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">94,012,752</ix:nonFraction></span>] ordinary shares and [35,540,380] warrants outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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_90D_edei--EntityWellKnownSeasonedIssuer_c20220101__20221231_zBfaSR3J9uh8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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_904_edei--EntityVoluntaryFilers_c20220101__20221231_zarTh0i6AwWc"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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. Yes &#9744; <span id="xdx_90C_edei--EntityCurrentReportingStatus_c20220101__20221231_zQ2Ko49cGJK6"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityCurrentReportingStatus">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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). Yes &#9744; <span id="xdx_907_edei--EntityInteractiveDataCurrent_c20220101__20221231_zsS9snsflJ8l"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityInteractiveDataCurrent">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
accelerated filer &#9744; <span id="xdx_906_edei--EntityFilerCategory_c20220101__20221231_zyZUcGWHmFg4"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Accelerated filer</ix:nonNumeric></span> &#9746; Non-accelerated filer &#9744; Emerging growth company <span id="xdx_904_edei--EntityEmergingGrowthCompany_c20220101__20221231_zS1JAEABRGmb"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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_907_edei--IcfrAuditorAttestationFlag_c20220101__20221231_zwMFtUzuC602"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleantrue" name="dei:IcfrAuditorAttestationFlag">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: justify">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 style="font-family: Segoe UI Symbol,sans-serif"><span id="xdx_90E_edei--DocumentFinStmtErrorCorrectionFlag_c20220101__20221231_zP9txS0iyZif"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <span style="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 0 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentAccountingStandard_c20220101__20221231_zWaqjh19UX7f"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0 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 0 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 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 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 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; <span id="xdx_903_edei--EntityShellCompany_c20220101__20221231_z421obWSxeie"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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-top: 0pt; margin-bottom: 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; text-align: center; margin-top: 0pt; margin-bottom: 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; text-align: center; margin-top: 0pt; margin-bottom: 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; 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 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 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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_001">FORWARD-LOOKING STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">6</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_003">FINANCIAL INFORMATION AND CURRENCY OF FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_004">PART I</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_006">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_007">ITEM 3. KEY INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_008">A. [RESERVED]</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_009">B. CAPITALIZATION AND INDEBTEDNESS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_011">D. RISK FACTORS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_012">ITEM 4. INFORMATION ON THE COMPANY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_013">A. HISTORY AND DEVELOPMENT OF THE COMPANY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_014">B. BUSINESS OVERVIEW</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_015">C. ORGANIZATIONAL STRUCTURE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_016">D. PROPERTY, PLANT, &amp; EQUIPMENT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_017">ITEM 4A. UNRESOLVED STAFF COMMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">35</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_019">A. OPERATING RESULTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">35</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_020">B. LIQUIDITY AND CAPITAL RESOURCES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">42</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">47</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_022">D. TREND INFORMATION</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_023">E. CRITICAL ACCOUNTING ESTIMATES</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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_024">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">49</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_025">A. DIRECTORS AND SENIOR MANAGEMENT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">49</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_026">B. COMPENSATION</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_027">C. BOARD PRACTICES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">55</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_028">D. EMPLOYEES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">58</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_029">E. SHARE OWNERSHIP</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">59</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">59</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_032">A. MAJOR SHAREHOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_033">B. RELATED PARTY TRANSACTIONS</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_034">C. INTERESTS OF EXPERTS AND COUNSEL</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_035">ITEM 8. FINANCIAL INFORMATION</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_036">A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_037">B. SIGNIFICANT CHANGES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">60</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_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">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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_039">A. OFFER AND LISTING DETAILS</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_040">B. PLAN OF DISTRIBUTION</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_041">C. MARKETS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">61</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_042">D. SELLING SHAREHOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">61</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_043">E. DILUTION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">61</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_044">F. EXPENSES OF THE ISSUE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">61</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_045">ITEM 10. ADDITIONAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">61</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_046">A. SHARE CAPITAL</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">61</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ap_047">B. MEMORANDUM AND ARTICLES OF ASSOCIATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">61</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_001">C. MATERIAL CONTRACTS</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_002">D. EXCHANGE CONTROLS</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_003">E. TAXATION</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_004">F. DIVIDENDS AND PAYING AGENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">67</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_005">G. STATEMENT BY EXPERTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">67</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_006">H. DOCUMENTS ON DISPLAY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">67</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_007">I. SUBSIDIARY INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">67</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_008">J. ANNUAL REPORT TO SECURITY HOLDERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">67</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_009">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">67</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_010">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">68</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_011">A. DEBT SECURITIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_012">B. WARRANTS AND RIGHTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_013">C. OTHER SECURITIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_014">D. AMERICAN DEPOSITORY SHARES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68</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; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_015">PART II</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_016">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_017">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">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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_018">ITEM 15. CONTROLS AND PROCEDURES</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_019">ITEM 16. RESERVED</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">71</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_020">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">71</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_021">ITEM 16B. CODE OF ETHICS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">71</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_022">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">71</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_023">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">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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_024">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">72</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_025">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">72</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_026">ITEM 16G. CORPORATE GOVERNANCE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; 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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_027">ITEM 16H. MINE SAFETY DISCLOSURE</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_028">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">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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_029">ITEM 16J. INSIDER TRADING POLICIES</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_030">ITEM 16K. CYBERSECURITY</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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_031">PART III</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_032">ITEM 17. FINANCIAL STATEMENTS</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; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_033">ITEM 18. FINANCIAL STATEMENTS</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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_034">ITEM 19. EXHIBITS</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_035">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">76</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_036">CONSOLIDATED BALANCE SHEETS</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_037">CONSOLIDATED STATEMENTS OF OPERATIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">79</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_038">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">80</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_039">CONSOLIDATED STATEMENTS SHAREHOLDERS&#8217; EQUITY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">81</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_040">CONSOLIDATED STATEMENTS OF CASH FLOWS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">82</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_041">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">83</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_042">1. DESCRIPTION OF BUSINESS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">83</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_043">2. BASIS OF PRESENTATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">83</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_044">3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">84</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_045">4. RESTATEMENTS </a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">92</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_046">5. BUSINESS COMBINATIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">93</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_047">6. REVENUE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">100</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_048">7. ACCOUNTS RECEIVABLE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">101</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_049">8. SERVICE INVENTORIES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">101</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_050">9. PROPERTY, PLANT, &amp; EQUIPMENT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">102</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_051">10. GOODWILL, INTANGIBLE, AND OTHER ASSETS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">102</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_052">11. LEASING</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">104</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_053">12. DEBT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">105</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_054">13. EMPLOYEE BENEFITS</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">108</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_055">14. INCOME TAXES</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">110</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_056">15. COMMITMENTS AND CONTINGENCIES</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">113</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_057">16. SHARE-BASED COMPENSATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">113</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_058">17. EQUITY</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">115</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_059">18. EARNINGS PER SHARE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">115</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_060">19. FAIR VALUE ACCOUNTING</a> </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">119</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_061">20. RELATED PARTY TRANSACTIONS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">120</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ss_062">21. REPORTABLE SEGMENTS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">121</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex1-1.htm">Exhibit 1.1</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><a href="ex2-5.htm">Exhibit 2.5</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex8-1.htm">Exhibit 8.1</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Exhibit 12.1</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Exhibit 12.2</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Exhibit 13.1</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-2.htm">Exhibit 13.2</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex15-1.htm">Exhibit 15.1</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</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; text-align: left; padding-left: 20pt"><a href="ex15-2.htm">Exhibit 15.2</a><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_001"></span>FORWARD-LOOKING
STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 quotation on the OTC Expert Market, 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 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 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 delayed SEC report filings on our business, 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</span>
statements or cause actual results to differ materially from expected or desired results may include, without limitation:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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, such as the COVID-19 pandemic;</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 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>
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    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 0 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 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 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, and other documents which we may furnish from time to time with
the SEC.</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXPLANATORY
NOTE</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>&#160;</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">As
previously disclosed, in connection with the preparation of our financial statements as of and for the year ended December 31, 2021,
and the companywide adoption of a new Enterprise Resource Planning system and the ensuing reconciliation process, we determined that
previously issued financial statements included material errors primarily related to the completeness of accounts payable and accrued
liabilities in Saudi Arabia and the United Arab Emirates. To quantify the errors, management performed a complete reconciliation of vendor
statements and subsequent invoices at these locations to the previously recorded balances. Contemporaneously, and to ensure the integrity
of all other account balances and locations, management also conducted a full review of the Company&#8217;s account reconciliations in
addition to physical inventory and fixed asset counts at all locations (inclusive of Saudi Arabia and the United Arab Emirates). The
Company recorded additional adjustments based on these procedures.</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
a result, certain information in the consolidated financial statements for the year ended December 31, 2020, has been restated to
correct for these errors. See <span style="font-weight: normal">Correction of Private Warrant Classification Error</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
<span style="font-weight: normal"><i>Correction of Errors from Overstatement/ (Understatement) of Assets and Liabilities and Correction
of Errors in Classification of Selling, </i></span>G<span style="font-weight: normal"><i>eneral and </i></span>A<span style="font-weight: normal"><i>dministrative
</i></span>E<span style="font-weight: normal"><i>xpenses</i></span></span> in Note 4, <i>Restatements</i>, to our consolidated financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221;
of this Annual Report. We believe that presenting our consolidated financial statements for the 2022 fiscal year along with the
information set forth in Note 4 will allow readers to review all pertinent data within a single document. Therefore, we do not plan
to amend our previously issued financial statements. </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_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 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 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, NESR further expanded its footprint within the
Middle East and North Africa (&#8220;MENA&#8221;) 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. See Note 5, <i>Business
Combinations</i>, to the consolidated financial statements included in Item 18, &#8220;<i>Financial Statements,</i>&#8221; of this
Annual Report for further discussion of the acquisitions of SAPESCO and Action (collectively, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_003"></span>FINANCIAL
INFORMATION AND CURRENCY OF FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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. As a consequence of the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4, <i>Restatements</i>, to our consolidated
financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221; of this Annual Report, certain balances prior to
January 1, 2021, are presented on an as restated basis within this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_004"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_006"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_007"></span>ITEM
3. KEY INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_008"></span>A.
[RESERVED]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_009"></span>B.
CAPITALIZATION AND INDEBTEDNESS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_011"></span>D.
RISK FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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">&#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">&#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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    COVID-19 pandemic and resulting adverse economic conditions have had, and may continue to have, a material adverse effect on our
    financial condition, results of operations and 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>
    <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</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    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 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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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">&#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">&#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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    future growth may be limited if we are unable to successfully integrate the operations of businesses or companies we acquire.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical
                                            dangers are inherent in our operations and may expose us to significant potential losses.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    compete with diversified multinational companies with substantially larger operating staffs and greater capital resources than 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">The
    inability to hire needed personnel or to access capital could negatively affect our ability to keep pace with technological advances.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 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 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 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>
    <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 under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
    Restatements, included in Item 18. &#8220;Financial Statements&#8221; related to our previously issued audited
    financial statements as well as material weaknesses that have been identified in our internal controls over financial systems 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">&#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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">A significant portion of our consolidated revenue and
    consolidated operating expenses is in foreign currencies, exposing us to risks arising from fluctuating exchange rates and currency
    control restrictions.</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
    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.</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 have sufficient indemnities or insurance to cover liability claims.</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
    are subject to a wide array of governmental regulations and contractual restrictions and the failure to comply with such regulations
    and restrictions could negatively affect our ability to operate our business and our financial status.</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 climate change, environmental, social and governance (&#8220;ESG&#8221;) matters and conservation measures may
    adversely impact our business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks Related to Our Capital Structure</b></span></p>



<p style="margin: 0">&#160;</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; text-align: justify; 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; text-align: justify; 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">Fluctuations
    in the price of our ordinary shares and warrants caused by market conditions, our financial results or other factors could cause
    our shareholders to lose all or part of their investment.</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
    public warrants could expire worthless.</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">Because
    we are incorporated under the laws of the British Virgin Islands and our significant assets are located offshore, our investors&#8217;
    ability to seek redress in U.S. courts is limited.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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"><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"><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">Cybersecurity
    risks and threats could adversely affect our business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.5in"><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">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.5in"><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">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>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.5in"><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">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>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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; text-align: justify"><span style="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>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; text-align: justify"><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; 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 Expert Market on an &#8220;unsolicited only&#8221; basis. Pursuant to Rule 15c2-11
under the Exchange Act, companies that do not make current information publicly available under the rule are transitioned to the OTC
Expert Market.</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
delisting of our securities from Nasdaq and their limited trading on the OTC Expert Market have had and may continue to have adverse
effects on our business, including the following:</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; 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"></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">less
                                            liquidity and value for our securities;</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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">trades
                                            on the OTC Expert Market are primarily limited to private purchases and sales among sophisticated
                                            investors;</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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
                                            limited market quotations for our securities;</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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
                                            limited information concerning our securities, or their trading prices and volume;</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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
                                            limited research coverage by stock analysts;</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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">loss
                                            of reputation, loss of employee confidence, or loss of institutional investors or interest
                                            in business development opportunities;</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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;</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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">decreased
                                            ability to issue additional securities or obtain additional funding in the future; and</span></td></tr></table>

<table cellpadding="0" cellspacing="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"></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">loss
                                            of exemption under U.S. states securities registration requirements, which may require us
                                            to comply with applicable U.S. state securities laws.</span></td></tr></table>

<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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
plan to apply to list our ordinary shares and warrants on one of the public OTC Markets as soon as we are in compliance with their public
information requirements. In addition, 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 OTC Markets,
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; text-align: justify"></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 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 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 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: 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <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">Highest Closing Price</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">Lowest Closing Price</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%; font-weight: bold; text-align: left">2020</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">70.25</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9.12</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: left">2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">85.76</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50.36</td><td style="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">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>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prolonged reduction in oil and natural gas prices,
depressed levels of exploration, development, and production activity 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 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 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 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 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">weather
    conditions, natural disasters, and public health crises and threats, such as coronavirus (COVID-19);</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, and economic 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">the
    ability or willingness of the Organization of the Petroleum Exporting Countries (&#8220;OPEC&#8221;) and the expanded alliance known
    as OPEC+ (&#8220;OPEC+) to set and maintain oil production levels and quotas and member country compliance with quotas;</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 oil and gas production by non-OPEC+ 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">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 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 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">the
    cost of producing and delivering oil and natural gas;</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">technological
    advances affecting energy consumption; 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
    acceleration of the development of alternative fuels.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: justify"><b><i>The COVID-19 pandemic
and resulting adverse economic conditions have had, and any similar outbreak in the future may have, a material adverse effect
on our financial condition, results of operations and cash flows.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic caused, and any resurgence of a similar pandemic could again cause, a significant reduction in global economic
activity, significantly weakening demand for oil and gas, and in turn, for our products and services. Other effects of the pandemic included,
and may continue to include, significant volatility and disruption of the global financial markets; adverse revenue and net (loss)
/ income effects; disruptions to our operations, including suspension or deferral of drilling activities; customer shutdowns of oil
and gas exploration and production; downward revisions to customer budgets; limitations on access to sources of liquidity; supply chain
disruptions; limitations on access to component parts; employee impacts from illness; and local and regional closures or lockdowns,
including temporary closures of our facilities and the facilities of our customers and suppliers. The extent to which our operating and
financial results will continue to be affected by the pandemic will depend on various factors beyond our control, such as the continued
severity of the pandemic, including any sustained geographic resurgence; the emergence of new variants and strains of the COVID-19 virus;
and the success of actions to contain or treat the virus. COVID-19, and volatile regional and global economic conditions stemming from
the pandemic, could also aggravate our other risk factors described in this Annual Report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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-top: 0pt; margin-bottom: 0pt; 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 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 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 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, including volatility of oil and natural gas prices and expectations regarding future prices;</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 government incentives and tax regimes;</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 of our customers to access capital on economically favorable terms;</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">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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and 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 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-top: 0pt; margin-bottom: 0pt; 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 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 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
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 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
geographic concentration of our 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
primary customers are in the Middle East and North Africa and all are in the energy industry. Among 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 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 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 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 40%, 9%, 7% and 7% of the Company&#8217;s consolidated revenues in the year
ended December 31, 2022, 51%, 10%, 7% and 4% of the Company&#8217;s consolidated revenues in the year ended December 31, 2021,
and 58%, 12%, 4% and 3% of the Company&#8217;s consolidated revenues in the year ended December 31, 2020. Given the terms of our
customer contracts, there remains 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 the 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 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-top: 0pt; margin-bottom: 0pt; 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be exposed to risks inherent in doing business in each of the countries in which we operate. Our operations will be 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 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">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">recent
    efforts toward modernization in the region could have unanticipated consequences to cause unrest or political change that could cause
    loss of contracts;</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">inflation;</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">currency
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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">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
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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">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 0 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, due to the unsettled political conditions in many oil-producing countries, our operations, revenue, and profits will 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 United States or elsewhere, 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 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 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 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 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 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 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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-top: 0pt; margin-bottom: 0pt; 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, including the integration of the
operations of our Subsidiaries, our future growth will be limited.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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
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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
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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
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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
    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 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 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 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-top: 0pt; margin-bottom: 0pt; 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 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 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 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 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>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 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 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. 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 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 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; text-align: justify"><span style="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>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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
matters identified under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements, included in Item 18. &#8220;Financial Statements,&#8221; relating to our previously issued
audited financial statements 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; text-align: justify"><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; 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 under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in <i>Note
4, Restatements,</i> included in Item 18, &#8220;Financial Statements,&#8221; 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; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
weaknesses in our internal control over financial reporting have been identified <span style="background-color: white">which we are in
the process of remediating.</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.</i></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: 0.25in"><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, 2022, December 31, 2021, and December 31, 2020, 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; 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>
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    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; 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">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; 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: 12pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="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="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 Company did not design and maintain effective controls over
    certain accounts payable functions. Specifically, we 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="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="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; text-indent: 0.5in">&#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">We
are designing, implementing, and evaluating measures designed to remediate the material weaknesses.</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">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.</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">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; 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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, 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 net (loss) / 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 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 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 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 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 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 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 losses.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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">foreign
    currency exchange risks resulting from changes in foreign currency exchange rates and the implementation of exchange controls; 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
    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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><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 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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have operations in over 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 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 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 2022 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations
on a jurisdiction-by-jurisdiction basis, known as the &#8220;two pillar plan.&#8221; On October 8, 2021, the OECD announced an accord
endorsing and providing an implementation plan for the two pillar plan 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 implementation of
the accord is uncertain, if legislation is enacted to implement the accord in some or all of the jurisdictions in which we have operations,
it could materially increase the amount of taxes we owe, on a retroactive or prospective basis, thereby negatively affecting our results
of operations and our cash flows from operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lack
of consolidation 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 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 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 losses in one of our subsidiaries may not be eligible to be offset against
profits in another subsidiary to reduce consolidated tax liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">refinancing
    or restructuring their 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">selling
    assets;</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">reducing
    or delaying capital investments; or</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">seeking
    to raise additional capital.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 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 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 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 12, Debt, to the consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 $535.1 million in borrowings under our various loan agreements and
other financing arrangements as of December 31, 2022. 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 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 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 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 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 a general increase in the delay or non-payment and 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 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 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. The combination of a reduction of cash flow resulting
from lower commodity prices, a reduction in borrowing bases under reserve-based credit facilities, and the lack of availability of debt
or equity financing 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 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 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 third party&#8217;s intellectual property rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 generally 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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; Additionally, scientists have concluded
that increasing concentrations of greenhouse gases in the earth&#8217;s atmosphere produce climate changes that may have significant
physical effects, such as increased frequency and severity of storms, droughts, and floods and other adverse climatic events. If any
such effects were to occur, they could result in damage to our equipment and our customers&#8217; facilities and have an adverse effect
on our financial condition and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increased
attention to climate change, ESG matters and conservation measures may adversely impact our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Some
of our customers may require bids for contracts in the form of long-term, fixed pricing contracts that may 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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, may require bids for contracts in the form of long-term, fixed pricing contracts that may require us
to provide integrated project management services outside our normal discrete businesses to act as project managers as well as service
providers, and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate
information in relation to their reserves, which is a subjective process that involves location and volume estimation that may result
in cost over-runs, delays, and project losses. 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 may also be subject to trade control (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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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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"><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 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 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 or 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, or with designated companies in the oil and natural gas sector. 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. 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 the 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 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 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 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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. We are also subject to litigation and
regulatory risks in connection with the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4, <i>Restatements</i>, to our consolidated financial statements included in Item
18, &#8220;Financial Statements,&#8221; of this Annual Report. If we were to be sued under any
of the agreements related to the Business Combinations or 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&#160;D&amp;O insurance&#160;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 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 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 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 to meet the expectation of securities analysts or investors in a particular period;</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 financial estimates and recommendations by securities analysts concerning us or the market in general;</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
    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 and enhanced products on a timely basis;</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 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 available for public sale;</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">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, and the uncertainty and ongoing efforts to mitigate the spread of impacts of COVID-19,
    including, but not limited to, the severity and duration of the COVID-19 pandemic, the extent and effectiveness of containment measures,
    the availability and distribution of effective vaccines against COVID-19, the potential resurgence of COVID-19 or related strains,
    how quickly and to what extent normal economic and operating activity can resume, and the severity and duration of the global economic
    downturn that has resulted from the COVID-19 pandemic.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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, 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 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 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 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 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 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 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 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 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 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 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 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 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, 2022, 94,012,752 ordinary shares were outstanding
and 35,540,380 warrants were outstanding. Our outstanding ordinary shares do not include ordinary shares issuable upon exercise of the
warrants, which may be resold in the public market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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, 2022, and there is a risk that they may expire worthless. Furthermore, as long as our
ordinary shares are not publicly traded, 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, 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"><b>&#160;</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">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;&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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></p></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">to
    sell their warrants at the then-current market price when they might otherwise wish to hold their warrants; or</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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 of their warrants.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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.
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 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 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have engaged in a number of 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.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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. For example, up
to 2021, a related party vendor provided software services that supported certain of our operations in a country where
we have a perpetual license to use an Enterprise Resource Planning system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 with regard to transactions involving Mubbadrah
Investment LLC, Heavy Equipment Manufacturing &amp; Trading LLC, Prime Business Solutions LLC, Nine Energy Service, Inc. and Basin Holdings
US LLC. 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Substantially
</i></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>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.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could lose our status as a &#8220;foreign private issuer&#8221; under current SEC rules and regulations if more than 50% of our outstanding
voting securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority
of our directors or executive officers are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States;
or (iii) our business is administered principally in the United States. If we lose our status as a foreign private issuer, we would not
be eligible to use foreign issuer forms and would be required to file periodic and current reports and registration statements on U.S.
domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may re-incorporate in another jurisdiction, and the laws of such jurisdiction will likely govern all of our material agreements and we
may not be able to enforce our legal rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may relocate the home jurisdiction of our business from the British Virgin Islands to another jurisdiction. If we determine to do this,
the laws of such jurisdiction could govern any of our material agreements where jurisdiction has not been contractually established.
The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in implementation and interpretation
as in the British Virgin Islands. Furthermore, certain U.S. laws would continue to apply to us regardless of where we are incorporated.
The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business
opportunities or capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">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: 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 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 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
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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>
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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
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_012"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_013"></span>A.
HISTORY AND DEVELOPMENT OF THE COMPANY</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 Ritter
House, Wickhams Cay II, P.O. Box 4041, Road Town, VG1110 Tortola, British Virgin Islands.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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
is one of the largest oilfield services providers in the MENA region.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 formed from the merger of W. D. Von Gonten Laboratories
LLC and W. D. Von Gonten &amp; Co. Petroleum Engineering Consulting.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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, coil
tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance,
artificial lift services, completions and integrated project 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>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">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. EGCs may take advantage of certain exemptions from various reporting requirements that are applicable
to other 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 from 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 has adopted all deferred accounting standards in this Annual Report on Form 20-F.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 $312.1 million in the aggregate, comprising
$122.4 million from the year ended December 31, 2022, $107.1 million from the year ended December 31, 2021, and $82.6
million from the year ended December 31, 2020. 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;Liquidity and
Capital Resources.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 will invest 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 will 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. The Company invested $17.4 million in IPM projects during the year ended December 31, 2022.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2022, 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.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_014"></span>B.
BUSINESS OVERVIEW</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 services are similar to one another in that they consist of oilfield services and related offerings, whose customers
are oil and gas companies. 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 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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>
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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;
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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">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>
    <td style="font: 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">Stimulation
    &amp; 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">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>
    <td style="font: 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">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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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>
    <td style="font: 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>
  <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">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 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>
    <td style="font: 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>
    <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>
  <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>
    <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>
  <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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Integrated Project Management (&#8220;IPM&#8221;) projects
    are generally focused on developing and co-managing production of customers&#8217; assets under long-term agreements. NESR invests
    its own services and products into the field development activities and operations and is compensated on a fee-per barrel basis or
    based on cash flow generated. This includes certain arrangements whereby NESR is only compensated based on incremental production
    that it helps deliver above a mutually agreed baseline.</td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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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<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">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>
  <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></tr>
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    &amp; 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 gas industry including the re-cutting
    of tubing and casing, repair of drilling and production tubular and well heads.</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>
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    Intervention &#8211; We provide comprehensive oilfield solutions for all thru-tubing intervention requirement, from milling to thru-tubing
    fishing and thru-tubing well intervention.</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>
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    Running Services &#8211; We provide traditional Tubular Running Services operated by highly trained personnel focused on safety,
    quality, efficiency and well integrity. Our Casing Running Tool technology 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.</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">&#160;</span></td>
    <td style="font: 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">Directional
    Drilling &#8211; 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.</span></td></tr>

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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">
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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">Drilling
    Fluids &#8211; 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.</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pressure
    Control &#8211; 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 every application.</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Well
    Testing Services &#8211; 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 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.</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">Wireline
    Logging Services &#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>
  <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">Slickline
    Services &#8211; 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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; text-align: justify; text-indent: 56.7pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio
enhancement within the Drilling &amp; Evaluation (&#8220;D&amp;E&#8221;) segment continues to be a strategic focus for the Company. In
2022, the Company advanced on the development of next-generation downhole drilling and logging solutions, which are anticipated to position
the Company for new market opportunities in the coming years. The development of these D&amp;E solutions is driven by a combination of
internal R&amp;D expenditures and in close collaboration with leading investment and technology partners, with the goal of developing
a suite of tools that are tailored to address the downhole drilling challenges of the region.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.75in; 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-top: 0pt; text-align: justify; text-indent: 56.7pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, several key D&amp;E partnerships were announced. In March, the Company announced the successful startup of its partnership with
PHX Energy Services Corp., to bring leading directional drilling capabilities from North America to the MENA
region. In April, the Company announced its partnership with Beyond Energy Services &amp; Technology to offer
managed pressure drilling services. In September, the Company announced its partnership with Ulterra Drilling Technologies,
L.P. to deploy polycrystalline diamond compact drill bits. In November, the Company reported
the first successful deployment of its 15,000psi Kinetic Blowout Stopper technology in the MENA region, in close
collaboration with its partner Kinetic Pressure Control, based out of Houston.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 56.7pt; 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-top: 0pt; text-align: justify; text-indent: 56.7pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, the Company achieved market penetration of its expanding D&amp;E portfolio and announced a number of marquee D&amp;E contract awards
in core countries where NESR currently operates.</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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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"><i>ESG IMPACT.</i> In 2021, we
announced 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.</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">Areas of focus within the
ESG Impact segment include water &amp; minerals, flare &amp; methane abatement, emissions detection &amp; control, and new energies including
carbon capture, sequestration &amp; storage and geothermal solutions. This portfolio is cultivated through a combination
of internal research &amp; development (&#8220;R&amp;D&#8221;) and partnerships with leading technology companies from around the world.</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">In addition to the formation
of ESG Impact, through 2021 the Company placed several strategic investments, and formed partnerships with companies to expand the ESG
Impact portfolio. In February, the Company announced partnerships with Salttech O&amp;G BV based out of the
Netherlands, and Clean TeQ Pty Ltd from Australia, to offer a complementary portfolio of oilfield water treatment
solutions. In March, the Company announced investment in ICE Thermal Harvesting, LLC to introduce a solution for
zero-emissions power production from low-enthalpy heat sources. In November, the Company announced investment in Qube Technologies,
a provider of artificial intelligence based continuous multi-gas monitoring &amp; leak detection, to augment its emissions
detection &amp; control offering.</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">In 2022, the Company successfully
advanced on multiple fronts with key field introductions of ESG Impact solutions. In water, the Company successfully piloted its zero
liquid discharge desalination solution, in collaboration with one of its largest customers, to prove the efficacy
of produced water recycling within the industry. In emissions detection, the Company successfully piloted its AI-based methane &amp;
leak detection solution in several strategic countries. Additionally in new energies, the Company executed its first CO2 sequestration
pilot and also its first geothermal testing project for a prominent national energy producer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of ESG IMPACT were not material to our Consolidated Statements of Operations for the years ended December 31, 2022, December
31, 2021, or December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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="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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    <td style="font-weight: bold; text-align: left">Geographic Area:</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="text-align: left">Domestic (British Virgin Islands)</td><td>&#160;</td>
    <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><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 40%">MENA</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">893,635</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">865,917</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">822,606</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,882</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,812</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 40%, 9%, 7% and 7% of the Company&#8217;s consolidated revenues in the year
ended December 31, 2022, 51%, 10%, 7% and 4% of the Company&#8217;s consolidated revenues in the year ended December 31,
2021, and 58%, 12%, 4% and 3% of the Company&#8217;s consolidated revenues in the year ended December 31, 2020.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 gas sector or promoting the use of renewable energy or energy efficiency technologies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 gas companies are liable
for various asserted damages associated with the production of fuels that contributed to climate change; or (3) oil and 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

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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: 0.25in; 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_015"></span>C.
ORGANIZATIONAL STRUCTURE</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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, 2022, see Exhibit 8.1 to this Annual Report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_016"></span>D.
PROPERTY, PLANT, &amp; EQUIPMENT</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 over 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 &amp; innovation across the MENA region. 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_017"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_019"></span>A.
OPERATING RESULTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a regional provider of services to the oil and gas industry primarily in the MENA region. We currently operate in over 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 throughout the region 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oil
and natural gas prices increased during 2022 largely driven by supply constraints which were amplified as a result of recent geopolitical
events and supply chain bottlenecks. Activity began to visibly expand in the second half of the year, as evidenced by significant increases
in rig counts in MENA. The Company is well positioned to benefit from this market expansion and anticipates record levels of upstream
investment by national oil companies to continue in the next few years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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, 2022, December 31, 2021, and December 31, 2020, 98%, 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 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 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 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 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 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 gas prices, such oil and 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 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 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 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 0; text-align: justify; text-indent: 27.5pt"><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 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 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 0; text-align: justify; text-indent: 27.5pt"><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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: justify; text-indent: 27.5pt"><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 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 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 0; text-align: justify; text-indent: 27.5pt"><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 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 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 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 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 0; text-align: justify; text-indent: 27.5pt"><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 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain/(loss)
on warrant liability</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain/(loss)
on Private Warrant liability consists of adjustments recorded to present the Company&#8217;s Private Warrants at fair value in the Consolidated
Balance Sheets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 27.5pt"><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 0; text-align: justify; text-indent: 27.5pt"><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>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 two operating and 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Production
Services</i>. <span style="background-color: white">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, cementing, coiled tubing, filtration, completions, stimulation, pumping and nitrogen services. </span>Our Production Services
accounted for 62%, 63%, and 67%, of our revenues for the years ended December 31, 2022, 2021, and 2020, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>. <span style="background-color: white">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 well testing services, drilling services and rental, fishing and remediation,
drilling and workover rigs, wireline logging services, turbines drilling, directional drilling, slickline services and drilling fluids,
among others. </span>Our Drilling and Evaluation Services accounted for accounted for 38%, 37%, and 33%, of our revenues
for the years ended December 31, 2022, 2021, and 2020, 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 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 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 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 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 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 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 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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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 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 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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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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; text-align: left"><span style="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; text-align: left"><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: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss)
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    (loss) / income attributable to non-controlling interests</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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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; margin-left: auto; width: 90%; 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; 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="6" 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>Year
    ended</b></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">
    <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>
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    2022</b></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>
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    2021</b></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"><b>Reportable
    Segment:</b></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">&#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"><span style="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">&#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; vertical-align: bottom; background-color: white">
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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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">567,249</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">554,097</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 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">Drilling
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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="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">342,268</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="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">322,632</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"><b>Total
    revenue</b></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="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">$</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">909,517</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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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></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 coil 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 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"><span style="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">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; 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"><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, 2022, 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 (as further described in the 2021 compared to 2020 analysis below), (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; 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"><b><i>Gross
(loss) / profit. </i></b>Gross (loss) / profit</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 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; 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"><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) preparation of the restated
financial statements for the years ended December 31, 2022, 2021, and 2020 related SEC reports; (2) costs related to
the audits of the financial statements for the years ended December 31, 2020 to 2022, including multiple audit firms as discussed
in Item 16F, Change in Registrant&#8217;s Certifying Accountant; (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; 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"><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; 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"><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; 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"><b><i>Gain/(loss)
on warrant liability</i></b>. Gain/(loss) on warrant liability was $0 (zero) million for the year ended December 31, 2022, as compared
to $0 (zero) million for the year ended December 31, 2021.</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"><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; 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"><b><i>Income
tax (expense) / benefit</i></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> (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 14, <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; 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; text-align: justify; text-indent: 0.5in; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net (loss) / income.</i></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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%; border-collapse: collapse">
  <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"><b>&#160;</b></span></td>
    <td colspan="6" 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>Year
    ended</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 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"><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
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2022</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>
    <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 />
2021</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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reportable
    Segment<sup>(1)</sup>:</b></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">&#160;&#160;&#160;&#160;&#160;&#160;<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"><span style="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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<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; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
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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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,717</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,858</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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
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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">33,473</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">(1,238</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></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><sup>(1)</sup></td>
  <td style="text-align: justify">See Note 21, <i>Reportable Segments</i>, to our consolidated financial statements included in Item
  18, &#8220;Financial Statements,&#8221; of this Annual Report.</td></tr>
</table>


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


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    <div style="break-before: page; margin-top: 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="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2021
compared to 2020</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.2pt; 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 0; text-align: justify; text-indent: 0.5in; background-color: white">As
a result of the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/
(Understatement) of Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses
in Note 4, <i>Restatements</i><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, to our
consolidated financial statements included in Item 18, &#8220;Financial Statements,&#8221; of this Annual Report, certain balances prior
to January 1, 2021, are presented on an as restated basis within this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.2pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 presents our Consolidated Statements of Operations data for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 $876.7 million for the year ended December 31, 2021, compared to $834.2 million for the year ended December
31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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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>
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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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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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>
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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"><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: 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"><b>Total
    revenue</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="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"><b>$</b></span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>876,729</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</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>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; 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 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 $554.1 million for the year ended December 31, 2021, compared to $557.3 million for the year ended
December 31, 2020. The change in revenue (although flat year-on-year) was primarily due to higher activity in Kuwait, which
includes the impact of the Action Business Combination, and the full year impact of the SAPESCO Business Combination,
mainly in United Arab Emirates, partially offset by decreased hydraulic fracturing stages in Saudi Arabia during transition between hydraulic fracturing contracts. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><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">Drilling
and Evaluation Services revenue was $322.6 million for the year ended December 31, 2021, compared to $276.8 million for
the year ended December 31, 2020. The change in revenue was primarily due to higher activity in Kuwait which includes the impact
of the Action Business Combination, the full year impact of the SAPESCO Business Combination, increased logging activities in
Saudi Arabia and Egypt due to additional contract awards, higher slickline service revenue from additional jobs and introduction of new
technology, and  higher drilling services from increased market share in Saudi Arabia and Algeria.</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"><b><i>Cost
of services.</i></b> Cost of services was $873.9 million for the year ended December 31, 2021, compared to $756.2
million for the year ended December 31, 2020. The change in cost of services was primarily due to the following reasons: (1)
supplier price inflation mainly on chemicals and consumables brought about by global reactivation of activity after
COVID-19 pandemic; (2) increased labor costs due to travel restrictions caused by COVID-19, (3) transition between hydraulic
fracturing contracts and reduction in Well Testing Activity in Saudi Arabia; (4) provision for settlement of a customer dispute in
Oman and additional provisioning for technologically obsolete inventory also in Oman; and (5)  ramp up in costs in anticipation
of new projects primarily within Drilling and Evaluation. Many of the costs in the reasons mentioned above are one-off or
non-recurring in nature. Cost of services included depreciation expense of $104.1 million and $104.8 million for
the year ended December 31, 2021, and the year ended December 31, 2020, 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">&#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"><b><i>Gross
(loss) / profit</i></b>.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Gross (loss) / profit as
a percentage of total revenue was 0.3% and 9.3% for the year ended December 31, 2021, and the year ended December 31, 2020,
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; 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"><b><i>SG&amp;A
expenses.</i></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> SG&amp;A expenses, which
represent costs associated with managing and supporting our operations, were $28.1 million for the year ended December 31, 2021,
compared to $26.8 million for the year ended December 31, 2020. SG&amp;A was slightly up year-on-year due to ERP
system implementation costs and the impact of restricted stock awards with higher grant date fair values than those in the prior period.
SG&amp;A as a percentage of total revenue was 3.2% and 3.2% for the year ended December 31, 2021, and the year ended December
31, 2020, 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">&#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"><b><i>Amortization
expense.</i></b> Amortization expense was $18.0 million for the year ended December 31, 2021, compared to $15.8 million
for the year ended December 31, 2020. 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; 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"><b><i>Interest
expense, net.</i></b> Interest expense, net, was $15.2 million for the year ended December 31, 2021, compared to $15.9 million
for the year ended December 31, 2020. There was no one significant driver of the fluctuation in interest expense during the year
ended December 31, 2021, as compared to the year ended December 31, 2020.</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"><b><i>Gain/(loss)
on warrant liability</i></b>. Gain/(loss) on warrant liability was $0 (zero) million for the year ended December 31, 2021, as compared
to $0.6 million for the year ended December 31, 2020. The difference between periods is attributable to the change in fair value of the
Company&#8217;s Private Warrants.</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"><b><i>Other
(expense) income, net.</i></b> Other (expense) income, net, was ($2.1) million for the year ended December 31, 2021, compared
to $9.1 million for the year ended December 31, 2020. The difference between periods is primarily due to a nonrecurring
gain recognized on the difference between the value of SAPESCO contingent consideration on the acquisition date as compared to expected
settlement value as year-end 2020. See Note 5, <i>Business Combinations</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; 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"><b><i>Income
tax (expense) / benefit.</i></b> Income tax (expense) / benefit </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(benefit)
was ($4.0) million for the year ended December 31, 2021, compared to ($12.5) million for the year ended December 31, 2020.
The change in the effective tax rate from 2020 to 2021 is primarily the result of a decrease of (loss) / income before income tax period-on-period,
coupled with a change in mix between countries with higher and lower income tax rates. See Note 14, <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; 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"><b><i>Net
(loss) / income.</i></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> As a result of the foregoing,
net (loss) / income was ($64.6) million for the year ended December 31, 2021, compared to $16.6 million for the
year ended December 31, 2020.</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 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-top: 0pt; margin-bottom: 0pt; text-align: center; 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%; border-collapse: collapse">
  <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"><b>&#160;</b></span></td>
    <td colspan="6" 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>Year
    ended</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 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"><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
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2021</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>
    <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 />
    2020 (As restated)</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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reportable
    Segment<sup>(1)</sup>:</b></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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<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"><span style="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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<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; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
    Services</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">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,858</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,180</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>
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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">Drilling
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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">(1,238</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>
    <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">24,295</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>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><sup>(1)</sup></td>
  <td style="text-align: justify">See Note 21, <i>Reportable Segments</i>, to our consolidated financial statements included in Item
  18, &#8220;Financial Statements,&#8221; of this Annual Report.</td></tr>
</table>


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


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    <div style="break-before: page; margin-top: 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="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 (loss) / income was ($1.9) million for the year ended December 31, 2021, compared to $56.2
million for the year ended December 31, 2020. The change in segment operating (loss) / income was attributable to lower
revenue coupled with significant labor and supply chain cost pressure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 (loss) / income was ($1.2) million for the year ended December 31, 2021, compared to $24.3
million for the year ended December 31, 2020. The change in segment operating (loss) / income was largely attributable to
significant labor and supply chain cost pressure in 2021 as compared to 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_020"></span>B.
LIQUIDITY AND CAPITAL RESOURCES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
objective in financing our business is to maintain sufficient liquidity, adequate financial resources and financial flexibility to fund
the requirements of our business. We had cash and cash equivalents of $78.9 million as of December 31, 2022, and $205.8 million
as of December 31, 2021. Our outstanding borrowings were $535.1 million as of December 31, 2022, and $595.8 million
as of December 31, 2021. Current available borrowing capacity totaled $183.9 million as of December 31, 2022. 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 global cash needs. See &#8220;Capital Resources&#8221; below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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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    US$ thousands)</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">
    <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>
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    ended</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 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>
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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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    31, 2021</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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    31, 2020</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 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">&#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">&#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 colspan="2" 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 colspan="2" 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; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    provided by (used in):</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">&#160;&#160;&#160;&#160;&#160;&#160;<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"><span style="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">&#160;&#160;&#160;&#160;&#160;&#160;<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"><span style="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">&#160;&#160;&#160;&#160;&#160;&#160;<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; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 58%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    Activities</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">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,576</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">127,743</p></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: 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">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">134,453</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 style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; 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">Investing
    Activities</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">(146,708</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>
    <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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(164,536</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(96,437</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></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; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
    Activities</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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(72,795</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">167,544</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">(36,240</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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of exchange rate changes on cash</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="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">8</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="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">9</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="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">35</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">Net
    change in cash and cash equivalents</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="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">(126,919</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="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">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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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></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 $92.6 million for the year ended December 31, 2022, compared to cash flows provided
by operating activities of $127.7 million for the year ended December 31, 2021. Cash flows from operating activities fluctuated
by $35.2 million in the year ended December 31, 2022, compared to year ended December 31, 2021, primarily due to a significant
decrease in cash collections offset partially by improved net income year-on-year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 $146.7 million for the year ended December 31, 2022, compared to cash flows used in investing
activities of $164.5 million for the year ended December 31, 2021. The difference between periods was primarily due significantly
reduced cash spend on acquisitions and other investments, offset partially by higher capital expenditures. 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 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 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 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 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 $72.8 million for the year ended December 31, 2022, compared to cash flows provided
by financing activities of $167.5 million for the year ended December 31, 2021. The shift between 2021 and 2022 is primarily
attributable to the 2021 Secured Facilities Agreement which did not reoccur in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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, 2022. 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 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 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">
  <tr style="vertical-align: bottom">
    <td colspan="21" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Payments Due by Period</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Less than</td><td style="font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">1 &#8211; 3</td><td style="font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">3 &#8211; 5</td><td style="font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">More than</td><td style="font-size: 10pt; font-weight: bold">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">(In thousands)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">1 year</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">years</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">years</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">5 years</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Principal payments for long-term debt<sup>(1)</sup></span></td><td style="width: 2%; font-size: 10pt">&#160;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">451,942</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 2%; font-size: 10pt">&#160;</td>
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    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">140,597</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 2%; font-size: 10pt">&#160;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">258,000</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 2%; font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Principal and interest payments for short-term debt <sup>(2)</sup></span></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">94,353</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">94,353</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Estimated interest payments for long-term debt <sup>(3) </sup></span></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">119,561</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">35,352</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">55,202</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">29,007</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Operating leases <sup>(4)</sup></span></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">57,328</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">6,967</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">10,341</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">5,539</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">34,481</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Finance leases <sup>(5)</sup></span></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">2,605</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">2,402</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">203</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Seller-provided installment financing for capital expenditures <sup>(6)</sup></span></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">11,557</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">11,085</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">472</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Contractual commitments for capital expenditures <sup>(7) </sup></span></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">38,432</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">38,432</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 10pt">Employees&#8217; end of service benefits <sup>(8)</sup></span></td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">45,860</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">5,232</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">9,656</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">9,447</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">21,525</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">821,638</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">247,168</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">216,471</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">301,993</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">56,006</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&#160;</td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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, 2022. 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 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 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, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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 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 $26.4 million of this balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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, 2022, we had the following principal credit facilities and instruments outstanding or available:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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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">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. 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 $8.6 million and $10.5 million as of December 31, 2022 and December
31, 2021, 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>

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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">The
$860 million Secured Facilities Agreement consists 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. Borrowings under the Term Loan and RCF facilities incur 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. As of December 31, 2022, and December 31, 2021, this resulted in interest
rates of 7.64% and 2.96%, respectively, for U.S. dollar denominated borrowings, and interest rates of 8.60% and 3.44%, 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, 2022, and December
31, 2021, the Company had drawn $430.0 million and $430.0 million, respectively, of the Term Loan, and $10.0 million and $80.0 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">&#160;</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 0.65% per annum based on the average daily amount by which the borrowing base exceeds the outstanding borrowings during
each 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, 2022, and December 31, 2021, the Company had $70.0
million and $0.0 million, respectively, available to be drawn under the RCF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</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 Secured Facilities Agreement also includes a working capital facility of $350 million and $350 million as of December 31, 2022,
and December 31, 2021, 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 carries 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. As of December
31, 2022, and December 31, 2021, the Company had utilized $252.9 million and $223.1 million, respectively, under this working capital
facility and the balance of $97.1 million and $126.9 million, respectively, was available to the Company.</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">The
Company has also retained legacy bilateral working capital facilities from HSBC totaling $10.6 million and $18.6 million at December
31, 2022 and December 31, 2021, respectively, in Qatar ($10.3 million at December 31, 2022, $10.3 million at December 31, 2021), in the
UAE ($0.2 million at December 31, 2022, and $8.2 million at December 31, 2021) and in Kuwait ($0.1 million at December 31, 2022 and $0.1
million at December 31, 2021). As of December 31, 2022, and December 31, 2021, the Company had utilized $4.7 million and $11.7 million,
respectively, under this working capital facility and the balance of $5.9 million and $6.9 million, respectively, was available to the
Company.</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; text-indent: 0.5in; background-color: white"><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 15, Commitments
and Contingencies.</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">In
March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform, which provides temporary optional guidance to companies impacted
by the transition away from the London Interbank Offered Rate (&#8220;LIBOR&#8221;). The guidance provides certain expedients and exceptions
to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that
reference LIBOR as a benchmark rate are modified. The transition from LIBOR is not expected to have a material impact on the Company&#8217;s
financial statements for future reporting periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">Subsequent
to December 31, 2022, 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</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 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. Since April 30,
2022 to the date of this filing, the Company has received waivers from its lenders related to compliance with certain financial and nonfinancial
covenants. The Company expects to regain compliance with these covenants upon filing of this Annual Report on Form 20-F.</span></p>

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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"><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">The
Commercial International Bank Short-Term Debt facilities (collectively, &#8220;CIB Short-Term Debt&#8221;) include a $1.5 million U.S.
Dollar time loan facility, a E&#163;2 million Egyptian Pound time loan facility, and a E&#163;10 million Egyptian pound time loan overdraft
facility, and $8.8 million U.S. dollars in letters of guarantee. Each CIB Short-Term Debt borrowing matures three months from the date
of borrowing. There was no balance outstanding for the CIB Short-Term Debt as of December 31, 2022, or 2021.</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
U.S. Dollar time loan facility accrues interest at 2.25% per annum over 3 months LIBOR plus 50 basis points per annum of the Highest
Monthly Debit Balance (&#8220;HMDB&#8221;) commission. The Egyptian Pound time loan and overdraft facilities accrue interest at 0.75%
per annum over the Central Bank of Egypt&#8217;s Corridor Offer Rate plus 50 basis points per annum HMDB commission.</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, 2022, and December 31, 2021, the CIB Short-Term Debt resulted in an interest rate of 0% and 2.3%, respectively, for U.S.
Dollar denominated balances, and 0% and 10.0%, respectively, for Egyptian Pound denominated balances. As of December 31, 2022, the Company
had utilized $0 (zero) million of the U.S. Dollar time loan facility, E&#163;0 (zero) million of the Egyptian Pound time loan facility,
and E&#163;0 (zero) million of the Egyptian pound time loan overdraft facility, and $4.4 million in letters of guarantee, with the balances
of $1.5 million, E&#163;2 million, E&#163;10 million, and $4.4 million, respectively, available to the Company. As of December 31,
2021, the Company had utilized $0 (zero) million of the U.S. Dollar time loan facility, E&#163;0 (zero) million of the Egyptian Pound
time loan facility, and E&#163;0 (zero) million of the Egyptian pound time loan overdraft facility, and $6.4 million in letters of guarantee,
with the balances of $1.5 million, E&#163;2.0 million, E&#163;10 million, and $5.1 million (of $11.5 million), respectively, available
to the Company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 $26.4 million and $40.1 million as of December 31, 2022 and December
31, 2021, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 $132.4 million and $105.6 million as of December
31, 2022, and December 31, 2021, respectively. The Company has also entered into cash margin guarantees totaling $3.6 million
and $4.4 million at December 31, 2022, and December 31, 2021, 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 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 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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. In addition, 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 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 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 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, 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><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 will likely affect the liquidity of such securities and could inhibit or restrict our ability to raise additional
financing, among other things. Although the Company will pursue the listing and relisting of the ordinary shares and the warrants on
one of the public OTC Markets and Nasdaq as soon as practicable through the normal application process, there can be no assurance that
the Company&#8217;s securities will be listed on a public OTC Market or re-listed on Nasdaq or that a future market for the Company&#8217;s
securities will develop.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 $38.4 million and $36.7 million at December 31, 2022 and 2021, respectively.
Substantially all of the commitments outstanding as of December 31, 2022, are expected to be settled during 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_021"></span>C.
RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 ESG Impact and Drilling &amp; Evaluation 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 &amp; innovation across the MENA region.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_022"></span>D.
TREND INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_023"></span>E.
CRITICAL ACCOUNTING ESTIMATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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, 2022, its most recent annual goodwill impairment
test date, was $1.6 billion. The Company&#8217;s market capitalization as of October 1, 2022, was $558.4 million based on an October
1, 2022, share price of $5.94 and 94,012,752 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, 2022, 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>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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. We typically receive &#8220;callouts&#8221; from our 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 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 0; 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. 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 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 0; 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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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<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">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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 asset to be utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 throughout the world. 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_025"></span>A.
DIRECTORS AND SENIOR MANAGEMENT</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; 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: 6%; 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">53</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">63</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">46</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 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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, 2022.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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. 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 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 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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 most recently ratified by the shareholders at the Company&#8217;s 2020 annual general meeting
whereas Class II directors were most recently ratified 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 disclosed
under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4, <i>Restatements</i>, to our consolidated financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221; of
this Annual Report). 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 Class I Director seats will next be up for election at the 2024 annual general meeting,
which will be the second AGM following their election. 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 2022 as directors of NESR:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 24%; 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
    </b><sup>(4)</sup></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>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: 54%; 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">65</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">68</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
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">61</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
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">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">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
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">Hala
    Zeibak<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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</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
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">53</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 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 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 Business Combination. Mr. Al Nowais represents ANI on the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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
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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)
</sup>Olayan Saudi Holding Company (&#8220;Olayan&#8221;) is entitled to nominate one director to the Board of Directors for so
long as it and its affiliates collectively hold at least 6,879,225 NESR ordinary shares. Ms. Zeibak subsequently resigned from the Board
of Directors during the third quarter of 2023 and as of the date of this document, no successor has been appointed by Olayan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)
</sup>Age as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 of Fugro N.V. (Euronext: FUR), a company providing geotechnical,
survey, subsea and geosciences services since 2014 and Vice-Chairman 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>

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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">We
believe that Mr. Campo Mejia is qualified to serve on our Board of Directors because of his extensive experience in the oil and 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"><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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="background-color: white"><b><i>Hala
Zeibak</i></b> has been an independent director of the Company since May 12, 2017. She is a member of The Olayan Group&#8217;s global
investment team, currently serving as co-head of private equity investments for Europe. The Olayan Group is a private multinational enterprise
with a managed portfolio of international investments and diverse commercial and industrial operations in the Middle East. Ms. Zeibak
joined the group in July 2005, initially at Olayan America in New York. She transferred to Olayan Europe in London in 2011. She has a
strong focus on investments in energy and affiliated sectors, including oil, gas, power, commodities and industrials. She is a member
of the Oxford Energy Policy Club. Ms. Zeibak received a Bachelor of Arts in Economics from Tufts University in 2003, graduating <i>summa
cum laude,</i> with membership in the Phi Beta Kappa Society. She went on to earn a master&#8217;s degree in 2005 from the Fletcher School
of Law &amp; Diplomacy at Tufts. Her concentration was international finance and trade.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">We
believe that Ms. Zeibak is qualified to serve on our Board of Directors because of her extensive experience in the investment community
and with diverse industries and multinational operations, including in the MENA region.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">&#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 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., a provider of
specialized oil and gas completion and production services, from 2007 to 2009, Hornbeck Offshore Services, Inc., a provider of
marine services to the energy sector and military customers, from 2000 to 2006, Oil States International, Inc., 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 2007-2013, 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 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 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 gas industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 gas contract drilling services. 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 coil 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 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 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_026"></span>B.
COMPENSATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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. The cash compensation for each member of senior
management has been comprised of base salary, annual cash incentive (bonus), and historically long-term equity
incentive, restricted stock units (&#8220;RSUs&#8221;) issued pursuant to our 2018 Long Term Incentive Plan (the
&#8220;LTIP&#8221;). Since March of 2021, the Company has not granted RSUs to any member of Senior Management pending conclusion
of the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/
(Understatement) of Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative
Expenses in Note 4, <i>Restatements</i>, to our consolidated financial statements included in Item 18, &#8220;<i>Financial
Statements</i>,&#8221; of this Annual Report). During the year ended December 31, 2022, the aggregate cash compensation paid to
all current members of 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 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2022, the Company has unpaid 2022 Director cash compensation of $125,000 which is
expected to be settled in 2024. All non-employee Directors are 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. The actual number of restricted shares issued is calculated
by dividing $100,000 by the closing price of our common stock on the OTC Markets exchange on the date of grant. All shares are awarded
under the LTIP and follow all the terms and conditions of the LTIP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-employee
Directors are permitted to waive Director&#8217;s fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information on the compensation earned, paid or awarded to our current Directors for the year ended December
31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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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  <tr style="vertical-align: bottom">
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    <td style="width: 46%; text-align: left">Antonio Campo Mejia</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="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</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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    <td style="text-align: left">&#160;</td><td style="text-align: right">65,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">165,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hala Zeibek<sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sherif Foda<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table>


<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</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="width: 0.25in">(1)</td>
    <td style="text-align: justify">Mr. Al Nowais and Ms. Zeibak both waived their 2022 compensation.</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">(2)</td>
    <td style="text-align: justify">Members of our Board of Directors who are also our employees or employees of our subsidiaries or non-independent directors
    do not receive any compensation including any cash or stock grants for their service on our Board of Directors.</td></tr>
  </table>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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, 2022, the Company awarded 1,011,040 RSUs under the LTIP at a value of $8.9 million. The RSUs
were allocated to the recipients at a weighted average grant date fair value of $8.76 per share and, with limited exceptions,
vest ratably on an annual basis over a 3-year period (1/3 of the shares vest at the anniversary of the grant date) for employees and
over a 1-year period for members of our Board of Directors. Expense related to share-based compensation of $9.3 million, $9.8
million, and $7.8 million was recorded in the Consolidated Statements of Operations in the years ended December 31, 2022, 2021, and 2020,
respectively. At December 31, 2022 and 2021, the Company had unrecognized compensation expense of $12.4 million and $14.0 million,
respectively, related to unvested RSUs to be recognized on a straight-line basis over a weighted average remaining period of 1.72
years and 1.99 years, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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
$28.3 million and $27.4 million as of December 31, 2022, and 2021, 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 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 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_027"></span>C.
BOARD PRACTICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the Board of Directors consisted of six directors. This included the four NESR directors existing prior to our
acquisition of NPS and GES, Sherif Foda, Thomas Wood, Antonio J. Campo Mejia, and Hala Zeibak, 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 0 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>

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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
    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 with management our compliance with applicable laws and 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">&#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 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 0"><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,
to serve as an independent committee (the &#8220;Subcommittee&#8221;) to understand and address the causes of the matters
described in &#8220;Item 15. Controls and Procedures&#8221; and under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4, <i>Restatements</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 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 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 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 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 0; text-align: justify"><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 2022, the members of our Compensation
Committee were Mr. Campo Mejia, Ms. Zeibak and Mr. Wood, with Mr. Wood serving as the chairman of the Compensation Committee.
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 0 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- and long-term incentive compensation of all executive officers to the Board 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">&#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 compensation policies and plans; </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">implementing
    and administering our incentive compensation equity-based remuneration plans;</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">assisting
    management in complying with our proxy statement and Annual Report disclosure requirements; </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">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 a report on executive compensation to be included in our annual proxy statement; an</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,
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 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 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 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 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 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 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 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>
    <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">should
    have demonstrated notable or significant achievements in business, education or public service;</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">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</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">should
    have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of our shareholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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">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 respect thereto as it may seem advisable;</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
    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 suggestions to the Board of Directors concerning committee structure of the Board of Directors, committee operations,
    committee member 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 that an executive officer or director may have violated the Company&#8217;s Code of Conduct and reporting its findings
    to the Board of Directors; 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">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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_028"></span>D.
EMPLOYEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, 2021, and 2020, we employed 5,968, 5,623, and 5,581 employees and contractors, respectively, from over 60
different nationalities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
that relations with employees are good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_029"></span>E.
SHARE OWNERSHIP</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 September 30, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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="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">&#160;</span></td>
    <td colspan="6" 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>Beneficial
    Interest in Ordinary Shares</b></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">
    <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>Officer
    and/or Director</b></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="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>Number
    of shares</b></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 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>Percentage
    <sup>(a)</sup></b></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; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sherif Foda <sup>(b)</sup></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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,965,325</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: 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; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</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">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"><span style="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">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"><span style="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">316,033</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">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"><span style="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">726,922</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">Yousef Al Nowais<sup>(c)</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">5,358,396</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">5.64</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></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">Andrew Waite</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">42,103</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">Thomas 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"><span style="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">929,209</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">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All officers and directors as a group</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">10,337,988</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">10.88</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></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 September 30, 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_030"></span>E.
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 0; text-align: justify"><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 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 0; text-align: justify"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_031"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_032"></span>A.
MAJOR SHAREHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 September 30, 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 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 0; 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; border-collapse: collapse; width: 100%">
  <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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" 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>Ordinary
    Shares Held</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">&#160;</span></td></tr>
  <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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders</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">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><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>Number
    of shares</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>(in
    thousands)</b></span></p></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 colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="border-bottom: black 0.5pt solid; 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>Percentage
    of Ordinary Shares Outstanding<sup>(a)</sup></b></span></p></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; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olayan
    Saudi Holding Company</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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,025</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: 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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.92</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></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">Mubbadrah
    Investment LLC<sup>(b)</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">9,288</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">9.78</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></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">SCF-VIII, L.P.<sup>(c)</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">7,992</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">8.41</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></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">Al-Nowais
    Investments LLC</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">5,358</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">5.64</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></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">Encompass
    Capital Advisors LLC</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">5,328</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">5.61</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></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">FMR
    LLC<sup>(d)</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">4,972</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">5.23</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></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 September 30, 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.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (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"><sup>(d)</sup></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Includes NESR ordinary shares owned by FMR LLC and Abigail
    P. Johnson.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 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 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 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 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Encompass Capital Advisors LLC and FMR LLC became more
    than 5% shareholders of the Company.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_033"></span>B.
RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 20, <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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_034"></span>C.
INTERESTS OF EXPERTS AND COUNSEL</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_035"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_036"></span>A.
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 15, <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 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 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_037"></span>B.
SIGNIFICANT CHANGES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_038"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_039"></span>A.
OFFER AND LISTING DETAILS</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 Expert Market under the symbols
[&#8220;NESR&#8221;] and [&#8220;NESRW&#8221;], respectively, on an &#8220;unsolicited only&#8221; basis. Pursuant to Rule 15c2-11 under
the Exchange Act, effective September 26, 2021, companies that do not make current information publicly available under the Exchange
Act rules are transitioned to the OTC Expert Market. The trades on the OTC Expert Market are limited primarily to private purchases and
sales among sophisticated investors with sufficient investment experience, among others. 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 </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_040"></span>B.
PLAN OF DISTRIBUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_041"></span>C.
MARKETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
ordinary shares and warrants are quoted on the OTC Expert 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_042"></span>D.
SELLING SHAREHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_043"></span>E.
DILUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_044"></span>F.
EXPENSES OF THE ISSUE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_045"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_046"></span>A.
SHARE CAPITAL</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_047"></span>B.
MEMORANDUM AND ARTICLES OF ASSOCIATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 attached as
Exhibit 3.1 to this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 Ritter House, Wickhams Cay II, Road Town, Tortola, VG 1110,
British Virgin Islands, and the registered agent of the Company is Intertrust Corporate Services (BVI) Limited also at Ritter House,
Wickhams Cay II, Road Town, Tortola, VG 1110, British Virgin Islands. 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 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 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 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 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 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 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 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 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 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 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 0; text-align: justify; text-indent: 27pt"><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 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; 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: 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>
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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">
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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>
  <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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  <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>
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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"><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>
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    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>
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<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, 2022, an aggregate of 94,012,752 million ordinary shares were issued and outstanding. After considering unvested RSUs
outstanding as of December 31, 2022, 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&#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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<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">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">&#160;</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">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, nor does it anticipate one being held in 2023, due to the ongoing
activities associated with the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4, <i>Restatements</i>, to our consolidated financial statements included in Item 18,
&#8220;<i>Financial Statements</i>,&#8221; of this Annual Report). 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: 27pt"><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: 27pt"><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: 27pt"><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: 27pt"><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: 27pt"><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">&#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: 27pt"><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">
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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>
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    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 the Charter cannot be amended by the shareholders; or</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 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 of the board of directors, authorize a distribution at a time and of an amount they
think fit if 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. 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="ss_001"></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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    <!-- 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_002"></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="ss_003"></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 10% to 40%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>U.S.
Federal Income Taxation</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
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, 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, foreign 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">&#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>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 of receipt, 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 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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    <!-- 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; 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. 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 Expert 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>

<p style="font: 10pt Times New Roman, Times, Serif; 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
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, 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, 2022, 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 and 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>

<p style="font: 10pt Times 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"><i>&#160;</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"><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 redemption 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). 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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<p style="font: 10pt Times New Roman, Times, Serif; 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 for 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;foreign financial assets,&#8221; generally including 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 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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<p style="font: 10pt Times 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="ss_004"></span>F.
DIVIDENDS AND PAYING AGENTS</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="ss_005"></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="ss_006"></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 www.sec.gov.</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="ss_007"></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="ss_008"></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="ss_009"></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">US
dollar 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 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, 2022, 2021 and 2020. 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. Borrowings under the Term Loan and RCF facilities incur 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. From 2021 into 2022, as central banks sought to reduce inflationary
pressures, interest rates for our 2021 Secured Facilities Agreement increased from 2.96% to 7.64% for U.S. dollar denominated borrowings,
and from 3.44% to 8.60% for Saudi Arabian Riyal borrowings. As a consequence, interest expense, net, rose to $34.1 million for the year
ended December 31, 2022, compared to $15.2 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">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="ss_010"></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="ss_011"></span>A.
DEBT 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="ss_012"></span>B.
WARRANTS AND 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">As
of both December 31, 2022, and December 31, 2021, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company reserves
the right to call the Public Warrants at any time prior to  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: 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">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. As of both December 31, 2022, and December 31, 2021, there were no Private Warrants outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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="ss_013"></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="ss_014"></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; 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"><b><span id="ss_015"></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="ss_016"></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="ss_017"></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="ss_018"></span>ITEM
15. CONTROLS AND PROCEDURES</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>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"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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: 0; text-align: justify; text-indent: 0.5in"><span style="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, 2022, 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: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Lack</span><span style="font-size: 10pt">
    of an effective organizational structure to promote effective internal control:</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Lack of effective communication
    protocols to ensure timely escalation and resolving of accounting issues; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The material weakness described
above contributed to the following additional material weaknesses:</p>

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

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="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="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">The Company did not design
    and maintain effective controls over certain accounts payable functions. Specifically, we 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="vertical-align: top">
    <td>&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 12pt 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: 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">As discussed under Correction
of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of Assets and Liabilities and Correction
of Errors in Classification of Selling, General and Administrative Expenses in Note 4, <i>Restatements</i>, to
our consolidated financial statements included in Item 18, &#8220;<i>Financial Statements</i>,&#8221; of this Annual Report, 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.</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"><i>&#160;</i></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; 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>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; 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, 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"><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">During
the period from July 1, 2021, to January 1, 2022, we implemented a new enterprise resource planning system in several locations. Where
appropriate, we have made changes to related internal controls over our financial reporting. Other than the system implementation referenced
above, 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>Management&#8217;s
Plan for Remediation, discussed below, has largely been implemented during 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management&#8217;s
Plan for Remediation </i></b></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">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 begun 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:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</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">&#160;</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">Changed
    the Company&#8217;s reporting lines for financial reporting on an interim basis such that the Company&#8217;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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">Engaged
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    Internal Audit team;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">Engaged
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    focused on U.S. GAAP and the specific issues that led to the Company&#8217;s restatement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</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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    heads that reemphasized the location of key Company policies and required certifications that each trainee understood where to find
    the Company&#8217;s policies and understood their content;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    and communication of internal control deficiencies to those parties responsible for taking corrective action, including senior management
    and the board of directors, as appropriate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">Enhanced
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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">&#160;</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">Recruited
    additional individuals to key positions within our financial reporting, technology, accounting, internal audit and other support
    functions.</span></td></tr>
  </table>
<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 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:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</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">
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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>
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    the optimal structure for the financial reporting and accounting functions, considering the decentralized nature of the Company&#8217;s
    operations and the regions in which it operates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</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">&#160;</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">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;</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">&#160;</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">Evaluating
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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">&#160;</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">Improving
    the completeness and accuracy of underlying data used in the operation of certain controls within the Company&#8217;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.</span></td></tr>
  </table>
<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">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. While these remediation
efforts are ongoing, the controls must be operating effectively for a sufficient period of time and be tested by management in order
to consider them remediated and conclude that the design is effective to address the risks of material misstatement.</p>



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

<p style="font: 10pt Times 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="ss_019"></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="ss_020"></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: 27.35pt"><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="ss_021"></span>ITEM
16B. CODE OF ETHICS</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: 27.35pt"><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: 27.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have posted a copy of our Code of Conduct on our website at www.nesr.com in the Investor Relations section.</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="ss_022"></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
Provided by and Fees Paid to Grant Thornton Audit and Accounting Limited (Dubai Branch) </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: 27.35pt">In the
second quarter of 2023, the Audit Committee appointed Grant Thornton Audit and Accounting Limited (Dubai Branch) (&#8220;GT&#8221;)
as the Company&#8217;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.</p>

<p style="font: 10pt Times 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 the aggregate fees by categories specified below in connection with certain professional services rendered
by GT, for the periods indicated (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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <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">&#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="6" 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>Year
    ended</b></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; 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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, 2022</b></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">&#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">&#160;</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, 2021</b></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">&#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">&#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">&#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"><span style="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">&#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; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
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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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,450</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,805</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 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">Audit-related
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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">85</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">20</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">Tax
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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">-</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">All
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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="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">-</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="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">-</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">Total</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="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">$</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</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">3,825</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>
  </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"><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="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">(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 fees for services provided other than the services reported above.</span></td></tr>
  </table>
<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; 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; 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-top: 0pt; margin-bottom: 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 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, 2022, December 31, 2021, and December 31, 2020, 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="ss_023"></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="ss_024"></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="ss_025"></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: 0; text-align: justify; text-indent: 0.5in">On March 31, 2021, the Audit
Committee appointed PricewaterhouseCoopers Limited Partnership Dubai Branch (formerly PricewaterhouseCoopers (Dubai Branch)) (&#8220;PwC&#8221;)
as the Company&#8217;s independent registered public accounting firm, effective immediately. Concurrently, the Audit Committee dismissed
KPMG Assurance and Consulting Services LLP (&#8220;KPMG&#8221;) from serving as the Company&#8217;s independent registered public accounting
firm, effective immediately.</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">During our fiscal years
ended December 31, 2020, and December 31, 2019, and through the date of dismissal, (i) we had no disagreements with KPMG on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to the satisfaction of KPMG, would have caused it to make reference to the subject matter of such disagreements in
its report on our financial statements for such period and (ii) there were no &#8220;reportable events&#8221; requiring disclosure
pursuant to Item 16F(a)(1)(v) of Form 20-F. The audit reports of KPMG on our consolidated financial statements for the fiscal years
ended December 31, 2020, and December 31, 2019, did not contain an adverse opinion or disclaimer of opinion and were not qualified
or modified as to uncertainty, audit scope or accounting principles.</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">During the Company&#8217;s
fiscal years ended December 31, 2020, and December 31, 2019, and through the subsequent interim periods through the date of PwC&#8217;s
engagement, the Company did not consult with PwC regarding either (i) the application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that might be rendered on the Company&#8217;s financial statements, or (ii)
any matter that was either the subject of a disagreement (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions)
or a reportable event (as defined in Item 16F(a)(1)(v) of Form 20-F). In selecting PwC as the Company&#8217;s new independent registered
public accounting firm, the Audit Committee considered all relevant factors, including non-audit services that were provided by PwC to
the Company in prior periods.</p>

<p style="font: 12pt 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">On March 10, 2022, as a consequence
of material errors, primarily related to the completeness of accounts payable and accrued liabilities, the Company concluded and recommended
to the Audit Committee that it will restate its consolidated U.S. GAAP financial statements as of and for the fiscal year ended December
31, 2020. These errors resulted in the identification of material weaknesses in internal control
over financial reporting.</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">On June 15, 2022, KPMG was
engaged to re-audit the consolidated balance sheets of the Company as of December 31, 2020, and 2019 (Successor Company balance sheets),
and the related statements of operations, comprehensive income, shareholders&#8217; equity, and cash flows for the years ended December 31,
2020, December 31, 2019, and the period from June 7, 2018, to December 31, 2018 (Successor Company operations), and for the period from
January 1, 2018 to June 6, 2018 with respect to NPS Holdings Limited (Predecessor Company operations). On May 15, 2023, KPMG resigned
from its re-audit engagement.</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">On June 9, 2023, PwC
resigned as the Company&#8217;s auditors. On July 12, 2023, the Audit Committee engaged GT as the Company&#8217;s
independent registered public accounting firm, for the audits of the years ended December 31, 2022, and December 31,
2021, and the-reaudit of the year ended December 31, 2020.</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">During our fiscal years
ended December 31, 2022, and December 31, 2021, and through the date of dismissal, (i) we had no disagreements with PwC on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of such disagreements in
its report on our financial statements for such period and (ii) other than the restatement and material weaknesses noted above,
there were no &#8220;reportable events&#8221; requiring disclosure pursuant to Item 16F(a)(1)(v) of Form 20-F. During their tenure as the Company&#8217;s independent registered public
accounting firm, PwC did not issue an audit opinion.</p>

<p style="font: 12pt 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">During the Company&#8217;s
two most recent fiscal years and through the subsequent interim periods through the date of GT&#8217;s engagement, the Company did not
consult with GT regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed,
or the type of audit opinion that might be rendered on the Company&#8217;s financial statements, or (ii) any matter that was either the
subject of a disagreement (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions) or a reportable event (as defined
in Item 16F(a)(1)(v) of Form 20-F). In selecting GT as the Company&#8217;s new independent registered public accounting firm, the Audit
Committee considered all relevant factors.</p>

<p style="font: 12pt 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">We provided PwC and KPMG with a copy of the foregoing disclosure and requested that each
of PwC and KPMG furnish us with a letter addressed to the SEC stating whether it agrees with the above statements that relate to them,
and if not, stating the respects in which it does not agree. We have received the requested letters from PwC and KPMG, copies of which
are included as Exhibit 15.1 and Exhibit 15.2, respectively, to this annual report.</p>
<p style="font: 10pt Times 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><span id="ss_026"></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 style="background-color: white">Additionally, because our ordinary shares
were listed on the Nasdaq, we were subject to Nasdaq&#8217;s corporate governance listing rules (&#8220;Nasdaq Listing Rules&#8221;).
However, Nasdaq Listing Rule 5615(a)(3) permits a foreign private issuer like us to follow the corporate governance practices of its
home country in lieu of certain Nasdaq Listing Rules. Nasdaq-listed, foreign private issuers are required to provide a summary of the
significant ways in which their corporate governance practices differ from those followed by Nasdaq-listed, U.S. domestic issuers. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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="ss_027"></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="ss_028"></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="ss_029"></span>ITEM
16J. INSIDER TRADING POLICIES</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">Pursuant
to applicable SEC transition guidance, the disclosure required by Item 16J will be applicable to the Company from the fiscal year
ending 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><span id="ss_030"></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">Pursuant
to applicable SEC transition guidance, the disclosure required by Item 16K will be applicable to the Company from the fiscal year ending
December 31, 2023.</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>


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    <!-- Field: /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">&#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="ss_031"></span>PART
III</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="ss_032"></span>ITEM
17. FINANCIAL 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">See
Item 18, &#8220;<i>Financial Statements,</i>&#8221; 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><span id="ss_033"></span>ITEM
18. FINANCIAL 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">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 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>National
Energy Services Reunited Corp. and Subsidiaries</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"><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 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><a href="#ss_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
of Independent Registered Public Accounting Firm</span></a> (PCAOB ID <span id="xdx_90A_edei--AuditorFirmId_c20220101__20221231_zLLfNkm6D1ma"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorFirmId">3211</ix:nonNumeric></span>)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="#ss_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operations</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="#ss_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Comprehensive Income</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="#ss_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="#ss_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Shareholders&#8217; Equity</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="#ss_040"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows</span></a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><a href="#ss_041"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></p>

<p style="font: 10pt Times 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="ss_034"></span>ITEM
19. EXHIBITS</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: 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="ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum and Articles of Association, as amended and restated</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">2.5*</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"><a href="ex2-5.htm">Description of the Registrant&#8217;s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934</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"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218008542/ex10-6.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</span></a></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>


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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%; 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"><a href="https://www.sec.gov/Archives/edgar/data/1698514/000149315218006365/defm14a.htm#a_65" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</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">4.6</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">15.1*</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="ex15-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auditor Letter (PwC)</span></a></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"><a href="ex15-2.htm">Auditor Letter (KPMG)</a></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
    Instance 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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  <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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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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; text-align: center; margin-top: 0pt; margin-bottom: 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; 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: 10pt"><b>SIGNATURES</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
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 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">
    <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">December
    29, 2023</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">December
    29, 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>


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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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_035"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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">To
the Shareholders and Board of 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">National
Energy Services Reunited Corp.</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"><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 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: 0; text-align: justify">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, 2022 and 2021, 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, 2022, 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, 2022, and 2021, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States
of America.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, 2022, 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 December 29, 2023, expressed an adverse
opinion.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Restatement to Correct 2020 Misstatements</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As discussed in Note 4 to the financial statements,
the financial statements as of and for the year ended December 31, 2020, have been restated to correct misstatements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Basis for Opinion</i></b></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><i>Uncertain tax positions
</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">As set forth in Note 12
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.</p>

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

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

<p style="margin: 0; text-align: justify">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.</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"><span style="font-family: Times 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"><i>/s/
Grant Thornton Audit and Accounting Limited (Dubai Branch)</i></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"><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 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">Dubai,
United Arab Emirates</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">December
29, 2023</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"><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"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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">To
the Shareholders and Board of 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">National
Energy Services Reunited Corp.</span></p>

<p style="font: 10pt Times 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>Opinion
on Internal Control over Financial Reporting</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: 0; text-align: justify">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, 2022, 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, 2022, based on the COSO criteria.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#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: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">i.</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The Company did not design and maintain an effective
    control environment.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">ii.</span></td>
    <td style="text-align: justify"><span style="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="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">iii.</span></td>
    <td style="text-align: justify"><span style="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="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">iv.</span></td>
    <td style="text-align: justify"><span style="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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, 2022. The material weaknesses identified above were considered in determining the nature,
timing, and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect
our report dated December 29, 2023, which expressed an unqualified opinion on those financial statements.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Definition and Limitations of Internal Control
over Financial Reporting</i></b></p>

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</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"><i>/s/
<span id="xdx_905_edei--AuditorName_c20220101__20221231_zXd2pYlgrgqc"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" 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 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 id="xdx_901_edei--AuditorLocation_c20220101__20221231_zYohJoSjbjra"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorLocation">Dubai,
United Arab Emirates</ix:nonNumeric></span></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">December
29, 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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<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">&#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; text-transform: uppercase"><b><span id="ss_036"></span>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</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>CONSOLIDATED
BALANCE SHEETS</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">(In
US$ thousands, except share data)</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>

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

<table cellpadding="0" cellspacing="0" id="xdx_302_111_pn3n3_zLskNS81V2f" summary="xdx: Statement - Consolidated Balance Sheets" 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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                                                                                <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>
  <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_40E_eus-gaap--AssetsAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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>
  <tr id="xdx_402_eus-gaap--AssetsCurrentAbstract_i01B" 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>
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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_40B_eus-gaap--Goodwill_i02I_pn3n3_maAzn3V_z0ViDHREOWP9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--LiabilitiesAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_pn3n3_maLCzJqz_zeLYJGsWOQVb" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--ShortTermBorrowings_i02I_pn3n3_maLCzJqz_zYdECGtjPUIb" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pn3n3_maLCzJqz_zo5UayrWWpQ9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--OtherLiabilitiesCurrent_i02I_pn3n3_maLCzJqz_zfUl13pKGE47" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCzJqz_maLzrkS_zq9lZ2t5PZo5" 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_404_eus-gaap--LongTermDebtNoncurrent_i01I_pn3n3_maLzrkS_zUUi3a5RtNxj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--DeferredTaxLiabilitiesOther_i01I_pn3n3_maLzrkS_z8dFwJ6rbfKf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Deferred tax liabilities (Note 14)</td><td>&#160;</td>
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  <tr id="xdx_404_ecustom--EmployeeBenefitLiabilities_i01I_pn3n3_maLzrkS_zzloKlUWn4t7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Employee benefit liabilities (Note 13)</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_pn3n3_maLzrkS_zd16rrjHfuo8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-current operating lease liabilities (Note 11)</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: xdx2ixbrl0146">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OtherLiabilitiesNoncurrent_i01I_pn3n3_maLzrkS_zR6AtXz3K4le" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other liabilities</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:OtherLiabilitiesNoncurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40,615</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:OtherLiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37,200</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--Liabilities_i01TI_pn3n3_maLASEzIVY_mtLzrkS_zeifDXlWW1Vi" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</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"><b><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,025,979</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; 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 id="xdx_40D_eus-gaap--CommitmentsAndContingencies_i01I_pn3n3_maLASEzIVY_zvY7eMpSkxxh" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Commitments and contingencies (Note 15)</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: xdx2ixbrl0155">-</span></td><td style="text-align: left">&#160;</td></tr>
  <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--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Equity</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"><span style="-sec-ix-hidden: xdx2ixbrl0160">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_pn3n3_mtLASEzIVY_zgcRBzFrCXLg" style="vertical-align: bottom; background-color: White">
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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"></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">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 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="ss_037"></span>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</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>CONSOLIDATED
STATEMENTS OF OPERATIONS</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">(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: 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"></p>

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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="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#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:OperatingIncomeLoss" contextRef="From2022-01-01to2022-12-31" 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_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzG9O_maPLzpjr_zgvkEC5maUif" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--ProfitLoss_iT_pn3n3_mtPLzpjr_maNILzwaK_zuJLR0GY7OZi" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net (loss) / income</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--NetIncomeLoss_iT_pn3n3_mtNILzwaK_zl10QQGHgBy4" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><b>Net (loss) / income</b><b> attributable to shareholders</b></td><td style="padding-bottom: 2.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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></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>
  <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_zviEnC0DGya8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>Diluted</td><td>&#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><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_409_eus-gaap--EarningsPerShareBasicAbstract_iB_z2KBwZnePxH" 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_40F_eus-gaap--EarningsPerShareBasic_i01_pid_zUbwXkOdPpK8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--EarningsPerShareDiluted_i01_pid_z4ysFX1DuqXh" style="vertical-align: bottom; background-color: White">
    <td>Diluted</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.71</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></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">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 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"></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="ss_038"></span>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</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>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME</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">(In
US$ thousands)</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 cellpadding="0" cellspacing="0" id="xdx_301_113_pn3n3_zR9QqCWwQhbd" summary="xdx: Statement - Consolidated Statements of Comprehensive Income" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: white">
    <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"><b>Description</b></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">&#160;</span></td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></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">&#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">&#160;</span></td>
    <td colspan="2" id="xdx_490_20210101__20211231_zY36apworled" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><b>December 31,</b></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></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">&#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">&#160;</span></td>
    <td colspan="2" id="xdx_496_20200101__20201231_zZEnlkAmCI75" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2020</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated,
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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></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; 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" 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>Year
    ended</b></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">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <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"><b>Description</b></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">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; 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>2022</b></span></p></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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><b>December 31,</b></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></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">&#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">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2020</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated,
    Note 4)</b></span></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></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; width: 40%"><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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><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>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><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>
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><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></tr>
  <tr id="xdx_405_eus-gaap--ProfitLoss_maCINOTzfY7_ziJuOqUvvDni" 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">Net
    (loss) / income</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">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">36,420</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">64,568</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">)</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,555</ix:nonFraction></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 id="xdx_40A_eus-gaap--ComprehensiveIncomeNetOfTaxAbstract_iB" 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">Other
    comprehensive income, net of tax</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">&#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"><span style="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">&#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"><span style="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">&#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 id="xdx_40E_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_i01_pn3n3_maCINOTzfY7_zCH5dFRhgfLa" 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">Foreign
    currency translation adjustments</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="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="-sec-ix-hidden: xdx2ixbrl0279">-</span>&#160;</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="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"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5</ix:nonFraction></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="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"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></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></tr>
  <tr id="xdx_404_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_i01T_pn3n3_mtCINOTzfY7_maCINOTzdBp_zFUxq98zWS31" 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"><b>Total
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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"><b>(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">36,420</ix:nonFraction></b></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></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"><b>(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">64,563</ix:nonFraction></b></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></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"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,590</ix:nonFraction></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 id="xdx_401_eus-gaap--ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_msCINOTzdBp_zuAiPfX4bfN" 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">Comprehensive
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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="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="-sec-ix-hidden: xdx2ixbrl0287">-</span>&#160;</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="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>
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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="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="-sec-ix-hidden: xdx2ixbrl0289">-</span>&#160;</td>
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  <tr id="xdx_406_eus-gaap--ComprehensiveIncomeNetOfTax_iT_pn3n3_mtCINOTzdBp_zxB69Q5ihAHl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
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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"></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">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 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"></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span id="ss_039"></span>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</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>CONSOLIDATED
STATEMENTS SHAREHOLDERS&#8217; EQUITY</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">(In
US$ thousands, except share data)</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 cellpadding="0" cellspacing="0" id="xdx_305_114_pn3n3_zvUgm0uhxOzc" summary="xdx: Statement - Consolidated Statements Shareholders&apos; Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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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></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 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; 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: center"><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"><b>Common
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    <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: center"><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; 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: center"><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; 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: center"><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; 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: center"><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; 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: center"><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; text-align: center"><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">
    <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: center"><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; 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: center"><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: center"><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: 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: center"><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; 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: center"><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: center"><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: 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: center"><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; text-align: center"><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">
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    <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>
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    <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: center"><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: 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: center"><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: center"><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: 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: center"><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: center"><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: 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: center"><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: bottom">
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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>
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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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0308">-</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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr id="xdx_402_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensationGross_pn3n3_zDa61ta4un3d" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_ecustom--VestingOfRestrictedShareUnits_zufskQZIjtv1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Vesting of restricted share units</td><td>&#160;</td>
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  <tr id="xdx_405_ecustom--ConversionOfPrivateWarrantsToPublicWarrants_pn3n3_znuHR4CRve46" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Conversion of Private Warrants to Public Warrants</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--StockIssuedDuringPeriodValueOther_zkiUDNGbftS1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Other</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: xdx2ixbrl0466">-</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="us-gaap:StockIssuedDuringPeriodValueOther" contextRef="From2020-01-012020-12-31_custom_TotalCompanyStockholdersEquityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--ProfitLoss_zy1AreyYhmWl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Net (loss) / income</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"><span style="-sec-ix-hidden: xdx2ixbrl0471">-</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: xdx2ixbrl0472">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; 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"><span style="-sec-ix-hidden: xdx2ixbrl0475">-</span></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 id="xdx_432_c20200101__20201231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_zRXW85atvkpc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance at December 31, 2020 (Restated, Note 4)</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_custom_CommonStockAndAdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">831,146</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,741</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_custom_TotalCompanyStockholdersEquityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">859,951</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_NoncontrollingInterestMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">859,943</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_43D_c20200101__20201231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_zy7RefakUem8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance</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">&#160;</td><td id="xdx_980_eus-gaap--SharesOutstanding_iE_pid_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndAdditionalPaidInCapitalMember_z6HGSedBXKr1" title="Balance, shares" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-12-31_custom_CommonStockAndAdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">87,777,553</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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_custom_CommonStockAndAdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">831,146</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64</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:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,741</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 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>


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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; text-transform: uppercase"><b><span id="ss_040"></span>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</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>CONSOLIDATED
STATEMENTS OF CASH FLOWS </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">(In
US$ thousands)</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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="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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    <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">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">&#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">Acquisition of business, net of cash acquired</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">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zMUa6n2RVk38" 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>
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  <tr id="xdx_407_eus-gaap--ProceedsFromIssuanceOfLongTermDebt_i01_maCzbGs_z2JPyWnNCYkg" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--RepaymentsOfLongTermDebt_i01N_di_msCzbGs_zSubD9OpGuX5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--RepaymentsOfShortTermDebt_i01N_di_msCzbGs_zajIzByfVQyg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_ecustom--PaymentsOnCapitalLeases_i01N_di_msCzbGs_zCQ64uEU8MK9" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_ecustom--PaymentsOnSellerprovidedFinancingForCapitalExpenditures_i01N_di_msCzbGs_zYsNo0kgcavl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Payments on seller-provided financing for capital expenditures</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--ProceedsFromPaymentsForOtherFinancingActivities_i01_maCzbGs_z69zwhWvwwo4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other financing activities, net</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><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_403_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_maCz42R_maCCERCz9Pk_zZw1tMGSqLCi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCz9Pk_zPxLYnlG7D1a" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zkJmlOEZ9L43" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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; 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 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; 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: 10pt; text-transform: uppercase"><b><span id="ss_041"></span>NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES</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>NOTES
TO CONSOLIDATED 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_808_eus-gaap--NatureOfOperations_zbb15lJ2FmS7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_042"></span>1.
<span id="xdx_82E_zaCqPXuj6uJ5">DESCRIPTION OF BUSINESS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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; 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 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 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. 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; the &#8220;SAPESCO Business Combination&#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;
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 formed from the merger of W. D. Von Gonten Laboratories LLC and W. D. Von Gonten &amp; Co. Petroleum
Engineering Consulting.</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, coil
tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance,
artificial lift services, and completions. 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 and Qatar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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="From2022-01-01to2022-12-31" escape="true" name="us-gaap:BasisOfAccounting"><p id="xdx_804_eus-gaap--BasisOfAccounting_zPkLON0DIZp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_043"></span>2.
<span id="xdx_829_z62STNbrITIe">BASIS OF PRESENTATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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; 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 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>


<ix:exclude><!-- Field: Page; Sequence: 83; Value: 2 -->
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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"><i>&#160;</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"><i>Use
of estimates</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">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 estimates made towards the purchase price allocations for the acquisitions of SAPESCO and Action, estimates made in valuing the
WDVGE Investment, 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, estimated useful life 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 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; 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 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_z20tx0SLEXeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_044"></span>3.
<span id="xdx_822_zUsqLpprHZZh">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_843_eus-gaap--ConsolidationPolicyTextBlock_zw1G8kEpHVC8" style="font: 10pt Times 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><span id="xdx_866_zqt86QhtdbU2">Consolidation</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: 0.5in"><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. The Company separately presents within equity on the Consolidated Balance Sheets the ownership interests
attributable to parties with non-controlling interests in the Company&#8217;s consolidated subsidiaries, and separately presents net
(loss) / income attributable to such parties on the Consolidated Statements 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_841_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_z4KuOmUxeKLg" style="font: 10pt Times 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><span id="xdx_868_zuin0fq7PzQj">Functional
and presentation currency</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: 0.5in"><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 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">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 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
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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_844_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zsfC7AX8K92c" style="font: 10pt Times 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><span id="xdx_86B_zGy4AGnOOQ4">Revenue
recognition</span></i></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">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 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>


<ix:exclude><!-- Field: Page; Sequence: 84; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><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 -->84<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zhc0SS5rCNG1" style="font: 10pt Times 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><span id="xdx_86C_zIwJHepFs3H8">Cash
and cash equivalents</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: 0.5in"><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 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:SupplementalCashFlowInformationPolicyTextBlock"><p id="xdx_841_ecustom--SupplementalCashFlowInformationPolicyTextBlock_zkVytDnLwB09" style="font: 10pt Times 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><span id="xdx_86E_zmVuy8fVEtGd">Supplemental
cash flow information</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"><i>&#160;</i></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">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 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"><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_901_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20220101__20221231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember_zlzhd6C3WmH7" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_us-gaap_AccountsPayableMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">9.1</ix:nonFraction></span> million are not included under &#8220;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">Purchases
    of property, plant, and equipment using seller-provided installment financing of $<span id="xdx_908_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20220101__20221231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember__us-gaap--TypeOfArrangementAxis__custom--SellerProvidedInstallmentFinancingMember_zQQVl9vugUsj" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_us-gaap_AccountsPayableMember_custom_SellerProvidedInstallmentFinancingMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.6</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>
  <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_90B_ecustom--ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued_pid_uShares_c20220101__20221231_zbJbdyMs5Iv9" title="Change in shares, sapesco - nesr ordinary share consideration"><ix:nonFraction name="NESR:ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,650,000</ix:nonFraction></span> shares as consideration
    for the WDVGE Investment (Note 10). 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 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">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 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"><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_909_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20210101__20211231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember_z8Be2gG0Crii" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_us-gaap_AccountsPayableMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.6</ix:nonFraction></span> million  are not included under &#8220;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">Purchases
    of property, plant, and equipment using seller-provided installment financing of $<span id="xdx_90C_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--SellerProvidedInstallmentFinancingMember__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember_zCADR0YVHplk"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_SellerProvidedInstallmentFinancingMember_us-gaap_AccountsPayableMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.3</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, $<span id="xdx_90D_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SellerProvidedInstallmentFinancingMember_zxuG0YW8i8H" title="Accounts payable"><ix:nonFraction name="us-gaap:AccountsPayableCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_SellerProvidedInstallmentFinancingMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million and $<span id="xdx_901_eus-gaap--OtherLiabilitiesCurrent_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SellerProvidedInstallmentFinancingMember_z4vcYFn1Ovdb" title="Other current liabilities"><span id="xdx_90B_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SellerProvidedInstallmentFinancingMember_zsxulXoCemzj" title="Short term borrowings"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2021-12-31_custom_SellerProvidedInstallmentFinancingMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31_custom_SellerProvidedInstallmentFinancingMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.0</ix:nonFraction></ix:nonFraction></span></span> million
    in Accounts payable, Other current liabilities and Short term borrowings, respectively, are not included under &#8220;Payments on
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    </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_zeAAGkxMv182" title="Capital lease obligations, current"><ix:nonFraction name="us-gaap:CapitalLeaseObligationsCurrent" contextRef="AsOf2021-12-31_custom_SaharaPetroleumServicesCompanyMember" 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_z0FNRsLZTnmi" title="Capital lease obligations, noncurrent"><ix:nonFraction name="us-gaap:CapitalLeaseObligationsNoncurrent" contextRef="AsOf2021-12-31_custom_SaharaPetroleumServicesCompanyMember" 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 5), 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_904_ecustom--ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued_pid_uShares_c20210101__20211231_zvlU9H6ARnw1" title="Change in shares, sapesco - nesr ordinary share consideration"><ix:nonFraction name="NESR:ChangeInSharesSAPESCONESROrdinaryShareConsiderationIssued" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,237,000</ix:nonFraction></span> shares, <span id="xdx_907_ecustom--ChangeInSharesSAPESCOAdditionalEarnoutSharesIssued_pid_uShares_c20210101__20211231_zuoM104vZOGj" title="Change in shares, sapesco - additional earn-out shares"><ix:nonFraction name="NESR:ChangeInSharesSAPESCOAdditionalEarnoutSharesIssued" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">145,039</ix:nonFraction></span> Additional Earn-Out Shares, and <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_z59wl0Y81I5k" title="Change in shares, SAPESCO - additional earn-out shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-12-31_custom_CommonStockOneMember" 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 (Note 5). 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 85; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><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 -->85<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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">Non-cash
transactions were as follows during the year ended December 31, 2020:</span></p>

<p style="font: 10pt Times 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"><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_c20200101__20201231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember_znEEU48qkjA9" title="Payments to acquire property, plant, and equipment"><ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_us-gaap_AccountsPayableMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">24.7</ix:nonFraction></span> million are not included under &#8220;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>
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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>
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current liabilities and Other Liabilities, respectively, are not included under &#8220;Payments on capital leases&#8221; within the Consolidated
Statement of Cash Flows.</span></td></tr>
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    payments of cash and shares for the purchase of SAPESCO (Note 5), are not included under &#8220;Acquisition of business, net
    of cash acquired&#8221; within the Consolidated Statement of Cash Flows.</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: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zAUr1mOhJklc" style="font: 10pt Times 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><span id="xdx_86D_z5kTnb1YF2ti">Concentration
of credit risk</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: 0.5in"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"><p id="xdx_84C_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zye1yObUS6i3" style="font: 10pt Times 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><span id="xdx_86D_zKRyKue3j1P9">Unbilled
revenue, accounts receivable and allowance for credit losses</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: 0.5in"><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 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
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_90A_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn5n6_c20220101_z6E9J7Q6xQ4g"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-01-01" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.8</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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">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 0pt 0pt 0; 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">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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_84A_eus-gaap--InventoryPolicyTextBlock_zJlsuCkvK4m2" style="font: 10pt Times 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><span id="xdx_868_zmJElmOf9ZDc">Service
inventories</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: 0.5in"><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 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; 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 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>


<ix:exclude><!-- Field: Page; Sequence: 86; Value: 2 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zf1PETWoSAgk" style="font: 10pt Times 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><span id="xdx_865_z2VEEocncOc4">Property,
plant and equipment</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: 0.5in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfEstimatedUsefulLifePropertyPlantAndEquipmentTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfEstimatedUsefulLifePropertyPlantAndEquipmentTableTextBlock_zlwc76stzzZa" style="font: 10pt Times New Roman, Times, Serif; display: none; 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 id="xdx_8B7_zyjSDgfH3NW7" style="display: none">SCHEDULE OF ESTIMATED USEFUL LIFE PROPERTY, PLANT AND EQUIPMENT</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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings
    and leasehold improvements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 55%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingsAndLeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_zygP9x5gZHN" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_BuildingsAndLeaseholdImprovementsMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    to <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingsAndLeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zpUUqsNoToBf" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_BuildingsAndLeaseholdImprovementsMember_srt_MaximumMember" format="ixt-sec:duryear" 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 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_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DrillingRigsPlantAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zS6szCjdidcl" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_DrillingRigsPlantAndEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">1</ix:nonNumeric></span>
    to <span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DrillingRigsPlantAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zUfocisHBFP3" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_DrillingRigsPlantAndEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" 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 style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndToolsMember__srt--RangeAxis__srt--MinimumMember_zbz3TpLQDz7c" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndToolsMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    to <span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndToolsMember__srt--RangeAxis__srt--MaximumMember_zWavfdJbXNml" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndToolsMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</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">Vehicles
    and cranes</span></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_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCranesMember__srt--RangeAxis__srt--MinimumMember_zPnuZCLnGq18" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_VehiclesAndCranesMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    to <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCranesMember__srt--RangeAxis__srt--MaximumMember_zI47sFHrAfyh" title="Property, plant and equipment estimated useful life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_VehiclesAndCranesMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span> years</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zEfGqpCqs8F4" 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; 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 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; 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 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; 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 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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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 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ProductionManagementAssetsPolicyTextBlock"><p id="xdx_845_ecustom--ProductionManagementAssetsPolicyTextBlock_z650OZR8j252" style="font: 10pt Times 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><span id="xdx_86F_zM3EmpVDGuw2">Production
Management Assets</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 will invest 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 will 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_904_eus-gaap--PropertyManagementFeePercentFee_uPure_c20220101__20221231_zf5yPsiWaF" title="Revenue percent"><ix:nonFraction name="us-gaap:PropertyManagementFeePercentFee" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span>% (zero), <span id="xdx_904_eus-gaap--PropertyManagementFeePercentFee_uPure_c20210101__20211231_zTZyXFjRuh6i" title="Revenue percent"><ix:nonFraction name="us-gaap:PropertyManagementFeePercentFee" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span>% (zero), and <span id="xdx_907_eus-gaap--PropertyManagementFeePercentFee_uPure_c20200101__20201231_zggZzq6YnE6a" title="Revenue percent"><ix:nonFraction name="us-gaap:PropertyManagementFeePercentFee" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span>% (zero) of the Company&#8217;s Revenues in 2022,
2021 and 2020, 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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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_907_ecustom--CapitalizedInvestments_pn5n6_c20220101__20221231_zNcBbUtkHBjb" title="Capitalized investments"><ix:nonFraction name="NESR:CapitalizedInvestments" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span> (zero) million, $<span id="xdx_90E_ecustom--CapitalizedInvestments_pn5n6_c20210101__20211231_zQeYkNfWT8k2" title="Capitalized investments"><ix:nonFraction name="NESR:CapitalizedInvestments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span> (zero) million and $<span id="xdx_901_ecustom--CapitalizedInvestments_pn5n6_c20200101__20201231_zYBIGIX4Gmhf" title="Capitalized investments"><ix:nonFraction name="NESR:CapitalizedInvestments" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span>
(zero) million in 2022, 2021 and 2020, 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: 0; text-align: justify; text-indent: 0.5in">The unamortized portion of the
Company&#8217;s investments in IPM projects was $<span id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedPremium_iI_pn5n6_c20221231_z0OugGJIgry4" title="Unamortized expense"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedPremium" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">17.4</ix:nonFraction></span> million and $<span id="xdx_909_eus-gaap--DebtInstrumentUnamortizedPremium_iI_pn5n6_c20211231_zVhyIi7mFdDf" title="Unamortized expense"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedPremium" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span> (zero) million at December 31, 2022 and 2021, respectively.
These amounts are included within &#8216;Other assets&#8217; in the Company&#8217;s Consolidated Balance Sheets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">At December
31, 2022, the Company assessed whether the unamortized costs associated with these investments exceed the present value of future cash
flows from the projects, and has determined that no impairment charge exist. 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subsequent to December 31,
2022, the production of hydrocarbon products commenced on these properties, and the Company commenced the amortization of these costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>&#160;</i></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"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy"><p id="xdx_84D_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_z2aX3kJdN7gi" style="font: 10pt Times 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><span id="xdx_862_zRy5aT1oXmVh">Goodwill</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: 0.5in"><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 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; 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, 2022, October 1, 2021, and October
1, 2020, 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 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p id="xdx_84D_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zO0WDmRFA0Wk" 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"><i><span id="xdx_863_z37DEyXM1oU1">Intangible
assets</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: 0.5in"><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_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dxL_c20221231__srt--RangeAxis__srt--MinimumMember_zwYjmBsoMLu" title="Finite lived intangible asset, useful lives::XDX::P8Y"><span style="-sec-ix-hidden: xdx2ixbrl0794">eight</span></span> to <span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dc_c20221231__srt--RangeAxis__srt--MaximumMember_zDNUxZG1uZ84"><ix:nonNumeric contextRef="AsOf2022-12-31_srt_MaximumMember" format="ixt-sec:durwordsen" 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 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">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 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:InvestmentsInEquityInstrumentsPolicyTextBlock"><p id="xdx_846_ecustom--InvestmentsInEquityInstrumentsPolicyTextBlock_zBLt9qfDrZW3" style="font: 10pt Times 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><span id="xdx_86F_zumxbT7rl8D">Investments
in Equity Instruments</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: 0.5in"><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_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MinimumMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--IntegratedProductionManagementMember_zWqLxkFvoU11" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_srt_MinimumMember_custom_IntegratedProductionManagementMember" 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_c20221231__srt--RangeAxis__srt--MaximumMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--IntegratedProductionManagementMember_zFhI0W52xdPb" title="Ownership percent"> <ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_srt_MaximumMember_custom_IntegratedProductionManagementMember" 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 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">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_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NationalEnergyServicesMember__srt--RangeAxis__srt--MinimumMember_zMqs5Fljdx26" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_NationalEnergyServicesMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% to <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NationalEnergyServicesMember__srt--RangeAxis__srt--MaximumMember_zHIXxg2EIXh1" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_NationalEnergyServicesMember_srt_MaximumMember" 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 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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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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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"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_845_eus-gaap--LesseeLeasesPolicyTextBlock_zaWfMp0BV5Uk" style="font: 10pt Times 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><span id="xdx_863_zrn9ftjygSN6">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 0 0pt 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 0 0pt 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 0 0pt 0pt; text-align: justify; text-indent: 0.5in">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_zF7WVxdTUodc" title="Right of use asset"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-01-01_us-gaap_AccountingStandardsUpdate201602Member" 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_zjPedUwGij1g" title="Leasehold liabilities"><ix:nonFraction name="us-gaap:ImpairmentOfLeasehold" contextRef="From2022-01-012022-01-01_us-gaap_AccountingStandardsUpdate201602Member" 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_zeNBF2clvBJ" title="Prepaid rent assets"><ix:nonFraction name="us-gaap:PrepaidRent" contextRef="AsOf2022-01-01_us-gaap_AccountingStandardsUpdate201602Member" 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_zcQ5gKWVCvS2" title="Lease liabilities"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-01-01_us-gaap_AccountingStandardsUpdate201602Member" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">33.2</ix:nonFraction></span>
million.</p>

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:EmployeeStockOwnershipPlanESOPPolicy"><p id="xdx_84D_eus-gaap--EmployeeStockOwnershipPlanESOPPolicy_zZiPFRXlv0W1" style="font: 10pt Times 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><span id="xdx_86C_zDDfBfTgHAva">Employee
benefits</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: 0.5in"><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-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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_848_eus-gaap--IncomeTaxPolicyTextBlock_z4UhzzdKZyT" style="font: 10pt Times 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><span id="xdx_86D_zC9eM6Vb7o0l">Income
taxes</span></i></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>

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_84A_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zqVwESLi0rLd" style="font: 10pt Times 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><span id="xdx_869_zFW6a36Tnkc">Stock-based
compensation arrangements</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: 0.5in"><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_zAez0EC7xtr6" title="Time-based and vest ratably period"><ix:nonNumeric contextRef="From2018-01-012018-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember_custom_BoardOfDirectorsMember" format="ixt-sec:duryear" 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_zU2PlfSoU8O2" title="Time-based and vest ratably period"><ix:nonNumeric contextRef="From2018-01-012018-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember_custom_EmployeesMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">3</ix:nonNumeric></span>-year period.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_849_eus-gaap--EarningsPerSharePolicyTextBlock_zLVJoEOXmcl5" style="font: 10pt Times 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><span id="xdx_86A_zZq1uPDklsm7">Net
(loss) / income per ordinary share</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: 0.5in"><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 attributable to ordinary shareholders by the weighted-average
number of ordinary shares outstanding. Diluted income per ordinary share was computed by dividing diluted net (loss) / income
attributable to ordinary shareholders 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 90; Value: 2 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:DerivativesReportingOfDerivativeActivity"><p id="xdx_845_eus-gaap--DerivativesReportingOfDerivativeActivity_z0tiK5w6OwSa" style="font: 10pt Times 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><span id="xdx_86D_zJZOAE8rqdt7">Derivative
financial instruments</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: 0.5in"><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 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_843_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zIkwiasPpKo1" style="font: 10pt Times 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><span id="xdx_867_zgYUriXiqTEf">Fair
value of financial instruments</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: 0.5in"><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 5), 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 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; 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 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>

<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>
  </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"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zzGArkzUdW82" style="font: 10pt Times 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><span id="xdx_868_zrIELcmbrv6d">Segment
information</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: 0.5in"><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 21), 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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock"><p id="xdx_84C_ecustom--RecentlyIssuedAccountingStandardsNotYetAdoptedPolicyTextBlock_zOjbcwbzE3I3" style="font: 10pt Times 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><span id="xdx_86A_z8eAgxKqdhO2">Recently
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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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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_85F_z59BXJzGmEci" style="font: 10pt Times New Roman, Times, Serif; 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>


<ix:exclude><!-- Field: Page; Sequence: 91; Value: 2 -->
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ErrorCorrectionTextBlock"><p id="xdx_80C_eus-gaap--ErrorCorrectionTextBlock_zIZ72ne54Vf7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_045"></span>4.
<span id="xdx_825_zm2lDXjJMYRj">RESTATEMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the quantitative impact of the restatements made by the Company as of and for the year-year
ended December 31, 2020, as well as for periods prior to January 1, 2020, which are adjusted through historical equity balances:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock_ztxLXaIRZlyb" style="font: 10pt Times New Roman, Times, Serif; 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_8B9_zowEvISh5x25" style="display: none">SCHEDULE OF RESTATEMENT</span></p>

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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>
    <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 id="xdx_982_eus-gaap--Assets_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RestatementAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zqxKuNTgT5Pi" title="Total assets" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0857">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--Assets_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodReclassificationAdjustmentMember_zNpgXZI16ky1" title="Total assets" style="text-align: right">(<ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2020-12-31_srt_RevisionOfPriorPeriodReclassificationAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,710</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--Assets_iI_pn3n3_c20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zsKNxeS6h5v3" title="Total assets" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--Assets_iI_pn3n3_c20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zDsEagjpmA31" title="Total assets" style="text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2020-01-01_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,197</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">
    <td style="text-align: left; padding-left: 10pt">Total current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--LiabilitiesCurrent_iI_pn3n3_c20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zi1fuu04z1S1" title="Total current liabilities" style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359,366</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--LiabilitiesCurrent_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zEkhp7kAkqk1" title="Total current liabilities" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0869">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--LiabilitiesCurrent_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zzZvgFNBjU1a" title="Total current liabilities" style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,923</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--LiabilitiesCurrent_iI_pn3n3_c20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zm63p5dHamI2" title="Total current liabilities" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0873">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--LiabilitiesCurrent_iI_pn3n3_c20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zVGJpOh48N09" title="Total current liabilities" style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2020-01-01_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,583</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--LiabilitiesCurrent_iI_pn3n3_c20201231_zIiKar52vCMc" title="Total current liabilities" style="text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">435,872</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-left: 10pt">Total liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--Liabilities_c20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_pn3n3" title="Total liabilities" style="text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">742,636</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--Liabilities_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_znOe20ir752e" title="Total liabilities" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0881">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--Liabilities_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zqGDMEiJZWUf" title="Total liabilities" style="text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,379</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--Liabilities_iI_pn3n3_c20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zTK5ZxyZG3ud" title="Total liabilities" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0885">-</span></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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    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pn3n3_c20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zHkFaY3K7Ezj" title="Total equity" style="text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-01-01_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">50,386</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pn3n3_c20201231_zm0qdNflQYul" title="Total equity" style="text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">859,943</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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><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>
    <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="font-weight: bold; text-align: left">Consolidated Statement of Operations</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>
    <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: rgb(204,238,255)">
    <td style="padding-left: 10pt">Revenues</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zaqhvQ49y4i9" title="Revenues" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">834,146</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--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zpA8804LMLfb" title="Revenues" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0905">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zTz50SLOkVP5" title="Revenues" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zTbc74cL0whc" title="Revenues" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0909">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zKlnFAFAAeL3" title="Revenues" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0911">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231_z9FCqRYy0Ijh" title="Revenues" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">834,152</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Cost of services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--CostOfGoodsAndServicesSold_iN_pn3n3_di_c20200101__20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zApVgi7xHjd7" title="Cost of services" style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSold" contextRef="From2020-01-012020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">678,720</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--CostOfGoodsAndServicesSold_iN_pn3n3_di_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zzzVRbOzEW3" title="Cost of services" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0917">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--CostOfGoodsAndServicesSold_iN_pn3n3_di_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zYsp5gQxWyih" title="Cost of services" style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSold" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32,260</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--CostOfGoodsAndServicesSold_iN_pn3n3_di_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zymS9TuTsNOl" title="Cost of services" style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSold" contextRef="From2020-01-012020-12-31_custom_CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,265</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--CostOfGoodsAndServicesSold_iN_pn3n3_di_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zsOvnLtpXda4" title="Cost of services" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0923">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--CostOfGoodsAndServicesSold_iN_pn3n3_di_c20200101__20201231_zjht5RF807hd" title="Cost of services" style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSold" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">756,245</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-left: 10pt">Selling, general and administrative expenses (excluding Amortization)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--SellingGeneralAndAdministrativeExpense_iN_pn3n3_di_c20200101__20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z14Syd6ajEyh" title="Selling, general and administrative expenses (excluding Amortization)" style="text-align: right">(<ix:nonFraction name="us-gaap:SellingGeneralAndAdministrativeExpense" contextRef="From2020-01-012020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">72,077</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--SellingGeneralAndAdministrativeExpense_iN_pn3n3_di_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zvE7JJlhJIFj" title="Selling, general and administrative expenses (excluding Amortization)" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0929">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--SellingGeneralAndAdministrativeExpense_iN_pn3n3_di_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zIOenejtzLLc" title="Selling, general and administrative expenses (excluding Amortization)" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0931">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--SellingGeneralAndAdministrativeExpense_pn3n3_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zL4APTySK637" title="Selling, general and administrative expenses (excluding Amortization)" style="text-align: right"><ix:nonFraction name="us-gaap:SellingGeneralAndAdministrativeExpense" contextRef="From2020-01-012020-12-31_custom_CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,265</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--SellingGeneralAndAdministrativeExpense_iN_pn3n3_di_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_znR7zu6wqmm8" title="Selling, general and administrative expenses (excluding Amortization)" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0935">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--SellingGeneralAndAdministrativeExpense_iN_pn3n3_di_c20200101__20201231_ztzd98ikRsa4" title="Selling, general and administrative expenses (excluding Amortization)" style="text-align: right">(<ix:nonFraction name="us-gaap:SellingGeneralAndAdministrativeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,812</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Gain/(loss) on Private Warrant Liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--GainLossOnWarrantLiability_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zlAswYe9jRjg" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0939">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--GainLossOnWarrantLiability_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zN48e4pFZ4Pc" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><ix:nonFraction name="NESR:GainLossOnWarrantLiability" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_custom_PrivateWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">557</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_ecustom--GainLossOnWarrantLiability_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zeasyeL2RVeb" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0943">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--GainLossOnWarrantLiability_pn3n3_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zA7JgQxuk616" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0945">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--GainLossOnWarrantLiability_pn3n3_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_za0heR7hbpSa" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0947">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--GainLossOnWarrantLiability_pn3n3_c20200101__20201231_zqJYtX2YVW5c" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><ix:nonFraction name="NESR:GainLossOnWarrantLiability" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">557</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-left: 10pt">(Loss) / Income before income tax</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zWpehznAjS3k" title="(Loss) / Income before income tax" style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-01-012020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60,792</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zcXN8kEczb5h" title="(Loss) / Income before income tax" style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_custom_PrivateWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">557</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--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zlO8n2egPR12" title="(Loss) / Income before income tax" style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">32,254</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zJlgTycvsBK9" title="(Loss) / Income before income tax" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0957">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zzTb6krX7iv3" title="(Loss) / Income before income tax" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0959">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20200101__20201231_zhDn0aNJqEH1" title="(Loss) / Income before income tax" style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,095</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Income tax (expense) / benefit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Income tax (expense) / benefit" id="xdx_980_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_z2UzMDuTwDF3" style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2020-01-012020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">10,705</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Income tax (expense) / benefit" id="xdx_988_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zhJ55laXX0u5" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0965">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Income tax (expense) / benefit" id="xdx_98C_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zxBSCe43RwG" style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,835</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Income tax (expense) / benefit" id="xdx_987_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zeBUmYUsfepc" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0969">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--NetIncomeLoss_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zLiOEXEgCEkl" title="Net (loss) / income" style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_custom_PrivateWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">557</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 id="xdx_988_eus-gaap--NetIncomeLoss_pn3n3_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zWduZj0IN4W" title="Net (loss) / income" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0981">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--NetIncomeLoss_pn3n3_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zXSeCW6Nsra5" title="Net (loss) / income" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0983">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--NetIncomeLoss_pn3n3_c20200101__20201231_zBjVox45B7S7" title="Net (loss) / income" style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,555</ix:nonFraction></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 id="xdx_985_eus-gaap--EarningsPerShareBasic_pid_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zlGftghGKvjl" title="Basic earnings per share" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0993">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--EarningsPerShareBasic_pid_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zvIIoLGxzv95" title="Basic earnings per share" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0995">-</span></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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    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--EarningsPerShareDiluted_pid_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zO6CRax5yWV7" title="Diluted earnings per share" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1001">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--EarningsPerShareDiluted_pid_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_z0KZYzBut5Li" title="Diluted earnings per share" style="text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.38</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--EarningsPerShareDiluted_pid_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zAXhjPYpV4Ug" title="Diluted earnings per share" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1005">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--EarningsPerShareDiluted_pid_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zKgY4ETy6a8l" title="Diluted earnings per share" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1007">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--EarningsPerShareDiluted_pid_c20200101__20201231_zqiHMWc1dALg" title="Diluted earnings per share" style="text-align: right"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.18</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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><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: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Consolidated Statement of Comprehensive Income</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>
    <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="text-align: left; padding-left: 10pt">Total Comprehensive Income, net of tax</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zVEnYkHL5m9h" title="Total comprehensive income, net of tax" style="text-align: right"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2020-01-012020-12-31_srt_ScenarioPreviouslyReportedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,122</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember_zHRvYxL3SXJe" title="Total comprehensive income, net of tax" style="text-align: right"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_custom_PrivateWarrantMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">557</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zC0Bn9ky7HDl" title="Total comprehensive income, net of tax" style="text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2020-01-012020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">34,089</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_pn3n3_c20200101__20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember_zUyaD3yED5e6" title="Total comprehensive income, net of tax" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1017">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_pn3n3_c20200101__20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_zedZTWg0dbU5" title="Total comprehensive income, net of tax" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1019">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_pn3n3_c20200101__20201231_zKErBukdYCHf" title="Total comprehensive income, net of tax" style="text-align: right"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,590</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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><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>
    <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="font-weight: bold; text-align: left">Consolidated Statement of Shareholders&#8217; Equity</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>
    <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: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Common Stock and Additional Paid in Capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pn3n3_c20201231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndAdditionalPaidInCapitalMember_zwDCPXgUWNj3" title="Common stock and additional paid in capital" style="text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_srt_ScenarioPreviouslyReportedMember_custom_CommonStockAndAdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">826,614</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndAdditionalPaidInCapitalMember_zWs2b9yAH28i" title="Common stock and additional paid in capital" style="text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_srt_RevisionOfPriorPeriodErrorCorrectionAdjustmentMember_custom_PrivateWarrantMember_custom_CommonStockAndAdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,532</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pn3n3_c20201231__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndAdditionalPaidInCapitalMember_zp1oTu2AwCbi" title="Common stock and additional paid in capital" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pn3n3_c20201231__srt--RestatementAxis__custom--CorrectionOfClassificationErrorsInSellingGeneralAndAdministrativeExpensesMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndAdditionalPaidInCapitalMember_zw391SKA6Og1" title="Common stock and additional paid in capital" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1029">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iI_pn3n3_c20200101__srt--RestatementAxis__srt--RevisionOfPriorPeriodErrorCorrectionAdjustmentMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockAndAdditionalPaidInCapitalMember_zSg4yJsgx3h7" title="Common stock and additional paid in capital" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1031">-</span></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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    <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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    <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>
    <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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</ix:nonNumeric><p id="xdx_8A1_zVgjZbPAXb8" 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"><i>&#160;</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"><i>Correction
of Private Warrant Classification Error</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">On
April 12, 2021, the Staff of the SEC released Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special
Purpose Acquisition Companies (&#8220;SPACs&#8221;) (the &#8220;Statement&#8221;). In response to the Statement, the Company determined
that it had incorrectly accounted for its Private Warrants as equity, instead of liabilities. In accordance with ASC 480, <i>Distinguishing
Liabilities from Equity</i>, the Company&#8217;s Private Warrants should have been both initially and subsequently measured at fair value
with changes in fair value recognized in earnings from inception until their conversion to Public Warrants. Private Warrants were converted
into Public Warrants periodically between December of 2018 and May of 2020. The Private Warrants were determined to be within the scope
of liability accounting due to provisions that could result in different settlement amounts depending upon the characteristics of the
holder of the Private Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Correction
of Errors from Overstatement/ (Understatement) of Assets and Liabilities</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"><b>&#160;</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">On
March 10, 2022, subsequent to the companywide adoption of a new Enterprise Resource Planning system and the ensuing reconciliation process,
management of the Company determined that its previously issued financial statements included material errors primarily related to the
completeness of accounts payable and accrued liabilities in Saudi Arabia and the United Arab Emirates. To quantify the restatement, management
performed a complete reconciliation of vendor statements and subsequent invoices at these locations to the previously recorded balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Contemporaneously,
and to ensure the integrity of all other account balances and locations, management also conducted a full review of the Company&#8217;s
account reconciliations in addition to physical inventory and fixed asset observations at all locations (inclusive of Saudi Arabia and
the United Arab Emirates). The Company recorded additional restatements based on these procedures.</span></p>

<p style="font: 10pt Times 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"><i>Correction
of Errors in Classification of</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> Selling, General
and Administrative Expenses</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: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
certain costs of the Company&#8217;s field locations were incorrectly classified and reported as Selling, general and administrative
expenses (excluding Amortization) (&#8220;SG&amp;A&#8221;). The Company has restated these costs of its field locations
as Cost of Services while amounts reflected in SG&amp;A primarily relate to the Company&#8217;s global and regional
headquarters locations.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:BusinessCombinationDisclosureTextBlock"><p id="xdx_806_eus-gaap--BusinessCombinationDisclosureTextBlock_zxa68Gmayr2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_046"></span>5.
<span id="xdx_823_zK2xjm6djpY3">BUSINESS COMBINATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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"><i>Action
Business Combination</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">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 0pt 0pt 27.5pt; 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"><i>Description
of the Action Transaction</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; 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_zcZ3FR6837f3" title="All-cash transaction"><ix:nonFraction name="NESR:AllcashTransaction" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember" 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_zRNcOlSmv7Ud" title="Business combination, deferred consideration"><ix:nonFraction name="NESR:BusinessCombinationDeferredConsideration" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember" 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 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"><span style="font-family: Times New Roman, Times, Serif; font-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">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 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>

<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">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_z6Aj1SD0hNKj" title="Revenue percentage"><ix:nonFraction name="NESR:RevenuePercentage" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" 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_zsNNvQ73STXe" title="Revenue percentage"><ix:nonFraction name="NESR:RevenuePercentage" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" 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_zIHZajdiXWn3" title="Earnout payable percentage"><ix:nonFraction name="NESR:EarnoutPayablePercentage" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" 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
    Earn-Out Consideration (&#8220;Third Earn-Out&#8221;) of up to <span id="xdx_90B_ecustom--RevenuePercentage_pid_dp_uPure_c20210504__20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--ThirdEarnOutConsiderationMember_zl6MXHUbq5ek" title="Revenue percentage"><ix:nonFraction name="NESR:RevenuePercentage" contextRef="From2021-05-042021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_ThirdEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.12</ix:nonFraction></span>% 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.</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
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_902_eus-gaap--EquityIssuedInBusinessCombinationFairValueDisclosure_iI_pn5n6_c20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zmEuHKqyvmtl"><ix:nonFraction name="us-gaap:EquityIssuedInBusinessCombinationFairValueDisclosure" contextRef="AsOf2021-05-05_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million as of May 5, 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; 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">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_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_z6Bt7EuJXM5b" title="Valuation adjustment value"><span id="xdx_90C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--SecondEarnOutConsiderationMember_zjU8YMa67MX2" title="Valuation adjustment value"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction></ix:nonFraction></span></span> million and $<span id="xdx_90F_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zme7AKQI6fc4" title="Valuation adjustment value"><span id="xdx_90D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zmUxxVhmh0B4" title="Valuation adjustment value"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashValuationAdjustments" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></ix:nonFraction></span></span> million
during the years ended December 31, 2022, and December 31, 2021. Additionally, during the years ended December 31, 2022, and December
31, 2021, the Company cash settled $<span id="xdx_907_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zC8HAzdhUdz3" title="Business combination cash settled"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.7</ix:nonFraction></span> and $<span id="xdx_905_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zKsj3PnQ9nYg" title="Business combination cash settled"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.0</ix:nonFraction></span>, respectively, related to the First Earn-Out. As of December 31, 2022,
and December 31, 2021, the First Earn-Out, Second Earn-Out, and Third Earn-Out were collectively valued at $<span id="xdx_90E_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zSPa8j21ffv1" title="Business combination collective value"><span id="xdx_901_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--SecondEarnOutConsiderationMember_zFbE6mGe4oLg" title="Business combination collective value"><span id="xdx_901_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--ThirdEarnOutConsiderationMember_zbsO5SVXl6Mj" title="Business combination collective value"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_ThirdEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> million and $<span id="xdx_900_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--FirstEarnOutConsiderationMember_zFEV6vBeRBz1" title="Business combination collective value"><span id="xdx_909_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--SecondEarnOutConsiderationMember_zB8s5LrBVTPl" title="Business combination collective value"><span id="xdx_903_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember__srt--StatementScenarioAxis__custom--ThirdEarnOutConsiderationMember_zBsyj6GSx39f" title="Business combination collective value"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_FirstEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_SecondEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD"><ix:nonFraction name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" contextRef="AsOf2021-12-31_custom_ActionSaleAndPurchaseAgreementMember_custom_ThirdEarnOutConsiderationMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.3</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>
million, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; 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">&#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>Financing
of Action Business Combination</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">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 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"><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
    and cash equivalents of $<span id="xdx_90E_ecustom--BusinessCombinationcashAndCashEquivalents_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zwRIJIWyXghg" title="Business combination cash and cash equivalents."><ix:nonFraction name="NESR:BusinessCombinationcashAndCashEquivalents" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">36.8</ix:nonFraction></span> million;</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">deferred
    cash consideration of $<span id="xdx_902_ecustom--BusinessCombinationOfDeferredConsideration_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_znmTXTdH1xW3" title="Deferred consideration"><ix:nonFraction name="NESR:BusinessCombinationOfDeferredConsideration" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">16.9</ix:nonFraction></span> million;</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
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 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfConsiderationToPurchaseIssuedAndOutstandingEquityInterestTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfConsiderationToPurchaseIssuedAndOutstandingEquityInterestTableTextBlock_zDMgOHYPjVF1" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zi4G3G2OcRHg">SCHEDULE OF CONSIDERATION TO PURCHASE ISSUED AND OUTSTANDING EQUITY INTEREST</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>
    <td colspan="2" id="xdx_499_20210505__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zl3F12VOB1Vc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Consideration<br /> (In US$<br /> thousands)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40F_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashConsideration_iI_pn3n3_zWkO4nsH50Rl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">Cash consideration</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashConsideration" contextRef="AsOf2021-05-05_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">36,767</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredCashConsideration_iI_pn3n3_zojhrw2phY5g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Deferred cash consideration</td><td>&#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:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredCashConsideration" contextRef="AsOf2021-05-05_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,935</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets_iI_pn3n3_z5UpR0Abk6f6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total consideration &#8211; cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" contextRef="AsOf2021-05-05_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,702</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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>
  <tr id="xdx_406_ecustom--BusinessCombinationRecognizedIdentifiableOrdinaryShareConsideration_iI_pn3n3_zCWxgdSiODk9" style="display: none; vertical-align: bottom; background-color: White">
    <td>NESR ordinary share consideration</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_40A_ecustom--BusinessAcquisitionOrdinaryShareConsiderationShares_iI_pid_z2esRD23kPKc" style="display: none; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiablelConsiderationEquity_iI_pn3n3_zoEKTa1rsFN3" style="display: none; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_ecustom--BusinessAcquisitionOrdinaryShareConsiderationEquity_iI_pid_zXJ56cuHRCM6" style="display: none; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_ecustom--BusinessCombinationRecognizedIdentifiableEstimatedSecondEarnout_iI_pn3n3_z2FxTuXxikCk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_ecustom--BusinessCombinationRecognizedIdentifiableEstimatedThirdEarnout_iI_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Cash Earn-Out</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></tr>
  <tr id="xdx_40C_ecustom--BusinessCombinationSharesRecognizedIdentifiableEstimatedEarnoutShares_iI_pid_zDKUBWGjIZ0g" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Additional Earn-Out Shares, shares</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_40E_ecustom--BusinessCombinationRecognizedIdentifiableEstimatedEarnoutMechanisms_iI_pn3n3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total estimated earn-out mechanisms</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableEstimatedEarnoutMechanismsShares_iI_pid_zcd7S1jV3Wj" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total estimated earn-out mechanisms, shares</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: 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></tr>
  <tr id="xdx_407_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAsset_iI_pn3n3_zf11rtVf6Ym9" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total consideration</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40C_ecustom--BusinessAcquisitionConsiderationShares_iI_pid_zEQsHYLTx3O7" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total consideration, shares</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AB_z8liF1LEXVD7" 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>


<ix:exclude><!-- Field: Page; Sequence: 94; Value: 2 -->
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    <!-- Field: /Page --></ix:exclude>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zywClv1WvGC2" style="font: 10pt Times New Roman, Times, Serif; 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 summarizes the final purchase price allocation (in US$ thousands):</span></p>

<p style="font: 10pt Times 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_8B7_zmNO4JoDpTJ" style="display: none">SCHEDULE OF PURCHASE PRICE ALLOCATION</span></p>

<p style="font: 10pt Times 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>Allocation
</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>of consideration</i></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>

<p style="font: 10pt Times 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 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; 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_49C_20221231__us-gaap--TypeOfArrangementAxis__custom--ActionSaleAndPurchaseAgreementMember_zNavcq0r1nJ7" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zHcEkAIMoCEi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">Cash and cash equivalents</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:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">382</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_iI_pn3n3_z4yYbpruifB7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,565</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsUnbilledRevenue_iI_pn3n3_zZSfhURL09xb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Unbilled revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsUnbilledRevenue" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,352</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_iI_pn3n3_zkE2g3xO5plg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Service inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,862</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_pn3n3_zzi6U5shX4V5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Prepaid assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">310</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--BusinessCombinationRecognizedIdentifiableRetentionWithHoldings_iI_pn3n3_zJ95AOBCzp0c" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Retention withholdings</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_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOtherReceivables_iI_pn3n3_zJfBvHfuEadc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOtherReceivables" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_zdAayhoQU75i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,122</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_z4CXwl16QQCj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,162</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_pn3n3_zkCXe8hJTaGa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,100</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_iI_pn3n3_zArVOcs0s4E3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other 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"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,053</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_pn3n3_zVUStMylWIMk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total identifiable assets acquired</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></tr>
  <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iI_pn3n3_z4dnH1kPDsWl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,294</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses_iI_pn3n3_zAmM8z2UMFm7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses" contextRef="AsOf2022-12-31_custom_ActionSaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,465</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt_iI_pn3n3_zHLpO8isDFYa" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current installments of long-term debt</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_409_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesShortTermBorrowings_iI_pn3n3_zBNOT3bC3ME1" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Short-term borrowings</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_ecustom--BusinessCombinationRecognizedIdentifiableIncomeTaxesPayable_iI_pn3n3_z5LCoV61468" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income taxes payable</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_408_ecustom--BusinessCombinationRecognizedIdentifiableOtherTaxPayable_iI_pn3n3_zUq2AFNlS0ej" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other taxes payable</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zs4PSaSmoFr4" style="font: 10pt Times 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; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
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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>

<p style="font: 10pt Times 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>Intangible
assets</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>

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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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_zXF80SD3iK9d" style="display: none">SCHEDULE OF ALLOCATION TO INTANGIBLE ASSETS</span></p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A6_zEidncDeoiqb" style="font: 10pt Times 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"><i>Goodwill</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>

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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 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
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 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>Supplemental
unaudited</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> pro-forma information</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:BusinessAcquisitionProFormaInformationTextBlock"><p id="xdx_891_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_zFog8xKwDgoh" style="font: 10pt Times New Roman, Times, Serif; 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 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, 2020, for the years ended December 31, 2021 and 2020, respectively (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><span id="xdx_8B8_zt19YTQ5wi4f" style="display: none">SCHEDULE OF UNAUDITED PROFORMA INFORMATION</span></p>

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  <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; background-color: White">
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</ix:nonNumeric><p id="xdx_8AA_zM9EeRic9lxj" style="font: 10pt Times New Roman, Times, Serif; 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">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 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">Action
revenue of $<span id="xdx_909_ecustom--BusinessAcquisitionsProFormaRevenues_pn5n6_c20220101__20221231__srt--ProductOrServiceAxis__custom--ActionRevenueMember_zQKfQgn4P5I" title="Business acquisitions proforma revenues"><ix:nonFraction name="NESR:BusinessAcquisitionsProFormaRevenues" contextRef="From2022-01-012022-12-31_custom_ActionRevenueMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">53.7</ix:nonFraction></span> million and $<span id="xdx_904_ecustom--BusinessAcquisitionsProFormaRevenues_pn5n6_c20210101__20211231__srt--ProductOrServiceAxis__custom--ActionRevenueMember_zz0mLRYrGItk" title="Business acquisitions proforma revenues"><ix:nonFraction name="NESR:BusinessAcquisitionsProFormaRevenues" contextRef="From2021-01-012021-12-31_custom_ActionRevenueMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">25.1</ix:nonFraction></span> million and net income of $<span id="xdx_90E_ecustom--BusinessAcquisitionProFormaNetIncomeLoss_pn5n6_c20220101__20221231_zRf1BRL6PSA5" title="Business acquisition proforma net income loss"><ix:nonFraction name="NESR:BusinessAcquisitionProFormaNetIncomeLoss" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.2</ix:nonFraction></span> million and $<span id="xdx_903_ecustom--BusinessAcquisitionProFormaNetIncomeLoss_pn5n6_c20210101__20211231_zAB7MjZysp9d" title="Business acquisition proforma net income loss"><ix:nonFraction name="NESR:BusinessAcquisitionProFormaNetIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.9</ix:nonFraction></span> million are included
in the Consolidated Statements of Operations during years ended December 31, 2022, and December 31, 2021, respectively.</span></p>

<p style="font: 10pt Times 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>


<ix:exclude><!-- Field: Page; Sequence: 96; Value: 2 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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">&#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>SAPESCO
Business Combination</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">In
June of 2020, NESR executed the First Deed of Amendment (&#8220;First Deed of Amendment&#8221;) to the Agreement dated February 13,
2020 related to the sale and purchase of <span id="xdx_90A_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20200212__20200213__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zhGqzDtx8Xsd"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2020-02-122020-02-13_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99.7</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of SAPESCO (collectively with the First Deed of Amendment, the &#8220;SAPESCO Sale &amp; Purchase Agreement&#8221;). The executed
First Deed of Amendment gave NESR control over SAPESCO effective from June 1, 2020. Accordingly, the accounting of the acquisition
was carried out effective June 1, 2020. During the fourth quarter of 2021, NESR acquired the remaining <span id="xdx_905_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20211001__20211231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_z4qhq1UOxaCj"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2021-10-012021-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of SAPESCO. The transaction was accounted for as an equity transaction due to NESR&#8217;s controlling financial interest in SAPESCO
both before and after the acquisition of the <span id="xdx_90E_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20211001__20211231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember__us-gaap--StatementEquityComponentsAxis__us-gaap--NoncontrollingInterestMember_zyL0dl5bTSH8"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2021-10-012021-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember_us-gaap_NoncontrollingInterestMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
noncontrolling interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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"><i>Description
of the SAPESCO Transaction</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">Under
the terms of the SAPESCO Sale &amp; Purchase Agreement, NESR acquired <span id="xdx_901_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember_zYY8klrsr9Tl" title="Sale of stock, percentage of ownership after transaction"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2022-01-012022-12-31_custom_SaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99.7</ix:nonFraction></span>% of the issued and outstanding shares of SAPESCO in a cash
and stock transaction which comprised of $<span id="xdx_90E_eus-gaap--BusinessCombinationConsiderationTransferred1_pn5n6_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_z3mt4twbdkT9" title="Business combination consideration transferred"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2022-01-012022-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.0</ix:nonFraction></span> million to be paid at closing, an additional $<span id="xdx_900_ecustom--BusinessCombinationDeferredConsideration_pn5n6_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zt3UB5Ncbrjj" title="Business combination, deferred consideration"><ix:nonFraction name="NESR:BusinessCombinationDeferredConsideration" contextRef="From2022-01-012022-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.0</ix:nonFraction></span> million to be paid in three equal installments,
for total cash consideration of $<span id="xdx_90D_eus-gaap--PaymentsToAcquireBusinessesGross_pn5n6_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_z3bk1tq5Dj3d" title="Payments to acquire businesses, gross"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2022-01-012022-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">17.0</ix:nonFraction></span> million, and the issuance of <span id="xdx_908_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zos7bXt2Mex4" title="Business acquisition, equity interest issued or issuable, number of shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2022-01-012022-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,237,000</ix:nonFraction></span> NESR shares. Formal closing and legal transfer of the $<span id="xdx_90E_eus-gaap--BusinessCombinationConsiderationTransferred1_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_pn5n6" title="Business combination consideration transferred"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2020-01-012020-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.0</ix:nonFraction></span>
million of cash and $<span id="xdx_904_ecustom--BusinessCombinationDeferredConsideration_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_pn5n6" title="Business combination, deferred consideration"><ix:nonFraction name="NESR:BusinessCombinationDeferredConsideration" contextRef="From2020-01-012020-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.0</ix:nonFraction></span> million of deferred cash consideration occurred during 2020. The transfer of <span id="xdx_902_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zLWrgwmxZMM9" title="Business acquisition, equity interest issued or issuable, number of shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2021-01-012021-03-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,237,000</ix:nonFraction></span> NESR ordinary shares
was completed in the quarter ended March 31, 2021. The formal closing and transfer of consideration was temporarily delayed as a result
of the global COVID-19 pandemic.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SAPESCO Sale &amp; Purchase Agreement also contained earn-out mechanisms that enabled the sellers to receive additional consideration
after the closing of the SAPESCO Business Combination as follows:</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>

<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: 0.75in"><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
    Earn-Out (&#8220;Cash Earn-Out&#8221;) of up to $<span id="xdx_902_eus-gaap--BusinessCombinationAcquiredReceivablesFairValue_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--AwardTypeAxis__custom--AdditionalEarnOutSharesMember_zBjvN72mF696" title="Business combination acquired receivable fair value"><ix:nonFraction name="us-gaap:BusinessCombinationAcquiredReceivablesFairValue" contextRef="AsOf2022-12-31_custom_SaleAndPurchaseAgreementMember_custom_AdditionalEarnOutSharesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.9</ix:nonFraction></span> million in cash based on collection of certain receivables;</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">Additional
    Earn-Out Shares (&#8220;Additional Earn-Out Shares&#8221;) based on the collection of certain receivables and only to the extent
    that NESR&#8217;s average share price during the fourth quarter of 2020 was less than $<span id="xdx_904_eus-gaap--BusinessAcquisitionSharePrice_c20201231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--AdditionalEarnOutSharesMember__srt--RangeAxis__srt--MaximumMember_pdd" title="Business acquisition, share price"><ix:nonFraction name="us-gaap:BusinessAcquisitionSharePrice" contextRef="AsOf2020-12-31_custom_SaleAndPurchaseAgreementMember_custom_AdditionalEarnOutSharesMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9</ix:nonFraction></span> per share; 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">Customer
    Receivables Earn-Out Shares (&#8220;Customer Receivables Earn-Out Shares&#8221;) based on the collection of certain long-dated and/or
    doubtful receivables for two years subsequent to the Closing Date, to be settled at the NESR Additional Share Price (&#8220;NESR
    Additional Share Price&#8221;) which is derived from taking the average of the price of the Company&#8217;s shares (&#8220;NESR Shares&#8221;)
    during each calendar quarter within the 12 months after the Closing Date and applying the average price in each quarter to the long-dated
    and doubtful receivables collected during the relevant quarter, provided that if such price is: (a) less than $<span id="xdx_90C_eus-gaap--BusinessAcquisitionSharePrice_iI_pp0p0_c20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__srt--RangeAxis__srt--MinimumMember__us-gaap--BusinessAcquisitionAxis__custom--NESRAdditionalShareMember_zoyCDJjtc5M4" title="Business acquisition, share price"><ix:nonFraction name="us-gaap:BusinessAcquisitionSharePrice" contextRef="AsOf2022-12-31_custom_SaleAndPurchaseAgreementMember_srt_MinimumMember_custom_NESRAdditionalShareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USDPShares">10</ix:nonFraction></span>, the NESR Additional
    Share Price shall be $<span id="xdx_900_eus-gaap--BusinessAcquisitionSharePrice_iI_pp0p0_c20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__srt--RangeAxis__srt--MinimumMember__us-gaap--BusinessAcquisitionAxis__custom--NESRAdditionalShareMember_zC3u3ZPpgjfl" title="Business acquisition, share price"><ix:nonFraction name="us-gaap:BusinessAcquisitionSharePrice" contextRef="AsOf2022-12-31_custom_SaleAndPurchaseAgreementMember_srt_MinimumMember_custom_NESRAdditionalShareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USDPShares">10</ix:nonFraction></span> or (b) greater than $<span id="xdx_90A_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__srt--RangeAxis__srt--MaximumMember__us-gaap--BusinessAcquisitionAxis__custom--NESRAdditionalShareMember_zKBEdnitwWKc" title="Business acquisition, share price"><ix:nonFraction name="us-gaap:BusinessAcquisitionSharePrice" contextRef="AsOf2022-12-31_custom_SaleAndPurchaseAgreementMember_srt_MaximumMember_custom_NESRAdditionalShareMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.70</ix:nonFraction></span>, the NESR Additional Share Price shall be $<span id="xdx_905_eus-gaap--BusinessAcquisitionSharePrice_iI_pid_c20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__srt--RangeAxis__srt--MaximumMember__us-gaap--BusinessAcquisitionAxis__custom--NESRAdditionalShareMember_z4KuWv3DYwSe" title="Business acquisition, share price"><ix:nonFraction name="us-gaap:BusinessAcquisitionSharePrice" contextRef="AsOf2022-12-31_custom_SaleAndPurchaseAgreementMember_srt_MaximumMember_custom_NESRAdditionalShareMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.70</ix:nonFraction></span>.</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">Collectively,
the Cash Earn-Out and Additional Earn-Out Shares were fair valued at $<span id="xdx_908_eus-gaap--EquityIssuedInBusinessCombinationFairValueDisclosure_c20200602__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember_pn5n6" title="Business combination issued in equity earn-outs"><ix:nonFraction name="us-gaap:EquityIssuedInBusinessCombinationFairValueDisclosure" contextRef="AsOf2020-06-02_custom_SaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.7</ix:nonFraction></span> million as of June 1, 2020. The Cash Earn-Out was determined
using a discounted cash flow approach within a scenario analysis. The Additional Earn-Out Shares were valued using a Monte Carlo simulation.
In the fourth quarter of 2020, the Company reduced the liabilities recorded for the Cash Earn-Out and Additional Earn-Out Shares to $<span id="xdx_90D_eus-gaap--EquityIssuedInBusinessCombinationFairValueDisclosure_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember_zH0KuwjQpsek" title="Business combination issued in equity earn-outs"><ix:nonFraction name="us-gaap:EquityIssuedInBusinessCombinationFairValueDisclosure" contextRef="AsOf2022-12-31_custom_SaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.9</ix:nonFraction></span>
million based on expected settlement values at the reporting date that were subsequently finalized with the sellers in the quarter
ended March 31, 2021. This adjustment was reflected in Other income/(expense), net, as ASC 805 precludes adjusting goodwill for subsequent
revisions to contingent consideration. The downward revision to the liabilities recorded for the Cash Earn-Out and Additional Earn-Out
Shares was primarily on account of settlement negotiations with the sellers during the fourth quarter of 2020 that altered the mix of
cash and equity consideration to be paid upon final settlement of these earn-outs. The Cash Earn-Out and Additional Earn-Out Shares were
formally settled in the quarter ended March 31, 2021, through the transfer of $<span id="xdx_906_eus-gaap--PaymentsToAcquireBusinessesGross_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember_pn5n6" title="Payments to acquire businesses, gross"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesGross" contextRef="From2021-01-012021-03-31_custom_SaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span> million of cash and <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember_pdd" title="Stock issued during period, shares, acquisitions"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" contextRef="From2021-01-012021-03-31_custom_SaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">145,039</ix:nonFraction></span> ordinary shares valued
at $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_c20210101__20210331__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember_pn5n6" title="Stock issued during period, value, acquisitions"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" contextRef="From2021-01-012021-03-31_custom_SaleAndPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.4</ix:nonFraction></span> million, 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">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>


<ix:exclude><!-- Field: Page; Sequence: 97; Value: 2 -->
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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"><i>Financing
of SAPESCO Business Combination</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">Consideration
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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>

<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: 0.75in"><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; 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">
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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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SaharaPetroleumServicesCompanyMember" escape="true" name="NESR:ScheduleOfConsiderationToPurchaseIssuedAndOutstandingEquityInterestTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfConsiderationToPurchaseIssuedAndOutstandingEquityInterestTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zKaFzYky1q3k" style="font: 10pt Times New Roman, Times, Serif; 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
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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><span id="xdx_8B2_zv04IxAk0Pah" style="display: none">SCHEDULE OF CONSIDERATION TO PURCHASE ISSUED AND OUTSTANDING EQUITY INTEREST</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SAPESCO</td><td style="font-weight: bold"><sup>&#160;</sup></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#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)">
    <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"><sup>&#160;</sup></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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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"><sup>&#160;</sup></td></tr>
  <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"><sup>&#160;</sup></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Additional Earn-Out Shares</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_ecustom--BusinessCombinationSharesRecognizedIdentifiableEstimatedEarnoutShares_iI_pid_c20221231__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_fKDIp_zxQBzbZXkGCh" title="Additional Earn-Out Shares, shares" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1303">-</span></span></td><td style="text-align: left"><sup>(2)</sup></td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    </tr>
  <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"><sup>&#160;</sup></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total consideration</td><td style="font-weight: bold">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td id="xdx_984_ecustom--BusinessAcquisitionConsiderationShares_iI_pid_c20221231__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zKLFuF5ayWQ" title="Total consideration shares" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="NESR:BusinessAcquisitionConsiderationShares" contextRef="AsOf2022-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,237,000</ix:nonFraction></td><td style="font-weight: bold; text-align: left"><sup>&#160;</sup></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">&#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 id="xdx_F0C_zGWBC5tK2Db1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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    of SAPESCO.</ix:footnote></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">(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">The
    quantity of Additional Earn-Out Shares was negotiated in the quarter ended December 31, 2020, and finalized in the quarter
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</ix:nonNumeric><p id="xdx_8AE_zMmY9tI4rFM2" 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">During
the fourth quarter of 2021, NESR acquired the remaining <span id="xdx_900_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_dp_uPure_c20211001__20211231__us-gaap--TypeOfArrangementAxis__custom--SaleAndPurchaseAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zLXQrlNqDdac"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2021-10-012021-12-31_custom_SaleAndPurchaseAgreementMember_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of SAPESCO. The transaction was accounted for as an equity transaction due to NESR&#8217;s controlling financial interest in SAPESCO
both before and after the acquisition of the  noncontrolling interest.</span></p>

<p style="font: 10pt Times 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"><i>Accounting
treatment</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
SAPESCO 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. SAPESCO constitutes a business, with inputs, processes, and outputs. Accordingly,
the acquisition of SAPESCO constitutes the acquisition of a business for purposes of ASC 805, and due to the change in control of SAPESCO
was accounted for using the acquisition method. NESR recorded the fair value of assets acquired and liabilities assumed from SAPESCO.</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>


<ix:exclude><!-- Field: Page; Sequence: 98; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><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 -->98<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SaharaPetroleumServicesCompanyMember" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zG1XFodhUF1l" style="font: 10pt Times New Roman, Times, Serif; 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 summarizes the final allocation of the purchase price allocation (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><span id="xdx_8B0_zZVZLGiJgPSe" style="display: none">SCHEDULE OF PURCHASE PRICE ALLOCATION</span></p>

<p style="font: 10pt Times 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>Allocation
of consideration</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>

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    <td style="text-align: left">&#160;</td><td id="xdx_499_20221231__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zS8RprRASbd4" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_pn3n3_z2I3wOEVOGLj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther" contextRef="AsOf2022-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">552</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses" contextRef="AsOf2022-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,613</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Income taxes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableIncomeTaxesPayable" contextRef="AsOf2022-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">313</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Other taxes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NESR:BusinessCombinationRecognizedIdentifiableOtherTaxPayable" contextRef="AsOf2022-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,802</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iI_pn3n3_zqtX1EpojUl9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther" contextRef="AsOf2022-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,237</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Employee benefit liabilities</td><td>&#160;</td>
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    <td style="text-align: left">Other liabilities</td><td>&#160;</td>
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    <td style="text-align: left">Non-controlling interests</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">Total fair value of net assets acquired</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_pn3n3_zECNDNIojZ6i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AF_zxhxtmI8RHXb" style="font: 10pt Times 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">All
employee benefit liabilities relate to end of service benefits (Note 13).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 finalized its valuation of identifiable assets and liabilities during the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times 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"><i>Intangible
assets</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">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 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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SaharaPetroleumServicesCompanyMember" escape="true" name="us-gaap:FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock"><p id="xdx_898_eus-gaap--FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zjhoi4k96F3b" style="font: 10pt Times New Roman, Times, Serif; 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
final allocation to intangible assets is as follows (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><span id="xdx_8BB_z3Df3q8BWW3a" style="display: none">SCHEDULE OF PRELIMINARY ALLOCATION TO INTANGIBLE ASSETS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; border-collapse: collapse; width: 85%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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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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  <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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</ix:nonNumeric><p id="xdx_8A3_zhtJMOyvYMnf" style="font: 10pt Times 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>


<ix:exclude><!-- Field: Page; Sequence: 99; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><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 -->99<!-- Field: /Sequence --></td></tr></table></div>
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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"><i>&#160;</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"><i>Goodwill</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">As
of December 31, 2022, $<span id="xdx_907_eus-gaap--Goodwill_iI_pn5n6_c20221231__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_z0ArskK3uX7k" title="Goodwill"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">46.2</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 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
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 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"><i>Supplemental
unaudited </i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>pro-forma
information</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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SaharaPetroleumServicesCompanyMember" escape="true" name="us-gaap:BusinessAcquisitionProFormaInformationTextBlock"><p id="xdx_89A_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_z1gkaWua5Wp" style="font: 10pt Times New Roman, Times, Serif; 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 summarizes the supplemental consolidated results of the Company on an unaudited pro-forma basis, as if the SAPESCO Business
Combination had been consummated on January 1, 2019, for the year ended December 31, 2020 (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><span id="xdx_8B2_zkMWwmTZFPD7" style="display: none">SCHEDULE OF UNAUDITED PROFORMA INFORMATION</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; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2020</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <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>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%">Revenues</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--BusinessAcquisitionsProFormaRevenue_pn3n3_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zvGf7wj8nPfg" title="Revenues" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaRevenue" contextRef="From2020-01-012020-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">852,935</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A5_zVWaq0NY2wB8" style="font: 10pt Times 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">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. SAPESCO&#8217;s results for the periods presented include significant
charges for restructuring and related activities that may not have been incurred had the Company been a consolidated company during the
periods presented. 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 SAPESCO Business Combination are included in the earliest
period presented.</span></p>

<p style="font: 10pt Times 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: 0; text-align: justify; text-indent: 0.5in">SAPESCO revenue of $<span id="xdx_903_ecustom--BusinessAcquisitionsProFormaRevenues_pn5n6_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_zXMmG2WmZAf7" title="Business acquisitions proforma revenues"><ix:nonFraction name="NESR:BusinessAcquisitionsProFormaRevenues" contextRef="From2020-01-012020-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">26.6</ix:nonFraction></span>
million and net (loss) / income of $<span id="xdx_90C_ecustom--BusinessAcquisitionProFormaNetIncomeLoss_pn5n6_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--SaharaPetroleumServicesCompanyMember_ztFKwLvkEsci" title="Business acquisition proforma net income loss"><ix:nonFraction name="NESR:BusinessAcquisitionProFormaNetIncomeLoss" contextRef="From2020-01-012020-12-31_custom_SaharaPetroleumServicesCompanyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span> million are included in the Consolidated Statements of Operations during the year-to-date
periods ended December 31, 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; 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 27.5pt; 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="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_80C_eus-gaap--RevenueFromContractWithCustomerTextBlock_zw4A36NmC7x4" style="font: 10pt Times 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="ss_047"></span>6.
<span id="xdx_82E_zmcXQ48QyWx9">REVENUE</span></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"><i>Disaggregation
of revenue</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">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. 98% 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
Services are services performed during the pre-production stages of a well&#8217;s lifecycle.</span></p>

<p style="font: 10pt Times 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zjmEk7qTCc6k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on these considerations, the following table provides disaggregated revenue data by the phase in a well&#8217;s lifecycle during which
revenue has been recorded (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><span id="xdx_8B5_zcqAquaqOt01" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE BY SERVICE TYPE</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <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>
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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="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231__srt--ProductOrServiceAxis__custom--DrillingAndEvaluationServicesMember_z5GV8GTqNAMg" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31_custom_DrillingAndEvaluationServicesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">276,825</ix:nonFraction></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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_984_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210101__20211231_zLptH9SDR4n4" title="Total revenue by phase in well&apos;s life cycle" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">876,729</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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>




</ix:nonNumeric><p id="xdx_8AE_zgyw6Znlxijg" style="font: 10pt Times New Roman, Times, Serif; 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>


<ix:exclude><!-- Field: Page; Sequence: 100; Value: 2 -->
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:FinancingReceivablesTextBlock"><p id="xdx_80F_eus-gaap--FinancingReceivablesTextBlock_zyXCAwYItXa6" style="font: 10pt Times 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="ss_048"></span>7.
<span id="xdx_824_zNnth8iMiyLc">ACCOUNTS RECEIVABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zkGS02OLkKBc" style="font: 10pt Times New Roman, Times, Serif; 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 summarizes the accounts receivable of the Company 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 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_8BF_zrxAFkXPaHi2" style="display: none">SCHEDULE OF ACCOUNTS RECEIVABLE</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>

<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="font-size: 11pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_492_20221231_zHTNnLgMwIk4" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br />
2022</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_49B_20211231_zFkAco5cHKH6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br />
2021</td><td style="font-weight: bold">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--AccountsReceivableGross_iI_pn3n3_maARNzYaB_zHaGjoDGaj24" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Trade receivables </td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableGross" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">161,373</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_407_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNI_pn3n3_di_msARNzYaB_zf4pE3G9u6qg" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">Less: allowance for credit losses </td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,052</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--AccountsReceivableNet_iTI_pn3n3_mtARNzYaB_zVnO1FMI2Tnf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; font-weight: bold"><b>Total</b></td><td style="padding-bottom: 2.5pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><b>$</b></td><td style="border-bottom: Black 2.5pt double; text-align: right"><b><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">148,709</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>
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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>

</ix:nonNumeric><p id="xdx_8A0_zP0XMSrNKbtg" style="font: 10pt Times New Roman, Times, Serif; 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: 0; text-align: justify; text-indent: 0.5in">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, 2022 and December 31, 2021 were $<span id="xdx_900_eus-gaap--AccountsReceivableGross_iI_pn5n6_c20221231_znXQKLSnjsCb" title="Allowance for doubtful accounts receivable"><ix:nonFraction name="us-gaap:AccountsReceivableGross" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">161.4</ix:nonFraction></span> million and $<span id="xdx_906_eus-gaap--AccountsReceivableGross_iI_pn5n6_c20211231_zwPmvzSTh8yf" title="Allowance for doubtful accounts receivable"><ix:nonFraction name="us-gaap:AccountsReceivableGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">132.5</ix:nonFraction></span>
million, respectively. The movement in the allowance for credit losses is as follows (in US$ thousands):</p>
<p style="font: 10pt Times New Roman, Times, Serif; 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock_zs8R52FVcvjc" style="font: 10pt Times New Roman, Times, Serif; 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_8BC_zzYyzA3bW9ra" 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%">
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2022</b></span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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2021</b></span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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2020</b></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_pn3n3_z4K5WW7fGBIf" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A1_zdXAu4qZM3a1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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&#8217;s allowance
for credit losses at December 31, 2022, includes $<span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_pn5n6_c20221231_znrn43kk9b87" title="Allowance for credit losses"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">9.4</ix:nonFraction></span> million related to the application of the CECL accounting standard.</p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_802_eus-gaap--InventoryDisclosureTextBlock_zivSB3Fl6tCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_049"></span>8.
<span id="xdx_82E_zNSZ31nEDJEk">SERVICE INVENTORIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zEgJ8d4oFJt9" style="font: 10pt Times New Roman, Times, Serif; 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 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 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_8BA_zxDZNkEdyIK5" style="display: none">SCHEDULE OF SERVICE INVENTORIES</span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" id="xdx_490_20211231_zbauFIRXGMk7" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="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_408_eus-gaap--InventoryNet_iI_pn3n3_hus-gaap--LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis__custom--SparePartsMember_zDREj1ekY4A6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Spare parts </td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_406_eus-gaap--InventoryNet_iI_pn3n3_hus-gaap--LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis__custom--ChemicalsMember_zv5Ixh5cWhc2" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold">Total</td><td style="font-weight: bold">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zMUiDLu2bze2" style="font: 10pt Times New Roman, Times, Serif; 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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zyAoPag8DjQ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_050"></span>9.
<span id="xdx_823_zqubg5o0m8sd">PROPERTY, PLANT, &amp; EQUIPMENT</span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_zNpuTg1q8OB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 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_8BC_zmSGf4iwYG06" style="display: none">SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; 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>Estimated</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>Useful
                                            Lives</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>(in
                                            years)</b></span></p></td><td style="font: bold 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>
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  <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingsAndLeaseholdImprovementsMember_zyVLuRgCcB97" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings
    and leasehold improvements</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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_custom_BuildingsAndLeaseholdImprovementsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52,442</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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>
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  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DrillingRigsPlantAndEquipmentMember_z3ARrYIlGI9j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
    rigs, plant and equipment</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"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DrillingRigsPlantAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zhGNCp2Rv58l" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_DrillingRigsPlantAndEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">1</ix:nonNumeric></span>
    to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DrillingRigsPlantAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zMptn1jNUSoc"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_DrillingRigsPlantAndEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">15</ix:nonNumeric></span></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: left"><span style="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"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_custom_DrillingRigsPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">677,263</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><span style="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"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_DrillingRigsPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">565,730</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndToolsMember_zslfkvg98U96" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment (furniture and fixtures) and tools</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"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndToolsMember__srt--RangeAxis__srt--MinimumMember_zjl8wHp3pPad" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndToolsMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    to <span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeEquipmentAndToolsMember__srt--RangeAxis__srt--MaximumMember_z4pBowK0wAO9" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndToolsMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span></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: left"><span style="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"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_custom_OfficeEquipmentAndToolsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,937</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><span style="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"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_OfficeEquipmentAndToolsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,570</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCranesMember_zNNis69gyhQi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles
    and cranes</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"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCranesMember__srt--RangeAxis__srt--MinimumMember_zcE3FQIC7SCj" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_VehiclesAndCranesMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    to <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--VehiclesAndCranesMember__srt--RangeAxis__srt--MaximumMember_z6zIHkHBOxWd" title="Property, Plant and Equipment, Useful Life"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_VehiclesAndCranesMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric></span></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: left"><span style="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"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_custom_VehiclesAndCranesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,756</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><span style="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"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_VehiclesAndCranesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,434</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_ztzYyWEtAjGd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
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    <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 style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="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">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">323,325</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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>
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  <tr id="xdx_406_eus-gaap--Land_iI_pn3n3_zo2RMQg6v6Nl" 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; text-align: left"><span style="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"><ix:nonFraction name="us-gaap:Land" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,664</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><span style="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"><ix:nonFraction name="us-gaap:Land" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,664</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--CapitalWorkInProgress_iI_pn3n3_zl8EuYAHtOf9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AE_zsrMPZTpA5i8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded depreciation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.5pt; 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: 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 27.5pt; 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="From2022-01-01to2022-12-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock"><p id="xdx_800_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_zSR31c0Ys9K6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_051"></span>10.
<span id="xdx_821_zFxGzXmmKVY4">GOODWILL, INTANGIBLE, AND OTHER ASSETS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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"><i>Goodwill</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfGoodwillTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfGoodwillTextBlock_zJkzLFTmZ2Ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
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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><span id="xdx_8BF_zGUyJSMdjC1e" style="display: none">SCHEDULE OF CHANGES IN CARRYING AMOUNT OF GOODWILL</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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 Services</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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 Evaluation<br />
 Services</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AB_z7KoaLp1wUug" style="font: 10pt Times New Roman, Times, Serif; 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>Intangible
assets subject to amortization, net</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:FiniteLivedIntangibleAssetsWeightedAverageAmortizationPeriodTableTextBlock"><p id="xdx_89A_ecustom--FiniteLivedIntangibleAssetsWeightedAverageAmortizationPeriodTableTextBlock_zzVgzvTzUuI" style="font: 10pt Times New Roman, Times, Serif; 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
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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><span id="xdx_8BC_zgLsl5RxGdY6" style="display: none">SCHEDULE OF WEIGHTED AVERAGE AMORTIZATION PERIOD FOR INTANGIBLE ASSETS</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">
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    <td>&#160;</td><td style="font-weight: bold">&#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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</ix:nonNumeric><p id="xdx_8A6_zwHbI7cBzUE" 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zdsnZ7gOAly1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zP5yp1qSbDy" style="display: none">SCHEDULE OF INTANGIBLE ASSETS SUBJECT TO AMORTIZATION</span></p>

<p style="font: 10pt Times 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 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; background-color: rgb(204,238,255)">
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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></p>



</ix:nonNumeric><p id="xdx_8AA_z6OnCJKif5ti" 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>


<ix:exclude><!-- Field: Page; Sequence: 102; Value: 2 -->
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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; 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">The
aggregate amortization expense remaining for each of the five years subsequent to December 31, 2022, is $<span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn5n6_c20221231_znX1cQjdqf95" title="Aggregate amortization expense remaining, 2023"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.6</ix:nonFraction></span> million for 2023,
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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"></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"><i>Equity
method investments</i></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">On
July 1, 2022, NESR acquired a minority stake in WDVGE,
a premier Reservoir Characterization and G&amp;G 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.</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:EquityMethodInvestmentsTextBlock"><p id="xdx_895_eus-gaap--EquityMethodInvestmentsTextBlock_zMsDcrcb6UYd" 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 presents our investments at the dates indicated (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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zhdfFW9W5ow9" style="display: none">SCHEDULE OF INVESTMENTS</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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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 38%; text-align: left">W. D. Von Gonten Engineering LLC</td><td style="width: 2%">&#160;</td>
    <td style="width: 20%; text-align: right">Production Services</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_zpHtf7Y4jytg" 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
the date of acquisition of the WDVGE investment, the Company recorded a $<span id="xdx_908_eus-gaap--OtherLiabilitiesCurrent_iI_pn5n6_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WdVonGontenEngineeringLlcMember_zo194CqWMXvk" title="Other current liabilities"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.2</ix:nonFraction></span>
million liability to Other current liabilities related to a provision (the &#8220;Buyer Stock Adjustment Amount&#8221;) in one of
the underlying Membership Interest Purchase Agreements that provided that either the Sellers return a portion of the consideration
paid, or the Company pay incremental consideration, based on NESR&#8217;s ability to regain its current filing status with the
Securities and Exchange Commission (&#8220;SEC&#8221;) and NESR&#8217;s share price at the Due Date, December 31, 2022.
Subsequently, on December 29, 2022, the Due Date was amended to June 30, 2023. As the Company judged on December 31, 2022, that the
likelihood of regaining current filing status by June 30, 2023, and thus a settlement payment by either party was remote, the
liability associated with the Buyer Stock Adjustment Amount was remeasured to $<span id="xdx_901_ecustom--BuyerStockAdjustmentAmount_pn6n6_c20220101__20221231_zeo8uyjdfoQ1" title="Buyer stock adjustment amount"><ix:nonFraction name="NESR:BuyerStockAdjustmentAmount" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero) million and adjusted to Other income / (expense), net, as of year-end
2022.</span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfEarningsLossFromEquityInvestmentsTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfEarningsLossFromEquityInvestmentsTableTextBlock_zIyhPKKEwle9" 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 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 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><span id="xdx_8B4_z7zaVN1zGn5a" style="display: none">SCHEDULE OF EARNINGS (LOSS) FROM EQUITY INVESTMENTS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment</b></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">W. D. Von Gonten
    Engineering LLC</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 24%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
                                                                                                                                        Services</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_989_eus-gaap--IncomeLossFromEquityMethodInvestments_pn2n3_c20220701__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WdVonGontenEngineeringLlcMember_zmhRD3i8po1h" title="Earnings (loss) from equity investments" style="width: 24%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2022-07-012022-12-31_custom_WdVonGontenEngineeringLlcMember" format="ixt:numdotdecimal" decimals="-2" scale="3" unitRef="USD">42.7</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zx4QgIlcspB7" 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfFinancialInformationForOurEquityMethodInvestmentsTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfFinancialInformationForOurEquityMethodInvestmentsTableTextBlock_z6L6FYGiwHul" 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">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):</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; display: none; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zN7aYXkS2NN8" style="display: none">SCHEDULE OF FINANCIAL INFORMATION FOR OUR EQUITY METHOD INVESTMENTS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 65%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_497_20221231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--WdVonGontenEngineeringLlcMember_zKwinNXl1ILl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></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="text-align: left">Balance Sheet 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></tr>
  <tr id="xdx_40D_eus-gaap--AssetsCurrent_iI_pn3n3_z6huoPMhYKP" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 70%; text-align: left">Current assets</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember38284390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,484</ix:nonFraction></p></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AssetsNoncurrent_iI_pn3n3_zw3lBrKKZqG4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Noncurrent assets</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember38284390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21,392</ix:nonFraction></p></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--Assets_iI_pn3n3_zx2WPEDGTfV" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Total assets</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember38284390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,876</ix:nonFraction></p></td><td style="text-align: left">&#160;</td></tr>
  <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></tr>
  <tr id="xdx_402_eus-gaap--LiabilitiesCurrent_iI_pn3n3_zL71lmTAXZac" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember38284390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,837</ix:nonFraction></p></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--OtherLiabilities_iI_pn3n3_zjw4olSQWFA1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Other liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember38284390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,171</ix:nonFraction></p></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--StockholdersEquity_iI_pn3n3_zD9TaKMeubg5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Combined equity</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember38284390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,868</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LiabilitiesAndStockholdersEquity_iI_pn3n3_zxDL54PbCCod" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Total liabilities and combined equity</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-12-31_custom_WdVonGontenEngineeringLlcMember38284390" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,876</ix:nonFraction></td><td style="text-align: left">&#160;</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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 65%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49D_20220701__20221231__us-gaap--EquityMethodInvestmentNonconsolidatedInvesteeAxis__custom--WdVonGontenEngineeringLlcMember_zfGqATStEaWh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6 months ended<br /> December 31, 2022</b></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="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></tr>
  <tr id="xdx_408_eus-gaap--Revenues_pn3n3_zK57IGzJyqzh" style="vertical-align: bottom; background-color: White">
    <td style="width: 70%; padding-left: 10pt">Revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-07-012022-12-31_custom_WdVonGontenEngineeringLlcMember38284406" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,035</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingIncomeLoss_pn3n3_zovSBb2Vp1Bj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Operating (loss) / income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-07-012022-12-31_custom_WdVonGontenEngineeringLlcMember38284406" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">350</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--ProfitLoss_pn3n3_z4ei7I5fdKSl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Net (loss) / income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-07-012022-12-31_custom_WdVonGontenEngineeringLlcMember38284406" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zojTRlNAXXQc" 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">An
equity method investment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of
the investment might not be recoverable. These circumstances can include evidence that the investor does not have the ability to recover
the carrying amount of the investment and/or the inability of the investee to sustain earnings. The Company is closely monitoring the
performance and outlook for WDVGE as compared to the projections made when the Company originally made its WDVGE Investment. If the Company
determines that an other-than-temporary impairment (&#8220;OTTI&#8221;) has occurred, the Company will recognize a charge to earnings,
for the difference between the carrying amount of the WDVGE Investment and its fair value, as of the date of the OTTI.</p>

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#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">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 ESG Impact and Drilling &amp; Evaluation portfolios. These six investments are individually
insignificant but total $<span id="xdx_90D_eus-gaap--PaymentsToAcquireOtherInvestments_pn5n6_c20220101__20221231_z5GgRciekLYg" title="Payments for investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherInvestments" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">14.2</ix:nonFraction></span> million and $<span id="xdx_90D_eus-gaap--PaymentsToAcquireOtherInvestments_pn5n6_c20210101__20211231_z3LgVajQP2v4" title="Payments for investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherInvestments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.6</ix:nonFraction></span> million as of December 31, 2022, and December 31, 2021, respectively. The Company accounts
for these under ASC 321, <i>Investments - Equity Securities</i>, 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, 2022, December 31, 2021, or December 31, 2020, no impairments, or other
downward revisions in the value of these investments, have been recorded.</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>


<ix:exclude><!-- Field: Page; Sequence: 103; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><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 -->103<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:LeasingDisclosureTextBlock"><p id="xdx_808_ecustom--LeasingDisclosureTextBlock_zoQP8WwsZEVb" style="font: 10pt Times 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="ss_052"></span>11.
<span id="xdx_82B_zeULVJsSBNQ1">LEASING</span></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">Our
leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities, research centers, service
centers, sales offices and certain equipment.</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_89A_eus-gaap--LeaseCostTableTextBlock_zXddSE6Lm3Bf" 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 presents components of lease expense (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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B5_zbkPobemb9Zb" style="display: none">SCHEDULE OF COMPONENTS OF LEASE EXPENSE</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 65%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">Components of lease expense:</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Finance lease cost:</td><td style="font-weight: bold">&#160;</td>
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    <td style="padding-left: 10pt; width: 70%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%">&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Interest on lease liabilities</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Operating lease cost</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Sublease income</td><td>&#160;</td>
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  </table>

<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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zkbKd4HqFUmi">(1)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1E_z7Zp4FT14FQ" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001633" xml:lang="en-US">Leases with a term
of one year or less, including leases with a term of one month or less<sup>.</sup></ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A5_zzAOAcfuVhh2" 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">For
the years ended December 31, 2021, and December 31, 2020, total rental expenses were $<span id="xdx_901_eus-gaap--PaymentsForRent_pn5n6_c20210101__20211231_zYSZRtnTSWdc" title="Rental expense"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">134.1</ix:nonFraction></span> million and $<span id="xdx_90C_eus-gaap--PaymentsForRent_pn5n6_c20200101__20201231_zruMcPP706qd" title="Rental expense"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">144.1</ix:nonFraction></span> million, respectively.
Total interest expense incurred on capital leases was $<span id="xdx_90B_eus-gaap--InterestExpense_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--CapitalLeaseMember_ziCJ9qfNMQT4" title="Interest expense incurred on capital leases"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-12-31_custom_CapitalLeaseMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million and $<span id="xdx_908_eus-gaap--InterestExpense_pn5n6_c20200101__20201231__us-gaap--TypeOfArrangementAxis__custom--CapitalLeaseMember_zRJPWfbNpTu7" title="Interest expense incurred on capital leases"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-01-012020-12-31_custom_CapitalLeaseMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.7</ix:nonFraction></span> million for the years ended December 31, 2021, and 2020,
respectively.</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock_zlfje2m5UH69" 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">Amounts
recognized in the Consolidated Balance Sheet (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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BC_zi2WMaLGvDN6" style="display: none">SCHEDULE OF AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEET</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 65%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#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">Components of balance sheet:</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>
  <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityAbstract_iB_z25LV3gVG2H6" 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></tr>
  <tr id="xdx_400_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_pn3n3_zUC91vDSWjn4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; width: 70%; text-align: left">Operating lease right-of-use assets (non-current)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,970</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--OperatingLeaseLiabilityCurrent_i01I_pn3n3_zKVnbm2beFz1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Current portion of operating lease liabilities</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,263</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_pn3n3_zAGZtsKjOsVa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Operating lease liabilities (non-current)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,051</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--FinanceLeaseLiabilityAbstract_iB_zLAjqZKYGSDb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Finance 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></tr>
  <tr id="xdx_40C_eus-gaap--FinanceLeaseRightOfUseAsset_i01I_pn3n3_zW9P3qstVcoi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span id="xdx_904_eus-gaap--FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zm2cpR6jH6yf" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23PropertyPlantAndEquipmentNet"><span style="-sec-ix-hidden: xdx2ixbrl1656">Property, plant and equipment, net</span></span> (non-current)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,176</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--FinanceLeaseLiabilityCurrent_i01I_pn3n3_z0fV9gQDDaua" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span id="xdx_903_eus-gaap--FinanceLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_z1JkhKsmIJ3h" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23OtherLiabilitiesCurrent"><span style="-sec-ix-hidden: xdx2ixbrl1659">Other current liabilities</span></span></td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,268</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--FinanceLeaseLiabilityNoncurrent_i01I_pn3n3_zaVXz0oshxha" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span id="xdx_90D_eus-gaap--FinanceLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zlhoQeqFDbCi" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23OtherLiabilitiesNoncurrent"><span style="-sec-ix-hidden: xdx2ixbrl1662">Other liabilities (not current)</span></span></td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">192</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_z2FiYIc5PaSb" 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">As
of December 31, 2021, the total recorded liability for capital leases was $<span id="xdx_902_eus-gaap--CapitalLeaseObligations_iI_pn5n6_c20211231_zkTwdK5w3q2b" title="Capital lease obligations"><ix:nonFraction name="us-gaap:CapitalLeaseObligations" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.6</ix:nonFraction></span> million, with $<span id="xdx_905_eus-gaap--CapitalLeaseObligationsCurrent_iI_pn5n6_c20211231_zgzh1bdTzUo8" title="Short term obligations"><ix:nonFraction name="us-gaap:CapitalLeaseObligationsCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction></span> million classified as
a short-term obligation within Other current liabilities, and $<span id="xdx_905_eus-gaap--CapitalLeaseObligationsNoncurrent_iI_pn5n6_c20211231_zXzxNh2bcUP3" title="Long term obligations"><ix:nonFraction name="us-gaap:CapitalLeaseObligationsNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.2</ix:nonFraction></span> million classified as a long-term obligation within Other liabilities
in the Consolidated Balance Sheet.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><p id="xdx_899_eus-gaap--OperatingLeaseLeaseIncomeTableTextBlock_zZl7k0jrHOTa" 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><span id="xdx_8BD_zpyWiQHx9G8i" style="display: none">SCHEDULE OF OPERATING LEASE LIABILITIES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49B_20220101__20221231_zIjTQeEvKRT2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></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="font-weight: bold; text-align: left">Other supplemental information (in US$ thousands except percentages):</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>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</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; width: 80%; 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="NESR:OperatingCashFlowsFromOperatingLeases" contextRef="From2022-01-01to2022-12-31" 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_408_ecustom--OperatingCashFlowsFromFinanceLeases_pn3n3_zEkoru2zNyG2" 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="NESR:OperatingCashFlowsFromFinanceLeases" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">390</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--FinancingCashFlowsFromFinanceLeases_pn3n3_zYFDQaNh3iXi" 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="NESR:FinancingCashFlowsFromFinanceLeases" contextRef="From2022-01-01to2022-12-31" 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="padding-left: 0pt; text-align: left">Noncash investing and 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></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>&#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--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_z4HZj3uKY3Qa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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  <tr id="xdx_405_eus-gaap--RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zomR3CtCxDh7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Finance leases</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Right-of-use assets obtained in exchange for lease obligations during the year
    ended December 31, 2022:</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_409_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_zvqimKKZszJ9" 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"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2022-01-01to2022-12-31" 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_zS2YzY4frit4" style="vertical-align: bottom; background-color: White">
    <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 style="-sec-ix-hidden: xdx2ixbrl1684">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--DerecognitionOfPrepaidRent_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zjsq05cD3YZ5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_ecustom--DerecognitionOfPrepaidRent_pn3n3_zAtAHUDKVb7j" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Derecognition of prepaid rent during the year ended December 31, 2022:</td><td>&#160;</td>
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  <tr id="xdx_406_ecustom--DerecognitionOfTenantImprovements_pn3n3_hus-gaap--AdjustmentsForNewAccountingPronouncementsAxis__us-gaap--AccountingStandardsUpdate201602Member_zhCSceLRbk1c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Derecognition of tenant improvements upon adoption of ASC 842</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted-average remaining lease term:</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: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Operating leases</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Finance leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_900_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231_zCaQhWiadW8l"><ix:nonNumeric contextRef="AsOf2022-12-31" format="ixt-sec:duryear" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1">1.35</ix:nonNumeric></span>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Weighted-average discount rate for 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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Operating leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20221231_zexXwGIatqEa" title="Weighted average discount rate for operating leases"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.39</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Finance leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20221231_zjhRBj6PxTJe" title="Weighted average discount rate for finance leases"><ix:nonFraction name="us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.88</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zaxrJsKDzIX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 2 -->
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    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89E_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zGd7r3lQK08e" 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, 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 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><span id="xdx_8B2_zgmSLBAsEh8d" style="display: none">SCHEDULE OF MATURITIES OF OUR LEASE LIABILITIES</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; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating Leases</b></span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year:</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20221231_zrPO9vgpwal" title="Operating Leases, 2023" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,967</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_c20221231_ztqClY3DCQVl" title="Finance Leases, 2023" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,402</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20221231_zjXuhKhzBp15" title="Operating Leases, 2024" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,383</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20221231_zWFeiyymPva7" title="Finance Leases, 2024" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">203</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_c20221231_z4spGJFMQgRb" title="Operating Leases, 2025" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,958</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_c20221231_zRrurPsHn3Kf" title="Finance Leases, 2025" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1711">-</span></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_c20221231_zdYjLHPF3NU2" title="Operating Leases, 2026" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,972</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_c20221231_z1upYhV5XImg" title="Finance Leases, 2026" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1715">-</span></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_c20221231_zrHDRl3qo4od" title="Operating Leases, 2027" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,567</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_c20221231_zyziriQmU2Ee" title="Finance Leases, 2027" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1719">-</span></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8AA_zHwxui0kBn6l" 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">As
of December 31, 2021, future minimum lease commitments under non-cancellable operating leases with initial or remaining terms of one
year or more, for each of the five years in the period ending December 31, 2026 were $<span id="xdx_90A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths_iI_pn5n6_c20211231_zFkzcEXsYwT1" title="Future minimum lease commitments, 2022"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.0</ix:nonFraction></span> million, $<span id="xdx_90D_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo_iI_pn5n6_c20211231_zDz9HGTqCYM7" title="Future minimum lease commitments, 2023"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.7</ix:nonFraction></span> million, $<span id="xdx_90A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree_iI_pn5n6_c20211231_z1LIfj7fHuf3" title="Future minimum lease commitments, 2024"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million, $<span id="xdx_904_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour_iI_pn5n6_c20211231_ze3WB1jYosp7" title="Future minimum lease commitments, 2025"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.2</ix:nonFraction></span> million
and $<span id="xdx_90B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive_iI_pn5n6_c20211231_zyraVZ625vAl" title="Future minimum lease commitments, 2026"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.3</ix:nonFraction></span> million, respectively, and $<span id="xdx_904_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive_iI_pn5n6_c20211231_z0f1CcTqhr1b" title="Future minimum lease commitments, Thereafter"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.8</ix:nonFraction></span> million in the aggregate thereafter.</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:FinanceLeaseLiabilityMaturityTableTextBlock"><p id="xdx_898_eus-gaap--FinanceLeaseLiabilityMaturityTableTextBlock_zGK3e6NJl463" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimum lease payments and future interest payments under non-cancellable equipment capital leases at December 31, 2021, were payable
as follows (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><span id="xdx_8B1_zFCWEZo3a9f5" style="display: none">SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE CAPITAL LEASES</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; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Future Minimum Lease Payments</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">Within 1 year</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--FinanceLeaseLiabilityInerestPaymentsDueNextTwelveMonths_iI_pn3n3_c20211231_zKh1GkxLqZje" title="Future Interest Payments Within 1 year" style="width: 14%; text-align: right"><ix:nonFraction name="NESR:FinanceLeaseLiabilityInerestPaymentsDueNextTwelveMonths" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">536</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>1-2 years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_c20211231_ztHHWn3l7cvf" title="Future Minimum Lease Payments 1-2 years" style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,247</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 id="xdx_987_ecustom--FinanceLeaseLiabilitiesPaymentsDueYearTwo_iI_pn3n3_c20211231_zQ5jyKvnh5K5" title="Total Payments 1-2 years" style="text-align: right"><ix:nonFraction name="NESR:FinanceLeaseLiabilitiesPaymentsDueYearTwo" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,442</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>2-3 years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_c20211231_zbm996ZhsHPb" title="Future Minimum Lease Payments 2-3 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1763">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--FinanceLeaseLiabilityInterestPaymentsDueYearThree_iI_pn3n3_c20211231_z0i2D33Fu9Ld" title="Future Interest Payments 2-3 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1765">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--FinanceLeaseLiabilitiesPaymentsDueYearThree_iI_pn3n3_c20211231_zBKsv0QlS6ld" title="Total Payments 2-3 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1767">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>3-4 years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_c20211231_zlr2aYwPWZaa" title="Future Minimum Lease Payments 3-4 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1769">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--FinanceLeaseLiabilitiesPaymentsDueYearFour_iI_pn3n3_c20211231_zc7UVPVTSlI1" title="Total Payments 3-4 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1771">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--FinanceLeaseLiabilitiesPaymentsDueYearFour_iI_pn3n3_c20211231_z6ci1v5NeVx6" title="Total Payments 3-4 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1773">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>4-5 years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_c20211231_zFYMxIPgTwMk" title="Future Minimum Lease Payments 4-5 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1775">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--FinanceLeaseLiabilitiesPaymentsDueYearFive_iI_pn3n3_c20211231_zAiXjMOQWMHc" title="Total Payments 4-5 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1777">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--FinanceLeaseLiabilitiesPaymentsDueYearFive_iI_pn3n3_c20211231_z4uRMD2FIKGi" title="Total Payments 4-5 years" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1779">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">After 5 years</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--FinanceLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_c20211231_zIHbZnwHb2b8" title="Future Minimum Lease Payments After 5 years" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1781">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_ecustom--FinanceLeaseLiabilitiesPaymentsDueAfterYearFive_iI_pn3n3_c20211231_zGWnqK8FoQf3" title="Total Payments After 5 years" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1783">-</span></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)">
    <td style="font-weight: bold">Total</td><td style="font-weight: bold">&#160;</td>
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  </table>
<!-- Field: Split-Segment; Name: 004 -->
</ix:nonNumeric><p id="xdx_8A5_znu4hfDF3CGd" style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_80C_eus-gaap--DebtDisclosureTextBlock_z1IhSEjucnTe" style="font: 10pt Times 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="ss_053"></span>12.
<span id="xdx_823_zsJif2frxX06">DEBT</span></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"><i>Long-term
debt</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zLA1YBphHb" 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">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 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_zFlrJjagjcD1" style="display: none">SCHEDULE OF LONG TERM DEBT OBLIGATIONS</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"></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>
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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></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">$</td><td id="xdx_983_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--CreditFacilityAxis__custom--SecuredTermLoanMember_zcfJcP88etB" title="Long-term Debt, Gross" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_SecuredTermLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">430,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20211231__us-gaap--CreditFacilityAxis__custom--SecuredTermLoanMember_zhVMrpryiWe" title="Long-term Debt, Gross" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2021-12-31_custom_SecuredTermLoanMember" 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_981_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--CreditFacilityAxis__custom--SecuredRevolvingCreditFacilityMember_znDnhZLxUSh4" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_SecuredRevolvingCreditFacilityMember" 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_985_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20211231__us-gaap--CreditFacilityAxis__custom--SecuredRevolvingCreditFacilityMember_z4epjzIMPMCf" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2021-12-31_custom_SecuredRevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80,000</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">CIB Long-Term Debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBLongTermDebtMember_zmsNDm3d6p0j" title="Long-term Debt, Gross" style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1805">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <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_988_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--WorkingCapitalFacilitiesMember_zId0nrAUjjOg" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2022-12-31_custom_WorkingCapitalFacilitiesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,942</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--WorkingCapitalFacilitiesMember_zPSyPKx6Cf63" title="Long-term Debt, Gross" style="text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" contextRef="AsOf2021-12-31_custom_WorkingCapitalFacilitiesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,502</ix:nonFraction></td><td style="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">(<ix:nonFraction name="us-gaap:UnamortizedDebtIssuanceExpense" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,727</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_400_ecustom--LongTermDebt1_iI_pn3n3_zu0UG0PbjUu1" style="vertical-align: bottom; background-color: White">
    <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="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">445,215</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="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">517,519</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <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="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,352</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="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,755</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_z3jWrxoMdDt5" style="vertical-align: bottom; background-color: White">
    <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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">391,863</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">508,764</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A7_zFDsJ9Wti8Xl" 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;&#160;</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 2 -->
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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; 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; background-color: white"><b><i>2021 Secured Facilities
Agreement</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On November
4, 2021, the Company entered into a $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20211104__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zjcWiiWJ2KYe" title="Line of credit facility, maximum borrowing capacity"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-11-04_custom_SecuredFacilitiesAgreementMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">860.0</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. 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_90B_eus-gaap--DeferredFinanceCostsNet_iI_pn5n6_c20221231_zIv3yUoa3s5c" title="Deferred debt issuance costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.6</ix:nonFraction></span> million and $<span id="xdx_900_eus-gaap--DeferredFinanceCostsNet_iI_pn5n6_c20211231_zNddn1cG1RDj" title="Deferred debt issuance costs"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.5</ix:nonFraction></span> million as of December 31, 2022
and December 31, 2021, 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: 0; text-align: justify; text-indent: 0.5in; background-color: white">The
$<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zYCc1YNXT5bk"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_TermLoanMember_custom_SecuredFacilitiesAgreementMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">860</ix:nonFraction></span> million Secured Facilities Agreement consists of a $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zo5dy4s2VTX"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">430</ix:nonFraction></span> million term loan due by <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--DebtInstrumentAxis__custom--TermLoanMember_z0UdkvyWfmJb" title="Debt Instrument, maturity date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SecuredFacilitiesAgreementMember_custom_TermLoanMember" format="ixt:datemonthdayyearen" 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_90E_eus-gaap--LineOfCredit_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zuGJfDXeivZ9"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2022-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">80.0</ix:nonFraction></span> million revolving credit facility due by <span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_c20220101__20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zNZUfM3rmMn3"><ix:nonNumeric contextRef="From2022-01-012022-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">November 4, 2025</ix:nonNumeric></span> (&#8220;RCF&#8221; or &#8220;Secured
Revolving Credit Facility&#8221;), and a $<span id="xdx_90C_ecustom--WorkingCapitalFacility_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LendersMember_z8hXUq8bguhg"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_us-gaap_RevolvingCreditFacilityMember_custom_LendersMember" 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. Borrowings under the Term Loan and RCF facilities incur 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_908_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20220101__20221231__us-gaap--VariableRateAxis__custom--LondonInterbankOfferedRatesLIBORMember__srt--RangeAxis__srt--MinimumMember_z2Jvv1lG7Ax2"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" contextRef="From2022-01-012022-12-31_custom_LondonInterbankOfferedRatesLIBORMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.6</ix:nonFraction></span>% to <span id="xdx_909_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20220101__20221231__us-gaap--VariableRateAxis__custom--LondonInterbankOfferedRatesLIBORMember__srt--RangeAxis__srt--MaximumMember_zy3DLlrWyva7"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" contextRef="From2022-01-012022-12-31_custom_LondonInterbankOfferedRatesLIBORMember_srt_MaximumMember" 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. As of December 31, 2022, and December 31, 2021, this resulted in interest
rates of <span id="xdx_90D_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20220101__20221231_zjr6fVpht7Ml"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.64</ix:nonFraction></span>% and <span id="xdx_90E_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20210101__20211231_zm543FTtFPmb"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.96</ix:nonFraction></span>%, respectively, for U.S. dollar denominated borrowings, and interest rates of <span id="xdx_909_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20220101__20221231__srt--StatementGeographicalAxis__country--SA_zPASvvi2mlcb"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" contextRef="From2022-01-012022-12-31_country_SA" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.60</ix:nonFraction></span>% and
<span id="xdx_903_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20210101__20211231__srt--StatementGeographicalAxis__country--SA_zFCtRzoxCj6j"><ix:nonFraction name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" contextRef="From2021-01-012021-12-31_country_SA" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.44</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, 2022,
and December 31, 2021, the Company had drawn $<span id="xdx_902_ecustom--WithdrawnTermLoan_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember_zRFqB4TsgNq6"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2022-12-31_custom_TermLoanMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">430.0</ix:nonFraction></span> million and $<span id="xdx_903_ecustom--WithdrawnTermLoan_iI_pn5n6_c20211231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember_zrlCYTMUwbDf"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2021-12-31_custom_TermLoanMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">430.0</ix:nonFraction> </span>million, respectively, of the Term Loan, and $<span id="xdx_901_ecustom--WithdrawnTermLoan_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zKbGrwMH05bg"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2022-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">10.0</ix:nonFraction></span>
million and $<span id="xdx_90D_ecustom--WithdrawnTermLoan_iI_pn6n6_c20211231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zKW3fX1RhRxi"><ix:nonFraction name="NESR:WithdrawnTermLoan" contextRef="AsOf2021-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">80.0</ix:nonFraction></span> 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: 0; text-align: justify; text-indent: 0.5in">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 <span id="xdx_906_eus-gaap--LineOfCreditFacilityCommitmentFeePercentage_dp_c20220101__20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_z2h9klA0DWtc"><ix:nonFraction name="us-gaap:LineOfCreditFacilityCommitmentFeePercentage" contextRef="From2022-01-012022-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.65</ix:nonFraction></span>% per annum
based on the average daily amount by which the borrowing base exceeds the outstanding borrowings during each quarter. Under the terms
of the RCF, the final settlement is due by November 4, 2025. <span id="xdx_90E_ecustom--PrepaymentUnderRevolvingCreditFacilityDescription1_c20220101__20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_z4MQQe1OYtKl"><ix:nonNumeric contextRef="From2022-01-012022-12-31_us-gaap_RevolvingCreditFacilityMember" 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, 2022, and December 31, 2021, the Company had $<span id="xdx_907_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zSf5V9yQLYF"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">70.0</ix:nonFraction></span> million and $<span id="xdx_908_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn6n6_c20211231__us-gaap--DebtInstrumentAxis__us-gaap--RevolvingCreditFacilityMember_zwd3r8AnVOzk"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2021-12-31_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">0.0</ix:nonFraction></span>
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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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_90A_ecustom--WorkingCapitalFacility_iI_pn6n6_c20221231_z2rttU0kzoH3"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">350.0</ix:nonFraction></span> million and $<span id="xdx_903_ecustom--WorkingCapitalFacility_iI_pn6n6_c20211231_zeX4ZPiHKDH1"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">350.0</ix:nonFraction></span> million as of December
31, 2022, and December 31, 2021, respectively, for issuance of letters of guarantee and letters of credit and refinancing <span id="xdx_90E_eus-gaap--LineOfCreditFacilityDescription_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LendersMember_zwdYtkIcDgo1"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SecuredFacilitiesAgreementMember_custom_LendersMember" name="us-gaap:LineOfCreditFacilityDescription">letters of
credit into debt over a period of no more than two years, which carries 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.</ix:nonNumeric></span>
As of December 31, 2022, and December 31, 2021, the Company had utilized $<span id="xdx_90E_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LendersMember_z70E0RRk7m9k"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_LendersMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">252.9</ix:nonFraction></span> million and $<span id="xdx_902_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LendersMember_zBxhlvJVOZ47"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_LendersMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">223.1</ix:nonFraction></span> million, respectively,
under this working capital facility and the balance of $<span id="xdx_908_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LendersMember_zBtWL2SFJon3"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_LendersMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">97.1</ix:nonFraction></span> million and $<span id="xdx_905_ecustom--WorkingCapitalFacility_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LendersMember_z8aooOSOvivc"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_LendersMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">126.9</ix:nonFraction></span> 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: 0; text-align: justify; text-indent: 0.5in">The Company has also retained
legacy bilateral working capital facilities from HSBC totaling $<span id="xdx_90E_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zVuuLHZAUdji"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.6</ix:nonFraction></span> million and $<span id="xdx_90B_ecustom--WorkingCapitalFacility_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zjSdElOLaM73"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.6</ix:nonFraction></span> million at December 31, 2022 and December
31, 2021, respectively, in Qatar ($<span id="xdx_90B_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--QA_zKoUtfSk8Mk5"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_QA" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.3</ix:nonFraction></span> million at December 31, 2022, $<span id="xdx_907_ecustom--WorkingCapitalFacility_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--QA_zpsflOoe6ae9"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_QA" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.3</ix:nonFraction></span> million at December 31, 2021), in the UAE ($<span id="xdx_903_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--AE_zgJ1Aosmpmk8"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_AE" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span>
million at December 31, 2022, and $<span id="xdx_904_ecustom--WorkingCapitalFacility_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--AE_z33mjElbQXDk"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_AE" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.2</ix:nonFraction></span> million at December 31, 2021) and in Kuwait ($<span id="xdx_906_ecustom--WorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--KW_z2jZHoLVmBu3"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_KW" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million at December 31, 2022 and
$<span id="xdx_904_ecustom--WorkingCapitalFacility_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember__srt--StatementGeographicalAxis__country--KW_zSNnNNwfE90f"><ix:nonFraction name="NESR:WorkingCapitalFacility" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember_country_KW" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million at December 31, 2021). As of December 31, 2022, and December 31, 2021, the Company had utilized $<span id="xdx_909_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zELHLlazNzl3"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.7</ix:nonFraction></span> million and
$<span id="xdx_902_ecustom--UtilizedWorkingCapitalFacility_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_z86crZhi7TT"><ix:nonFraction name="NESR:UtilizedWorkingCapitalFacility" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.7</ix:nonFraction></span> million, respectively, under this working capital facility and the balance of $<span id="xdx_900_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zw086HFGFj93"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.9</ix:nonFraction></span> million and $<span id="xdx_90F_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember__us-gaap--CreditFacilityAxis__custom--HSBCBankMiddleEastLimitedMember_zvo1pCxkgJNk"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2021-12-31_custom_SecuredFacilitiesAgreementMember_custom_HSBCBankMiddleEastLimitedMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.9</ix:nonFraction></span> 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"><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>


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 2 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></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 0 0pt 0pt; 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 15, Commitments
and Contingencies.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in; background-color: white">The
2021 <span id="xdx_905_eus-gaap--DebtInstrumentCovenantDescription_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SecuredFacilitiesAgreementMember_zu7yNhA66qKd"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SecuredFacilitiesAgreementMember" 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> Since April 30, 2022
to the date of this filing, the Company has received waivers from its lenders related to compliance with certain financial
and nonfinancial covenants. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><b><i>CIB Long-Term Debt</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in; background-color: white">As part
of the SAPESCO Business Combination, the Company assumed a $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBLongTermDebtMember_zrl0iRIPD4R5"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_CIBLongTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">21.0</ix:nonFraction></span> million debt obligation with Commercial International Bank (&#8220;CIB,&#8221;
and collectively, &#8220;CIB Long-Term Debt&#8221;). <span id="xdx_905_eus-gaap--ShortTermDebtDescription_c20210101__20211231__us-gaap--LineOfCreditFacilityAxis__custom--CIBLongTermDebtMember_zR5NUyQymVMg"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_CIBLongTermDebtMember" name="us-gaap:ShortTermDebtDescription">Under the terms of its arrangement with CIB, the Company repaid $<span id="xdx_901_eus-gaap--RepaymentsOfDebt_pn5n6_c20220101__20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBLongTermDebtMember_zVydqs1Lt5pb"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2022-01-012022-12-31_custom_CIBLongTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.0</ix:nonFraction></span> million of
this balance during 2020 with the remaining $<span id="xdx_908_ecustom--RemainingDebtObligationAmount_iI_pn5n6_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBLongTermDebtMember_ze5fnEPSLByi"><ix:nonFraction name="NESR:RemainingDebtObligationAmount" contextRef="AsOf2022-12-31_custom_CIBLongTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.0</ix:nonFraction></span> million settled during 2021 as part of the 2021 Secured Facilities Agreement refinancing.</ix:nonNumeric></span></p>

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

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

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfShortTermDebtTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShortTermDebtTextBlock_zKthB6yw81P5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in">The Company&#8217;s short-term
debt obligations consist of the following (in US$ thousands):</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">&#160;</span><span id="xdx_8BC_zoqoBVqBX5rf" style="display: none">SCHEDULE OF SHORT TERM DEBT OBLIGATIONS</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>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49C_20221231_zDyYNgRrdPBh" 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_491_20211231_zPaeKsQXV3Ma" 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">2022</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">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></tr>
  <tr id="xdx_409_eus-gaap--OtherShortTermBorrowings_iI_pn3n3_zPWQAGlsrr4h" 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">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OtherShortTermBorrowings" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">91,747</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OtherShortTermBorrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">78,807</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--DebtInstrumentUnamortizedDiscount_iNI_pn3n3_di_zpBtL5af7oR1" 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="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,862</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="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">488</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--ShortTermBorrowings_iI_pn3n3_zhkoKW8aNXw7" 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">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89,885</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">78,319</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



</ix:nonNumeric><p id="xdx_8A4_z3buS2CAWMuc" style="font: 10pt Times 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; 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><b><i>CIB Short-Term Debt</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; 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 a $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanFacilityMember_zpx27cCAhtCi"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million U.S.
Dollar time loan facility, a E&#163;<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uGBP_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanFacilityMember__us-gaap--AwardTypeAxis__custom--EgyptianMember_zN9zyjhQtfG"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember_custom_EgyptianMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="GBP">2</ix:nonFraction></span> million Egyptian Pound time loan facility, and a E&#163;<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_uGBP_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanOverdraftFacilityMember__us-gaap--AwardTypeAxis__custom--EgyptianMember_zbWRSSM3HHc1"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanOverdraftFacilityMember_custom_EgyptianMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="GBP">10</ix:nonFraction></span> million Egyptian pound time loan overdraft
facility, and $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanFacilityMember__srt--StatementScenarioAxis__custom--LettersOfGuaranteeMember_zztcBGWnHVXk"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember_custom_LettersOfGuaranteeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.8</ix:nonFraction></span> million U.S. dollars in letters of guarantee. Each CIB Short-Term Debt borrowing matures three months from
the date of borrowing. There was no balance outstanding for the CIB Short-Term Debt as of December 31, 2022, or 2021.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span id="xdx_906_eus-gaap--ShortTermDebtDescription_c20220101__20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember_zYAIeXVRBwS"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_CIBShortTermDebtMember" name="us-gaap:ShortTermDebtDescription">The U.S.
Dollar time loan facility accrues interest at 2.25% per annum over 3 months LIBOR plus 50 basis points per annum of the Highest Monthly
Debit Balance (&#8220;HMDB&#8221;) commission. The Egyptian Pound time loan and overdraft facilities accrue interest at 0.75% per annum
over the Central Bank of Egypt&#8217;s Corridor Offer Rate plus 50 basis points per annum HMDB commission.</ix:nonNumeric></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in; background-color: white">As
of December 31, 2022, and December 31, 2021, the CIB Short-Term Debt resulted in an interest rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanFacilityMember_znXrLyvF9Vve"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% and <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanFacilityMember_zNuFExR9JBY1"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.3</ix:nonFraction></span>%, respectively,
for U.S. Dollar denominated balances, and <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanFacilityMember__us-gaap--AwardTypeAxis__custom--EgyptianMember_zVQc6febnlJg"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember_custom_EgyptianMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% and <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20211231__us-gaap--LineOfCreditFacilityAxis__custom--CIBShortTermDebtMember__us-gaap--CreditFacilityAxis__custom--TimeLoanFacilityMember__us-gaap--AwardTypeAxis__custom--EgyptianMember_zBvYXlza9Dm6"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember_custom_EgyptianMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.0</ix:nonFraction></span>%, respectively, for Egyptian Pound denominated balances. As of December
31, 2022, the Company had utilized $<span id="xdx_902_eus-gaap--ShortTermBorrowings_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--TimeLoanFacilityMember_zK2KhLjztrci" title="Short term debt amount"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember38286937" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero) million of the U.S. Dollar time loan facility, E&#163;<span id="xdx_90B_eus-gaap--ShortTermBorrowings_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanFacilityMember_zfG13oMdiWvi"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_EgyptianPoundTimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">0</ix:nonFraction> </span>(zero) million of
the Egyptian Pound time loan facility, and E&#163;<span id="xdx_903_eus-gaap--ShortTermBorrowings_iI_pn6n6_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanOverdraftFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zBo20VEgcBBg"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31_custom_EgyptianPoundTimeLoanOverdraftFacilityMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero) million of the Egyptian pound time loan overdraft facility, and $<span id="xdx_909_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--LettersOfGuaranteeMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zhgwXUtJvNp1" title="Short term debt amount"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31_custom_LettersOfGuaranteeMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction></span>
million in letters of guarantee, with the balances of $<span id="xdx_909_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--TimeLoanFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zk8mvglxnpdi" title="Short term debt balance amount"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember38286937" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million, E&#163;<span id="xdx_908_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zUgE9d0Tdn8f"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_CIBShortTermDebtMember_custom_EgyptianPoundTimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2</ix:nonFraction></span> million, E&#163;<span id="xdx_906_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn6n6_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanOverdraftFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zDUqFphayVJ3"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_EgyptianPoundTimeLoanOverdraftFacilityMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">10</ix:nonFraction></span> million, and
$<span id="xdx_909_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--ShortTermDebtTypeAxis__custom--LettersOfGuaranteeMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zH5nqdLL8ZR"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_LettersOfGuaranteeMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction> </span>million, respectively, available to the Company. As of December 31, 2021, the Company had utilized $<span id="xdx_903_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20211231__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--TimeLoanFacilityMember_zOzri0vtCXib"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember38287015" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero) million of the
U.S. Dollar time loan facility, E&#163;<span id="xdx_90D_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20211231__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanFacilityMember_zEom0ecMw4U5"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31_custom_CIBShortTermDebtMember_custom_EgyptianPoundTimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero) million of the Egyptian Pound time loan facility, and E&#163;<span id="xdx_906_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanOverdraftFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zEGkhZxqMiWe"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31_custom_EgyptianPoundTimeLoanOverdraftFacilityMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero) million of the
Egyptian pound time loan overdraft facility, and $<span id="xdx_904_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--LettersOfGuaranteeMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_z50CmN5oFHTe"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2021-12-31_custom_LettersOfGuaranteeMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">6.4</ix:nonFraction></span> million in letters of guarantee, with the balances of $<span id="xdx_906_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--TimeLoanFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_z2mDmCZBTAth"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2021-12-31_custom_CIBShortTermDebtMember_custom_TimeLoanFacilityMember38287015" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million, E&#163;<span id="xdx_90A_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zTTW1wgibNq1"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2021-12-31_custom_CIBShortTermDebtMember_custom_EgyptianPoundTimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span>
million, E&#163;<span id="xdx_90D_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--EgyptianPoundTimeLoanOverdraftFacilityMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zdVA1FDx3Hei"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2021-12-31_custom_EgyptianPoundTimeLoanOverdraftFacilityMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10</ix:nonFraction></span> million, and $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20211231__us-gaap--ShortTermDebtTypeAxis__custom--LettersOfGuaranteeMember__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zgpi5j1mzSOl"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2021-12-31_custom_LettersOfGuaranteeMember_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.1</ix:nonFraction></span> million (of $<span id="xdx_905_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20211231__us-gaap--DebtInstrumentAxis__custom--CIBShortTermDebtMember_zuEpQhKllpUh"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2021-12-31_custom_CIBShortTermDebtMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.5</ix:nonFraction></span> million), respectively, available to the Company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><b><i>ABK Short-Term Debt</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in">The Al Ahli Bank
of Kuwait working capital and overdraft facilities (collectively, &#8220;ABK Short-Term Debt&#8221;) mature nine months from the date
of borrowing. The ABK Short-Term Debt facilities included a $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--ABKShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--TimeLoanFacilityMember_zcmga3rGyvT7" title="Short term debt amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember_custom_TimeLoanFacilityMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million U.S. Dollar time loan facility and $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--ABKShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--LettersOfGuaranteeMember_zmcHqvuxXUeb"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember_custom_LettersOfGuaranteeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million U.S.
dollars in letters of guarantee. The ABK Short-Term Debt accrues interest at <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20221231__us-gaap--DebtInstrumentAxis__custom--ABKShortTermDebtMember__us-gaap--VariableRateAxis__custom--CentralBankOfEgyptsCorridorOfferRateMember_zlvtgK35UzVl" title="Debt interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember_custom_CentralBankOfEgyptsCorridorOfferRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.65</ix:nonFraction></span>% per annum over the Central Bank of Egypt&#8217;s Corridor
Offer Rate. As of December 31, 2021, this resulted in an interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--ABKShortTermDebtMember_ztXWhWNyRW6f"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11</ix:nonFraction></span>%. As of December 31, 2021, the Company had utilized
$<span id="xdx_904_eus-gaap--ShortTermBorrowings_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__custom--ABKShortTermDebtMember_zXHFY2zvkGAk"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember38287156" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">0</ix:nonFraction></span> (zero) million of the ABK Short-Term Debt facility and $<span id="xdx_907_eus-gaap--ShortTermBorrowings_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--ABKShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--LettersOfGuaranteeMember_zXWUGtdz8xW3"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember_custom_LettersOfGuaranteeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million in letters of guarantee with $<span id="xdx_904_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--ABKShortTermDebtMember_z4gzmLxb5W5a"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember38287156" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.0</ix:nonFraction></span> million and $<span id="xdx_909_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--ABKShortTermDebtMember__us-gaap--ShortTermDebtTypeAxis__custom--LettersOfGuaranteeMember_zF9LpaXHQdr3"><ix:nonFraction name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" contextRef="AsOf2022-12-31_custom_ABKShortTermDebtMember_custom_LettersOfGuaranteeMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million, respectively,
available to the Company. There are no financial covenants associated with the ABK Short-Term Debt. The ABK Short-Term Debt was settled
and the facility was terminated during 2022.</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">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 107; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><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="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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"><i>Other
debt information</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zAp2LW7lMDLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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, 2022 are as follows (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><span id="xdx_8B2_z1JyOXsbqg2e" style="display: none">SCHEDULE
PRINCIPAL PAYMENTS OF LONG TERM DEBT</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>

<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; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left; padding-left: 10pt">2023</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pn3n3_c20221231_z14PmmdvtXQj" title="2021" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,345</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; padding-left: 10pt">2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pn3n3_c20221231_zVXpEXYGwK42" title="2022" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">66,097</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-left: 10pt">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pn3n3_c20221231_zRNiBGtgwww6" title="2023" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">74,500</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pn3n3_c20221231_zXTLkNteUE8" title="2024" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,500</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-left: 10pt">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pn3n3_c20221231_zKXv2Qc1keta" title="2025" style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">193,500</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">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_986_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pn3n3_c20221231_zIKKHqOuO8c2" title="Thereafter" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1938">-</span></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">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--LongTermDebt_iI_pn3n3_c20221231_z1LgZ0C4sg0d" title="Total" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">451,942</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</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"></span></p>

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

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:CompensationAndEmployeeBenefitPlansTextBlock"><p id="xdx_807_eus-gaap--CompensationAndEmployeeBenefitPlansTextBlock_ztQgJg1gUrth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_054"></span>13.
<span id="xdx_828_zZdc7lHfdeDg">EMPLOYEE BENEFITS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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"><i>Defined
benefit plans</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_z3PZiDyeyq9h" style="font: 10pt Times New Roman, Times, Serif; 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 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, 2022, and 2021 (in 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 id="xdx_8B3_zTHz24X4uFUh" 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></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></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>
    <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>
    <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; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: justify">Change in benefit obligations</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: White">
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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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  <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></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="text-align: justify">Employer contributions</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Benefits paid</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_983_eus-gaap--DefinedBenefitPlanPlanAssetsBenefitsPaid_iN_pn3n3_di_c20210101__20211231_zfgylTvflu34" title="Benefits paid" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DefinedBenefitPlanPlanAssetsBenefitsPaid" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,021</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: justify">Plan assets at the end of the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--DefinedBenefitPlanFairValueOfPlanAssets_iE_pn3n3_c20210101__20211231_zK8kkAPswlA2" title="Plan assets at the end of the year" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1998">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--DefinedBenefitPlanFairValueOfPlanAssets_iE_pn3n3_c20210101__20211231_zC4rgFGErBA1" title="Plan assets at the end of the year" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2000">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A5_zmoPuAms7VY9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfNetBenefitCostsTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfNetBenefitCostsTableTextBlock_zowEJ6e40rS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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, 2022, 2021, and 2020, comprises the following components (in thousands):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zBAk7Jx9NHy7" style="display: none">SCHEDULE
OF COMPONENTS OF NET PERIODIC BENEFIT COST</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">
    <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">
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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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</ix:nonNumeric><p id="xdx_8AF_zutUMSe7qhu4" 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: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt"><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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    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfAssumptionsUsedToDetermineBenefitObligationsAndNetPeriodicBenefitCostTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfAssumptionsUsedToDetermineBenefitObligationsAndNetPeriodicBenefitCostTableTextBlock_zodfAvNCdkEa" style="font: 10pt Times New Roman, Times, Serif; 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
weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021 are set out 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><span id="xdx_8B7_zq4KNWv8r5K6" style="display: none">SCHEDULE
OF ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATIONS AND NET PERIODIC BENEFIT COST</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>&#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="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>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Rate of increase in compensation levels:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_iI_pid_dp_uPure_c20211231__srt--RangeAxis__srt--MinimumMember_zwRgoBoM4Bgi" title="Benefit obligations, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" contextRef="AsOf2021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span>-<span id="xdx_90C_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_iI_pid_dp_uPure_c20211231__srt--RangeAxis__srt--MaximumMember_zNSpqrFva5d6" title="Benefit obligations, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" contextRef="AsOf2021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></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; 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">The discount rate has been set
with regard to the market yields on high quality corporate bonds as of December 31, 2022 for the measurements as of December
31, 2022 (and as of December 31, 2021 for the measurements as of December 31, 2021) 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;.</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 weighted-average assumptions
used to determine net periodic benefit cost for the years ended December 31, 2022 and 2021 are set out below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; 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>

<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>&#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="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_98C_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_pid_dp_uPure_c20220101__20221231_zYrAa2XlyaFf" title="Net periodic benefit cost, Discount rate" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.25</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_983_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_pid_dp_uPure_c20210101__20211231_zP5jF1dv3cYe" title="Net periodic benefit cost, Discount rate" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.75</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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zlhBXGcaNwA8" title="Net periodic benefit cost, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span>-<span id="xdx_90A_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zMFlvax0yWe1" title="Net periodic benefit cost, Rate of increase in compensation levels:"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zW7ejhIw7utf" style="font: 10pt Times 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 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 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfBenefitObligationsChangeInAssumptionTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfBenefitObligationsChangeInAssumptionTableTextBlock_zNjo7XL5nOFf" 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 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 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><span id="xdx_8B6_zveR3p44cVhh" style="display: none">SCHEDULE
OF BENEFIT OBLIGATIONS CHANGE IN ASSUMPTION</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="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in assumption:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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                                            obligation<br />
                                            at the end<br />
                                            of the year</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    basis point decrease in discount rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left">+$</td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1_pn3n3_c20220101__20221231_zfxgech6BVx3"><ix:nonFraction name="us-gaap:DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,720</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">100</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    basis point increase in discount rate</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A7_zF3EqzxBgkg6" style="font: 10pt Times New Roman, Times, Serif; 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 regulatory requirement to fund these benefits in advance and intends to pay benefits directly as they fall due. As of
December 31, 2022, the Company has no plan assets to invest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Accumulated
benefit obligation was $<span id="xdx_900_ecustom--DefinedBenefitPlanAccumulatedBenefitObligation1_iI_pn5n6_c20221231_zJMf5vCYJn11" title="Accumulated benefit obligation"><ix:nonFraction name="NESR:DefinedBenefitPlanAccumulatedBenefitObligation1" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">15.8</ix:nonFraction></span> million and $<span id="xdx_90B_ecustom--DefinedBenefitPlanAccumulatedBenefitObligation1_iI_pn5n6_c20211231_zhbAUBI2oOZa" title="Accumulated benefit obligation"><ix:nonFraction name="NESR:DefinedBenefitPlanAccumulatedBenefitObligation1" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">15.6</ix:nonFraction></span> million as of December 31, 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfExpectedBenefitPaymentsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfExpectedBenefitPaymentsTableTextBlock_zCm9IwWFMkIi" style="font: 10pt Times New Roman, Times, Serif; 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 reflect expected future benefit payments (in 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><span id="xdx_8B6_zjoWrYhMbMga" style="display: none">SCHEDULE OF EXPECTED FUTURE BENEFIT PAYMENTS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; 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">&#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="font-weight: bold">&#160;</td></tr>
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    <td style="width: 78%; text-align: left">2023</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_406_eus-gaap--DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_iI_pn3n3_zQOzrvsqHFZf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2024</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_iI_pn3n3_zA2OVIHhJLbi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2025</td><td>&#160;</td>
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  <tr id="xdx_404_eus-gaap--DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_iI_pn3n3_zqeqIKxgFRhi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2026</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_iI_pn3n3_z6oluPQ6I8Ig" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2027</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_iI_pn3n3_zwyKW1xGOsL" style="vertical-align: bottom; background-color: White">
    <td>2028 through 2032</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zDxXRPnYD7i" style="font: 10pt Times 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>


<ix:exclude><!-- Field: Page; Sequence: 109; Value: 2 -->
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    <div style="margin-bottom: 0pt; break-before: page; margin-top: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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">The
expected benefits are based materially on the same assumptions used to measure the Company&#8217;s benefit obligations as of 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">&#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>Defined
contribution plans</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">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, 2022, 2021, and 2020, were $<span id="xdx_901_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn5n6_c20220101__20221231_z4kK9uX6f0lg" title="Total contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.8</ix:nonFraction></span> million, $<span id="xdx_909_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn5n6_c20210101__20211231_z9eL1Uk9clHj" title="Total contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.7</ix:nonFraction></span> million, and $<span id="xdx_90E_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn5n6_c20200101__20201231_zuUL0AbByGB7" title="Total contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.3</ix:nonFraction></span> million, 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_z1UahuEvnX2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_055"></span>14.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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; 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_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zIMZwxIhIPqf"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_zkBeyyn546q8"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction>%.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the British Virgin Islands, the statutory rate
is effectively 0% as tax is not applied on extra territorial activity.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z9cQ0oMurAWl" style="font: 10pt Times New Roman, Times, Serif; 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_zH2JJOANYik8" style="display: none">SCHEDULE
OF INCOME BEFORE INCOME TAX DOMESTIC AND FOREIGN</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">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p>

</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98B_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_iN_pn3n3_di_c20220101__20221231_zbOBdxkDFkGl" title="Domestic" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,726</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98A_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_iN_pn3n3_di_c20210101__20211231_z5xAXGUQHEF1" title="Domestic" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">183</ix:nonFraction></span></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: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_985_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_pn3n3_c20200101__20201231_zYrE1KePRang" title="Domestic" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,151</ix:nonFraction></span></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_pn3n3_c20220101__20221231_zh7ignSoaej6" title="Foreign" 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:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">21,075</ix:nonFraction></span></td><td style="text-align: left">)</td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_pn3n3_c20210101__20211231_zMTzVUnL1L31" title="Foreign" 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:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">60,396</ix:nonFraction></span></td><td style="text-align: left">)</td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_pn3n3_c20200101__20201231_zcdu8xHuVQRb" title="Foreign" 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:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33,246</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <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">(Loss)
    / Income before income tax</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20220101__20221231_zC5LvndQ41T5" title="(Loss) / Income before income tax" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">29,801</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98A_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20210101__20211231_zoTJSAPm3Uz4" title="(Loss) / Income before income tax" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">60,579</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>

</ix:nonNumeric><p id="xdx_8AA_z4J4p800TiKa" style="font: 10pt Times New Roman, Times, Serif; 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
tax (expense) / benefit</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zGKkJg5mkEje" style="font: 10pt Times New Roman, Times, Serif; 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
components of the income tax (expense) / benefit (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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_z4rhZxft03q5" style="display: none">SCHEDULE
OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)</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 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">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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>December 31,</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>2022</b></span></p>

</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br /> 2021</b></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<br /> 2020</b></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current tax expense</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_980_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_c20220101__20221231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zKPswfj5NEk9" title="Current tax expense" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,880</ix:nonFraction></span></td><td style="width: 1%; text-align: left"></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_981_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zsAQRflzPXfh" title="Current tax expense" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,129</ix:nonFraction></span></td><td style="width: 1%; text-align: left"></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_980_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_c20200101__20201231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zgp3zbMY6ql6" title="Current tax expense" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2020-01-012020-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,781</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax expense
    (benefit)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_c20220101__20221231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_z03thbLnwWG9" title="Deferred tax expense (benefit)" 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:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">10,261</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zWKZBL08yoNj" title="Deferred tax expense (benefit)" 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:DeferredIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,140</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_c20200101__20201231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_z8ZUo3ryiyGg" title="Deferred tax expense (benefit)" 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:DeferredIncomeTaxExpenseBenefit" contextRef="From2020-01-012020-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,241</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Income tax expense / (benefit)</td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_982_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20220101__20221231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zCTG2r5XcQa7" title="Income tax (expense) / benefit" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,619</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_982_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20210101__20211231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zHGYvlCXTXF9" title="Income tax (expense) / benefit" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,989</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_983_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_c20200101__20201231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zTxMgEMVcggd" title="Income tax (expense) / benefit" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2020-01-012020-12-31_us-gaap_ForeignCountryMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,540</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A7_zRnR8K7R0qi" style="font: 10pt Times 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zmPV0dymYkki" style="font: 10pt Times New Roman, Times, Serif; 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
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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B1_zXtiEjludsBh" style="display: none">SCHEDULE
OF DEFERRED INCOME TAX ASSETS (LIABILITIES)</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">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold">&#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></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>
  <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">
    <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: 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 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; padding-left: 10pt">Intangible assets</td><td>&#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_98E_ecustom--TemporaryDifferencesDueToRestatementOfDeferredTaxLiablilities_iNI_pn3n3_di_c20221231_z83ibdBuNr9d" title="Temporary differences due to restatement" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2170">-</span></span></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: White">
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</ix:nonNumeric><p id="xdx_8A2_z3W8Ku0ur1Lb" 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>


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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">The
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<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">Deferred
tax assets are reduced by valuation allowances. As of December 31, 2022, and 2021, valuation allowances of $<span id="xdx_90B_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn5n6_c20221231_zuDgFXokXgV1" title="Deferred tax assets, valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">10.0</ix:nonFraction></span> million and $<span id="xdx_90D_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn5n6_c20211231_zF0Dvkj1WBn6" title="Deferred tax assets, valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.6</ix:nonFraction></span>
million relate to deferred tax assets for net operating loss carryforwards. 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. The $<span id="xdx_90A_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn5n6_c20220101__20221231_zuWEStT6SDEe" title="Deferred tax assets, valuation allowance increased"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span>
million and $<span id="xdx_903_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn5n6_c20210101__20211231_zSECssSdb6oi" title="Deferred tax assets, valuation allowance increased"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million increase in the valuation allowance in 2022 and 2021, respectively, is mainly on account of operating
loss carryforwards generated in the current year not qualifying for recognition as the Company does not believe these operating loss
carryforwards will be utilized prior to expiration. The movement in 2022 includes an increase of $<span id="xdx_909_ecustom--ValuationAllowanceDeferredTaxAssetChangeInMovementAmount_pn5n6_c20220101__20221231_zqudH2KrqPtg" title="Valuation allowance, deferred tax asset, increase"><ix:nonFraction name="NESR:ValuationAllowanceDeferredTaxAssetChangeInMovementAmount" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million and a utilization
of $<span id="xdx_90C_ecustom--UtilizationOfValuationAllowance_pn5n6_c20220101__20221231_zv85SRnxm6Z6" title="Utilization of valuation allowance"><ix:nonFraction name="NESR:UtilizationOfValuationAllowance" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million to the beginning-of-the-year valuation allowances due to a change in assumption on recoverability of the deferred
tax assets by the Company. The movement in 2021 includes an increase of $<span id="xdx_902_ecustom--ValuationAllowanceDeferredTaxAssetChangeInMovementAmount_pn5n6_c20210101__20211231_zoplRAypyZ1j" title="Valuation allowance, deferred tax asset, increase"><ix:nonFraction name="NESR:ValuationAllowanceDeferredTaxAssetChangeInMovementAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span> million and a utilization of $<span id="xdx_904_ecustom--UtilizationOfValuationAllowance_pn5n6_c20210101__20211231_zQLmHYsqaBu9" title="Utilization of valuation allowance"><ix:nonFraction name="NESR:UtilizationOfValuationAllowance" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million
to the beginning-of-the-year valuation allowances due to a change in assumption on recoverability of the deferred tax asset by the Company.
Further, deferred tax assets in the table above, for operating loss carryforwards as of December 31, 2022, and 2021, have been presented
net of an unrecognized tax benefit for likely disallowances of $<span id="xdx_90B_ecustom--UnrecognizedTaxBenefitsDisallowances_iI_pn5n6_c20221231_zVAEd5eFZ6F7" title="Unrecognized tax benefits disallowances"><ix:nonFraction name="NESR:UnrecognizedTaxBenefitsDisallowances" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">24.0</ix:nonFraction></span> million and $<span id="xdx_90A_ecustom--UnrecognizedTaxBenefitsDisallowances_iI_pn5n6_c20211231_zmDJj780wJig" title="Unrecognized tax benefits disallowances"><ix:nonFraction name="NESR:UnrecognizedTaxBenefitsDisallowances" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">18.3</ix:nonFraction></span> million, respectively.</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-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax liabilities on Property, plant and equipment of $<span id="xdx_906_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iI_pn5n6_c20221231_ziY8RP51dVm3" title="Deferred tax liabilities on Property, plant and equipment"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.3</ix:nonFraction></span> million and $<span id="xdx_90D_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iI_pn5n6_c20211231_zk5E4ZzK3Ah3" title="Deferred tax liabilities on Property, plant and equipment"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.1</ix:nonFraction></span> million at December 31, 2022, and 2021, respectively,
include an unrecognized tax benefit of $<span id="xdx_908_ecustom--UnrecognizedTaxBenefitsPropertyPlantAndEquipment_iI_pn5n6_c20221231_zGLHsWhWXLac" title="Unrecognized tax benefits"><ix:nonFraction name="NESR:UnrecognizedTaxBenefitsPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.6</ix:nonFraction></span> million and $<span id="xdx_90A_ecustom--UnrecognizedTaxBenefitsPropertyPlantAndEquipment_iI_pn5n6_c20211231_zEaCND1wz5Ng" title="Unrecognized tax benefits"><ix:nonFraction name="NESR:UnrecognizedTaxBenefitsPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">3.6</ix:nonFraction></span> million, respectively.</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-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times 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: left"><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 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">The
difference between the reported amount of income tax (expense) / benefit 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
<span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__srt--StatementGeographicalAxis__country--VG_zwDd0O4K1Cq4"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31_country_VG" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>% as income tax is not applied on extra territorial activity. For the United Arab Emirates, the statutory rate on our operations is
also <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231__srt--StatementGeographicalAxis__country--AE_z6GqV1yb0Ybh"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31_country_AE" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span>%.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_z93cUFOuPKu1" style="font: 10pt Times 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><span id="xdx_8B7_zKOX7kxVJKt3" style="display: none">SCHEDULE
OF EFFECTIVE INCOME TAX RATE RECONCILIATION</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p>

</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#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="text-align: left">Tax effect of adjustments to prior years current tax expense</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax effect of adjustments to prior years deferred taxes</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: White">
    <td style="text-align: left">Effect of changes in valuation allowances</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A5_zDJK9ZzRaMw3" style="font: 10pt Times 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
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_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_uPure_c20220101__20221231_zXxlLwp3YJAh"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%.
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of penalties and interest associated with the Company&#8217;s unrecognized tax benefits.</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>


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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: 0.25in"><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 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>

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Company records estimated accrued interest and penalties related to an underpayment of income taxes in income tax (expense) / benefit.
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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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<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; background-color: White">
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</ix:nonNumeric><p id="xdx_8A1_zxWvbo9Oaqm" style="font: 10pt Times New Roman, Times, Serif; 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 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 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">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.</span></p>

<p style="font: 10pt Times 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 tax returns for year 2017 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.</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>


<ix:exclude><!-- Field: Page; Sequence: 112; Value: 2 -->
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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>

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<span id="xdx_82E_zL8t9f70MG4h">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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"><i>Capital
expenditure commitments</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">The
Company was committed to incur capital expenditures of $<span id="xdx_908_eus-gaap--CapitalExpendituresIncurredButNotYetPaid_pn5n6_c20220101__20221231_zuZ8pnajVrk5"><ix:nonFraction name="us-gaap:CapitalExpendituresIncurredButNotYetPaid" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">38.4</ix:nonFraction></span> million and $<span id="xdx_90C_eus-gaap--CapitalExpendituresIncurredButNotYetPaid_pn5n6_c20210101__20211231_zLxjWUkxix81"><ix:nonFraction name="us-gaap:CapitalExpendituresIncurredButNotYetPaid" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">36.7</ix:nonFraction></span> million at December 31, 2022, and
December 31, 2021, respectively. Substantially all of the commitments outstanding as of December 31, 2022, are expected to be settled
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: 0; text-align: justify"><i>Other commitments</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">The Company purchases certain
property, plant, and equipment using seller-provided installment financing with payment terms extending to 24 months. As of December
31, 2022, and December 31, 2021, the Company recorded $<span id="xdx_905_eus-gaap--OtherLiabilities_iI_pn5n6_c20221231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zipxfmgv6Xea" 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" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">11.6</ix:nonFraction></span> million and $<span id="xdx_90E_eus-gaap--OtherLiabilities_iI_pn5n6_c20211231__us-gaap--BalanceSheetLocationAxis__us-gaap--AccountsPayableMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zyPihAnzvFY2" title="Due to related parties current and non current"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2021-12-31_us-gaap_AccountsPayableMember_us-gaap_RelatedPartyMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.5</ix:nonFraction></span> million, respectively, in Accounts payable
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">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_904_ecustom--SuretyBondsAndOtherBankIssuedGuarantees_iI_pn5n6_c20221231_zYzyibKo7SGb" title="Surety bonds and other bank issued guarantees"><ix:nonFraction name="NESR:SuretyBondsAndOtherBankIssuedGuarantees" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">132.4</ix:nonFraction></span> million and $<span id="xdx_90F_ecustom--SuretyBondsAndOtherBankIssuedGuarantees_iI_pn5n6_c20211231_zVLqekZPegO5" title="Surety bonds and other bank issued guarantees"><ix:nonFraction name="NESR:SuretyBondsAndOtherBankIssuedGuarantees" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">105.6</ix:nonFraction></span> million as of December 31, 2022, and December
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at December 31, 2022, and December 31, 2021, 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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">As of December 31, 2022,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is involved in certain
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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.</p>
<!-- Field: Split-Segment; Name: 005 -->
<p style="font: 10pt Times New Roman, Times, Serif; 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"><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 27.5pt; 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: 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
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
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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>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 2 -->
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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"></p>

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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_8AC_z7Zk3R66Ibgb" style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022, there were <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zUUvgGbt9Ef" title="Number of shares vested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber" contextRef="From2022-01-012022-12-31_us-gaap_RestrictedStockUnitsRSUMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,828</ix:nonFraction></span> restricted stock units awarded to 39 participants 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 2022, <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__srt--DirectorMember_z2cS1na9W9Vb" title="Number of shares vested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber" contextRef="From2022-01-012022-12-31_us-gaap_RestrictedStockUnitsRSUMember_srt_DirectorMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">53,429</ix:nonFraction></span> previously vested shares, issued to members of the Board of Directors, were cancelled
by the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022 and 2021, the Company had unrecognized compensation expense of $<span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_z8x7NffF2uI5" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2022-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.4</ix:nonFraction></span> million and $<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zC8rwHfKPum1" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2021-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">14.0</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_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zRXbTnvqgOak" 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" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms">1.72</ix:nonNumeric></span> years and
<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandEighteenLongTermIncentivePlanMember_zOCpKMTAa1tl" title="Share-based compensation arrangement by share-based payment award, equity instruments other than options, outstanding, weighted average remaining contractual terms"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_TwoThousandEighteenLongTermIncentivePlanMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms">1.99</ix:nonNumeric></span> years, respectively. Stock-based compensation has been recorded in the Consolidated Statements of Operations as follows (in US$
thousands):</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="NESR:ScheduleOfStockbasedCompensationTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfStockbasedCompensationTableTextBlock_zMjRdcYCgAli" style="font: 10pt Times New Roman, Times, Serif; margin: 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_8B7_zAZmfdk7BnX" style="display: none">SCHEDULE OF STOCK-BASED COMPENSATION</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>&#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)">
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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="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231_zQaZ17uahOX2" title="Stock-based compensation" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,269</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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</ix:nonNumeric><p id="xdx_8A2_zVFA0YbEDDt" style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 114; Value: 2 -->
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    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SuccessorsMember" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_809_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_hsrt--StatementScenarioAxis__custom--SuccessorsMember_z1pNJI3ZbgKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_058"></span>17.
<span id="xdx_82E_zd8RmM3nqzBc">EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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 27.5pt; text-align: justify; text-indent: -27.5pt"><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 0pt 0pt 27.5pt; 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; 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, 2022 and December 31, 2021, there were <span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_c20221231_zWmoHz6cT6fl" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">94,012,752</ix:nonFraction></span> and <span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_z7mLPv0WdLig" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">91,366,235</ix:nonFraction></span>,
respectively, ordinary shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 27.5pt; text-align: justify; text-indent: -27.5pt"><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 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 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, 2022, and December 31, 2021,
there were <span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_do_c20221231_zibNw08Mc483" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20221231_zsJySnWHTYRk" title="Preferred stock, shares outstanding"><span id="xdx_903_eus-gaap--PreferredStockSharesIssued_iI_pid_do_c20211231_zbIYUihjzxq5" title="Preferred stock, shares issued"><span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20211231_zPht5N98gld6" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2022-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31" 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 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 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public
and Private Warrants</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">As
of both December 31, 2022, and December 31, 2021, there were <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zWOgfx8ONOta" title="Class of warrant or right, outstanding"><span id="xdx_908_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20211231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zwDKka42cDNc" title="Class of warrant or right, outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-12-31_custom_PublicWarrantsMember" 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_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zVD35IiUzKN2" title="Ordinary share price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" 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_908_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zFP6lIsZO4V3" title="Warrants and rights outstanding, maturity date"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" format="ixt:datemonthdayyearen" name="us-gaap:WarrantsAndRightsOutstandingMaturityDate">June 6, 2023</ix:nonNumeric></span> (<span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dt_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zDi27B53xin9" title="Warrants term"><ix:nonNumeric contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" format="ixt-sec:durwordsen" 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 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">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_901_eus-gaap--SharesIssuedPricePerShare_iI_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zdZwKjxFAyG2" title="Sale price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" 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_903_eus-gaap--SharePrice_iI_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_ztIZmYAMe495" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" 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_904_eus-gaap--SharePrice_iI_c20221231__us-gaap--StatementEquityComponentsAxis__custom--PublicWarrantsMember_zq9ZoEemboA3" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" decimals="INF" unitRef="USDPShares">.01</ix:nonFraction></span> call price.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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. As of both December 31, 2022, and December 31, 2021, there were no Private Warrants outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 accounted for its Public and Private Warrants in accordance with ASC 480, <i>Distinguishing Liabilities from Equity</i>.
Public Warrants both at inception and in subsequent periods were classified as equity. Upon applying the correction of warrant accounting
discussed in Note 4, Private Warrants were both initially and subsequently measured at fair value with changes in fair value recognized
in earnings. The Private Warrants were determined to be within the scope of liability accounting due to provisions that could result
in different settlement amounts depending upon the characteristics of the holder of the Private Warrant. As the Private Warrants were
converted into Public Warrants, the corresponding liability was reclassified to Common Stock and Additional Paid-in Capital on the Company&#8217;s
Consolidated Balance Sheets.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_80D_eus-gaap--EarningsPerShareTextBlock_zHOA3NAKVLR9" style="font: 10pt Times 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="ss_059"></span>18.
<span id="xdx_823_zEPbioxSHDo7">EARNINGS PER SHARE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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; 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 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: 0.5in"><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
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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">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 2022. For the year-ended December 31, 2020, the Company utilized the more punitive of the treasury
stock method or two-class method to determine dilutive earnings per share. For the years-ended December 31, 2022, and 2021, the Company
utilized only the treasury stock method. For the December 31, 2022, computation, there were no participating securities outstanding.
For the 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 115; Value: 2 -->
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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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Years
ended December 31, 2022, December 31, 2021, and December 31, 2020</i></span></p>

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

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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, 2022, December 31, 2021, and December 31, 2020 (in US$ thousands except shares and per share amounts):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zPX1b7zqS7we" style="display: none">SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED COMMON SHARES OUTSTANDING</span></p>

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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="width: 46%; text-align: left">Beginning Balance</td><td style="width: 2%">&#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">
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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 Vesting</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">March 19, 2022</td><td>&#160;</td>
    <td style="text-align: left">Restricted Stock Vesting</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>
    <td style="text-align: left">WDVGE - NESR ordinary share consideration</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; padding-bottom: 1.5pt">Restricted Stock Vesting</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td id="xdx_98A_ecustom--ChangeInSharesRestrictedStockVestingFive_pid_c20220101__20221231_zlFaeAm5q6dc" title="Change in shares restricted stock vesting five" style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction name="NESR:ChangeInSharesRestrictedStockVestingFive" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,654</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_ecustom--WeightedAverageOrdinarySharesOutstandingRestrictedStockVestingFive_pid_c20220101__20221231_zvZjcEPDyG5e" title="Weighted average ordinary shares outstanding restricted stock vesting five" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NESR:WeightedAverageOrdinarySharesOutstandingRestrictedStockVestingFive" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">19,290</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)">
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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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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">&#160;</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">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Transaction Detail</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change in<br />
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 Ordinary<br />
 Shares<br />
 Outstanding</b></span></p></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 49%; text-align: left">Beginning Balance</td><td style="width: 2%">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1, 2020</span></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)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 23, 2021</span></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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  <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 Vesting</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--ChangeInSharesRestrictedStockVestingFour_pid_c20210101__20211231_zZ9329obE1Xk" style="text-align: right"><ix:nonFraction name="NESR:ChangeInSharesRestrictedStockVestingFour" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</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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    <td style="font-weight: bold">Ending Balance</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>
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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>

<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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  <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 id="xdx_F06_zjFxyMJ0Rtxc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</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 id="xdx_F07_zYxeCC4dadFe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></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">&#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"><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: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
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 Ordinary</b></span></p>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_987_ecustom--WeightedAverageOrdinarySharesOutstandingContingentlyIssuableSharesValue_iS_pid_c20200101__20201231_zwFV8XxCaImd" title="Weighted average ordinary shares outstanding, beginning balance" style="width: 12%; text-align: right"><ix:nonFraction name="NESR:WeightedAverageOrdinarySharesOutstandingContingentlyIssuableSharesValue" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">87,187,289</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Restricted stock vesting</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_983_ecustom--WeightedAverageOrdinarySharesOutstandingRestrictedStockVesting_pid_c20200101__20201231_z5XLV13FgJW9" title="Weighted average ordinary shares outstanding, restricted stock vesting" style="text-align: right"><ix:nonFraction name="NESR:WeightedAverageOrdinarySharesOutstandingRestrictedStockVesting" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">242,307</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1, 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NESR ordinary share consideration
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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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</ix:nonNumeric><p id="xdx_8AA_znesblmDbfH" 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 0 0pt 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, 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 as the Company reported net losses for
both annual periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2020, warrants</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> that
could be converted into as many as <span id="xdx_907_eus-gaap--ConversionOfStockSharesConverted1_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7NH6iuZhwGg" title="Number of ordinary shares converted"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2020-01-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,540,380</ix:nonFraction></span> ordinary shares were excluded from common shares as they were antidilutive based on
the average share-price during the for the year. In addition to these warrants, the Company also had <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20200101__20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAp0FEhFQJvh" title="Number of restricted shares excluded from common shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2020-01-012020-12-31_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,724,832</ix:nonFraction></span> restricted
stock units excluded from common shares for the year ended December 31, 2020, as they were also assumed repurchased through
the impact of unrecognized share-based compensation cost.</span></p>

<p style="font: 10pt Times 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>


<ix:exclude><!-- Field: Page; Sequence: 118; Value: 2 -->
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_807_eus-gaap--FairValueDisclosuresTextBlock_zaUelIpehqP5" style="font: 10pt Times 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="ss_060"></span>19.
<span id="xdx_82A_z75SA3dbGxl9">FAIR VALUE ACCOUNTING</span></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 measures and records liabilities for its Private Warrants (note 17) and the Buyer Stock Adjustment Amount derivative liability (note 10) 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 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">
    <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
    1 &#8211; Observable inputs for identical assets or liabilities such as quoted prices in active markets;</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">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>
    <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">Level
    3 &#8211; 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.</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">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zBPdfewVeOG8" style="font: 10pt Times New Roman, Times, Serif; 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 tables present the Company&#8217;s fair value hierarchy for its financial liabilities measured at fair value on a recurring
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 id="xdx_8BD_zWTaDpMoXbKg" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF FAIR VALUE OF HIERARCHY AT FAIR VALUE ON RECURRING BASIS</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 0pt 0pt 0; 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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  <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: bold 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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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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">&#160;</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">&#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_8AF_z434UhSNhIqj" style="font: 10pt Times 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 Private Warrants and Buyer Stock Adjustment Amount derivative are included as Level 3 measurements in the tables above.
The fair value of the Company&#8217;s Private Warrant liability was calculated using the Black-Scholes model. The fair value of the Company&#8217;s
Buyer Stock Adjustment Amount derivative liability was calculated using the Monte Carlo simulation analysis.</span></p>

<p style="font: 10pt Times 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>


<ix:exclude><!-- Field: Page; Sequence: 119; Value: 2 -->
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    <!-- Field: /Page --></ix:exclude>

<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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfProductWarrantyLiabilityTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfProductWarrantyLiabilityTableTextBlock_zt07yNuGz6Sa" style="font: 10pt Times New Roman, Times, Serif; 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
change in fair value of the Company&#8217;s Level 3 measurements is 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; 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_8B9_zSs2JpoZINoc" style="display: none">SCHEDULE
OF FAIR VALUE OF LEVEL 3 MEASUREMENTS</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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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</ix:nonNumeric><p id="xdx_8AE_z1QotmTrHKnb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 other financial instruments consist of cash and cash equivalents, accounts receivable, unbilled revenue, accounts payable,
leases, contingent consideration assumed in the Action transaction (Note 5), and loans and borrowings. The fair value of the Company&#8217;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&#8217;s long-term borrowings also approximates the carrying amounts as
these loans are carrying interest at the market rate.</span></p>

<p style="font: 10pt Times 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zEQimmJDN6dd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_061"></span>20.
<span id="xdx_827_z4V50O71HjV2">RELATED PARTY TRANSACTIONS</span></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 style="text-decoration: underline">Mubbadrah
Investment LLC (&#8220;Mubbadrah&#8221;)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="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">GES
leases office space in a building it owns in Muscat, Oman to Mubbadrah along with other Mubbadrah group entities (collectively, the &#8220;Mubbadrah
group entities&#8221;). GES charges rental income to the Mubbadrah group entities for the occupation of the office space, based on usage.
Rental income charged by GES to the Mubbadrah group entities amounted to $<span id="xdx_904_eus-gaap--OtherOperatingIncome_pn5n6_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MubbadrahGroupEntitiesMember_zKB8AB3wvDL" title="Rental income to be paid on leases"><ix:nonFraction name="us-gaap:OtherOperatingIncome" contextRef="From2022-01-012022-12-31_custom_MubbadrahGroupEntitiesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million, $<span id="xdx_904_eus-gaap--OtherOperatingIncome_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MubbadrahGroupEntitiesMember_zUo3QX2dCqGh" title="Rental income to be paid on leases"><ix:nonFraction name="us-gaap:OtherOperatingIncome" contextRef="From2021-01-012021-12-31_custom_MubbadrahGroupEntitiesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million, and $<span id="xdx_900_eus-gaap--OtherOperatingIncome_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MubbadrahGroupEntitiesMember_zubPRtfrPjf2" title="Rental income to be paid on leases"><ix:nonFraction name="us-gaap:OtherOperatingIncome" contextRef="From2020-01-012020-12-31_custom_MubbadrahGroupEntitiesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million for the
years ended December 31, 2022, 2021, and 2020, respectively, in the Consolidated Statements of Operations. The outstanding balances from
the Mubbadrah group entities were payables of $<span id="xdx_903_eus-gaap--OtherReceivables_iI_pn5n6_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MubbadrahGroupEntitiesMember_zwYssV54EQdc" title="Due from related parties"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_MubbadrahGroupEntitiesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million and $<span id="xdx_90F_eus-gaap--OtherReceivables_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MubbadrahGroupEntitiesMember_zgWJ97zVkJLh" title="Due from related parties"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2021-12-31_custom_MubbadrahGroupEntitiesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.4</ix:nonFraction></span> million at December 31, 2022, and December 31, 2021, 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>

<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">Heavy
Equipment Manufacturing &amp; Trading LLC (&#8220;HEMT&#8221;)</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">&#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 0 0pt 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 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HEMT
is a majority owned by Mubbadrah Group. HEMT is engaged by various subsidiaries of GES for services such as fabrication, manufacturing
and maintenance of tools and equipment. HEMT has charged GES $<span id="xdx_909_ecustom--ServicesCharges_pn5n6_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HeavyEquipmentManufacturingAndTradingLLCMember__dei--LegalEntityAxis__custom--GESMember_zKMiqUIRcbrb" title="Services charges"><ix:nonFraction name="NESR:ServicesCharges" contextRef="From2022-01-012022-12-31_custom_HeavyEquipmentManufacturingAndTradingLLCMember_custom_GESMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million, $<span id="xdx_90F_ecustom--ServicesCharges_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HeavyEquipmentManufacturingAndTradingLLCMember__dei--LegalEntityAxis__custom--GESMember_zqrej1eW13Ha" title="Services charges"><ix:nonFraction name="NESR:ServicesCharges" contextRef="From2021-01-012021-12-31_custom_HeavyEquipmentManufacturingAndTradingLLCMember_custom_GESMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million, and $<span id="xdx_905_ecustom--ServicesCharges_pn5n6_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HeavyEquipmentManufacturingAndTradingLLCMember__dei--LegalEntityAxis__custom--GESMember_z9Dz8gLNJDI9" title="Services charges"><ix:nonFraction name="NESR:ServicesCharges" contextRef="From2020-01-012020-12-31_custom_HeavyEquipmentManufacturingAndTradingLLCMember_custom_GESMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.1</ix:nonFraction></span> million for the years ended
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million and $<span id="xdx_904_eus-gaap--AccountsReceivableNet_iI_pn5n6_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HeavyEquipmentManufacturingAndTradingLLCMember__dei--LegalEntityAxis__custom--GESMember_zNnNwwiU8mgh" title="Accounts receivable related parties"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2021-12-31_custom_HeavyEquipmentManufacturingAndTradingLLCMember_custom_GESMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span> million remains receivable from HEMT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Prime
Business Solutions LLC (&#8220;PBS&#8221;)</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PBS
is majority owned by Mubbadrah Group and is involved in the development and maintenance of Enterprise Resource Planning (&#8220;ERP&#8221;)
systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PBS
developed and implemented the GEARS (ERP) system used by one of the Company&#8217;s subsidiaries under December 31, 2021, and
is currently engaged to maintain it. Charges totaling $<span id="xdx_90F_eus-gaap--AdministrativeFeesExpense_pn5n6_c20220101__20221231__dei--LegalEntityAxis__custom--PrimeBusinessSolutionsLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BusinessSolutionsLLCMember_zrmh0mcz2onc" title="Administrative service fee"><ix:nonFraction name="us-gaap:AdministrativeFeesExpense" contextRef="From2022-01-012022-12-31_custom_PrimeBusinessSolutionsLLCMember_custom_BusinessSolutionsLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction></span> million, $<span id="xdx_90D_eus-gaap--AdministrativeFeesExpense_pn5n6_c20210101__20211231__dei--LegalEntityAxis__custom--PrimeBusinessSolutionsLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BusinessSolutionsLLCMember_zqgd6nG8XrAb" title="Administrative service fee"><ix:nonFraction name="us-gaap:AdministrativeFeesExpense" contextRef="From2021-01-012021-12-31_custom_PrimeBusinessSolutionsLLCMember_custom_BusinessSolutionsLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span> million, and $<span id="xdx_90D_eus-gaap--AdministrativeFeesExpense_pn5n6_c20200101__20201231__dei--LegalEntityAxis__custom--PrimeBusinessSolutionsLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BusinessSolutionsLLCMember_z4p5QHeW2o58" title="Administrative service fee"><ix:nonFraction name="us-gaap:AdministrativeFeesExpense" contextRef="From2020-01-012020-12-31_custom_PrimeBusinessSolutionsLLCMember_custom_BusinessSolutionsLLCMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction></span> million for the years ended December
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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 0 0pt 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 0 0pt 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 0 0pt 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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the Company&#8217;s directors, Andrew Waite, also serves as a director of Nine. As of December 31, 2022, and December 31, 2021, the Company
had total liabilities of $<span id="xdx_900_eus-gaap--Liabilities_iI_pn5n6_c20221231__dei--LegalEntityAxis__custom--NineEnergyServiceIncMember__us-gaap--FairValueByAssetClassAxis__custom--CoiledTubingEquipmentProductsAndServicesMember_zcvZbm1qkcha" title="Liabilities"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31_custom_NineEnergyServiceIncMember_custom_CoiledTubingEquipmentProductsAndServicesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.2</ix:nonFraction></span> million and $<span id="xdx_908_eus-gaap--Liabilities_iI_pn5n6_c20211231__dei--LegalEntityAxis__custom--NineEnergyServiceIncMember__us-gaap--FairValueByAssetClassAxis__custom--CoiledTubingEquipmentProductsAndServicesMember_zvj7FQKVg7da" title="Liabilities"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31_custom_NineEnergyServiceIncMember_custom_CoiledTubingEquipmentProductsAndServicesMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</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 0 0pt 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 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>


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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 style="text-decoration: underline">Basin
Holdings US LLC (&#8220;Basin&#8221;)</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>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_80D_eus-gaap--SegmentReportingDisclosureTextBlock_zVv9fAT1tGz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; text-align: justify; text-indent: -27.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_062"></span>21.
<span id="xdx_826_zL0sOUJpKms7">REPORTABLE SEGMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27.5pt; 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; 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 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; 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 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_903_eus-gaap--NumberOfReportableSegments_pid_dc_uSegments_c20220101__20221231_zmY1zn1yjcol" title="Number of Reportable Segments"><ix:nonFraction name="us-gaap:NumberOfReportableSegments" contextRef="From2022-01-01to2022-12-31" 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 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; 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, coil tubing, stimulation and pumping, cementing, nitrogen services, filtration services,
pipelines and industrial services, production assurance, artificial lift services, and completions.</span></p>

<p style="font: 10pt Times 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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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 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
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. The results of ESG IMPACT were not material to our Consolidated Statements of Operations 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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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 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"><i>&#160;</i></span></p>

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

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

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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">&#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>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reportable
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
    Services</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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drilling
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DrillingAndEvaluationServicesMember_zrryddZJHo76" title="Drilling and Evaluation Services" 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"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_DrillingAndEvaluationServicesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">173,520</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--NoncurrentAssets_iI_pn3n3_c20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--DrillingAndEvaluationServicesMember_zS0XdWwB9PEg" title="Drilling and Evaluation Services" 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"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2021-12-31_custom_DrillingAndEvaluationServicesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">133,691</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--NoncurrentAssets_iI_pn3n3_c20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--TotalReportableSegmentsMember_zWlctIhAUrMg" title="Total long-lived assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2020-12-31_custom_TotalReportableSegmentsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">386,906</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__srt--ProductOrServiceAxis__custom--UnallocatedAssetsMember_zgl2EnsnxH7i" title="Unallocated assets" 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"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_UnallocatedAssetsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47,583</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--NoncurrentAssets_iI_pn3n3_c20201231__srt--ProductOrServiceAxis__custom--UnallocatedAssetsMember_zJBm7DRQcxpc" title="Unallocated assets" 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"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2020-12-31_custom_UnallocatedAssetsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">38,600</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; 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 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 0; 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 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="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="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year ended</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <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>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2021</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">December 31, 2020</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">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: 46%; text-align: left">Production Services</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231__srt--ProductOrServiceAxis__custom--ProductionServicesMember_zj02Z9G5qMpc" title="Production Services" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31_custom_ProductionServicesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,717</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--OperatingIncomeLoss_pn3n3_c20200101__20201231__srt--ProductOrServiceAxis__custom--ProductionServicesMember_z3ei4Wa3axY" title="Production Services" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-01-012020-12-31_custom_ProductionServicesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">56,180</ix:nonFraction></td><td style="width: 1%; 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 id="xdx_984_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231__srt--ProductOrServiceAxis__custom--DrillingAndEvaluationServicesMember_zwvGUcqqS0R1" 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" 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>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--OperatingIncomeLoss_pn3n3_c20200101__20201231__srt--ProductOrServiceAxis__custom--DrillingAndEvaluationServicesMember_zfcJ5soZ0Nrj" title="Drilling and Evaluation Services" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-01-012020-12-31_custom_DrillingAndEvaluationServicesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,295</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>
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--OperatingIncomeLoss_pn3n3_c20210101__20211231__srt--ProductOrServiceAxis__custom--TotalReportableSegmentsMember_zjnu3gCKcM01" title="Total operating income" style="text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31_custom_TotalReportableSegmentsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,096</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--OperatingIncomeLoss_pn3n3_c20200101__20201231__srt--ProductOrServiceAxis__custom--TotalReportableSegmentsMember_z9FVwrjwEeu5" title="Total operating income" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-01-012020-12-31_custom_TotalReportableSegmentsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80,475</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">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_98D_eus-gaap--OperatingIncomeLoss_pn3n3_c20220101__20221231__srt--ProductOrServiceAxis__custom--UnallocatedExpensesMember_zYTE47oYJLIh" 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" 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_zLCJqedRjUdf" 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" 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><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--OperatingIncomeLoss_pn3n3_c20200101__20201231__srt--ProductOrServiceAxis__custom--UnallocatedExpensesMember_zSRCImfvzNfl" title="Unallocated expenses" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-01-012020-12-31_custom_UnallocatedExpensesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">45,197</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: 1.5pt; font-weight: bold; text-align: left">Total Operating income / (loss)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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_zsBNU9LR1Q8k" title="Total operating income" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-01to2022-12-31" 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="padding-bottom: 1.5pt; font-weight: bold">&#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_zCGYpca8pMLl" 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" 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><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--OperatingIncomeLoss_pn3n3_c20200101__20201231_znnD2bzOdHy" title="Total operating income" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35,278</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</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_985_eus-gaap--InterestExpense_iN_pn3n3_di_c20220101__20221231_zbHaYwFvVpGb" title="Interest expense, net" style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-01to2022-12-31" 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_z4dYkkAvjRrj" title="Interest expense, net" style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,174</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--InterestExpense_iN_pn3n3_di_c20200101__20201231_zOeCqHRIgvFb" title="Interest expense, net" style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,879</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gain/(loss) on Private Warrant Liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--DerivativeGainLossOnDerivativeNet_pn3n3_c20220101__20221231_z4gEFOTqUQHh" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2835">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--DerivativeGainLossOnDerivativeNet_pn3n3_c20210101__20211231_zZf0y1v7VDNl" title="Gain/(loss) on Private Warrant Liability" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2837">-</span></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)">
    <td style="padding-bottom: 1.5pt; text-align: left">Other income / (expense), net</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--OtherOperatingIncomeExpenseNet_pn3n3_c20220101__20221231_zRx1HpBATB2k" title="Other income / (expense), net" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherOperatingIncomeExpenseNet" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,242</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_980_eus-gaap--OtherOperatingIncomeExpenseNet_pn3n3_c20210101__20211231_zbVcetLUV0e6" title="Other income / (expense), net" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherOperatingIncomeExpenseNet" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,073</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_986_eus-gaap--OtherOperatingIncomeExpenseNet_pn3n3_c20200101__20201231_zqod8BK6PtYg" title="Other income / (expense), net" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherOperatingIncomeExpenseNet" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,139</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="padding-bottom: 2.5pt; font-weight: bold; text-align: left">(Loss) / income before income tax</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">&#160;</td><td id="xdx_98F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20220101__20221231_zp1m68mNFpx7" title="(Loss) / income before income tax" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">29,801</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</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">&#160;</td><td id="xdx_98E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20210101__20211231_zRqIsXGYD0q" title="(Loss) / income before income tax" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">60,579</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</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">&#160;</td><td id="xdx_98E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_c20200101__20201231_zgMXD72lv0N6" title="(Loss) / income before income tax" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,095</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 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unallocated expenses for the years ended December
31, 2022, December 31, 2021, and December 31, 2020, mainly include 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.</p>

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

</ix:nonNumeric><p id="xdx_8A7_zin1N82pP5I9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SuccessorsMember" escape="true" name="us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock_hsrt--StatementScenarioAxis__custom--SuccessorsMember_zzGVfhmmndza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0"><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"><span id="xdx_8B0_zjjg0zSAg0kb">SCHEDULE
OF REVENUE FROM EXTERNAL CUSTOMERS AND LONG-LIVED ASSETS, BY GEOGRAPHICAL AREAS&#160;</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>&#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">
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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 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 0; 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 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; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#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="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 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">$</td><td id="xdx_985_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__srt--StatementGeographicalAxis__custom--DomesticMember_zSFEc3OkQmUi" title="Total long-lived assets" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2879">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231__srt--StatementGeographicalAxis__custom--MENAMember_zBBlBjBO7F9l" title="Total long-lived assets" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:NoncurrentAssets" contextRef="AsOf2022-12-31_custom_MENAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">443,967</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><b>$</b></td><td id="xdx_984_eus-gaap--NoncurrentAssets_iI_pn3n3_c20221231_zuBiWaIOF7kb" 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" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">461,061</ix:nonFraction></b></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_zgttkZoERVu8" style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; 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 0 0pt 27.5pt; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
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<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_zelea6b5tFec"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
<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_zrHlrhjNEgW2"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
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<span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_ztjnLg5Aa4vg"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
<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_zhXNbGxcVXdg"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
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_z8UaAF9GfOwa"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerFourMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company&#8217;s consolidated revenues in
the year ended December 31, 2021, and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zLLQuG98dwok"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">58</ix:nonFraction>%,</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
<span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zG4eKe33Ze9b"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerTwoMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
<span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_zdq1tN7yce1j"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerThreeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200101__20201231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerFourMember_zmPuEY43CoU8"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerFourMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company&#8217;s consolidated revenues in
the year ended December 31, 2020.</span></p>

</ix:nonNumeric><p id="xdx_814_zUiTqDapqsA" style="font: 10pt Times New Roman, Times, Serif; 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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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2948737}]
{"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": "231524299"}, "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
,
2022
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 Expert 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, 2022, there were [
94,012,752
] 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
28
A. HISTORY AND DEVELOPMENT OF THE COMPANY
28
B. BUSINESS OVERVIEW
28
C. ORGANIZATIONAL STRUCTURE
34
D. PROPERTY, PLANT, & EQUIPMENT
34
ITEM 4A. UNRESOLVED STAFF COMMENTS
34
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
35
A. OPERATING RESULTS
35
B. LIQUIDITY AND CAPITAL RESOURCES
42
C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.
47
D. TREND INFORMATION
47
E. CRITICAL ACCOUNTING ESTIMATES
47
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
49
A. DIRECTORS AND SENIOR MANAGEMENT
49
B. COMPENSATION
52
C. BOARD PRACTICES
55
D. EMPLOYEES
58
E. SHARE OWNERSHIP
59
F. DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
59
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
59
A. MAJOR SHAREHOLDERS
59
B. RELATED PARTY TRANSACTIONS
60
C. INTERESTS OF EXPERTS AND COUNSEL
60
ITEM 8. FINANCIAL INFORMATION
60
A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
60
B. SIGNIFICANT CHANGES
60
2
ITEM 9. THE OFFER AND LISTING
60
A. OFFER AND LISTING DETAILS
60
B. PLAN OF DISTRIBUTION
60
C. MARKETS
61
D. SELLING SHAREHOLDERS
61
E. DILUTION
61
F. EXPENSES OF THE ISSUE
61
ITEM 10. ADDITIONAL INFORMATION
61
A. SHARE CAPITAL
61
B. MEMORANDUM AND ARTICLES OF ASSOCIATION
61
C. MATERIAL CONTRACTS
64
D. EXCHANGE CONTROLS
65
E. TAXATION
65
F. DIVIDENDS AND PAYING AGENTS
67
G. STATEMENT BY EXPERTS
67
H. DOCUMENTS ON DISPLAY
67
I. SUBSIDIARY INFORMATION
67
J. ANNUAL REPORT TO SECURITY HOLDERS
67
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
67
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
68
A. DEBT SECURITIES
68
B. WARRANTS AND RIGHTS
68
C. OTHER SECURITIES
68
D. AMERICAN DEPOSITORY SHARES
68
PART II
69
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
69
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
69
ITEM 15. CONTROLS AND PROCEDURES
69
ITEM 16. RESERVED
71
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
71
ITEM 16B. CODE OF ETHICS
71
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
71
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
72
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
72
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
72
3
ITEM 16G. CORPORATE GOVERNANCE
72
ITEM 16H. MINE SAFETY DISCLOSURE
72
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
72
ITEM 16J. INSIDER TRADING POLICIES
72
ITEM 16K. CYBERSECURITY
72
PART III
73
ITEM 17. FINANCIAL STATEMENTS
73
ITEM 18. FINANCIAL STATEMENTS
73
ITEM 19. EXHIBITS
73
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
76
CONSOLIDATED BALANCE SHEETS
78
CONSOLIDATED STATEMENTS OF OPERATIONS
79
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
80
CONSOLIDATED STATEMENTS SHAREHOLDERS' EQUITY
81
CONSOLIDATED STATEMENTS OF CASH FLOWS
82
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
83
1. DESCRIPTION OF BUSINESS
83
2. BASIS OF PRESENTATION
83
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
84
4. RESTATEMENTS
92
5. BUSINESS COMBINATIONS
93
6. REVENUE
100
7. ACCOUNTS RECEIVABLE
101
8. SERVICE INVENTORIES
101
9. PROPERTY, PLANT, & EQUIPMENT
102
10. GOODWILL, INTANGIBLE, AND OTHER ASSETS
102
11. LEASING
104
12. DEBT
105
13. EMPLOYEE BENEFITS
108
14. INCOME TAXES
110
15. COMMITMENTS AND CONTINGENCIES
113
16. SHARE-BASED COMPENSATION
113
17. EQUITY
115
18. EARNINGS PER SHARE
115
19. FAIR VALUE ACCOUNTING
119
20. RELATED PARTY TRANSACTIONS
120
21. REPORTABLE SEGMENTS
121
Exhibit 1.1
Exhibit 2.5
Exhibit 8.1
Exhibit 12.1
Exhibit 12.2
Exhibit 13.1
Exhibit 13.2
Exhibit 15.1
Exhibit 15.2
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 quotation on the OTC Expert Market, 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 delayed SEC report filings on our business, 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, such as the COVID-19 pandemic;
●
The
    level of capital spending by our customers;
●
Political,
    market, financial and regulatory risks, including those related to the geographic concentration of our 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, and other documents which we may furnish from time to time with
the SEC.
EXPLANATORY
NOTE
As
previously disclosed, in connection with the preparation of our financial statements as of and for the year ended December 31, 2021,
and the companywide adoption of a new Enterprise Resource Planning system and the ensuing reconciliation process, we determined that
previously issued financial statements included material errors primarily related to the completeness of accounts payable and accrued
liabilities in Saudi Arabia and the United Arab Emirates. To quantify the errors, management performed a complete reconciliation of vendor
statements and subsequent invoices at these locations to the previously recorded balances. Contemporaneously, and to ensure the integrity
of all other account balances and locations, management also conducted a full review of the Company's account reconciliations in
addition to physical inventory and fixed asset counts at all locations (inclusive of Saudi Arabia and the United Arab Emirates). The
Company recorded additional adjustments based on these procedures.
As
a result, certain information in the consolidated financial statements for the year ended December 31, 2020, has been restated to
correct for these errors. See
Correction of Private Warrant Classification Error
,
Correction of Errors from Overstatement/ (Understatement) of Assets and Liabilities and Correction
of Errors in Classification of Selling,
G
eneral and
A
dministrative
E
xpenses
in Note 4,
Restatements
, to our consolidated financial statements included in Item 18, "
Financial Statements
,"
of this Annual Report. We believe that presenting our consolidated financial statements for the 2022 fiscal year along with the
information set forth in Note 4 will allow readers to review all pertinent data within a single document. Therefore, we do not plan
to amend our previously issued financial statements.
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, NESR further expanded its footprint within the
Middle East and North Africa ("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. See Note 5,
Business
Combinations
, to the consolidated financial statements included in Item 18, "
Financial Statements,
" of this
Annual Report for further discussion of the acquisitions of SAPESCO and Action (collectively, 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.
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. As a consequence of the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements
, to our consolidated
financial statements included in Item 18, "
Financial Statements
," of this Annual Report, certain balances prior to
January 1, 2021, are presented on an as restated basis within this Annual Report.
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.
●
The
    COVID-19 pandemic and resulting adverse economic conditions have had, and may continue to have, a material adverse effect on our
    financial condition, results of operations and cash flows.
●
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 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.
●
Our
    future growth may be limited if we are unable to successfully integrate the operations of businesses or companies we acquire.
●
Physical
                                            dangers are inherent in our operations and may expose us to significant potential losses.
●
We
    compete with diversified multinational companies with substantially larger operating staffs and greater capital resources than us.
●
The
    inability to hire needed personnel or to access capital could negatively affect our ability to keep pace with technological advances.
Financial,
Regulatory, Legal and Compliance Risks
●
The
    matters identified under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
    Restatements, included in Item 18. "Financial Statements" related to our previously issued audited
    financial statements as well as material weaknesses that have been identified in our internal controls over financial systems 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.
●
A significant portion of our consolidated revenue and
    consolidated operating expenses is in foreign currencies, exposing us to risks arising from fluctuating exchange rates and currency
    control restrictions.
●
If
    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.
●
We
    may not have sufficient indemnities or insurance to cover liability claims.
●
We
    are subject to a wide array of governmental regulations and contractual restrictions and the failure to comply with such regulations
    and restrictions could negatively affect our ability to operate our business and our financial status.
●
Increased
    attention to climate change, environmental, social and governance ("ESG") matters and conservation measures may
    adversely impact our business.
7
Risks Related to Our Capital Structure
●
Fluctuations
    in the price of our ordinary shares and warrants caused by market conditions, our financial results or other factors could cause
    our shareholders to lose all or part of their investment.
●
Our
    public warrants could expire worthless.
●
Because
    we are incorporated under the laws of the British Virgin Islands and our significant assets are located offshore, our investors'
    ability to seek redress in U.S. courts is limited.
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
    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.
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 Expert Market on an "unsolicited only" basis. Pursuant to Rule 15c2-11
under the Exchange Act, companies that do not make current information publicly available under the rule are transitioned to the OTC
Expert Market.
The
delisting of our securities from Nasdaq and their limited trading on the OTC Expert Market have had and may continue to have adverse
effects on our business, including the following:
●
less
                                            liquidity and value for our securities;
●
trades
                                            on the OTC Expert Market are primarily limited to private purchases and sales among sophisticated
                                            investors;
●
more
                                            limited market quotations for our securities;
●
more
                                            limited information concerning our securities, or their trading prices and volume;
●
more
                                            limited research coverage by stock analysts;
●
loss
                                            of reputation, loss of employee confidence, or loss of institutional investors or interest
                                            in business development opportunities;
●
more
                                            difficult and more expensive financings in the future;
●
decreased
                                            ability to issue additional securities or obtain additional funding in the future; and
●
loss
                                            of exemption under U.S. states securities registration requirements, which may require us
                                            to comply with applicable U.S. state securities laws.
We
plan to apply to list our ordinary shares and warrants on one of the public OTC Markets as soon as we are in compliance with their public
information requirements. In addition, 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 OTC Markets,
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
2020
$
70.25
$
9.12
2021
85.76
50.36
2022
133.18
76.02
A
prolonged reduction in oil and natural gas prices,
depressed levels of exploration, development, and production activity 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 our
    business;
●
weather
    conditions, natural disasters, and public health crises and threats, such as coronavirus (COVID-19);
●
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 gas production by non-OPEC+ countries;
●
oil
    refining capacity and shifts in end-customer preferences toward fuel efficiency and the use of natural gas;
8
●
the
    cost of producing and delivering oil and natural gas;
●
technological
    advances affecting energy consumption; and
●
potential
    acceleration of the development of alternative fuels.
The COVID-19 pandemic
and resulting adverse economic conditions have had, and any similar outbreak in the future may have, a material adverse effect
on our financial condition, results of operations and cash flows.
The
COVID-19 pandemic caused, and any resurgence of a similar pandemic could again cause, a significant reduction in global economic
activity, significantly weakening demand for oil and gas, and in turn, for our products and services. Other effects of the pandemic included,
and may continue to include, significant volatility and disruption of the global financial markets; adverse revenue and net (loss)
/ income effects; disruptions to our operations, including suspension or deferral of drilling activities; customer shutdowns of oil
and gas exploration and production; downward revisions to customer budgets; limitations on access to sources of liquidity; supply chain
disruptions; limitations on access to component parts; employee impacts from illness; and local and regional closures or lockdowns,
including temporary closures of our facilities and the facilities of our customers and suppliers. The extent to which our operating and
financial results will continue to be affected by the pandemic will depend on various factors beyond our control, such as the continued
severity of the pandemic, including any sustained geographic resurgence; the emergence of new variants and strains of the COVID-19 virus;
and the success of actions to contain or treat the virus. COVID-19, and volatile regional and global economic conditions stemming from
the pandemic, could also aggravate our other risk factors described in this Annual Report on Form 20-F.
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 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
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 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
primary customers are in the Middle East and North Africa and all are in the energy industry. Among 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.
9
Revenues
from four customers individually accounted for 40%, 9%, 7% and 7% of the Company's consolidated revenues in the year
ended December 31, 2022, 51%, 10%, 7% and 4% of the Company's consolidated revenues in the year ended December 31, 2021,
and 58%, 12%, 4% and 3% of the Company's consolidated revenues in the year ended December 31, 2020. Given the terms of our
customer contracts, there remains 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 the 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
will be exposed to risks inherent in doing business in each of the countries in which we operate. Our operations will be 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.
For
example, due to the unsettled political conditions in many oil-producing countries, our operations, revenue, and profits will 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 United States or elsewhere, could
have a material adverse effect on our business, results of operations, and financial condition.
10
Physical
dangers are inherent in our operations and may expose us to significant potential 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.
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
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.
11
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. 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 under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements, included in Item 18. "Financial Statements," relating to our previously issued
audited financial statements 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 under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in
Note
4, Restatements,
included in Item 18, "Financial Statements," 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.
Material
weaknesses in our internal control over financial reporting have been identified
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, 2022, December 31, 2021, and December 31, 2020, 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
●
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, we 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, 2022, 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 net (loss) / 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 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.
12
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.
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 over 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 2022 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 global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations
on a jurisdiction-by-jurisdiction basis, known as the "two pillar plan." On October 8, 2021, the OECD announced an accord
endorsing and providing an implementation plan for the two pillar plan 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 implementation of
the accord is uncertain, if legislation is enacted to implement the accord in some or all of the jurisdictions in which we have operations,
it could materially increase the amount of taxes we owe, on a retroactive or prospective basis, thereby negatively affecting our results
of operations and our cash flows from operations.
Lack
of consolidation 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 losses in one of our subsidiaries may not be eligible to be offset against
profits in another subsidiary 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.
13
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 12, Debt, to the consolidated
financial statements.
14
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 $535.1 million in borrowings under our various loan agreements and
other financing arrangements as of December 31, 2022. 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 a general increase in the delay or non-payment and 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. The combination of a reduction of cash flow resulting
from lower commodity prices, a reduction in borrowing bases under reserve-based credit facilities, and the lack of availability of debt
or equity financing 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.
15
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 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 third 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 generally 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.
16
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." Additionally, scientists have concluded
that increasing concentrations of greenhouse gases in the earth's atmosphere produce climate changes that may have significant
physical effects, such as increased frequency and severity of storms, droughts, and floods and other adverse climatic events. If any
such effects were to occur, they could result in damage to our equipment and our customers' facilities and have an adverse effect
on our financial condition and results of operations.
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 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.
17
Increased
attention to climate change, ESG matters and conservation measures 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 may require bids for contracts in the form of long-term, fixed pricing contracts that may 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, may require bids for contracts in the form of long-term, fixed pricing contracts that may require us
to provide integrated project management services outside our normal discrete businesses to act as project managers as well as service
providers, and may require us to assume additional risks associated with cost over-runs. These customers may provide us with inaccurate
information in relation to their reserves, which is a subjective process that involves location and volume estimation that may result
in cost over-runs, delays, and project losses. 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.
18
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 may also be subject to trade control (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 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.
19
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 or 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, or with designated companies in the oil and natural gas sector. 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. 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 the 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.
20
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. We are also subject to litigation and
regulatory risks in connection with the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements
, to our consolidated financial statements included in Item
18, "Financial Statements," of this Annual Report. If we were to be sued under any
of the agreements related to the Business Combinations or 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.
21
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, and the uncertainty and ongoing efforts to mitigate the spread of impacts of COVID-19,
    including, but not limited to, the severity and duration of the COVID-19 pandemic, the extent and effectiveness of containment measures,
    the availability and distribution of effective vaccines against COVID-19, the potential resurgence of COVID-19 or related strains,
    how quickly and to what extent normal economic and operating activity can resume, and the severity and duration of the global economic
    downturn that has resulted from the COVID-19 pandemic.
22
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, 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, 2022, 94,012,752 ordinary shares were outstanding
and 35,540,380 warrants were outstanding. Our outstanding ordinary shares do not include ordinary shares issuable upon exercise of the
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.
23
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, 2022, and there is a risk that they may expire worthless. Furthermore, as long as our
ordinary shares are not publicly traded, 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.
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.
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 number of 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.
We
rely at times upon services and products supplied by related parties if no other suitable alternatives are available. For example, up
to 2021, a related party vendor provided software services that supported certain of our operations in a country where
we have a perpetual license to use an Enterprise Resource Planning system.
In
addition, these related party transactions create the possibility of conflicts of interest with regard to transactions involving Mubbadrah
Investment LLC, Heavy Equipment Manufacturing & Trading LLC, Prime Business Solutions LLC, Nine Energy Service, Inc. and Basin Holdings
US LLC. 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.
24
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.
25
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
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
could lose our status as a "foreign private issuer" under current SEC rules and regulations if more than 50% of our outstanding
voting securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority
of our directors or executive officers are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States;
or (iii) our business is administered principally in the United States. If we lose our status as a foreign private issuer, we would not
be eligible to use foreign issuer forms and would be required to file periodic and current reports and registration statements on U.S.
domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer.
We
may re-incorporate in another jurisdiction, and the laws of such jurisdiction will likely govern all of our material agreements and we
may not be able to enforce our legal rights.
We
may relocate the home jurisdiction of our business from the British Virgin Islands to another jurisdiction. If we determine to do this,
the laws of such jurisdiction could govern any of our material agreements where jurisdiction has not been contractually established.
The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in implementation and interpretation
as in the British Virgin Islands. Furthermore, certain U.S. laws would continue to apply to us regardless of where we are incorporated.
The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business
opportunities or capital.
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.
26
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.
27
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 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 Ritter
House, Wickhams Cay II, P.O. Box 4041, Road Town, VG1110 Tortola, British Virgin Islands.
History
and Business Development
NESR
is one of the largest oilfield services providers in the 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 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 formed from the merger of W. D. Von Gonten Laboratories
LLC and W. D. Von Gonten & Co. Petroleum Engineering Consulting.
NESR's
revenues are primarily derived by providing production services ("Production Services") such as hydraulic fracturing, coil
tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance,
artificial lift services, completions and integrated project 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. EGCs may take advantage of certain exemptions from various reporting requirements that are applicable
to other 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 from 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 has adopted all deferred accounting standards in this Annual Report on Form 20-F.
Capital
Expenditures
During
the three most recent fiscal years, the Company's capital expenditures were $312.1 million in the aggregate, comprising
$122.4 million from the year ended December 31, 2022, $107.1 million from the year ended December 31, 2021, and $82.6
million from the year ended December 31, 2020. 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 will invest 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 will 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. The Company invested $17.4 million in IPM projects during the year ended December 31, 2022.
During 2022, 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
The
Company's services are similar to one another in that they consist of oilfield services and related offerings, whose customers
are oil and gas companies. The Company has organized its service lines into two reportable segments, Production Services and Drilling
and Evaluation Services.
28
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
    & 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 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 Project Management ("IPM") projects
    are generally focused on developing and co-managing production of customers' assets under long-term agreements. NESR invests
    its own services and products into the field development activities and operations and is compensated on a fee-per barrel basis or
    based on cash flow generated. This includes certain arrangements whereby NESR is only compensated based on incremental production
    that it helps deliver above a mutually agreed baseline.
29
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
    & 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 gas industry including the re-cutting
    of tubing and casing, repair of drilling and production tubular and well heads.
●
Thru-Tubing
    Intervention – We provide comprehensive oilfield solutions for all thru-tubing intervention requirement, 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 technology 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 every application.
●
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 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 & Evaluation ("D&E") segment continues to be a strategic focus for the Company. In
2022, the Company advanced on the development of next-generation downhole drilling and logging solutions, which are anticipated to position
the Company for new market opportunities in the coming years. The development of these D&E solutions is driven by a combination of
internal R&D expenditures and in close collaboration with leading investment and technology partners, with the goal of developing
a suite of tools that are tailored to address the downhole drilling challenges of the region.
In
2021, several key D&E partnerships were announced. In March, the Company announced the successful startup of its partnership with
PHX Energy Services Corp., to bring leading directional drilling capabilities from North America to the MENA
region. In April, the Company announced its partnership with Beyond Energy Services & Technology to offer
managed pressure drilling services. In September, the Company announced its partnership with Ulterra Drilling Technologies,
L.P. to deploy polycrystalline diamond compact drill bits. In November, the Company reported
the first successful deployment of its 15,000psi Kinetic Blowout Stopper technology in the MENA region, in close
collaboration with its partner Kinetic Pressure Control, based out of Houston.
In
2022, the Company achieved market penetration of its expanding D&E portfolio and announced a number of marquee D&E contract awards
in core countries where NESR currently operates.
30
ESG IMPACT.
In 2021, we
announced 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.
Areas of focus within the
ESG Impact segment include water & minerals, flare & methane abatement, emissions detection & control, and new energies including
carbon capture, sequestration & storage and geothermal solutions. This portfolio is cultivated through a combination
of internal research & development ("R&D") and partnerships with leading technology companies from around the world.
In addition to the formation
of ESG Impact, through 2021 the Company placed several strategic investments, and formed partnerships with companies to expand the ESG
Impact portfolio. In February, the Company announced partnerships with Salttech O&G BV based out of the
Netherlands, and Clean TeQ Pty Ltd from Australia, to offer a complementary portfolio of oilfield water treatment
solutions. In March, the Company announced investment in ICE Thermal Harvesting, LLC to introduce a solution for
zero-emissions power production from low-enthalpy heat sources. In November, the Company announced investment in Qube Technologies,
a provider of artificial intelligence based continuous multi-gas monitoring & leak detection, to augment its emissions
detection & control offering.
In 2022, the Company successfully
advanced on multiple fronts with key field introductions of ESG Impact solutions. In water, the Company successfully piloted its zero
liquid discharge desalination solution, in collaboration with one of its largest customers, to prove the efficacy
of produced water recycling within the industry. In emissions detection, the Company successfully piloted its AI-based methane &
leak detection solution in several strategic countries. Additionally in new energies, the Company executed its first CO2 sequestration
pilot and also its first geothermal testing project for a prominent national energy producer.
The
results of ESG IMPACT were not material to our Consolidated Statements of Operations for the years ended December 31, 2022, December
31, 2021, or December 31, 2020.
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,
2022
December 31,
2021
December 31,
2020
                                            (As restated)
Geographic Area:
Domestic (British Virgin Islands)
$
-
$
-
$
-
MENA
893,635
865,917
822,606
Rest of World
15,882
10,812
11,546
Total revenue
$
909,517
$
876,729
$
834,152
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.
31
Customers
Revenues
from four customers individually accounted for 40%, 9%, 7% and 7% of the Company's consolidated revenues in the year
ended December 31, 2022, 51%, 10%, 7% and 4% of the Company's consolidated revenues in the year ended December 31,
2021, and 58%, 12%, 4% and 3% of the Company's consolidated revenues in the year ended December 31, 2020.
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 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 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 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 gas companies are liable
for various asserted damages associated with the production of fuels that contributed to climate change; or (3) oil and 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.
32
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 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.
33
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, 2022, see Exhibit 8.1 to this Annual Report.
D.
PROPERTY, PLANT, & EQUIPMENT
Properties
We
have operations in over 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 & innovation across the MENA region. 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.
34
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 regional provider of services to the oil and gas industry primarily in the MENA region. We currently operate in over 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 throughout the region 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 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 and Oil Prices
We
provide oilfield services to exploration and production companies with operations in the onshore and offshore oil and 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.
Oil
and natural gas prices increased during 2022 largely driven by supply constraints which were amplified as a result of recent geopolitical
events and supply chain bottlenecks. Activity began to visibly expand in the second half of the year, as evidenced by significant increases
in rig counts in MENA. The Company is well positioned to benefit from this market expansion and anticipates record levels of upstream
investment by national oil companies to continue in the next few years.
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 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.
35
Geographic
Concentration; Middle Eastern Operations
During the
years ended December 31, 2022, December 31, 2021, and December 31, 2020, 98%, 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 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 gas prices, such oil and 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.
36
Interest
expense, net
Interest
expense primarily consists of interest on outstanding debt, net of interest income.
Gain/(loss)
on warrant liability
Gain/(loss)
on Private Warrant liability consists of adjustments recorded to present the Company's Private Warrants at fair value in the Consolidated
Balance Sheets.
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,
2022
2021
2020
Rig count:
MENA
358
332
276
Rest of World – outside of North America
542
502
389
Total International Rig Count
900
834
665
Brent Crude (per barrel)
$
82.82
$
77.24
$
51.22
Basis
of Presentation of Financial Information
Segments
We
operate our business and report our results of operations through two operating and 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, cementing, coiled tubing, filtration, completions, stimulation, pumping and nitrogen services.
Our Production Services
accounted for 62%, 63%, and 67%, of our revenues for the years ended December 31, 2022, 2021, and 2020, 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 well testing services, drilling services and rental, fishing and remediation,
drilling and workover rigs, wireline logging services, turbines drilling, directional drilling, slickline services and drilling fluids,
among others.
Our Drilling and Evaluation Services accounted for accounted for 38%, 37%, and 33%, of our revenues
for the years ended December 31, 2022, 2021, and 2020, respectively. Please see Item 4B, "Business Overview" in this Annual
Report for a description of our reportable segments.
37
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.
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
    (loss) / 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
)
Gain/(loss)
    on Private Warrant Liability
-
-
Other
    income / (expense), net
5,242
(2,073
)
(Loss)
    / Income before income tax
(29,801
)
(60,579
)
Income
    tax (expense) / benefit
(6,619
)
(3,989
)
Net
    (loss) / income
(36,420
)
(64,568
)
Net
    (loss) / income attributable to non-controlling interests
-
-
Net
    (loss) / income
attributable to shareholders
$
(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 coil 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.
38
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, 2022, 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 (as further described in the 2021 compared to 2020 analysis below), (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
(loss) / profit.
Gross (loss) / 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) preparation of the restated
financial statements for the years ended December 31, 2022, 2021, and 2020 related SEC reports; (2) costs related to
the audits of the financial statements for the years ended December 31, 2020 to 2022, including multiple audit firms as discussed
in Item 16F, Change in Registrant's Certifying Accountant; (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.
Gain/(loss)
on warrant liability
. Gain/(loss) on warrant liability was $0 (zero) million for the year ended December 31, 2022, as compared
to $0 (zero) million for the year ended December 31, 2021.
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
(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 14,
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 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 21,
Reportable Segments
, to our consolidated financial statements included in Item
  18, "Financial Statements," of this Annual Report.
39
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.
2021
compared to 2020
As
a result of the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/
(Understatement) of Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses
in Note 4,
Restatements
, to our
consolidated financial statements included in Item 18, "Financial Statements," of this Annual Report, certain balances prior
to January 1, 2021, are presented on an as restated basis within this Annual Report.
The
following table presents our Consolidated Statements of Operations data for the periods indicated:
Year ended
Description
December 31,
2021
December 31,
2020
Revenues
$
876,729
$
834,152
Cost of services
(873,948
)
(756,245
)
Gross (loss) / profit
2,781
77,907
Selling, general and administrative expenses (excluding Amortization)
(28,071
)
(26,812
)
Amortization
(18,042
)
(15,817
)
Operating (loss) / income
(43,332
)
35,278
Interest expense, net
(15,174
)
(15,879
)
Gain/(loss) on Private Warrant Liability
-
557
Other income / (expense), net
(2,073
)
9,139
(Loss) / Income before income tax
(60,579
)
29,095
Income tax (expense) / benefit
(3,989
)
(12,540
)
Net (loss) / income
(64,568
)
16,555
Net (loss) / income attributable to non-controlling interests
-
-
Net (loss) / income attributable to
    shareholders
$
(64,568
)
$
16,555
Revenue
.
Revenue was $876.7 million for the year ended December 31, 2021, compared to $834.2 million for the year ended December
31, 2020.
The
table below presents our revenue by segment for the periods indicated:
Year
    ended
December
    31,
2021
December
    31,
2020 (As restated)
Reportable
    Segment:
Production
    Services
$
554,097
$
557,327
Drilling
    and Evaluation Services
322,632
276,825
Total
    revenue
$
876,729
$
834,152
Production
Services revenue was $554.1 million for the year ended December 31, 2021, compared to $557.3 million for the year ended
December 31, 2020. The change in revenue (although flat year-on-year) was primarily due to higher activity in Kuwait, which
includes the impact of the Action Business Combination, and the full year impact of the SAPESCO Business Combination,
mainly in United Arab Emirates, partially offset by decreased hydraulic fracturing stages in Saudi Arabia during transition between hydraulic fracturing contracts.
40
Drilling
and Evaluation Services revenue was $322.6 million for the year ended December 31, 2021, compared to $276.8 million for
the year ended December 31, 2020. The change in revenue was primarily due to higher activity in Kuwait which includes the impact
of the Action Business Combination, the full year impact of the SAPESCO Business Combination, increased logging activities in
Saudi Arabia and Egypt due to additional contract awards, higher slickline service revenue from additional jobs and introduction of new
technology, and  higher drilling services from increased market share in Saudi Arabia and Algeria.
Cost
of services.
Cost of services was $873.9 million for the year ended December 31, 2021, compared to $756.2
million for the year ended December 31, 2020. The change in cost of services was primarily due to the following reasons: (1)
supplier price inflation mainly on chemicals and consumables brought about by global reactivation of activity after
COVID-19 pandemic; (2) increased labor costs due to travel restrictions caused by COVID-19, (3) transition between hydraulic
fracturing contracts and reduction in Well Testing Activity in Saudi Arabia; (4) provision for settlement of a customer dispute in
Oman and additional provisioning for technologically obsolete inventory also in Oman; and (5)  ramp up in costs in anticipation
of new projects primarily within Drilling and Evaluation. Many of the costs in the reasons mentioned above are one-off or
non-recurring in nature. Cost of services included depreciation expense of $104.1 million and $104.8 million for
the year ended December 31, 2021, and the year ended December 31, 2020, respectively.
Gross
(loss) / profit
.
Gross (loss) / profit as
a percentage of total revenue was 0.3% and 9.3% for the year ended December 31, 2021, and the year ended December 31, 2020,
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 $28.1 million for the year ended December 31, 2021,
compared to $26.8 million for the year ended December 31, 2020. SG&A was slightly up year-on-year due to ERP
system implementation costs and the impact of restricted stock awards with higher grant date fair values than those in the prior period.
SG&A as a percentage of total revenue was 3.2% and 3.2% for the year ended December 31, 2021, and the year ended December
31, 2020, respectively.
Amortization
expense.
Amortization expense was $18.0 million for the year ended December 31, 2021, compared to $15.8 million
for the year ended December 31, 2020. 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 $15.2 million for the year ended December 31, 2021, compared to $15.9 million
for the year ended December 31, 2020. There was no one significant driver of the fluctuation in interest expense during the year
ended December 31, 2021, as compared to the year ended December 31, 2020.
Gain/(loss)
on warrant liability
. Gain/(loss) on warrant liability was $0 (zero) million for the year ended December 31, 2021, as compared
to $0.6 million for the year ended December 31, 2020. The difference between periods is attributable to the change in fair value of the
Company's Private Warrants.
Other
(expense) income, net.
Other (expense) income, net, was ($2.1) million for the year ended December 31, 2021, compared
to $9.1 million for the year ended December 31, 2020. The difference between periods is primarily due to a nonrecurring
gain recognized on the difference between the value of SAPESCO contingent consideration on the acquisition date as compared to expected
settlement value as year-end 2020. See Note 5,
Business Combinations
, to our consolidated financial statements included
in Item 18, "
Financial Statements,
" of this Annual Report.
Income
tax (expense) / benefit.
Income tax (expense) / benefit
(benefit)
was ($4.0) million for the year ended December 31, 2021, compared to ($12.5) million for the year ended December 31, 2020.
The change in the effective tax rate from 2020 to 2021 is primarily the result of a decrease of (loss) / income before income tax period-on-period,
coupled with a change in mix between countries with higher and lower income tax rates. See Note 14,
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 (loss) / income was ($64.6) million for the year ended December 31, 2021, compared to $16.6 million for the
year ended December 31, 2020.
Supplemental
Segment Operating Income / (Loss) Discussion
Year
    ended
December
    31,
2021
December
    31,
2020 (As restated)
Reportable
    Segment
(1)
:
Production
    Services
$
(1,858
)
$
56,180
Drilling
    and Evaluation Services
(1,238
)
24,295
(1)
See Note 21,
Reportable Segments
, to our consolidated financial statements included in Item
  18, "Financial Statements," of this Annual Report.
41
Production
Services segment operating (loss) / income was ($1.9) million for the year ended December 31, 2021, compared to $56.2
million for the year ended December 31, 2020. The change in segment operating (loss) / income was attributable to lower
revenue coupled with significant labor and supply chain cost pressure.
Drilling
and Evaluation segment operating (loss) / income was ($1.2) million for the year ended December 31, 2021, compared to $24.3
million for the year ended December 31, 2020. The change in segment operating (loss) / income was largely attributable to
significant labor and supply chain cost pressure in 2021 as compared to 2020.
B.
LIQUIDITY AND CAPITAL RESOURCES
Our
objective in financing our business is to maintain sufficient liquidity, adequate financial resources and financial flexibility to fund
the requirements of our business. We had cash and cash equivalents of $78.9 million as of December 31, 2022, and $205.8 million
as of December 31, 2021. Our outstanding borrowings were $535.1 million as of December 31, 2022, and $595.8 million
as of December 31, 2021. Current available borrowing capacity totaled $183.9 million as of December 31, 2022. We believe that
our cash on hand, cash flows generated from operations, and liquidity available through our credit facilities, including recently drawn
facilities, will provide sufficient liquidity to manage our global cash needs. See "Capital Resources" below.
Cash
Flows
(In
    US$ thousands)
Year
    ended
December
    31, 2022
December
    31, 2021
December
    31, 2020
Cash
    provided by (used in):
Operating
    Activities
$
92,576
$
127,743
$
134,453
Investing
    Activities
(146,708
)
(164,536
)
(96,437
)
Financing
    Activities
(72,795
)
167,544
(36,240
)
Effect
    of exchange rate changes on cash
8
9
35
Net
    change in cash and cash equivalents
$
(126,919
)
$
130,760
$
1,811
Operating
Activities
Cash
flows provided by operating activities were $92.6 million for the year ended December 31, 2022, compared to cash flows provided
by operating activities of $127.7 million for the year ended December 31, 2021. Cash flows from operating activities fluctuated
by $35.2 million in the year ended December 31, 2022, compared to year ended December 31, 2021, primarily due to a significant
decrease in cash collections offset partially by improved net income year-on-year.
Investing
Activities
Cash
flows used in investing activities were $146.7 million for the year ended December 31, 2022, compared to cash flows used in investing
activities of $164.5 million for the year ended December 31, 2021. The difference between periods was primarily due significantly
reduced cash spend on acquisitions and other investments, offset partially by higher capital expenditures. 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 $72.8 million for the year ended December 31, 2022, compared to cash flows provided
by financing activities of $167.5 million for the year ended December 31, 2021. The shift between 2021 and 2022 is primarily
attributable to the 2021 Secured Facilities Agreement which did not reoccur in 2022.
42
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, 2022. 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)
$
451,942
$
53,345
$
140,597
$
258,000
$
-
Principal and interest payments for short-term debt
(2)
94,353
94,353
-
-
-
Estimated interest payments for long-term debt
(3)
119,561
35,352
55,202
29,007
-
Operating leases
(4)
57,328
6,967
10,341
5,539
34,481
Finance leases
(5)
2,605
2,402
203
-
-
Seller-provided installment financing for capital expenditures
(6)
11,557
11,085
472
-
-
Contractual commitments for capital expenditures
(7)
38,432
38,432
-
-
-
Employees' end of service benefits
(8)
45,860
5,232
9,656
9,447
21,525
Total
$
821,638
$
247,168
$
216,471
$
301,993
$
56,006
(1)
Amounts represent the cash payments for the principal amounts related to our long-term debt at December 31, 2022. 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, 2022.
(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 $26.4 million of this balance.
(8)
Amount represents the expected payments of employees' end of service benefits.
43
Credit
Facilities
As
of December 31, 2022, 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. 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 $8.6 million and $10.5 million as of December 31, 2022 and December
31, 2021, 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.
The
$860 million Secured Facilities Agreement consists 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. Borrowings under the Term Loan and RCF facilities incur 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. As of December 31, 2022, and December 31, 2021, this resulted in interest
rates of 7.64% and 2.96%, respectively, for U.S. dollar denominated borrowings, and interest rates of 8.60% and 3.44%, 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, 2022, and December
31, 2021, the Company had drawn $430.0 million and $430.0 million, respectively, of the Term Loan, and $10.0 million and $80.0 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 0.65% per annum based on the average daily amount by which the borrowing base exceeds the outstanding borrowings during
each 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, 2022, and December 31, 2021, the Company had $70.0
million and $0.0 million, respectively, available to be drawn under the RCF.
The
2021 Secured Facilities Agreement also includes a working capital facility of $350 million and $350 million as of December 31, 2022,
and December 31, 2021, 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 carries 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. As of December
31, 2022, and December 31, 2021, the Company had utilized $252.9 million and $223.1 million, respectively, under this working capital
facility and the balance of $97.1 million and $126.9 million, respectively, was available to the Company.
44
The
Company has also retained legacy bilateral working capital facilities from HSBC totaling $10.6 million and $18.6 million at December
31, 2022 and December 31, 2021, respectively, in Qatar ($10.3 million at December 31, 2022, $10.3 million at December 31, 2021), in the
UAE ($0.2 million at December 31, 2022, and $8.2 million at December 31, 2021) and in Kuwait ($0.1 million at December 31, 2022 and $0.1
million at December 31, 2021). As of December 31, 2022, and December 31, 2021, the Company had utilized $4.7 million and $11.7 million,
respectively, under this working capital facility and the balance of $5.9 million and $6.9 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 15, Commitments
and Contingencies.
In
March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform, which provides temporary optional guidance to companies impacted
by the transition away from the London Interbank Offered Rate ("LIBOR"). The guidance provides certain expedients and exceptions
to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that
reference LIBOR as a benchmark rate are modified. The transition from LIBOR is not expected to have a material impact on the Company's
financial statements for future reporting periods.
Subsequent
to December 31, 2022, 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.
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. Since April 30,
2022 to the date of this filing, the Company has received waivers from its lenders related to compliance with certain financial and nonfinancial
covenants. The Company expects to regain compliance with these covenants upon filing of this Annual Report on Form 20-F.
CIB
Short-Term Debt
The
Commercial International Bank Short-Term Debt facilities (collectively, "CIB Short-Term Debt") include a $1.5 million U.S.
Dollar time loan facility, a E£2 million Egyptian Pound time loan facility, and a E£10 million Egyptian pound time loan overdraft
facility, and $8.8 million U.S. dollars in letters of guarantee. Each CIB Short-Term Debt borrowing matures three months from the date
of borrowing. There was no balance outstanding for the CIB Short-Term Debt as of December 31, 2022, or 2021.
The
U.S. Dollar time loan facility accrues interest at 2.25% per annum over 3 months LIBOR plus 50 basis points per annum of the Highest
Monthly Debit Balance ("HMDB") commission. The Egyptian Pound time loan and overdraft facilities accrue interest at 0.75%
per annum over the Central Bank of Egypt's Corridor Offer Rate plus 50 basis points per annum HMDB commission.
As
of December 31, 2022, and December 31, 2021, the CIB Short-Term Debt resulted in an interest rate of 0% and 2.3%, respectively, for U.S.
Dollar denominated balances, and 0% and 10.0%, respectively, for Egyptian Pound denominated balances. As of December 31, 2022, the Company
had utilized $0 (zero) million of the U.S. Dollar time loan facility, E£0 (zero) million of the Egyptian Pound time loan facility,
and E£0 (zero) million of the Egyptian pound time loan overdraft facility, and $4.4 million in letters of guarantee, with the balances
of $1.5 million, E£2 million, E£10 million, and $4.4 million, respectively, available to the Company. As of December 31,
2021, the Company had utilized $0 (zero) million of the U.S. Dollar time loan facility, E£0 (zero) million of the Egyptian Pound
time loan facility, and E£0 (zero) million of the Egyptian pound time loan overdraft facility, and $6.4 million in letters of guarantee,
with the balances of $1.5 million, E£2.0 million, E£10 million, and $5.1 million (of $11.5 million), respectively, available
to the Company.
45
Off-Balance
Sheet Arrangements
Letters
of Credit
The
Company had outstanding letters of credit amounting to $26.4 million and $40.1 million as of December 31, 2022 and December
31, 2021, 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 $132.4 million and $105.6 million as of December
31, 2022, and December 31, 2021, respectively. The Company has also entered into cash margin guarantees totaling $3.6 million
and $4.4 million at December 31, 2022, and December 31, 2021, 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. In addition, 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, 2022.
Nasdaq
Delisting.
Effective April 28, 2023, Nasdaq delisted the Company's ordinary shares and warrants. The delisting of the ordinary
shares and warrants will likely affect the liquidity of such securities and could inhibit or restrict our ability to raise additional
financing, among other things. Although the Company will pursue the listing and relisting of the ordinary shares and the warrants on
one of the public OTC Markets and Nasdaq as soon as practicable through the normal application process, there can be no assurance that
the Company's securities will be listed on a public OTC Market or re-listed on Nasdaq or that a future market for the Company's
securities will develop.
Capital
Expenditure Commitments
The
Company was committed to incur capital expenditures of $38.4 million and $36.7 million at December 31, 2022 and 2021, respectively.
Substantially all of the commitments outstanding as of December 31, 2022, are expected to be settled during 2023.
46
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 ESG Impact and Drilling & Evaluation 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 & 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, 2022, its most recent annual goodwill impairment
test date, was $1.6 billion. The Company's market capitalization as of October 1, 2022, was $558.4 million based on an October
1, 2022, share price of $5.94 and 94,012,752 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, 2022, 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.
47
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.
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. We typically receive "callouts" from our 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.
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. 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.
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.
48
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 asset 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 throughout the world. 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 are:
Name
Age
(1)
Position
Sherif
    Foda
53
Executive
    Chairman of the Board and Chief Executive Officer
Stefan
    Angeli
63
Chief
    Financial Officer
Dhiraj
    Dudeja
46
Chief
    Commercial Officer
(1)
As
                                            of December 31, 2022.
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. 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 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 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.
49
We
believe that Mr. Foda is qualified to serve on our Board of Directors because of his extensive experience in the oil and 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.
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 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 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 most recently ratified by the shareholders at the Company's 2020 annual general meeting
whereas Class II directors were most recently ratified 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 disclosed
under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements
, to our consolidated financial statements included in Item 18, "
Financial Statements
," of
this Annual Report). 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 Class I Director seats will next be up for election at the 2024 annual general meeting,
which will be the second AGM following their election. 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 2022 as directors of NESR:
Name
Age
(4)
Class
Position
Antonio
    J. Campo Mejia
65
I
Lead
    Independent Director
Yousef
    Al Nowais
(1)
68
II
Independent
Director
Andrew
    Waite
(2)
61
I
Independent
Director
Thomas
    D. Wood
66
II
Independent
Director
Hala
    Zeibak
(3)
41
I
Independent
Director
Sherif
    Foda
53
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 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
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)
Olayan Saudi Holding Company ("Olayan") is entitled to nominate one director to the Board of Directors for so
long as it and its affiliates collectively hold at least 6,879,225 NESR ordinary shares. Ms. Zeibak subsequently resigned from the Board
of Directors during the third quarter of 2023 and as of the date of this document, no successor has been appointed by Olayan.
(4)
Age as of December 31, 2022.
Information
regarding the business experience of each director is provided below. There are no family relationships among NESR's executive
officers and directors.
50
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 of Fugro N.V. (Euronext: FUR), a company providing geotechnical,
survey, subsea and geosciences services since 2014 and Vice-Chairman 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 gas industry
and his experience as an executive in oilfield services and board member of multinational companies.
Hala
Zeibak
has been an independent director of the Company since May 12, 2017. She is a member of The Olayan Group's global
investment team, currently serving as co-head of private equity investments for Europe. The Olayan Group is a private multinational enterprise
with a managed portfolio of international investments and diverse commercial and industrial operations in the Middle East. Ms. Zeibak
joined the group in July 2005, initially at Olayan America in New York. She transferred to Olayan Europe in London in 2011. She has a
strong focus on investments in energy and affiliated sectors, including oil, gas, power, commodities and industrials. She is a member
of the Oxford Energy Policy Club. Ms. Zeibak received a Bachelor of Arts in Economics from Tufts University in 2003, graduating
summa
cum laude,
with membership in the Phi Beta Kappa Society. She went on to earn a master's degree in 2005 from the Fletcher School
of Law & Diplomacy at Tufts. Her concentration was international finance and trade.
We
believe that Ms. Zeibak is qualified to serve on our Board of Directors because of her extensive experience in the investment community
and with diverse industries and multinational operations, including in the MENA region.
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., a provider of
specialized oil and gas completion and production services, from 2007 to 2009, Hornbeck Offshore Services, Inc., a provider of
marine services to the energy sector and military customers, from 2000 to 2006, Oil States International, Inc., 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.
51
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 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 2007-2013, 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 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 gas contract drilling services. 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 coil 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 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 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. The cash compensation for each member of senior
management has been comprised of base salary, annual cash incentive (bonus), and historically long-term equity
incentive, restricted stock units ("RSUs") issued pursuant to our 2018 Long Term Incentive Plan (the
"LTIP"). Since March of 2021, the Company has not granted RSUs to any member of Senior Management pending conclusion
of the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/
(Understatement) of Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative
Expenses in Note 4,
Restatements
, to our consolidated financial statements included in Item 18, "
Financial
Statements
," of this Annual Report). During the year ended December 31, 2022, the aggregate cash compensation paid to
all current members of 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 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.
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.
52
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, 2022, the Company has unpaid 2022 Director cash compensation of $125,000 which is
expected to be settled in 2024. All non-employee Directors are 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. The actual number of restricted shares issued is calculated
by dividing $100,000 by the closing price of our common stock on the OTC Markets exchange on the date of grant. All shares are awarded
under the LTIP and follow all the terms and conditions of the LTIP.
Non-employee
Directors are permitted to waive Director's fees.
Director
Compensation
The
following table provides information on the compensation earned, paid or awarded to our current Directors for the year ended December
31, 2022.
Fees Earned or
Stock
Name
Paid in Cash
Awards
Total
($)
($)
($)
Antonio Campo Mejia
65,000
100,000
165,000
Yousef Al Nowais
(1)
50,000
-
50,000
Andrew Waite
70,000
100,000
170,000
Thomas D. Wood
65,000
100,000
165,000
Hala Zeibek
(1)
-
-
-
Sherif Foda
(2)
-
-
-
(1)
Mr. Al Nowais and Ms. Zeibak both waived their 2022 compensation.
(2)
Members of our Board of Directors who are also our employees or employees of our subsidiaries or non-independent directors
    do not receive any compensation including any cash or stock grants for their service on our Board of Directors.
53
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 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, 2022, the Company awarded 1,011,040 RSUs under the LTIP at a value of $8.9 million. The RSUs
were allocated to the recipients at a weighted average grant date fair value of $8.76 per share and, with limited exceptions,
vest ratably on an annual basis over a 3-year period (1/3 of the shares vest at the anniversary of the grant date) for employees and
over a 1-year period for members of our Board of Directors. Expense related to share-based compensation of $9.3 million, $9.8
million, and $7.8 million was recorded in the Consolidated Statements of Operations in the years ended December 31, 2022, 2021, and 2020,
respectively. At December 31, 2022 and 2021, the Company had unrecognized compensation expense of $12.4 million and $14.0 million,
respectively, related to unvested RSUs to be recognized on a straight-line basis over a weighted average remaining period of 1.72
years and 1.99 years, respectively.
54
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
$28.3 million and $27.4 million as of December 31, 2022, and 2021, 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, 2022, the Board of Directors consisted of six directors. This included the four NESR directors existing prior to our
acquisition of NPS and GES, Sherif Foda, Thomas Wood, Antonio J. Campo Mejia, and Hala Zeibak, 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.
55
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,
to serve as an independent committee (the "Subcommittee") to understand and address the causes of the matters
described in "Item 15. Controls and Procedures" and under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements
, to our consolidated financial statements included in
Item 18, "
Financial Statements
," of this Annual Report.
56
Compensation
Committee
The
Board of Directors has formed a Compensation Committee of the Board of Directors. During 2022, the members of our Compensation
Committee were Mr. Campo Mejia, Ms. Zeibak and Mr. Wood, with Mr. Wood serving as the chairman of the Compensation Committee.
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.
57
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, 2022, 2021, and 2020, we employed 5,968, 5,623, and 5,581 employees and 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.
58
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 September 30, 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
*
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 September 30, 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.
E.
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 September 30, 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
17.92
%
Mubbadrah
    Investment LLC
(b)
9,288
9.78
%
SCF-VIII, L.P.
(c)
7,992
8.41
%
Al-Nowais
    Investments LLC
5,358
5.64
%
Encompass
    Capital Advisors LLC
5,328
5.61
%
FMR
    LLC
(d)
4,972
5.23
%
(a)
Based
    on issued and outstanding ordinary shares of 94,996,397 as of September 30, 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.
59
B.
RELATED PARTY TRANSACTIONS
See
Note 20,
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 15,
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, our ordinary shares and warrants are quoted on the OTC Expert Market under the symbols
["NESR"] and ["NESRW"], respectively, on an "unsolicited only" basis. Pursuant to Rule 15c2-11 under
the Exchange Act, effective September 26, 2021, companies that do not make current information publicly available under the Exchange
Act rules are transitioned to the OTC Expert Market. The trades on the OTC Expert Market are limited primarily to private purchases and
sales among sophisticated investors with sufficient investment experience, among others. 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.
60
C.
MARKETS
As
at the date of the filing of this Annual Report, our
ordinary shares and warrants are quoted on the OTC Expert Market 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 attached as
Exhibit 3.1 to this Annual Report.
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 Ritter House, Wickhams Cay II, Road Town, Tortola, VG 1110,
British Virgin Islands, and the registered agent of the Company is Intertrust Corporate Services (BVI) Limited also at Ritter House,
Wickhams Cay II, Road Town, Tortola, VG 1110, British Virgin Islands. 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.
61
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, 2022, an aggregate of 94,012,752 million ordinary shares were issued and outstanding. After considering unvested RSUs
outstanding as of December 31, 2022, 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.
62
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, nor does it anticipate one being held in 2023, due to the ongoing
activities associated with the matters disclosed under Correction of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of
Assets and Liabilities and Correction of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements
, to our consolidated financial statements included in Item 18,
"
Financial Statements
," of this Annual Report). 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.
63
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 of the board of directors, authorize a distribution at a time and of an amount they
think fit if 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. 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.
64
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 10% to 40%.
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, 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, foreign 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 of receipt, 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 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.
65
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. 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 Expert 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, 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, 2022, 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 and 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.
66
Information
Reporting and Backup Withholding
Dividend
payments with respect to our shares and proceeds from the sale, exchange or redemption 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). U.S. Holders are urged to consult their tax advisers regarding the application
of the U.S. information reporting and backup withholding rules.
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 for individual shareholders.
Certain
U.S. Holders are required to report information relating to certain "foreign financial assets," generally including 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 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 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.
US
dollar 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 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.
67
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, 2022, 2021 and 2020. 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. Borrowings under the Term Loan and RCF facilities incur 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. From 2021 into 2022, as central banks sought to reduce inflationary
pressures, interest rates for our 2021 Secured Facilities Agreement increased from 2.96% to 7.64% for U.S. dollar denominated borrowings,
and from 3.44% to 8.60% for Saudi Arabian Riyal borrowings. As a consequence, interest expense, net, rose to $34.1 million for the year
ended December 31, 2022, compared to $15.2 million for the year ended December 31, 2021.
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, 2022, and December 31, 2021, 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  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. As of both December 31, 2022, and December 31, 2021, there were no Private Warrants outstanding.
C.
OTHER SECURITIES
Not
applicable.
D.
AMERICAN DEPOSITORY SHARES
Not
applicable.
68
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.
69
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, 2022, 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, we 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.
As discussed under Correction
of Private Warrant Classification Error, Correction of Errors from Overstatement/ (Understatement) of Assets and Liabilities and Correction
of Errors in Classification of Selling, General and Administrative Expenses in Note 4,
Restatements
, to
our consolidated financial statements included in Item 18, "
Financial Statements
," of this Annual Report, 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.
70
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, 2022.
CHANGES
IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During
the period from July 1, 2021, to January 1, 2022, we implemented a new enterprise resource planning system in several locations. Where
appropriate, we have made changes to related internal controls over our financial reporting. Other than the system implementation referenced
above, 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, discussed below, has largely been implemented during 2023.
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 begun 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 such 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;
●
Engaged
    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;
●
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.
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;
●
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. While these remediation
efforts are ongoing, the controls must be operating effectively for a sufficient period of time and be tested by management in order
to consider them remediated and conclude that the design is effective to address the risks of material misstatement.
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.
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, 2022
December
    31, 2021
Audit
    fees
(a)
$
2,450
$
3,805
Audit-related
    fees
(b)
85
20
Tax
    fees
(c)
-
-
All
    other fees
(d)
-
-
Total
$
2,535
$
3,825
(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.
71
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, 2022, December 31, 2021, and December 31, 2020, 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
On March 31, 2021, the Audit
Committee appointed PricewaterhouseCoopers Limited Partnership Dubai Branch (formerly PricewaterhouseCoopers (Dubai Branch)) ("PwC")
as the Company's independent registered public accounting firm, effective immediately. Concurrently, the Audit Committee dismissed
KPMG Assurance and Consulting Services LLP ("KPMG") from serving as the Company's independent registered public accounting
firm, effective immediately.
During our fiscal years
ended December 31, 2020, and December 31, 2019, and through the date of dismissal, (i) we had no disagreements with KPMG on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to the satisfaction of KPMG, would have caused it to make reference to the subject matter of such disagreements in
its report on our financial statements for such period and (ii) there were no "reportable events" requiring disclosure
pursuant to Item 16F(a)(1)(v) of Form 20-F. The audit reports of KPMG on our consolidated financial statements for the fiscal years
ended December 31, 2020, and December 31, 2019, did not contain an adverse opinion or disclaimer of opinion and were not qualified
or modified as to uncertainty, audit scope or accounting principles.
During the Company's
fiscal years ended December 31, 2020, and December 31, 2019, and through the subsequent interim periods through the date of PwC's
engagement, the Company did not consult with PwC regarding either (i) the application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, or (ii)
any matter that was either the subject of a disagreement (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions)
or a reportable event (as defined in Item 16F(a)(1)(v) of Form 20-F). In selecting PwC as the Company's new independent registered
public accounting firm, the Audit Committee considered all relevant factors, including non-audit services that were provided by PwC to
the Company in prior periods.
On March 10, 2022, as a consequence
of material errors, primarily related to the completeness of accounts payable and accrued liabilities, the Company concluded and recommended
to the Audit Committee that it will restate its consolidated U.S. GAAP financial statements as of and for the fiscal year ended December
31, 2020. These errors resulted in the identification of material weaknesses in internal control
over financial reporting.
On June 15, 2022, KPMG was
engaged to re-audit the consolidated balance sheets of the Company as of December 31, 2020, and 2019 (Successor Company balance sheets),
and the related statements of operations, comprehensive income, shareholders' equity, and cash flows for the years ended December 31,
2020, December 31, 2019, and the period from June 7, 2018, to December 31, 2018 (Successor Company operations), and for the period from
January 1, 2018 to June 6, 2018 with respect to NPS Holdings Limited (Predecessor Company operations). On May 15, 2023, KPMG resigned
from its re-audit engagement.
On June 9, 2023, PwC
resigned as the Company's auditors. On July 12, 2023, the Audit Committee engaged GT as the Company's
independent registered public accounting firm, for the audits of the years ended December 31, 2022, and December 31,
2021, and the-reaudit of the year ended December 31, 2020.
During our fiscal years
ended December 31, 2022, and December 31, 2021, and through the date of dismissal, (i) we had no disagreements with PwC on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of such disagreements in
its report on our financial statements for such period and (ii) other than the restatement and material weaknesses noted above,
there were no "reportable events" requiring disclosure pursuant to Item 16F(a)(1)(v) of Form 20-F. During their tenure as the Company's independent registered public
accounting firm, PwC did not issue an audit opinion.
During the Company's
two most recent fiscal years and through the subsequent interim periods through the date of GT's engagement, the Company did not
consult with GT regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed,
or the type of audit opinion that might be rendered on the Company's financial statements, or (ii) any matter that was either the
subject of a disagreement (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions) or a reportable event (as defined
in Item 16F(a)(1)(v) of Form 20-F). In selecting GT as the Company's new independent registered public accounting firm, the Audit
Committee considered all relevant factors.
We provided PwC and KPMG with a copy of the foregoing disclosure and requested that each
of PwC and KPMG furnish us with a letter addressed to the SEC stating whether it agrees with the above statements that relate to them,
and if not, stating the respects in which it does not agree. We have received the requested letters from PwC and KPMG, copies of which
are included as Exhibit 15.1 and Exhibit 15.2, respectively, to this annual report.
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.
Additionally, because our ordinary shares
were listed on the Nasdaq, we were subject to Nasdaq's corporate governance listing rules ("Nasdaq Listing Rules").
However, Nasdaq Listing Rule 5615(a)(3) permits a foreign private issuer like us to follow the corporate governance practices of its
home country in lieu of certain Nasdaq Listing Rules. Nasdaq-listed, foreign private issuers are required to provide a summary of the
significant ways in which their corporate governance practices differ from those followed by Nasdaq-listed, U.S. domestic issuers.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
Applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not
Applicable.
ITEM
16J. INSIDER TRADING POLICIES
Pursuant
to applicable SEC transition guidance, the disclosure required by Item 16J will be applicable to the Company from the fiscal year
ending December 31, 2023.
ITEM
16K. CYBERSECURITY
Pursuant
to applicable SEC transition guidance, the disclosure required by Item 16K will be applicable to the Company from the fiscal year ending
December 31, 2023.
72
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
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
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).
73
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.
15.1*
Auditor Letter (PwC)
15.2*
Auditor Letter (KPMG)
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.
74
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:
December
    29, 2023
By:
/s/
    Stefan Angeli
Name:
Stefan
    Angeli
Title:
Chief
    Financial Officer
Date:
December
    29, 2023
75
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, 2022 and 2021, 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, 2022, 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, 2022, and 2021, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2022, 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, 2022, 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 December 29, 2023, expressed an adverse
opinion.
Restatement to Correct 2020 Misstatements
As discussed in Note 4 to the financial statements,
the financial statements as of and for the year ended December 31, 2020, have been restated to correct misstatements.
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 12
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
December
29, 2023
76
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, 2022, 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, 2022, 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, 2022. The material weaknesses identified above were considered in determining the nature,
timing, and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect
our report dated December 29, 2023, 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
December
29, 2023
77
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
US$ thousands, except share data)
December 31,
2022
December 31,
2021
Assets
Current assets
Cash and cash equivalents
$
78,853
205,772
Accounts receivable, net (Note 7)
148,709
130,415
Unbilled revenue
110,186
108,482
Service inventories (Note 8)
110,521
93,864
Prepaid assets
337
6,040
Retention withholdings
34,268
41,105
Other receivables
38,271
35,251
Other current assets
16,669
6,439
Total current assets
537,814
627,368
Non-current assets
Property, plant and equipment, net (Note 9)
461,061
425,506
Intangible assets, net (Note 10)
102,914
121,616
Goodwill (Note 10)
645,095
645,095
Operating lease right-of-use assets (Note 11)
29,970
-
Other assets
51,473
11,707
Total assets
$
1,828,327
$
1,831,292
Liabilities and equity
Liabilities
Accounts payable and accrued expenses
353,536
314,569
Current installments of long-term debt (Note 12)
53,352
8,755
Short-term borrowings (Note 12)
89,885
78,319
Income taxes payable (Note 14)
7,262
7,184
Other taxes payable
7,604
5,227
Operating lease liabilities (Note 11)
6,263
-
Other current liabilities
26,166
17,818
Total current liabilities
544,068
431,872
Long-term debt (Note 12)
391,863
508,764
Deferred tax liabilities (Note 14)
-
8,888
Employee benefit liabilities (Note 13)
24,382
23,534
Non-current operating lease liabilities (Note 11)
25,051
-
Other liabilities
40,615
37,200
Total liabilities
1,025,979
1,010,258
Commitments and contingencies (Note 15)
-
-
Equity
Preferred shares,
no
par value;
unlimited
shares authorized;
none
issued and outstanding at December 31, 2022 and December 31, 2021, respectively (Note 17)
-
-
Common stock and additional paid in capital,
no
par value;
unlimited
shares authorized;
94,012,752
and
91,366,235
shares issued and outstanding
    at December 31, 2022 and December 31, 2021, respectively (Note 17)
877,299
856,792
Retained (deficit) / earnings
(
75,020
)
(
35,827
)
Accumulated other comprehensive income
69
69
Total shareholders' equity
802,348
821,034
Non-controlling interests
-
-
Total equity
802,348
821,034
Total liabilities and equity
$
1,828,327
$
1,831,292
The
accompanying notes are an integral part of the consolidated financial statements.
78
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,
2022
December 31,
2021
December 31, 2020
(Restated,
                                            Note 4)
Revenues
$
909,517
$
876,729
$
834,152
Cost of services
(
844,039
)
(
873,948
)
(
756,245
)
Gross profit / (loss)
65,478
2,781
77,907
Selling, general and administrative expenses (excluding Amortization)
(
47,530
)
(
28,071
)
(
26,812
)
Amortization
(
18,865
)
(
18,042
)
(
15,817
)
Operating (loss) / income
(
917
)
(
43,332
)
35,278
Interest expense, net
(
34,126
)
(
15,174
)
(
15,879
)
Gain/(loss) on Private Warrant Liability
-
-
557
Other income / (expense), net
5,242
(
2,073
)
9,139
(Loss) / income before income tax
(
29,801
)
(
60,579
)
29,095
Income tax (expense) / benefit
(
6,619
)
(
3,989
)
(
12,540
)
Net (loss) / income
(
36,420
)
(
64,568
)
16,555
Net (loss) / income attributable to non-controlling interests
-
-
-
Net (loss) / income
attributable to shareholders
$
(
36,420
)
$
(
64,568
)
$
16,555
Weighted average shares outstanding (Note 18):
Basic
92,962,048
91,043,830
88,845,601
Diluted
92,962,048
91,043,830
89,117,876
Net earnings per share (Note 18):
Basic
$
(
0.39
)
$
(
0.71
)
$
0.19
Diluted
$
(
0.39
)
$
(
0.71
)
$
0.18
The
accompanying notes are an integral part of the consolidated financial statements.
79
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(In
US$ thousands)
Year
    ended
Description
December 31,
2022
December 31,
2021
December
    31, 2020
(Restated,
    Note 4)
Net
    (loss) / income
$
(
36,420
)
$
(
64,568
)
$
16,555
Other
    comprehensive income, net of tax
Foreign
    currency translation adjustments
-
5
35
Total
    Comprehensive Income, net of tax
(
36,420
)
(
64,563
)
16,590
Comprehensive
    income attributable to non-controlling interest
-
-
-
Comprehensive
    income attributable to shareholders
$
(
36,420
)
$
(
64,563
)
$
16,590
The
accompanying notes are an integral part of the consolidated financial statements.
80
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS SHAREHOLDERS' EQUITY
(In
US$ thousands, except share data)
Common
    Stock
and
Accumulated
Total
Additional
Other
Retained
Company
Non-
Total
Ordinary
Paid
    in
Comprehensive
(Deficit)
    /
Shareholders'
controlling
Shareholders'
Description
Shares
Capital
Income
Earnings
Equity
Interests
Equity
Balance
    at December 31, 2021
91,366,235
$
856,792
$
69
$
(
35,827
)
$
821,034
$
$
821,034
Share-based
    compensation expense
-
9,269
-
-
9,269
-
9,269
Vesting
    of restricted share units
996,517
-
-
-
-
-
-
Current Expected Credit Loss Accounting Standard Adoption (Note 3)
-
-
-
(
2,773
)
(
2,773
)
-
(
2,773
)
Acquisition
    of W.D. Van Gonten Engineering (Note 10)
1,650,000
11,238
-
-
11,238
-
11,238
Other
-
-
-
-
-
-
-
Net
    (loss) / income
-
-
-
(
36,420
)
(
36,420
)
-
(
36,420
)
Balance
    at December 31, 2022
94,012,752
$
877,299
$
69
$
(
75,020
)
$
802,348
$
-
$
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 (Restated, Note 4)
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 (Note 5)
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
Common Stock and
Accumulated
Total
Additional
Other
Company
Non-
Total
Ordinary
Paid in
Comprehensive
Retained
Shareholders'
controlling
Shareholders'
Description
Shares
Capital
Income
Earnings
Equity
Interests
Equity
Balance at December 31, 2019 (Restated, Note 4)
87,187,289
$
822,942
$
29
$
12,186
$
835,157
$
-
$
835,157
Share-based compensation expense
-
7,832
-
-
7,832
-
7,832
Vesting of restricted share units
590,264
-
-
-
-
-
-
Conversion of Private Warrants to Public Warrants
-
372
-
-
372
-
372
Other
-
-
35
-
35
(
8
)
27
Net (loss) / income
-
-
-
16,555
16,555
-
16,555
Balance at December 31, 2020 (Restated, Note 4)
87,777,553
$
831,146
$
64
$
28,741
$
859,951
$
(
8
)
$
859,943
81
NATIONAL
ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
US$ thousands)
Year ended
December 31, 2022
December 31, 2021
December 31, 2020
(Restated, Note 4)
Cash flows from operating activities:
Net (loss) / income
$
(
36,420
)
$
(
64,568
)
$
16,555
Adjustments to reconcile net (loss) / income to net cash provided by operating
    activities:
Depreciation and amortization
115,845
122,125
120,724
Share-based compensation expense
9,269
9,759
7,832
Loss (Gain) on disposal of assets
(
60
)
333
3,959
Non-cash interest (income) expense
8,087
3,041
(
258
)
Deferred tax expense (benefit)
(
10,261
)
(
12,140
)
(
3,241
)
Allowance for (reversal of) doubtful receivables
8,185
1,114
261
Charges on obsolete service inventories
100
3,610
1,071
Earn-outs on business combinations
-
1,767
(
9,619
)
Loss (Gain) on Private Warrant liability
-
-
(
557
)
Loss (Gain) on Buyer Stock Adjustment Amount (Note 10)
(
4,236
)
-
-
Other operating activities, net
837
(
75
)
579
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable
(
29,252
)
(
8,289
)
(
2,621
)
(Increase) decrease in Unbilled revenue
(
1,704
)
56,088
(
76,464
)
(Increase) decrease in Retention withholdings
6,837
(
4,000
)
6,013
(Increase) decrease in inventories
(
16,756
)
(
3,236
)
(
11,868
)
(Increase) decrease in prepaid expenses
6,164
(
884
)
503
(Increase) decrease in other current assets
(
13,711
)
(
16,717
)
(
236
)
(Increase) decrease in other long-term assets and liabilities
6,075
8,854
1,526
Increase (decrease) in accounts payable and accrued expenses
33,651
31,221
79,343
Increase (decrease) in other current liabilities
9,926
(
260
)
951
Net cash provided by operating activities
92,576
127,743
134,453
Cash flows from investing activities:
Capital expenditures
(
122,415
)
(
107,076
)
(
82,632
)
IPM investments (note 3)
(
17,367
)
-
Proceeds from disposal of assets
626
2,760
487
Acquisition of business, net of cash acquired
-
(
51,921
)
(
13,218
)
Other investing activities
(
7,552
)
(
8,299
)
(
1,074
)
Net cash used in investing activities
(
146,708
)
(
164,536
)
(
96,437
)
Cash flows from financing activities:
Proceeds from long-term debt
3,194
527,488
15,000
Repayments of long-term debt
(
78,755
)
(
360,000
)
(
25,972
)
Proceeds from short-term borrowings
139,482
123,787
66,449
Repayments of short-term borrowings
(
119,165
)
(
78,983
)
(
68,302
)
Payments on capital leases
(
3,108
)
(
21,361
)
(
19,581
)
Payments on seller-provided financing for capital expenditures
(
14,443
)
(
15,333
)
(
3,834
)
Other financing activities, net
-
(
8,054
)
-
Net cash provided by (used in) financing activities
(
72,795
)
167,544
(
36,240
)
Effect of exchange rate changes on cash
8
9
35
Net increase (decrease) in cash
(
126,919
)
130,760
1,811
Cash and cash equivalents, beginning of period
205,772
75,012
73,201
Cash and cash equivalents, end of period
$
78,853
$
205,772
$
75,012
Supplemental disclosure of cash flow information (also refer Note 3):
Interest paid
19,236
9,890
13,051
Income taxes paid
10,989
12,777
15,641
The
accompanying notes are an integral part of the consolidated financial statements.
82
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," the "SAPESCO Business Combination"). 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,"
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 formed from the merger of W. D. Von Gonten Laboratories LLC and W. D. Von Gonten & Co. Petroleum
Engineering Consulting.
NESR's
revenues are primarily derived by providing production services ("Production Services") such as hydraulic fracturing, coil
tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance,
artificial lift services, and completions. 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 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.
83
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 estimates made towards the purchase price allocations for the acquisitions of SAPESCO and Action, estimates made in valuing the
WDVGE Investment, 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, estimated useful life 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. The Company separately presents within equity on the Consolidated Balance Sheets the ownership interests
attributable to parties with non-controlling interests in the Company's consolidated subsidiaries, and separately presents net
(loss) / income attributable to such parties on the Consolidated Statements of Operations.
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).
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.
84
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, 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 10). 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.
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 5), 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 (Note 5). 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.
85
Non-cash
transactions were as follows during the year ended December 31, 2020:
●
Purchases of property, plant, and equipment in Accounts payable of $
24.7
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 $
2.9
million, $
3.2
million and $
9.1
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.
●
Purchases of property, plant, and equipment using capital lease financing of $
2.2
million and $
4.7
million in Other
current liabilities and Other Liabilities, respectively, are not included under "Payments on capital leases" within the Consolidated
Statement of Cash Flows.
●
Obligations
    of $
2.0
million and $
13.5
million classified in Other current liabilities and Other liabilities, respectively, related to the future
    payments of cash and shares for the purchase of SAPESCO (Note 5), are not included under "Acquisition of business, net
    of cash acquired" within the Consolidated Statement of Cash Flows.
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.
86
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 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 will invest 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 will 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
0
% (zero),
0
% (zero), and
0
% (zero) of the Company's Revenues in 2022,
2021 and 2020, 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 $
0.0
(zero) million, $
0.0
(zero) million and $
0.0
(zero) million in 2022, 2021 and 2020, respectively.
The unamortized portion of the
Company's investments in IPM projects was $
17.4
million and $
0.0
(zero) million at December 31, 2022 and 2021, respectively.
These amounts are included within 'Other assets' in the Company's Consolidated Balance Sheets.
At December
31, 2022, the Company assessed whether the unamortized costs associated with these investments exceed the present value of future cash
flows from the projects, and has determined that no impairment charge exist. 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.
Subsequent to December 31,
2022, the production of hydrocarbon products commenced on these properties, and the Company commenced the amortization of these costs.
87
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, 2022, October 1, 2021, and October
1, 2020, 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.
88
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.
89
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 attributable to ordinary shareholders by the weighted-average
number of ordinary shares outstanding. Diluted income per ordinary share was computed by dividing diluted net (loss) / income
attributable to ordinary shareholders 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.
90
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 5), 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 21), 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.
91
4.
RESTATEMENTS
The
following table shows the quantitative impact of the restatements made by the Company as of and for the year-year
ended December 31, 2020, as well as for periods prior to January 1, 2020, which are adjusted through historical equity balances:
As of and for the year ended December 31, 2020
As Previously Reported
Correction of Private Warrant Classification Error
Correction of Errors from Overstatement/ (Understatement) of Assets and Liabilities During the Year Ended December 31, 2020
Correction of Classification Errors in Selling,
General
                                            and Administrative Expenses (excluding Amortization)
Correction of Errors from Overstatement/ (Understatement) of Assets and Liabilities Prior to January 1, 2020
As Restated
Consolidated Balance Sheet
Total current assets
$
515,217
$
-
$
161
$
-
$
(
4,220
)
$
511,158
Total assets
1,687,054
-
(
3,710
)
-
3,197
1,686,541
Total current liabilities
359,366
-
22,923
-
53,583
435,872
Total liabilities
742,636
-
30,379
-
53,583
826,598
Total equity
944,418
-
(
34,089
)
-
(
50,386
)
859,943
Consolidated Statement of Operations
Revenues
834,146
-
6
-
-
834,152
Cost of services
(
678,720
)
-
(
32,260
)
(
45,265
)
-
(
756,245
)
Selling, general and administrative expenses (excluding Amortization)
(
72,077
)
-
-
45,265
-
(
26,812
)
Gain/(loss) on Private Warrant Liability
-
557
-
-
-
557
(Loss) / Income before income tax
60,792
557
(
32,254
)
-
-
29,095
Income tax (expense) / benefit
(
10,705
)
-
(
1,835
)
-
-
(
12,540
)
Net (loss) / income
50,087
557
(
34,089
)
-
-
16,555
Basic earnings per share
0.56
0.01
(
0.38
)
-
-
0.19
Diluted earnings per share
0.56
-
(
0.38
)
-
-
0.18
Consolidated Statement of Comprehensive Income
Total Comprehensive Income, net of tax
50,122
557
(
34,089
)
-
-
16,590
Consolidated Statement of Shareholders' Equity
Common Stock and Additional Paid in Capital
826,614
4,532
-
-
-
831,146
Retained Earnings
117,748
(
4,532
)
(
34,089
)
-
(
50,386
)
28,741
Total Shareholders' Equity
944,418
-
(
34,089
)
-
(
50,386
)
859,943
Consolidated Statements of Cash Flow
Net cash provided by operating activities
133,471
-
982
-
-
134,453
92
Correction
of Private Warrant Classification Error
On
April 12, 2021, the Staff of the SEC released Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special
Purpose Acquisition Companies ("SPACs") (the "Statement"). In response to the Statement, the Company determined
that it had incorrectly accounted for its Private Warrants as equity, instead of liabilities. In accordance with ASC 480,
Distinguishing
Liabilities from Equity
, the Company's Private Warrants should have been both initially and subsequently measured at fair value
with changes in fair value recognized in earnings from inception until their conversion to Public Warrants. Private Warrants were converted
into Public Warrants periodically between December of 2018 and May of 2020. The Private Warrants were determined to be within the scope
of liability accounting due to provisions that could result in different settlement amounts depending upon the characteristics of the
holder of the Private Warrant.
Correction
of Errors from Overstatement/ (Understatement) of Assets and Liabilities
On
March 10, 2022, subsequent to the companywide adoption of a new Enterprise Resource Planning system and the ensuing reconciliation process,
management of the Company determined that its previously issued financial statements included material errors primarily related to the
completeness of accounts payable and accrued liabilities in Saudi Arabia and the United Arab Emirates. To quantify the restatement, management
performed a complete reconciliation of vendor statements and subsequent invoices at these locations to the previously recorded balances.
Contemporaneously,
and to ensure the integrity of all other account balances and locations, management also conducted a full review of the Company's
account reconciliations in addition to physical inventory and fixed asset observations at all locations (inclusive of Saudi Arabia and
the United Arab Emirates). The Company recorded additional restatements based on these procedures.
Correction
of Errors in Classification of
Selling, General
and Administrative Expenses
Historically,
certain costs of the Company's field locations were incorrectly classified and reported as Selling, general and administrative
expenses (excluding Amortization) ("SG&A"). The Company has restated these costs of its field locations
as Cost of Services while amounts reflected in SG&A primarily relate to the Company's global and regional
headquarters locations.
5.
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.
93
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 $
0.7
million and $
0.5
million
during the years ended December 31, 2022, and December 31, 2021. Additionally, during the years ended December 31, 2022, and December
31, 2021, the Company cash settled $
0.7
and $
0.0
, respectively, related to the First Earn-Out. As of December 31, 2022,
and December 31, 2021, the First Earn-Out, Second Earn-Out, and Third Earn-Out were collectively valued at $
3.0
million and $
4.3
million, respectively.
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
94
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
95
All
employee benefit liabilities relate to end of service benefits (Note 13).
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, 2020, for the years ended December 31, 2021 and 2020, respectively (in
US$ thousands):
Year ended
December 31,
2021
December 31,
2020
Revenues
$
885,671
$
855,409
Net (loss) / income
(
64,529
)
15,325
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 $
53.7
million and $
25.1
million and net income of $
6.2
million and $
3.9
million are included
in the Consolidated Statements of Operations during years ended December 31, 2022, and December 31, 2021, respectively.
96
SAPESCO
Business Combination
In
June of 2020, NESR executed the First Deed of Amendment ("First Deed of Amendment") to the Agreement dated February 13,
2020 related to the sale and purchase of
99.7
%
of SAPESCO (collectively with the First Deed of Amendment, the "SAPESCO Sale & Purchase Agreement"). The executed
First Deed of Amendment gave NESR control over SAPESCO effective from June 1, 2020. Accordingly, the accounting of the acquisition
was carried out effective June 1, 2020. During the fourth quarter of 2021, NESR acquired the remaining
0.3
%
of SAPESCO. The transaction was accounted for as an equity transaction due to NESR's controlling financial interest in SAPESCO
both before and after the acquisition of the
0.3
%
noncontrolling interest.
Description
of the SAPESCO Transaction
Under
the terms of the SAPESCO Sale & Purchase Agreement, NESR acquired
99.7
% of the issued and outstanding shares of SAPESCO in a cash
and stock transaction which comprised of $
11.0
million to be paid at closing, an additional $
6.0
million to be paid in three equal installments,
for total cash consideration of $
17.0
million, and the issuance of
2,237,000
NESR shares. Formal closing and legal transfer of the $
11.0
million of cash and $
6.0
million of deferred cash consideration occurred during 2020. The transfer of
2,237,000
NESR ordinary shares
was completed in the quarter ended March 31, 2021. The formal closing and transfer of consideration was temporarily delayed as a result
of the global COVID-19 pandemic.
The
SAPESCO Sale & Purchase Agreement also contained earn-out mechanisms that enabled the sellers to receive additional consideration
after the closing of the SAPESCO Business Combination as follows:
●
Cash
    Earn-Out ("Cash Earn-Out") of up to $
6.9
million in cash based on collection of certain receivables;
●
Additional
    Earn-Out Shares ("Additional Earn-Out Shares") based on the collection of certain receivables and only to the extent
    that NESR's average share price during the fourth quarter of 2020 was less than $
9
per share; and
●
Customer
    Receivables Earn-Out Shares ("Customer Receivables Earn-Out Shares") based on the collection of certain long-dated and/or
    doubtful receivables for two years subsequent to the Closing Date, to be settled at the NESR Additional Share Price ("NESR
    Additional Share Price") which is derived from taking the average of the price of the Company's shares ("NESR Shares")
    during each calendar quarter within the 12 months after the Closing Date and applying the average price in each quarter to the long-dated
    and doubtful receivables collected during the relevant quarter, provided that if such price is: (a) less than $
10
, the NESR Additional
    Share Price shall be $
10
or (b) greater than $
11.70
, the NESR Additional Share Price shall be $
11.70
.
Collectively,
the Cash Earn-Out and Additional Earn-Out Shares were fair valued at $
11.7
million as of June 1, 2020. The Cash Earn-Out was determined
using a discounted cash flow approach within a scenario analysis. The Additional Earn-Out Shares were valued using a Monte Carlo simulation.
In the fourth quarter of 2020, the Company reduced the liabilities recorded for the Cash Earn-Out and Additional Earn-Out Shares to $
1.9
million based on expected settlement values at the reporting date that were subsequently finalized with the sellers in the quarter
ended March 31, 2021. This adjustment was reflected in Other income/(expense), net, as ASC 805 precludes adjusting goodwill for subsequent
revisions to contingent consideration. The downward revision to the liabilities recorded for the Cash Earn-Out and Additional Earn-Out
Shares was primarily on account of settlement negotiations with the sellers during the fourth quarter of 2020 that altered the mix of
cash and equity consideration to be paid upon final settlement of these earn-outs. The Cash Earn-Out and Additional Earn-Out Shares were
formally settled in the quarter ended March 31, 2021, through the transfer of $
0.5
million of cash and
145,039
ordinary shares valued
at $
1.4
million, respectively.
The
Customer Receivables Earn-Out Shares contingency and corresponding long-dated and doubtful receivables, were fair valued at $
0.0
(zero)
at June 1, 2020. Subsequently, the Company has collected some of these amounts and disbursed
266,611
shares to the SAPESCO selling shareholders.
97
Financing
of SAPESCO Business Combination
Consideration
for the SAPESCO Business Combination was funded through the following sources and transactions:
●
cash
    and cash equivalents of $
11.0
million;
●
deferred
    cash consideration of $
6.0
million;
●
the
    issuance of
2,237,000
NESR ordinary shares to the SAPESCO selling shareholders in exchange for their SAPESCO shares.
The
following summarizes the consideration to purchase 99.7% of the issued and outstanding equity interests of SAPESCO:
SAPESCO
Value (In US$
thousands)
Shares
Cash consideration
$
16,958
Total consideration – cash
16,958
NESR ordinary share consideration
12,013
2,237,000
Total consideration – equity
(1)
12,013
2,237,000
Cash Earn-Out
5,301
Additional Earn-Out Shares
6,377
(2)
Total estimated earn-out mechanisms
11,678
(2)
Total consideration
$
40,649
2,237,000
(1)
The
    fair value of NESR ordinary shares was determined based upon the $
5.37
per share closing price of NESR ordinary shares on June 1,
    2020, the acquisition date of the SAPESCO Business Combination. Control was transferred by agreement with the selling shareholders
    of SAPESCO.
(2)
The
    quantity of Additional Earn-Out Shares was negotiated in the quarter ended December 31, 2020, and finalized in the quarter
    ended March 31, 2021, when settled with the sellers for
145,039
shares.
During
the fourth quarter of 2021, NESR acquired the remaining
0.3
%
of SAPESCO. The transaction was accounted for as an equity transaction due to NESR's controlling financial interest in SAPESCO
both before and after the acquisition of the  noncontrolling interest.
Accounting
treatment
The
SAPESCO 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. SAPESCO constitutes a business, with inputs, processes, and outputs. Accordingly,
the acquisition of SAPESCO constitutes the acquisition of a business for purposes of ASC 805, and due to the change in control of SAPESCO
was accounted for using the acquisition method. NESR recorded the fair value of assets acquired and liabilities assumed from SAPESCO.
98
The
following table summarizes the final allocation of the purchase price allocation (in US$ thousands):
Allocation
of consideration
Cash and cash equivalents
$
3,740
Accounts receivable
14,847
Unbilled revenue
6,126
Service inventories
5,641
Prepaid assets
679
Retention withholdings
279
Other current assets
552
Property, plant and equipment
14,385
Intangible assets
3,340
Other assets
200
Total identifiable assets acquired
49,789
Accounts payable
11,984
Accrued expenses
6,613
Current installments of long-term debt
5,400
Short-term borrowings
5,692
Income taxes payable
313
Other taxes payable
3,802
Other current liabilities
2,237
Long-term debt
15,572
Employee benefit liabilities
1,455
Other liabilities
2,237
Non-controlling interests
(
8
)
Net identifiable liabilities acquired
55,297
Total fair value of net assets acquired
(
5,508
)
Goodwill
46,157
Total consideration
$
40,649
All
employee benefit liabilities relate to end of service benefits (Note 13).
The
Company finalized its valuation of identifiable assets and liabilities during the year ended December 31, 2020.
Intangible
assets
Intangible
assets were identified that met either the separability criterion or the contractual-legal criterion described in ASC 805.
The
final allocation to intangible assets is as follows (in US$ thousands):
Fair Value
Total
Useful Life
(In US$
thousands)
Customer relationships
$
2,900
8
years
Trademarks and trade names
440
2
years
Total intangible assets
$
3,340
99
Goodwill
As
of December 31, 2022, $
46.2
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 SAPESCO Business
Combination had been consummated on January 1, 2019, for the year ended December 31, 2020 (in US$ thousands):
December 31, 2020
Revenues
$
852,935
Net (loss) / income/(loss)
14,892
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. SAPESCO's results for the periods presented include significant
charges for restructuring and related activities that may not have been incurred had the Company been a consolidated company during the
periods presented. 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 SAPESCO Business Combination are included in the earliest
period presented.
SAPESCO revenue of $
26.6
million and net (loss) / income of $
2.9
million are included in the Consolidated Statements of Operations during the year-to-date
periods ended December 31, 2020, respectively.
6.
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. 98% 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,
2022
December 31,
2021
December 31,
2020 (As restated,
    Note 4)
Revenue by Phase in Well's Lifecycle:
Production Services
$
567,249
$
554,097
$
557,327
Drilling and Evaluation Services
342,268
322,632
276,825
Total revenue by phase in well's life cycle
$
909,517
$
876,729
$
834,152
100
7.
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,
2022
December 31,
2021
Trade receivables
$
161,373
$
132,467
Less: allowance for credit losses
(
12,664
)
(
2,052
)
Total
$
148,709
$
130,415
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, 2022 and December 31, 2021 were $
161.4
million and $
132.5
million, respectively. The movement in the allowance for credit losses is as follows (in US$ thousands):
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Allowance for
    credit losses at beginning of period
$
(
2,052
)
$
(
1,722
)
$
(
1,843
)
CECL Accounting Standard Adoption (Note 3)
(
2,773
)
-
-
(Increase) decrease to
    allowance for the period
(
8,185
)
(
769
)
(
261
)
(Recovery) write-off of
    credit losses
346
439
382
Allowance
    for credit losses at end of period
$
(
12,664
)
$
(
2,052
)
$
(
1,722
)
The Company's allowance
for credit losses at December 31, 2022, includes $
9.4
million related to the application of the CECL accounting standard.
8.
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,
2022
2021
Spare parts
$
64,006
$
65,883
Chemicals
46,515
27,981
Total
$
110,521
$
93,864
101
9.
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,
2022
December
    31,
2021
Buildings
    and leasehold improvements
5
to
25
$
52,442
$
41,782
Drilling
    rigs, plant and equipment
1
to
15
677,263
565,730
Office
    equipment (furniture and fixtures) and tools
3
to
10
15,937
15,570
Vehicles
    and cranes
5
to
10
15,756
15,434
Less:
    Accumulated depreciation
(
323,325
)
(
233,609
)
Land
11,664
11,664
Capital
    work in progress
11,324
8,935
Total
$
461,061
$
425,506
The Company recorded depreciation
expense of $
97.0
million, $
104.1
million, and $
104.8
million for the years ended December 31, 2022, December
31, 2021, and December 31, 2020, respectively, in the Consolidated Statement of Operations.
10.
GOODWILL, INTANGIBLE, AND OTHER ASSETS
Goodwill
Changes
in the carrying amount of goodwill of the Company between December 31, 2021, and December 31, 2022, are as follows (in US$ thousands):
Production
Services
Drilling and
Evaluation
Services
Goodwill
Balance as of December 31, 2021
$
459,710
$
185,385
$
645,095
Purchase price adjustments from Action Business Combination
-
-
-
Balance as of December 31, 2022
$
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, 2022
December 31, 2021
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Gross carrying
amount
Accumulated
amortization
Net
carrying
amount
Customer contracts & relationships
$
153,500
$
(
61,477
)
$
92,023
$
153,500
$
(
46,054
)
$
107,446
Trademarks and trade names
25,940
(
15,049
)
10,891
25,940
(
11,770
)
14,170
Total intangible assets
$
179,440
$
(
76,526
)
$
102,914
$
179,440
$
(
57,824
)
$
121,616
102
The
aggregate amortization expense remaining for each of the five years subsequent to December 31, 2022, is $
18.6
million for 2023,
$
18.6
million for 2024, $
18.6
million for 2025, $
16.8
million for 2026, and $
15.4
million for 2027.
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 formed
from the merger of W. D. Von Gonten Laboratories LLC and W. D. Von Gonten & Co. Petroleum Engineering Consulting.
The
following table presents our investments at the dates indicated (in US$ thousands):
Segment
Ownership
December 31, 2022
W. D. Von Gonten Engineering LLC
Production Services
46.2
%
$
16,086
On
the date of acquisition of the WDVGE investment, the Company recorded a $
4.2
million liability to Other current liabilities related to a provision (the "Buyer Stock Adjustment Amount") in one of
the underlying Membership Interest Purchase Agreements that provided that either the Sellers return a portion of the consideration
paid, or the Company pay incremental consideration, based on NESR's ability to regain its current filing status with the
Securities and Exchange Commission ("SEC") and NESR's share price at the Due Date, December 31, 2022.
Subsequently, on December 29, 2022, the Due Date was amended to June 30, 2023. As the Company judged on December 31, 2022, that the
likelihood of regaining current filing status by June 30, 2023, and thus a settlement payment by either party was remote, the
liability associated with the Buyer Stock Adjustment Amount was remeasured to $
0
(zero) million and adjusted to Other income / (expense), net, as of year-end
2022.
The
following table presents earnings (loss) from equity investments for the periods indicated (in US$ thousands):
Segment
6 months ended
December 31, 2022
W. D. Von Gonten
    Engineering LLC
Production
                                                                                                                                        Services
$
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, 2022
Balance Sheet data:
Current assets
$
4,484
Noncurrent assets
21,392
Total assets
$
25,876
Current liabilities
$
2,837
Other liabilities
15,171
Combined equity
7,868
Total liabilities and combined equity
$
25,876
6 months ended
December 31, 2022
Statement of operations data:
Revenue
$
10,035
Operating (loss) / income
(
350
)
Net (loss) / income
92
An
equity method investment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of
the investment might not be recoverable. These circumstances can include evidence that the investor does not have the ability to recover
the carrying amount of the investment and/or the inability of the investee to sustain earnings. The Company is closely monitoring the
performance and outlook for WDVGE as compared to the projections made when the Company originally made its WDVGE Investment. If the Company
determines that an other-than-temporary impairment ("OTTI") has occurred, the Company will recognize a charge to earnings,
for the difference between the carrying amount of the WDVGE Investment and its fair value, as of the date of the OTTI.
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 ESG Impact and Drilling & Evaluation portfolios. These six investments are individually
insignificant but total $
14.2
million and $
7.6
million as of December 31, 2022, and December 31, 2021, 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, 2022, December 31, 2021, or December 31, 2020, no impairments, or other
downward revisions in the value of these investments, have been recorded.
103
11.
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
December 31, 2022
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets
$
3,595
Interest on lease liabilities
390
Operating lease cost
7,142
Short-term lease
(1)
136,818
Sublease income
(
54
)
Total lease expense
$
147,891
(1)
Leases with a term
of one year or less, including leases with a term of one month or less
.
For
the years ended December 31, 2021, and December 31, 2020, total rental expenses were $
134.1
million and $
144.1
million, respectively.
Total interest expense incurred on capital leases was $
1.0
million and $
1.7
million for the years ended December 31, 2021, and 2020,
respectively.
Amounts
recognized in the Consolidated Balance Sheet (in US$ thousands):
As of
December 31, 2022
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)
$
29,970
Current portion of operating lease liabilities
6,263
Operating lease liabilities (non-current)
25,051
Finance leases:
Property, plant and equipment, net
(non-current)
$
7,176
Other current liabilities
2,268
Other liabilities (not current)
192
As
of December 31, 2021, the total recorded liability for capital leases was $
6.6
million, with $
4.4
million classified as
a short-term obligation within Other current liabilities, and $
2.2
million classified as a long-term obligation within Other liabilities
in the Consolidated Balance Sheet.
Year ended
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
$
6,662
Operating cash flows used by finance leases
390
Financing cash flows used by finance leases
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
Right-of-use assets obtained in exchange for lease obligations during the year
    ended December 31, 2022:
Operating leases
1,945
Finance leases
-
Derecognition of prepaid rent upon adoption of ASC 842
93
Derecognition of prepaid rent during the year ended December 31, 2022:
683
Derecognition of tenant improvements upon adoption of ASC 842
362
Weighted-average remaining lease term:
Operating leases
14.29
years
Finance leases
1.35
years
Weighted-average discount rate for leases:
Operating leases
7.39
%
Finance leases
5.88
%
104
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
As
of December 31, 2021, future minimum lease commitments under non-cancellable operating leases with initial or remaining terms of one
year or more, for each of the five years in the period ending December 31, 2026 were $
5.0
million, $
2.7
million, $
2.0
million, $
1.2
million
and $
1.3
million, respectively, and $
2.8
million in the aggregate thereafter.
Future
minimum lease payments and future interest payments under non-cancellable equipment capital leases at December 31, 2021, were payable
as follows (in US$ thousands):
As of December 31, 2021
Future Minimum Lease Payments
Future Interest Payments
Total Payments
Within 1 year
$
4,385
$
536
$
4,921
1-2 years
2,247
195
2,442
2-3 years
-
-
-
3-4 years
-
-
-
4-5 years
-
-
-
After 5 years
-
-
-
Total
$
6,632
$
731
$
7,363
12.
DEBT
Long-term
debt
The
Company's long-term debt obligations consist of the following (in US$ thousands):
December 31,
2022
December 31,
2021
Secured Term Loan
$
430,000
$
430,000
Secured Revolving Credit Facility
10,000
80,000
CIB Long-Term Debt
-
Borrowings from Long-Term 24 Month Working Capital Facilities
11,942
17,502
Less: unamortized debt issuance costs
(
6,727
)
(
9,983
)
Total loans and borrowings
445,215
517,519
Less: current installments
(
53,352
)
(
8,755
)
Long-term debt, net of unamortized debt issuance costs and excluding current installments
$
391,863
$
508,764
105
2021 Secured Facilities
Agreement
On November
4, 2021, the Company entered into a $
860.0
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. 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 $
8.6
million and $
10.5
million as of December 31, 2022
and December 31, 2021, 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.
The
$
860
million Secured Facilities Agreement consists 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. Borrowings under the Term Loan and RCF facilities incur 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. As of December 31, 2022, and December 31, 2021, this resulted in interest
rates of
7.64
% and
2.96
%, respectively, for U.S. dollar denominated borrowings, and interest rates of
8.60
% and
3.44
%, 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, 2022,
and December 31, 2021, the Company had drawn $
430.0
million and $
430.0
million, respectively, of the Term Loan, and $
10.0
million and $
80.0
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
0.65
% per annum
based on the average daily amount by which the borrowing base exceeds the outstanding borrowings during each 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, 2022, and December 31, 2021, the Company had $
70.0
million and $
0.0
million, respectively, available to be drawn under the RCF.
The
2021 Secured Facilities Agreement also includes a working capital facility of $
350.0
million and $
350.0
million as of December
31, 2022, and December 31, 2021, respectively, for issuance of letters of guarantee and letters of credit and refinancing
letters of
credit into debt over a period of no more than two years, which carries 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.
As of December 31, 2022, and December 31, 2021, the Company had utilized $
252.9
million and $
223.1
million, respectively,
under this working capital facility and the balance of $
97.1
million and $
126.9
million, respectively, was available to
the Company.
The Company has also retained
legacy bilateral working capital facilities from HSBC totaling $
10.6
million and $
18.6
million at December 31, 2022 and December
31, 2021, respectively, in Qatar ($
10.3
million at December 31, 2022, $
10.3
million at December 31, 2021), in the UAE ($
0.2
million at December 31, 2022, and $
8.2
million at December 31, 2021) and in Kuwait ($
0.1
million at December 31, 2022 and
$
0.1
million at December 31, 2021). As of December 31, 2022, and December 31, 2021, the Company had utilized $
4.7
million and
$
11.7
million, respectively, under this working capital facility and the balance of $
5.9
million and $
6.9
million,
respectively, was available to the Company.
106
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 15, 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.
Since April 30, 2022
to the date of this filing, the Company has received waivers from its lenders related to compliance with certain financial
and nonfinancial covenants.
CIB Long-Term Debt
As part
of the SAPESCO Business Combination, the Company assumed a $
21.0
million debt obligation with Commercial International Bank ("CIB,"
and collectively, "CIB Long-Term Debt").
Under the terms of its arrangement with CIB, the Company repaid $
11.0
million of
this balance during 2020 with the remaining $
10.0
million settled during 2021 as part of the 2021 Secured Facilities Agreement refinancing.
Short-term debt
The Company's short-term
debt obligations consist of the following (in US$ thousands):
December 31,
December 31,
2022
2021
Other short-term borrowings from working capital facilities
$
91,747
$
78,807
Less: unamortized debt issuance costs
(
1,862
)
(
488
)
Short-term debt, excluding current installments of long-term debt
$
89,885
$
78,319
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 a $
1.5
million U.S.
Dollar time loan facility, a E£
2
million Egyptian Pound time loan facility, and a E£
10
million Egyptian pound time loan overdraft
facility, and $
8.8
million U.S. dollars in letters of guarantee. Each CIB Short-Term Debt borrowing matures three months from
the date of borrowing. There was no balance outstanding for the CIB Short-Term Debt as of December 31, 2022, or 2021.
The U.S.
Dollar time loan facility accrues interest at 2.25% per annum over 3 months LIBOR plus 50 basis points per annum of the Highest Monthly
Debit Balance ("HMDB") commission. The Egyptian Pound time loan and overdraft facilities accrue interest at 0.75% per annum
over the Central Bank of Egypt's Corridor Offer Rate plus 50 basis points per annum HMDB commission.
As
of December 31, 2022, and December 31, 2021, the CIB Short-Term Debt resulted in an interest rate of
0
% and
2.3
%, respectively,
for U.S. Dollar denominated balances, and
0
% and
10.0
%, respectively, for Egyptian Pound denominated balances. As of December
31, 2022, the Company had utilized $
0
(zero) million of the U.S. Dollar time loan facility, E£
0
(zero) million of
the Egyptian Pound time loan facility, and E£
0
(zero) million of the Egyptian pound time loan overdraft facility, and $
4.4
million in letters of guarantee, with the balances of $
1.5
million, E£
2
million, E£
10
million, and
$
4.4
million, respectively, available to the Company. As of December 31, 2021, the Company had utilized $
0
(zero) million of the
U.S. Dollar time loan facility, E£
0
(zero) million of the Egyptian Pound time loan facility, and E£
0
(zero) million of the
Egyptian pound time loan overdraft facility, and $
6.4
million in letters of guarantee, with the balances of $
1.5
million, E£
2.0
million, E£
10
million, and $
5.1
million (of $
11.5
million), respectively, available to the Company.
ABK Short-Term Debt
The Al Ahli Bank
of Kuwait working capital and overdraft facilities (collectively, "ABK Short-Term Debt") mature nine months from the date
of borrowing. The ABK Short-Term Debt facilities included a $
3.0
million U.S. Dollar time loan facility and $
0.2
million U.S.
dollars in letters of guarantee. The ABK Short-Term Debt accrues interest at
1.65
% per annum over the Central Bank of Egypt's Corridor
Offer Rate. As of December 31, 2021, this resulted in an interest rate of
11
%. As of December 31, 2021, the Company had utilized
$
0
(zero) million of the ABK Short-Term Debt facility and $
0.1
million in letters of guarantee with $
3.0
million and $
0.1
million, respectively,
available to the Company. There are no financial covenants associated with the ABK Short-Term Debt. The ABK Short-Term Debt was settled
and the facility was terminated during 2022.
107
Other
debt information
Scheduled
principal payments of long-term debt for periods subsequent to December 31, 2022 are as follows (in US$ thousands):
2023
$
53,345
2024
66,097
2025
74,500
2026
64,500
2027
193,500
Thereafter
-
Total
$
451,942
13.
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, 2022, and 2021 (in thousands):
December 31,
2022
December 31,
2021
Change in benefit obligations
Benefit obligations at the beginning of the year
$
27,410
$
24,941
Actuarial (gain) / loss
(
1,128
)
(
69
)
Service cost
4,876
4,545
Interest cost
675
482
Benefits paid
(
3,519
)
(
3,021
)
Benefit obligation acquired in business combination
-
532
Benefit obligations at the end of the year
28,314
27,410
Current benefit obligation
3,932
3,876
Non-current benefit obligation
24,382
23,534
Benefit obligation at the end of the year
28,314
27,410
Change in plan assets
Fair value of plan assets at the beginning of the year
-
-
Employer contributions
3,519
3,021
Benefits paid
(
3,519
)
(
3,021
)
Plan assets at the end of the year
-
-
Unfunded status
$
28,314
$
27,410
Net
cost for the years ended December 31, 2022, 2021, and 2020, comprises the following components (in thousands):
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Service cost
$
4,876
$
4,545
$
3,487
Interest cost
675
482
583
Actuarial (gain)/loss
(
1,128
)
(
69
)
2,243
Other
-
-
-
Net cost
$
4,423
$
4,958
$
6,313
108
The
weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021 are set out below:
December 31,
2022
December 31,
2021
Discount rate
5.00
%
2.25
%
Rate of increase in compensation levels:
4.5
-
5
%
3
-
5
%
The discount rate has been set
with regard to the market yields on high quality corporate bonds as of December 31, 2022 for the measurements as of December
31, 2022 (and as of December 31, 2021 for the measurements as of December 31, 2021) 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, 2022 and 2021 are set out below:
December 31,
2022
December 31,
2021
Discount rate
2.25
%
1.75
%
Rate of increase in compensation levels:
4.5
-
5
%
3
-
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
+$
1,720
100
basis point increase in discount rate
-$
(
1,529
)
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, 2022, the Company has no plan assets to invest.
Accumulated
benefit obligation was $
15.8
million and $
15.6
million as of December 31, 2022 and 2021, respectively.
The
following reflect expected future benefit payments (in thousands):
Year ending
December 31,
2022
2023
$
5,232
2024
$
4,952
2025
$
4,704
2026
$
4,776
2027
$
4,671
2028 through 2032
$
21,525
109
The
expected benefits are based materially on the same assumptions used to measure the Company's benefit obligations as of December
31, 2021.
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, 2022, 2021, and 2020, were $
3.8
million, $
3.7
million, and $
3.3
million, respectively.
14.
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
10
%
to
40
%.
In the British Virgin Islands, the statutory rate
is effectively 0% as tax is not applied on extra territorial activity.
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Domestic
$
(
8,726
)
$
(
183
)
$
(
4,151
)
Foreign
(
21,075
)
(
60,396
)
33,246
(Loss)
    / Income before income tax
$
(
29,801
)
$
(
60,579
)
$
29,095
Income
tax (expense) / benefit
The
components of the income tax (expense) / benefit (benefit), all of which is foreign, are as follows (in US$ thousands):
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Current tax expense
$
16,880
$
16,129
$
15,781
Deferred tax expense
    (benefit)
(
10,261
)
(
12,140
)
(
3,241
)
Income tax expense / (benefit)
$
6,619
$
3,989
$
12,540
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,
2022
December 31,
2021
Deferred Tax Assets
Property, plant and equipment
$
4,644
$
4,252
Net operating loss carryforward
26,514
18,056
Temporary differences due to restatement (Note 4)
-
5,166
Total deferred tax assets
31,158
27,474
Less: valuation allowance
(
10,042
)
(
8,582
)
Deferred tax assets, net of valuation allowance
$
21,116
$
18,892
Deferred Tax Liabilities
Property, plant and equipment
$
(
4,335
)
$
(
4,086
)
Intangible assets
(
15,408
)
(
18,528
)
Temporary differences due to restatement (Note 4)
-
(
5,166
)
Total deferred tax liabilities
(
19,743
)
(
27,780
)
Net deferred tax asset / (liability)
$
1,373
$
(
8,888
)
110
The
Company has $
257
million of tax operating loss carryforwards comprised of $
188
million reported in Saudi Arabia, which can be indefinitely carried forward, and $
69
million reported in other countries that generally expire between 2023 and 2027.
Deferred
tax assets are reduced by valuation allowances. As of December 31, 2022, and 2021, valuation allowances of $
10.0
million and $
8.6
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. The $
1.5
million and $
0.4
million increase in the valuation allowance in 2022 and 2021, respectively, is mainly on account of operating
loss carryforwards generated in the current year not qualifying for recognition as the Company does not believe these operating loss
carryforwards will be utilized prior to expiration. The movement in 2022 includes an increase of $
1.8
million and a utilization
of $
0.3
million to the beginning-of-the-year valuation allowances due to a change in assumption on recoverability of the deferred
tax assets by the Company. The movement in 2021 includes an increase of $
1.5
million and a utilization of $
1.1
million
to the beginning-of-the-year valuation allowances due to a change in assumption on recoverability of the deferred tax asset by the Company.
Further, deferred tax assets in the table above, for operating loss carryforwards as of December 31, 2022, and 2021, have been presented
net of an unrecognized tax benefit for likely disallowances of $
24.0
million and $
18.3
million, respectively.
Deferred
tax liabilities on Property, plant and equipment of $
4.3
million and $
4.1
million at December 31, 2022, and 2021, 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) / benefit 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
%.
Year ended
December 31,
2022
December 31,
2021
December
    31,
2020 (As restated, Note 4)
Income tax at statutory rate (BVI and UAE
0
%)
$
-
$
-
$
-
Foreign tax rate differential
(
1,498
)
(
6,981
)
5,510
Tax effect of adjustments to prior years current tax expense
-
(
997
)
(
1,206
)
Tax effect of adjustments to prior years deferred taxes
-
-
-
Reversal of tax liability on expiration of limitation period
-
-
-
Effect of changes in valuation allowances
(
1,460
)
1,391
3,300
Unrecognized tax benefits
9,577
10,576
4,936
Other
-
-
-
Income tax expense / (benefit)
$
6,619
$
3,989
$
12,540
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, 2022 and 2021, include $
0.8
million and $
0.4
million, respectively,
of penalties and interest associated with the Company's unrecognized tax benefits.
111
Unrecognized
Tax Benefits
The
Company records estimated accrued interest and penalties related to an underpayment of income taxes in income tax (expense) / benefit.
As of December 31, 2022, and 2021, the Company had $
61.1
million and $
51.0
million, respectively, of unrecognized tax
benefits, excluding estimated accrued interest and penalties of $
2.9
million and $
2.0
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 $
64.0
million of the net unrecognized tax benefits as of December
31, 2022, 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,
2022
December
    31,
2021
December
    31,
2020 (As restated, Note 4)
Balance at beginning of period
$
51,002
$
33,336
$
24,974
Additions from tax positions
    adjusted in purchase accounting
-
-
-
Additions from tax positions
    related to the current period
16,953
26,916
10,825
Additions from tax positions
    related to prior periods
-
311
27
Reductions from tax positions
    related to earlier periods
(
5,485
)
(
8,512
)
(
762
)
Reductions on account of statute
    expiry
-
-
Settlement
    of tax positions
(
1,355
)
(
1,049
)
(
1,728
)
Balance
    at end of period
$
61,115
$
51,002
$
33,336
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 2017 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.
112
15.
COMMITMENTS AND CONTINGENCIES
Capital
expenditure commitments
The
Company was committed to incur capital expenditures of $
38.4
million and $
36.7
million at December 31, 2022, and
December 31, 2021, respectively. Substantially all of the commitments outstanding as of December 31, 2022, are expected to be settled
during 2023.
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, 2022, and December 31, 2021, the Company recorded $
11.6
million and $
8.5
million, respectively, in Accounts payable
for amounts due using seller-provided installment financing.
The Company had outstanding
letters of credit amounting to $
26.4
million and $
40.1
million as of December 31, 2022, and December 31, 2021, 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 $
132.4
million and $
105.6
million as of December 31, 2022, and December
31, 2021, respectively. The Company has also entered into cash margin guarantees totaling $
3.6
million and $
4.4
million
at December 31, 2022, and December 31, 2021, 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, 2022,
and December 31, 2021, 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.
16.
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.
113
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, 2022
December 31, 2021
December 31, 2020
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
2,248,699
$
9.58
2,038,662
$
7.38
1,502,690
$
10.25
Granted
1,011,040
$
8.76
1,413,335
$
11.67
1,194,905
$
5.30
Vested
(
1,064,774
)
$
9.38
(
940,032
)
$
8.04
(
590,264
)
$
10.18
Forfeited
(
118,648
)
$
9.25
(
263,266
)
$
9.20
(
68,669
)
$
9.55
Unvested at End of Period
2,076,317
$
10.10
2,248,699
$
9.58
2,038,662
$
7.38
At
December 31, 2022, there were
14,828
restricted stock units awarded to 39 participants 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 2022,
53,429
previously vested shares, issued to members of the Board of Directors, were cancelled
by the Board of Directors.
At
December 31, 2022 and 2021, the Company had unrecognized compensation expense of $
12.4
million and $
14.0
million, respectively,
related to unvested LTIP to be recognized on a straight-line basis over a weighted average remaining period of
1.72
years and
1.99
years, respectively. Stock-based compensation has been recorded in the Consolidated Statements of Operations as follows (in US$
thousands):
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Cost of Services
$
4,466
$
4,632
$
3,521
Selling, general and administrative expenses (excluding Amortization)
4,803
5,127
4,311
Net cost
$
9,269
$
9,759
$
7,832
114
17.
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, 2022 and December 31, 2021, there were
94,012,752
and
91,366,235
,
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, 2022, and December 31, 2021,
there were
no
preferred shares issued or outstanding.
Public
and Private Warrants
As
of both December 31, 2022, and December 31, 2021, 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. As of both December 31, 2022, and December 31, 2021, there were no Private Warrants outstanding.
The
Company has accounted for its Public and Private Warrants in accordance with ASC 480,
Distinguishing Liabilities from Equity
.
Public Warrants both at inception and in subsequent periods were classified as equity. Upon applying the correction of warrant accounting
discussed in Note 4, Private Warrants were both initially and subsequently measured at fair value with changes in fair value recognized
in earnings. The Private Warrants were determined to be within the scope of liability accounting due to provisions that could result
in different settlement amounts depending upon the characteristics of the holder of the Private Warrant. As the Private Warrants were
converted into Public Warrants, the corresponding liability was reclassified to Common Stock and Additional Paid-in Capital on the Company's
Consolidated Balance Sheets.
18.
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 2022. For the year-ended December 31, 2020, the Company utilized the more punitive of the treasury
stock method or two-class method to determine dilutive earnings per share. For the years-ended December 31, 2022, and 2021, the Company
utilized only the treasury stock method. For the December 31, 2022, computation, there were no participating securities outstanding.
For the December 31, 2021, computation, participating securities do not participate in losses and thus the two-class method was not applicable.
115
Years
ended December 31, 2022, December 31, 2021, and December 31, 2020
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, 2022, December 31, 2021, and December 31, 2020 (in US$ thousands except shares and per share amounts):
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 Vesting
32,868
28,005
March 16, 2022
Restricted Stock Vesting
279,493
222,063
March 17, 2022
Restricted Stock Vesting
74,000
58,592
March 18, 2022
Restricted Stock Vesting
242,727
191,522
March 19, 2022
Restricted Stock Vesting
316,775
249,081
July 1, 2022
WDVGE - NESR ordinary share consideration
1,650,000
827,260
August 14, 2022
Restricted Stock Vesting
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 Vesting
87,905
74,900
March 16, 2021
Restricted Stock Vesting
316,781
251,689
March 18, 2021
Restricted Stock Vesting
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 Vesting
242,017
92,166
November 19, 2021
Restricted Stock Vesting
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.
116
Date
Transaction Detail
Change in
Shares
Year
                                            ended
December 31,
2020,
Weighted
Average
Ordinary
Shares
Outstanding
December 31, 2019
Beginning Balance
87,187,289
March 18, 2020
Restricted stock vesting
307,932
242,307
June 1, 2020
NESR ordinary share consideration
    to be issued in SAPESCO transaction (Note 5)
(1)
2,237,000
1,307,973
August 14, 2020
Restricted stock vesting
282,332
107,224
December 31, 2020
Contingently issuable shares
    to be issued in SAPESCO transaction (Note 5)
(2)
295,473
808
December 31, 2020
Ending Balance
88,845,601
(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 2021 pursuant to the Sale & Purchase Agreement for SAPESCO, 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
295,473
shares, relating primarily to the expected 2021 issuance of Additional Earn-Out Shares and Customer Receivables Earn-Out
    Shares pursuant to the Sale & Purchase Agreement for SAPESCO, have been included in basic earnings per share as the conditions
    for issuance were satisfied as of December 31, 2020.
117
December
    31, 2022
December
    31, 2021
December 31, 2020 (As
restated, Note 4)
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
$
(
36,420
)
92,962,048
$
(
0.39
)
$
(
64,568
)
91,043,830
$
(
0.71
)
$
16,555
88,845,601
$
0.19
Restricted
    stock units
-
-
272,275
Antidilution
    sequencing - subtotal
(
36,420
)
92,962,048
(
0.39
)
(
64,568
)
91,043,830
(
0.71
)
16,555
89,117,876
0.19
Decrease/(increase)
    in the fair value of the warrants
$
(
557
)
35,540,380
Public Warrants @ $
5.75
per half share
-
-
Diluted
    EPS - ordinary shares
$
(
36,420
)
92,962,048
$
(
0.39
)
$
(
64,568
)
91,043,830
$
(
0.71
)
$
15,998
89,117,876
$
0.18
For
the years ended December 31, 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 as the Company reported net losses for
both annual periods.
For
the year ended December 31, 2020, warrants
that
could be converted into as many as
35,540,380
ordinary shares were excluded from common shares as they were antidilutive based on
the average share-price during the for the year. In addition to these warrants, the Company also had
1,724,832
restricted
stock units excluded from common shares for the year ended December 31, 2020, as they were also assumed repurchased through
the impact of unrecognized share-based compensation cost.
118
19.
FAIR VALUE ACCOUNTING
The
Company measures and records liabilities for its Private Warrants (note 17) and the Buyer Stock Adjustment Amount derivative liability (note 10) 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, 2022
Level
    1
Level
    2
Level
    3
Total
Liabilities:
Liability
    for Buyer Stock Adjustment Amount derivative (Note 10)
$
-
$
-
$
-
$
-
Liability
    for Private Warrants (Note 17)
-
-
-
-
As of December 31, 2021
Level 1
Level 2
Level 3
Total
Liabilities:
Liability for Private Warrants (Note 17)
$
-
$
-
$
-
$
-
The
Company's Private Warrants and Buyer Stock Adjustment Amount derivative are included as Level 3 measurements in the tables above.
The fair value of the Company's Private Warrant liability was calculated using the Black-Scholes model. The fair value of the Company's
Buyer Stock Adjustment Amount derivative liability was calculated using the Monte Carlo simulation analysis.
119
The
change in fair value of the Company's Level 3 measurements is as follows:
Year-to-date
    period ended
December
    31,
2022
December
    31,
2021
December
    31,
2020 (As restated, Note 4)
Beginning
    Balance
$
-
$
-
$
(
557
)
Initial
    accounting for Buyer Stock Adjustment Amount derivative liability (Note 10)
(
4,236
)
-
-
Change
    in Buyer Stock Adjustment Amount derivative liability (Note 10)
4,236
-
-
Change
    in Private Warrant liability
-
-
557
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 5), 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.
20.
RELATED PARTY TRANSACTIONS
Mubbadrah
Investment LLC ("Mubbadrah")
GES
leases office space in a building it owns in Muscat, Oman to Mubbadrah along with other Mubbadrah group entities (collectively, the "Mubbadrah
group entities"). GES charges rental income to the Mubbadrah group entities for the occupation of the office space, based on usage.
Rental income charged by GES to the Mubbadrah group entities amounted to $
0.3
million, $
0.2
million, and $
0.2
million for the
years ended December 31, 2022, 2021, and 2020, respectively, in the Consolidated Statements of Operations. The outstanding balances from
the Mubbadrah group entities were payables of $
0.4
million and $
0.4
million at December 31, 2022, and December 31, 2021, respectively.
Heavy
Equipment Manufacturing & Trading LLC ("HEMT")
HEMT
is a majority owned by Mubbadrah Group. HEMT is engaged by various subsidiaries of GES for services such as fabrication, manufacturing
and maintenance of tools and equipment. HEMT has charged GES $
0.1
million, $
0.1
million, and $
0.1
million for the years ended
December 31, 2022, 2021, and 2020, respectively, in relation to these services. As of December 31, 2022, and December 31, 2021, $
0.6
million and $
0.5
million remains receivable from HEMT.
Prime
Business Solutions LLC ("PBS")
PBS
is majority owned by Mubbadrah Group and is involved in the development and maintenance of Enterprise Resource Planning ("ERP")
systems.
PBS
developed and implemented the GEARS (ERP) system used by one of the Company's subsidiaries under December 31, 2021, and
is currently engaged to maintain it. Charges totaling $
0.3
million, $
0.5
million, and $
1.0
million for the years ended December
31, 2022, 2021, and 2020, respectively, in the Consolidated Statements of Operations, for maintenance fees. As of December 31, 2022,
and December 31, 2021, $
1.1
million and $
0.8
million remains payable to PBS.
Nine
Energy Service, Inc. ("Nine")
The
Company
purchased $
0.8
million, $
1.2
million,
and $
0.8
million for the years ended December 31, 2022, 2021, and 2020, 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, 2022, and December 31, 2021, the Company
had total liabilities of $
0.2
million and $
0.5
million, respectively, on its Consolidated Balance Sheets related to these purchases.
120
Basin
Holdings US LLC ("Basin")
The Company purchased $
0.6
million, $
0.7
million, and $
2.1
million for the years ended December 31, 2022, 2021, and 2020, respectively, of products and
rentals from Basin. One of the Company's directors, Antonio J. Campo Mejia, also serves as a director of Basin. As of December
31, 2022, and December 31, 2021, the Company had total liabilities of $
0.2
million and $
0.1
million, respectively, on its
Consolidated Balance Sheets, related to these purchases.
21.
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 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, coil tubing, stimulation and pumping, cementing, nitrogen services, filtration services,
pipelines and industrial services, production assurance, artificial lift services, and completions.
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. The results of ESG IMPACT were not material to our Consolidated Statements of Operations for
the year ended December 31, 2022.
The
Company's operations and activities are located within certain geographies, primarily the MENA region, as well as in Malaysia,
Indonesia and India.
121
Revenue
from operations
Year ended
December 31,
2022
December 31,
2021
December 31,
2020 (As restated,
    Note 4)
Reportable Segment:
Production Services
$
567,249
$
554,097
$
557,327
Drilling and Evaluation Services
342,268
322,632
276,825
Total revenue from external customers
$
909,517
$
876,729
$
834,152
Long-lived
assets
As
    of
December
                                            31,
2022
December
    31,
2021
Reportable
    Segment:
Production
    Services
$
239,958
$
253,215
Drilling
    and Evaluation Services
173,520
133,691
Total
    Reportable Segments
413,478
386,906
Unallocated
    assets
47,583
38,600
Total
    long-lived assets
$
461,061
$
425,506
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, 2022
December 31, 2021
December 31, 2020
Reportable Segment:
Production Services
$
28,717
$
(
1,858
)
$
56,180
Drilling and Evaluation Services
33,473
(
1,238
)
24,295
Total Reportable Segments
62,190
(
3,096
)
80,475
Unallocated expenses
(
63,107
)
(
40,236
)
(
45,197
)
Total Operating income / (loss)
(
917
)
(
43,332
)
35,278
Interest expense, net
(
34,126
)
(
15,174
)
(
15,879
)
Gain/(loss) on Private Warrant Liability
-
-
557
Other income / (expense), net
5,242
(
2,073
)
9,139
(Loss) / income before income tax
(
29,801
)
(
60,579
)
29,095
Unallocated expenses for the years ended December
31, 2022, December 31, 2021, and December 31, 2020, mainly include 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,
2022
December 31,
2021
December 31,
2020 (As restated,
    Note 4)
Geographic Area:
Domestic (British Virgin Islands)
$
-
$
-
$
-
MENA
893,635
865,917
822,606
Rest of World
15,882
10,812
11,546
Total revenue
$
909,517
$
876,729
$
834,152
Long-lived
assets by geographic area
As of
December 31,
2022
December 31,
2021
Geographic area:
Domestic (British Virgin Islands)
$
-
$
-
MENA
443,967
408,089
Rest of World
17,094
17,417
Total long-lived assets
$
461,061
$
425,506
Significant
customers
Revenues
from four customers individually accounted for
40
%,
9
%,
7
%
and
7
%
of the Company's consolidated revenues in
the year ended December 31, 2022,
51
%,
10
%,
7
%
and
4
%
of the Company's consolidated revenues in
the year ended December 31, 2021, and
58
%,
12
%,
4
%
and
3
%
of the Company's consolidated revenues in
the year ended December 31, 2020.
122