HOUSTON, TX / ACCESSWIRE / October 29, 2024 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR)(NASDAQ:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced that it has acquired a minority stake in SALTTECH BV ("Salttech"), a Dutch provider of industry-leading thermal desalination technology known by its Dynamic Vapor Recovery ("Dyvar®") process.

Funded through cash, the acquisition follows the successful deployment of Dyvar® on several key pilot projects in the MENA region, including the recently announced Circular Water project deployed successfully with NESR's largest customer. The Dyvar® represents a core component of NESR's growing portfolio of fit-for-purpose water solutions within its NEDA segment, and the acquisition deepens the collaboration between NESR & Salttech in pursuing the sustainable scale-up of this novel, Circular Water concept in Saudi Arabia and other key countries. NESR will also have the sole option to acquire additional stake and become the majority owner of Salttech in subsequent years.

NESR Chairman & CEO Sherif Foda commented, "NESR and Salttech are already several years into the exploration of implementing Dyvar® as a circular water & mineral solution, and are the first to have validated this concept in the field with our largest customer. This acquisition not only signifies the technical acceptance of the Dyvar® in our industry, but also underscores NESR's commitment to bringing leading water technologies into the region to help solve the massive water challenges of MENA. In conjunction with optimizing and scaling up the Dyvar®, our vision with this investment is to domicile in Saudi the manufacturing, ongoing research, and training of national talent to truly localize the Dyvar® in the Kingdom and across the region. We are especially pleased to announce our deepening partnership concurrently with our participation at the Future Investment Initiative 8 (FII) forum, ongoing in Riyadh."

Reimond Olthof, Founder & CEO of SALTTECH BV commented, "Our partnership with NESR embodies a shared vision to address and tackle water challenges in the energy sector. NESR's commitment to sustainable innovation was key in our collaboration to develop a robust ESG solution for water and mineral recovery. The Dyvar® is proven as a reliable water treatment solution already in the mining industry and dairy industry, among others. With NESR as a shareholder, Salttech is poised to accelerate global Dyvar® deployment across these wide-ranging industries, boosting water stewardship in both the MENA region and beyond. NESR's support empowers us to further optimize the cost of sustainable resource recovery across many industry waste streams, from which we remain committed to delivering measurable environmental impact and creating new pathways to sustainability within and outside the oil & gas sector."