National Energy Services Reunited (NESR) 6-K 19 Nov 24 2024 Q3 Current report (foreign) Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-38091
Entity Registrant Name	NATIONAL ENERGY SERVICES REUNITED CORP.
Entity Central Index Key	0001698514
Entity Address, Address Line One	777 Post Oak Blvd.
Entity Address, Address Line Two	Suite 730
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 118,169	$ 67,821
Accounts receivable, net (Note 3)	132,549	171,269
Unbilled revenue	141,857	95,997
Service inventories (Note 4)	100,018	98,434
Prepaid assets	15,988	9,238
Retention withholdings	23,204	48,419
Other receivables	31,765	39,778
Other current assets	13,604	10,759
Total current assets	577,154	541,715
Non-current assets
Property, plant and equipment, net (Note 5)	425,133	442,666
Intangible assets, net	70,349	84,304
Goodwill	645,095	645,095
Operating lease right-of-use assets	27,672	31,628
Other assets	57,445	52,332
Total assets	1,802,848	1,797,740
Liabilities
Accounts payable and accrued expenses	350,582	351,240
Current installments of long-term debt (Note 6)	70,546	71,744
Short-term borrowings (Note 6)	54,587	48,889
Income taxes payable (Note 7)	2,331	8,421
Other taxes payable	5,434	14,674
Operating lease liabilities	5,971	7,406
Other current liabilities	33,770	31,073
Total current liabilities	523,221	533,447
Long-term debt (Note 6)	284,183	331,565
Deferred tax liabilities (Note 7)
Employee benefit liabilities	32,458	28,935
Non-current operating lease liabilities	22,547	25,145
Other liabilities	66,891	57,154
Total liabilities	929,300	976,246
Commitments and contingencies (Note 8)
Equity
Preferred shares, no par value; unlimited shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023, respectively
Common stock and additional paid in capital, no par value; unlimited shares authorized; 95,447,211 and 94,996,397 shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively	886,446	883,865
Retained (deficit)	(12,967)	(62,440)
Accumulated other comprehensive income	69	69
Total equity	873,548	821,494
Total liabilities and equity	$ 1,802,848	$ 1,797,740

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	Unlimited	Unlimited
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	95,447,211	94,996,397
Common stock, shares outstanding	95,447,211	94,996,397

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 336,205	$ 300,084	$ 958,022	$ 838,395
Cost of services	(282,794)	(254,961)	(808,530)	(734,160)
Gross profit	53,411	45,123	149,492	104,235
Selling, general and administrative expenses (excluding Amortization)	(13,270)	(12,292)	(41,290)	(37,015)
Amortization	(4,693)	(4,694)	(14,080)	(14,082)
Operating income	35,448	28,137	94,122	53,138
Interest expense, net	(9,933)	(12,081)	(29,976)	(34,067)
Other income, net	394	1,423	1,199	2,287
Income before income tax	25,909	17,479	65,345	21,358
Income tax expense	(5,291)	(2,748)	(15,872)	(11,039)
Net income	$ 20,618	$ 14,731	$ 49,473	$ 10,319
Weighted average shares outstanding:
Basic	95,428,253	94,951,275	95,310,346	94,664,725
Diluted	95,653,958	94,951,275	95,524,758	94,664,725
Earnings per share (Note 9):
Basic	$ 0.22	$ 0.16	$ 0.52	$ 0.11
Diluted	$ 0.22	$ 0.16	$ 0.52	$ 0.11

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net income	$ 20,618	$ 14,731	$ 49,473	$ 10,319
Other comprehensive income, net of tax
Foreign currency translation adjustments
Total comprehensive income, net of tax	$ 20,618	$ 14,731	$ 49,473	$ 10,319

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock and Additional Paid In Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 877,299	$ 69	$ (75,020)	$ 802,348
Balance, shares at Dec. 31, 2022	94,012,752
Share-based compensation expense	$ 5,221			5,221
Vesting of restricted share units	$ (197)			(197)
Vesting of restricted share units, shares	983,645
Other
Other, shares
Net income (loss)			10,319	10,319
Balance at Sep. 30, 2023	$ 882,323	69	(64,701)	817,691
Balance, shares at Sep. 30, 2023	94,996,397
Balance at Jun. 30, 2023	$ 880,795	69	(79,432)	801,432
Balance, shares at Jun. 30, 2023	94,904,147
Share-based compensation expense	$ 1,528			1,528
Vesting of restricted share units
Vesting of restricted share units, shares	92,250
Other
Other, shares
Net income (loss)			14,731	14,731
Balance at Sep. 30, 2023	$ 882,323	69	(64,701)	817,691
Balance, shares at Sep. 30, 2023	94,996,397
Balance at Dec. 31, 2023	$ 883,865	69	(62,440)	821,494
Balance, shares at Dec. 31, 2023	94,996,397
Share-based compensation expense	$ 3,568			3,568
Vesting of restricted share units	$ (163)			(163)
Vesting of restricted share units, shares	533,145
Other	$ (824)			(824)
Other, shares	(82,331)
Net income (loss)			49,473	49,473
Balance at Sep. 30, 2024	$ 886,446	69	(12,967)	873,548
Balance, shares at Sep. 30, 2024	95,447,211
Balance at Jun. 30, 2024	$ 884,904	69	(33,585)	851,388
Balance, shares at Jun. 30, 2024	95,408,453
Share-based compensation expense	$ 1,542			1,542
Vesting of restricted share units
Vesting of restricted share units, shares	38,758
Other
Other, shares
Net income (loss)			20,618	20,618
Balance at Sep. 30, 2024	$ 886,446	$ 69	$ (12,967)	$ 873,548
Balance, shares at Sep. 30, 2024	95,447,211

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 49,473	$ 10,319
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	103,176	106,199
Share-based compensation expense	3,568	5,221
Loss / (Gain) on disposal of assets	2,100	(963)
Non-cash interest (income) expense	(1,646)	4,144
Deferred tax expense	(2,142)	(3,062)
Allowance for (reversal of) doubtful receivables	5,306	812
Charges on obsolete service inventories	2,294	103
Impairments and other charges	1,583
Other operating activities, net	317	757
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	33,466	(7,140)
(Increase) decrease in unbilled revenue	(45,887)	(2,720)
(Increase) decrease in retention withholdings	25,215	(4,233)
(Increase) decrease in inventories	(3,834)	3,636
(Increase) decrease in prepaid expenses	(6,772)	21
(Increase) decrease in other current assets	6,365	896
Change in other long-term assets and liabilities	4,653	2,999
Increase (decrease) in accounts payable and accrued expenses	15,797	9,982
Increase (decrease) in other current liabilities	(9,963)	13,468
Net cash provided by operating activities	183,069	140,439
Cash flows from investing activities:
Capital expenditures	(80,053)	(65,824)
IPM investments (Note 2)		(15,917)
Proceeds from disposal of assets	929	1,246
Other investing activities	(5,034)	(1,000)
Net cash used in investing activities	(84,158)	(81,495)
Cash flows from financing activities:
Proceeds from long-term debt	4,063	11,293
Repayments of long-term debt	(53,810)	(40,014)
Proceeds from short-term borrowings	58,738	73,312
Repayments of short-term borrowings	(53,140)	(109,228)
Payments on capital leases	(1,432)	(1,802)
Payments on seller-provided financing for capital expenditures	(2,819)	(8,858)
Other financing activities, net	(163)	(197)
Net cash used in financing activities	(48,563)	(75,494)
Effect of exchange rate changes on cash
Net increase (decrease) in cash	50,348	(16,550)
Cash and cash equivalents, beginning of period	67,821	78,853
Cash and cash equivalents, end of period	$ 118,169	$ 62,303

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of National Energy Services Reunited Corp. (“NESR,” the “Company,” “we,” “our,” “us” or similar term) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of NESR management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited interim financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the nine-month period ended September 30, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. The December 31, 2023, balance sheet information has been derived from the NESR 2023 audited financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the NESR Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission on April 30, 2024.

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
CONDENSED CONSOLIDATED INTERIM SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	CONDENSED CONSOLIDATED INTERIM SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Supplemental cash flow information Non-cash transactions were as follows: ● Purchases of property, plant, and equipment in Accounts payable of $ 22.9 17.6 ● Purchases of property, plant, and equipment using seller-provided installment financing of $ 2.3 5.5 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. Under these arrangements, the Company invests its own services and products, and in some cases cash, into the field development activities and operations of the customer. 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 0.8 0.8 1.1 1.6 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 Unaudited Condensed Consolidated Interim 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 $ 1.3 2.8 3.9 11.3 The unamortized portion of the Company’s investments in IPM projects was $ 13.3 18.8 At September 30, 2024, and December 31, 2023, the Company assessed whether the unamortized costs associated with these investments exceed the present value of future cash flows from the projects, and recorded an impairment charge of $ 1.6 0.9 Investments in Equity Instruments The Company continues to monitor its equity method investment in W. D. Von Gonten Engineering LLC for indicators of other than temporary impairment. Should an indicator of other than temporary impairment be identified, the Company estimates that an impairment charge of up to $ 3.1 Recently issued accounting standards not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures tabular reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory tax further broken out by nature and/or jurisdiction. This ASU also has disclosure requirements related to income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. All other 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.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The following table summarizes the accounts receivable of the Company as of the period end dates set forth below (in US$ thousands): SCHEDULE OF ACCOUNTS RECEIVABLE As of September 30, 2024 December 31, 2023 Trade receivables $ 146,058 $ 180,989 Less: allowance for credit losses (13,509 ) (9,720 ) Total $ 132,549 $ 171,269 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 September 30, 2024, and December 31, 2023, were $ 146.1 181.0 SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Allowance for credit losses at beginning of period $ (13,354 ) $ (11,799 ) $ (9,720 ) $ (12,664 ) (Increase) decrease to allowance for the period (990 ) 255 (5,306 ) 812 Write-off of credit losses 835 791 1,517 1,099 Allowance for credit losses at end of period $ (13,509 ) $ (10,753 ) $ (13,509 ) $ (10,753 )

SERVICE INVENTORIES

SERVICE INVENTORIES	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
SERVICE INVENTORIES	SERVICE INVENTORIES The following table summarizes the service inventories for the period end dates as set forth below (in US$ thousands): SCHEDULE OF SERVICE INVENTORIES September 30, December 31, 2024 2023 Spare parts and consumables $ 65,361 $ 66,615 Chemicals 34,657 31,819 Total $ 100,018 $ 98,434

PROPERTY, PLANT & EQUIPMENT

PROPERTY, PLANT & EQUIPMENT	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT & EQUIPMENT	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): SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Lives (in years) June 30, 2024 December 31, 2023 Estimated Useful As of Lives (in years) September 30, 2024 December 31, 2023 Buildings and leasehold improvements 5 25 $ 54,522 $ 57,002 Drilling rigs, plant and equipment 1 15 728,488 749,492 Office equipment (furniture and fixtures) and tools 3 10 16,577 16,763 Vehicles and cranes 5 10 10,874 14,446 Property plant and equipment, gross 5 to 10 10,874 14,446 Less: Accumulated depreciation (421,925 ) (420,812 ) Land 11,664 11,664 Capital work in progress 24,933 14,111 Total $ 425,133 $ 442,666 The Company recorded depreciation expense of $ 28.2 27.8 83.7 83.8

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt The Company’s long-term debt obligations consist of the following (in US$ thousands): SCHEDULE OF LONG TERM DEBT OBLIGATIONS September 30, 2024 December 31, 2023 Secured Term Loan $ 338,625 $ 387,000 Secured Revolving Credit Facility 14,062 10,000 Borrowings from Long-Term 24 Month Working Capital Facilities 6,046 11,479 Long-term debt obligations 6,046 11,479 Less: unamortized debt issuance costs (4,004 ) (5,170 ) Total loans and borrowings 354,729 403,309 Less: current installments (70,546 ) (71,744 ) Long-term debt, net of unamortized debt issuance costs and excluding current installments $ 284,183 $ 331,565 2021 Secured Facilities Agreement On November 4, 2021, the Company entered into a $ 860 860 430 November 4, 2027 80.0 November 4, 2025 350 Borrowings under the Term Loan and RCF facilities incur interest at the secured overnight financing rate (“SOFR”) for U.S. dollar denominated borrowings, or SAIBOR for Saudi Arabia Riyal borrowings, plus 2.6 3.0 8.22 8.23 8.76 8.58 338.6 387.0 14.1 10.0 65.9 70.0 The 2021 Secured Facilities Agreement also includes a working capital facility of $ 325 325 1.25 1.5 225.3 178.6 99.7 146.4 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. Short-term debt The Company’s short-term debt obligations consist of the following (in US$ thousands): SCHEDULE OF SHORT TERM DEBT OBLIGATIONS September 30, 2024 December 31, 2023 Short-term borrowings from working capital facilities $ 54,598 $ 49,001 Less: unamortized debt issuance costs (11 ) (112 ) Short-term debt, excluding current installments of long-term debt $ 54,587 $ 48,889 Other debt information Scheduled principal payments of long-term debt for periods subsequent to September 30, 2024, are as follows (in US$ thousands): SCHEDULE PRINCIPAL PAYMENTS OF LONG TERM DEBT 2024 $ 17,938 2025 82,795 2026 64,500 2027 193,500 Thereafter - Total long-term debt $ 358,733

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	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 and Asia Pacific regions where statutory tax rates generally vary from 0 43.7 0 The Company recorded income tax expense of $ 5.3 20.4 2.7 15.7 15.9 24.3 11.0 51.7 The high effective tax rates are mainly driven by recording valuation allowances against current year losses and recording liabilities on uncertain tax positions in various jurisdictions.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Capital expenditure commitments The Company was committed to incur capital expenditures of $ 64.4 15.4 Other commitments The Company purchases certain property, plant, and equipment using seller-provided installment financing with payment terms extending to 24 months. As of September 30, 2024, and December 31, 2023, the Company recorded $ 2.3 1.5 The Company had outstanding letters of credit amounting to $ 11.2 2.0 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 $ 159.0 122.8 3.8 3.6 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings per share (Note 9):
EARNINGS PER SHARE	EARNINGS PER SHARE The following tables provide a reconciliation of the data used in the calculation of basic and diluted ordinary shares outstanding for the for the three-month period ended September 30, 2024, the three-month period ended September 30, 2023, the nine-month period ended September 30, 2024, and the nine-month period ended September 30, 2023, respectively. SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED COMMON SHARES OUTSTANDING Date Transaction Detail Change in Shares Three-month period ended September 30, 2024, Weighted July 1, 2024 Beginning Balance 95,408,453 August 14, 2024 Restricted Stock Issuance 38,758 19,800 March 17, 2024 Restricted Stock Issuance 12,751 9,168 March 18, 2024 Restricted Stock Issuance 242,455 173,435 March 19, 2024 Restricted Stock Issuance 235,741 167,772 April 1, 2024 Restricted Stock Issuance 1,774 1,198 April 23, 2024 Restricted Stock Issuance 1,333 778 May 2, 2024 Return of shares from W.D. Van Gonten Engineering (82,331 ) (45,372 ) August 14, 2024 Restricted Stock Issuance 38,758 6,648 January 23, 2023 Restricted Stock Issuance 500 458 February 2, 2023 Restricted Stock Issuance 22,440 19,727 February 24, 2023 Restricted Stock Issuance 250 200 March 1, 2023 Restricted Stock Issuance 333 260 March 16, 2023 Restricted Stock Issuance 247,286 179,350 March 17, 2023 Restricted Stock Issuance 578,436 417,406 April 12, 2023 Restricted Stock Issuance 666 417 June 1, 2023 Restricted Stock Issuance 40,000 17,729 June 22, 2023 Restricted Stock Issuance 1,484 544 August 14, 2023 Restricted Stock Issuance 92,250 15,882 September 30, 2024 Ending Balance 95,428,253 Date Transaction Detail Change in Shares Three-month period ended 2023, Weighted July 1, 2023 Beginning Balance 94,904,147 August 14, 2023 Restricted Stock Issuance 92,250 47,128 September 30, 2023 Ending Balance 94,951,275 Date Transaction Detail Change in Shares Nine-month period ended 2024, Weighted January 1, 2024 Beginning Balance 94,996,397 January 9, 2024 Restricted Stock Issuance 333 322 March 17, 2024 Restricted Stock Issuance 12,751 9,168 March 18, 2024 Restricted Stock Issuance 242,455 173,435 March 19, 2024 Restricted Stock Issuance 235,741 167,772 April 1, 2024 Restricted Stock Issuance 1,774 1,198 April 23, 2024 Restricted Stock Issuance 1,333 778 May 2, 2024 Return of shares from W.D. Van Gonten Engineering (82,331 ) (45,372 ) August 14, 2024 Restricted Stock Issuance 38,758 6,648 September 30, 2024 Ending Balance 95,310,346 Date Transaction Detail Change in Shares Nine-month period ended September 30, 2023, Weighted January 1, 2023 Beginning Balance 94,012,752 January 23, 2023 Restricted Stock Issuance 500 458 February 2, 2023 Restricted Stock Issuance 22,440 19,727 February 24, 2023 Restricted Stock Issuance 250 200 March 1, 2023 Restricted Stock Issuance 333 260 March 16, 2023 Restricted Stock Issuance 247,286 179,350 March 17, 2023 Restricted Stock Issuance 578,436 417,406 April 12, 2023 Restricted Stock Issuance 666 417 June 1, 2023 Restricted Stock Issuance 40,000 17,729 June 22, 2023 Restricted Stock Issuance 1,484 544 August 14, 2023 Restricted Stock Issuance 92,250 15,882 September 30, 2023 Ending Balance 94,664,725 The following tables provide the computation of basic and diluted earnings per share (“EPS”) for the for the three-month period ended September 30, 2024, the three-month period ended September 30, 2023, the nine-month period ended September 30, 2024, and the nine-month period ended September 30, 2023, respectively. SCHEDULE OF BASIC AND DILUTED EARNINGS PER COMMON SHARE For the three-month period ended September 30, 2024 September 30, 2023 Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Basic EPS - ordinary shares $ 20,618 95,428,253 $ 0.22 $ 14,731 94,951,275 $ 0.16 Restricted stock units 225,705 - Antidilution sequencing - subtotal 20,618 95,653,958 0.22 14,731 94,951,275 0.16 35,540,380 5.75 - - - - - - Diluted EPS - ordinary shares $ 20,618 95,653,958 $ 0.22 $ 14,731 94,951,275 $ 0.16 For the nine-month period ended September 30, 2024 September 30, 2023 Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Basic EPS/(LPS) - ordinary shares $ 49,473 95,310,346 $ 0.52 $ 10,319 94,664,725 $ 0.11 Restricted stock units 214,412 - Antidilution sequencing - subtotal 49,473 95,524,758 0.52 10,319 94,664,725 0.11 35,540,380 5.75 - - - - - - Diluted EPS/(LPS) - ordinary shares $ 49,473 95,524,758 $ 0.52 $ 10,319 94,664,725 $ 0.11 For the for the three-month period ended September 30, 2023, and the nine-month period ended September 30, 2023, respectively, potentially dilutive restricted stock units had no impact on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive. For the for the three-month period ended September 30, 2024, the three-month period ended September 30, 2023, the nine-month period ended September 30, 2024, and the nine-month period ended September 30, 2023, respectively, potentially dilutive Public Warrants had no impact on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS Operating segments are components of an enterprise where separate financial information is available and that are evaluated regularly by the Company’s CODM in deciding how to allocate resources and in assessing performance. The Company reports segment information based on the “management” approach and its CODM is its Chief Executive Officer. The Company’s services are similar to one another in that they consist of oilfield services and related offerings, whose customers are oil and natural gas companies. The results of operations of the service offerings are regularly reviewed by the CODM for the Company for the purposes of determining resource and asset allocation and assessing performance. The Company has determined that it has two reportable segments, Production Services and Drilling and Evaluation Services. The CODM evaluates the operating results of its reportable segments primarily based on revenue and segment operating income. Segment operating income does not include general corporate expenses, such as corporate overhead (costs incurred at the Company’s global and regional headquarter locations), share-based compensation, and transaction and integration costs, as these expenses are not allocated to the Company’s reportable segments and not reported to the Company’s CODM. Production Services that are offered depend on the well life cycle in which the services may fall. They include, but are not limited to, the following types of service offerings: hydraulic fracturing, coiled tubing, stimulation and pumping, cementing, nitrogen services, filtration services, pipelines and industrial services, production assurance, artificial lift services, completions and integrated production management. Drilling and Evaluation Services generates its revenue from the following service offerings: rigs and integrated services, fishing and downhole tools, thru-tubing intervention, tubular running services, directional drilling, drilling fluids, pressure control, well testing services, wireline logging services, and slickline services. In January 2021, the Company announced an Environmental, Social, and Corporate Governance IMPACT (“ESG IMPACT”) initiative to develop a portfolio of product lines and services aimed to mitigate climate change, enhance water management and conservation, and minimize environmental waste in the industry. These innovative energy solutions so far include methane detection and control, flare capture and re-use, and water treatment and re-use. In February 2024, NESR rebranded the ESG IMPACT segment to NESR Environmental & Decarbonization Applications (“NEDA”) to signify the importance of industry action in decarbonizing the footprint of energy production. The results of NEDA or ESG IMPACT were not material to our Unaudited Condensed Consolidated Interim Statements of Operations for the quarter-to-date period ended September 30, 2024, quarter-to-date period ended September 30, 2023, year-to-date period ended September 30, 2024, and/or year-to-date period ended September 30, 2023, respectively. The Company’s operations and activities are located within certain geographies, primarily the MENA region, as well as in Malaysia, Indonesia and India. SCHEDULE OF SEGMENT REPORTING INFORMATION Revenue from operations September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Reportable Segment: Production Services $ 230,521 $ 208,890 $ 644,620 $ 576,399 Drilling and Evaluation Services 105,684 91,194 313,402 261,996 Total external revenue $ 336,205 $ 300,084 $ 958,022 $ 838,395 Long-lived assets September 30, 2024 December 31, 2023 As of September 30, 2024 December 31, 2023 Reportable Segment: Production Services $ 218,609 $ 225,612 Drilling and Evaluation Services 152,224 170,224 Total Reportable Segments 370,833 395,836 Unallocated assets 54,300 46,830 Total long-lived assets $ 425,133 $ 442,666 Operating income September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Reportable Segment: Production Services $ 39,774 $ 34,728 $ 104,205 $ 77,327 Drilling and Evaluation Services 14,251 9,691 45,870 26,771 Total Reportable Segments 54,025 44,419 150,075 104,098 Unallocated expenses (18,577 ) (16,282 ) (55,953 ) (50,960 ) Total operating income 35,448 28,137 94,122 53,138 Interest expense, net (9,933 ) (12,081 ) (29,976 ) (34,067 ) Other income, net 394 1,423 1,199 2,287 Income before income tax $ 25,909 $ 17,479 $ 65,345 $ 21,358 SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHIC AREA Revenue by geographic area September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Geographic Area: Domestic (British Virgin Islands) $ - $ - $ - $ - MENA 333,803 297,972 949,884 830,338 Rest of World 2,402 2,112 8,138 8,057 Total revenue $ 336,205 $ 300,084 $ 958,022 $ 838,395 Long-lived assets by geographic area September 30, 2024 December 31, 2023 As of September 30, 2024 December 31, 2023 Geographic area: Domestic (British Virgin Islands) $ - $ - MENA 415,105 431,002 Rest of World 10,028 11,664 Total long-lived assets $ 425,133 $ 442,666

CONDENSED CONSOLIDATED INTERI_6

CONDENSED CONSOLIDATED INTERIM SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Supplemental cash flow information	Supplemental cash flow information Non-cash transactions were as follows: ● Purchases of property, plant, and equipment in Accounts payable of $ 22.9 17.6 ● Purchases of property, plant, and equipment using seller-provided installment financing of $ 2.3 5.5
Production Management Assets	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. Under these arrangements, the Company invests its own services and products, and in some cases cash, into the field development activities and operations of the customer. 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 0.8 0.8 1.1 1.6 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 Unaudited Condensed Consolidated Interim 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 $ 1.3 2.8 3.9 11.3 The unamortized portion of the Company’s investments in IPM projects was $ 13.3 18.8 At September 30, 2024, and December 31, 2023, the Company assessed whether the unamortized costs associated with these investments exceed the present value of future cash flows from the projects, and recorded an impairment charge of $ 1.6 0.9
Investments in Equity Instruments	Investments in Equity Instruments The Company continues to monitor its equity method investment in W. D. Von Gonten Engineering LLC for indicators of other than temporary impairment. Should an indicator of other than temporary impairment be identified, the Company estimates that an impairment charge of up to $ 3.1
Recently issued accounting standards not yet adopted	Recently issued accounting standards not yet adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures tabular reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory tax further broken out by nature and/or jurisdiction. This ASU also has disclosure requirements related to income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. All other 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.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
SCHEDULE OF ACCOUNTS RECEIVABLE	The following table summarizes the accounts receivable of the Company as of the period end dates set forth below (in US$ thousands): SCHEDULE OF ACCOUNTS RECEIVABLE As of September 30, 2024 December 31, 2023 Trade receivables $ 146,058 $ 180,989 Less: allowance for credit losses (13,509 ) (9,720 ) Total $ 132,549 $ 171,269
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS	SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Allowance for credit losses at beginning of period $ (13,354 ) $ (11,799 ) $ (9,720 ) $ (12,664 ) (Increase) decrease to allowance for the period (990 ) 255 (5,306 ) 812 Write-off of credit losses 835 791 1,517 1,099 Allowance for credit losses at end of period $ (13,509 ) $ (10,753 ) $ (13,509 ) $ (10,753 )

SERVICE INVENTORIES (Tables)

SERVICE INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
SCHEDULE OF SERVICE INVENTORIES	The following table summarizes the service inventories for the period end dates as set forth below (in US$ thousands): SCHEDULE OF SERVICE INVENTORIES September 30, December 31, 2024 2023 Spare parts and consumables $ 65,361 $ 66,615 Chemicals 34,657 31,819 Total $ 100,018 $ 98,434

PROPERTY, PLANT & EQUIPMENT (Ta

PROPERTY, PLANT & EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY, PLANT AND 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): SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Lives (in years) June 30, 2024 December 31, 2023 Estimated Useful As of Lives (in years) September 30, 2024 December 31, 2023 Buildings and leasehold improvements 5 25 $ 54,522 $ 57,002 Drilling rigs, plant and equipment 1 15 728,488 749,492 Office equipment (furniture and fixtures) and tools 3 10 16,577 16,763 Vehicles and cranes 5 10 10,874 14,446 Property plant and equipment, gross 5 to 10 10,874 14,446 Less: Accumulated depreciation (421,925 ) (420,812 ) Land 11,664 11,664 Capital work in progress 24,933 14,111 Total $ 425,133 $ 442,666

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
SCHEDULE OF LONG TERM DEBT OBLIGATIONS	The Company’s long-term debt obligations consist of the following (in US$ thousands): SCHEDULE OF LONG TERM DEBT OBLIGATIONS September 30, 2024 December 31, 2023 Secured Term Loan $ 338,625 $ 387,000 Secured Revolving Credit Facility 14,062 10,000 Borrowings from Long-Term 24 Month Working Capital Facilities 6,046 11,479 Long-term debt obligations 6,046 11,479 Less: unamortized debt issuance costs (4,004 ) (5,170 ) Total loans and borrowings 354,729 403,309 Less: current installments (70,546 ) (71,744 ) Long-term debt, net of unamortized debt issuance costs and excluding current installments $ 284,183 $ 331,565
SCHEDULE OF SHORT TERM DEBT OBLIGATIONS	The Company’s short-term debt obligations consist of the following (in US$ thousands): SCHEDULE OF SHORT TERM DEBT OBLIGATIONS September 30, 2024 December 31, 2023 Short-term borrowings from working capital facilities $ 54,598 $ 49,001 Less: unamortized debt issuance costs (11 ) (112 ) Short-term debt, excluding current installments of long-term debt $ 54,587 $ 48,889
SCHEDULE PRINCIPAL PAYMENTS OF LONG TERM DEBT	Scheduled principal payments of long-term debt for periods subsequent to September 30, 2024, are as follows (in US$ thousands): SCHEDULE PRINCIPAL PAYMENTS OF LONG TERM DEBT 2024 $ 17,938 2025 82,795 2026 64,500 2027 193,500 Thereafter - Total long-term debt $ 358,733

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings per share (Note 9):
SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED COMMON SHARES OUTSTANDING	The following tables provide a reconciliation of the data used in the calculation of basic and diluted ordinary shares outstanding for the for the three-month period ended September 30, 2024, the three-month period ended September 30, 2023, the nine-month period ended September 30, 2024, and the nine-month period ended September 30, 2023, respectively. SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED COMMON SHARES OUTSTANDING Date Transaction Detail Change in Shares Three-month period ended September 30, 2024, Weighted July 1, 2024 Beginning Balance 95,408,453 August 14, 2024 Restricted Stock Issuance 38,758 19,800 March 17, 2024 Restricted Stock Issuance 12,751 9,168 March 18, 2024 Restricted Stock Issuance 242,455 173,435 March 19, 2024 Restricted Stock Issuance 235,741 167,772 April 1, 2024 Restricted Stock Issuance 1,774 1,198 April 23, 2024 Restricted Stock Issuance 1,333 778 May 2, 2024 Return of shares from W.D. Van Gonten Engineering (82,331 ) (45,372 ) August 14, 2024 Restricted Stock Issuance 38,758 6,648 January 23, 2023 Restricted Stock Issuance 500 458 February 2, 2023 Restricted Stock Issuance 22,440 19,727 February 24, 2023 Restricted Stock Issuance 250 200 March 1, 2023 Restricted Stock Issuance 333 260 March 16, 2023 Restricted Stock Issuance 247,286 179,350 March 17, 2023 Restricted Stock Issuance 578,436 417,406 April 12, 2023 Restricted Stock Issuance 666 417 June 1, 2023 Restricted Stock Issuance 40,000 17,729 June 22, 2023 Restricted Stock Issuance 1,484 544 August 14, 2023 Restricted Stock Issuance 92,250 15,882 September 30, 2024 Ending Balance 95,428,253 Date Transaction Detail Change in Shares Three-month period ended 2023, Weighted July 1, 2023 Beginning Balance 94,904,147 August 14, 2023 Restricted Stock Issuance 92,250 47,128 September 30, 2023 Ending Balance 94,951,275 Date Transaction Detail Change in Shares Nine-month period ended 2024, Weighted January 1, 2024 Beginning Balance 94,996,397 January 9, 2024 Restricted Stock Issuance 333 322 March 17, 2024 Restricted Stock Issuance 12,751 9,168 March 18, 2024 Restricted Stock Issuance 242,455 173,435 March 19, 2024 Restricted Stock Issuance 235,741 167,772 April 1, 2024 Restricted Stock Issuance 1,774 1,198 April 23, 2024 Restricted Stock Issuance 1,333 778 May 2, 2024 Return of shares from W.D. Van Gonten Engineering (82,331 ) (45,372 ) August 14, 2024 Restricted Stock Issuance 38,758 6,648 September 30, 2024 Ending Balance 95,310,346 Date Transaction Detail Change in Shares Nine-month period ended September 30, 2023, Weighted January 1, 2023 Beginning Balance 94,012,752 January 23, 2023 Restricted Stock Issuance 500 458 February 2, 2023 Restricted Stock Issuance 22,440 19,727 February 24, 2023 Restricted Stock Issuance 250 200 March 1, 2023 Restricted Stock Issuance 333 260 March 16, 2023 Restricted Stock Issuance 247,286 179,350 March 17, 2023 Restricted Stock Issuance 578,436 417,406 April 12, 2023 Restricted Stock Issuance 666 417 June 1, 2023 Restricted Stock Issuance 40,000 17,729 June 22, 2023 Restricted Stock Issuance 1,484 544 August 14, 2023 Restricted Stock Issuance 92,250 15,882 September 30, 2023 Ending Balance 94,664,725
SCHEDULE OF BASIC AND DILUTED EARNINGS PER COMMON SHARE	The following tables provide the computation of basic and diluted earnings per share (“EPS”) for the for the three-month period ended September 30, 2024, the three-month period ended September 30, 2023, the nine-month period ended September 30, 2024, and the nine-month period ended September 30, 2023, respectively. SCHEDULE OF BASIC AND DILUTED EARNINGS PER COMMON SHARE For the three-month period ended September 30, 2024 September 30, 2023 Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Basic EPS - ordinary shares $ 20,618 95,428,253 $ 0.22 $ 14,731 94,951,275 $ 0.16 Restricted stock units 225,705 - Antidilution sequencing - subtotal 20,618 95,653,958 0.22 14,731 94,951,275 0.16 35,540,380 5.75 - - - - - - Diluted EPS - ordinary shares $ 20,618 95,653,958 $ 0.22 $ 14,731 94,951,275 $ 0.16 For the nine-month period ended September 30, 2024 September 30, 2023 Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Net income to Ordinary Shareholders Weighted-average ordinary shares outstanding EPS Basic EPS/(LPS) - ordinary shares $ 49,473 95,310,346 $ 0.52 $ 10,319 94,664,725 $ 0.11 Restricted stock units 214,412 - Antidilution sequencing - subtotal 49,473 95,524,758 0.52 10,319 94,664,725 0.11 35,540,380 5.75 - - - - - - Diluted EPS/(LPS) - ordinary shares $ 49,473 95,524,758 $ 0.52 $ 10,319 94,664,725 $ 0.11

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SCHEDULE OF SEGMENT REPORTING INFORMATION	SCHEDULE OF SEGMENT REPORTING INFORMATION Revenue from operations September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Reportable Segment: Production Services $ 230,521 $ 208,890 $ 644,620 $ 576,399 Drilling and Evaluation Services 105,684 91,194 313,402 261,996 Total external revenue $ 336,205 $ 300,084 $ 958,022 $ 838,395 Long-lived assets September 30, 2024 December 31, 2023 As of September 30, 2024 December 31, 2023 Reportable Segment: Production Services $ 218,609 $ 225,612 Drilling and Evaluation Services 152,224 170,224 Total Reportable Segments 370,833 395,836 Unallocated assets 54,300 46,830 Total long-lived assets $ 425,133 $ 442,666 Operating income September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Reportable Segment: Production Services $ 39,774 $ 34,728 $ 104,205 $ 77,327 Drilling and Evaluation Services 14,251 9,691 45,870 26,771 Total Reportable Segments 54,025 44,419 150,075 104,098 Unallocated expenses (18,577 ) (16,282 ) (55,953 ) (50,960 ) Total operating income 35,448 28,137 94,122 53,138 Interest expense, net (9,933 ) (12,081 ) (29,976 ) (34,067 ) Other income, net 394 1,423 1,199 2,287 Income before income tax $ 25,909 $ 17,479 $ 65,345 $ 21,358
SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHIC AREA	SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHIC AREA Revenue by geographic area September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 For the three-month period ended For the nine-month period ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Geographic Area: Domestic (British Virgin Islands) $ - $ - $ - $ - MENA 333,803 297,972 949,884 830,338 Rest of World 2,402 2,112 8,138 8,057 Total revenue $ 336,205 $ 300,084 $ 958,022 $ 838,395 Long-lived assets by geographic area September 30, 2024 December 31, 2023 As of September 30, 2024 December 31, 2023 Geographic area: Domestic (British Virgin Islands) $ - $ - MENA 415,105 431,002 Rest of World 10,028 11,664 Total long-lived assets $ 425,133 $ 442,666

CONDENSED CONSOLIDATED INTERI_7

CONDENSED CONSOLIDATED INTERIM SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Payments to acquire property, plant, and equipment				$ 22.9		$ 17.6
Revenue percent		0.80%	0.80%	1.10%	1.60%
Capitalized investments		$ 1.3	$ 2.8	$ 3.9	$ 11.3
Unamortized expense	$ 18.8	$ 13.3		13.3		18.8
Impairment charges				1.6		0.9
Improvements to income tax	tabular reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above 5% of the statutory tax further broken out by nature and/or jurisdiction. This ASU also has disclosure requirements related to income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
Maximum [Member]
Property, Plant and Equipment [Line Items]
Impairment charges				3.1
Seller Provided Installment Financing
Property, Plant and Equipment [Line Items]
Payments to acquire property, plant, and equipment				$ 2.3		$ 5.5

SCHEDULE OF ACCOUNTS RECEIVABLE

SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade receivables	$ 146,058		$ 180,989
Less: allowance for credit losses	(13,509)	$ (13,354)	(9,720)	$ (10,753)	$ (11,799)	$ (12,664)
Total	$ 132,549		$ 171,269

SCHEDULE OF ALLOWANCE FOR DOUBT

SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Allowance for credit losses at beginning of period	$ (13,354)	$ (11,799)	$ (9,720)	$ (12,664)
(Increase) decrease to allowance for the period	(990)	255	(5,306)	812
Write-off of credit losses	835	791	1,517	1,099
Allowance for credit losses at end of period	$ (13,509)	$ (10,753)	$ (13,509)	$ (10,753)

ACCOUNTS RECEIVABLE (Details Na

ACCOUNTS RECEIVABLE (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Allowance for doubtful accounts receivable	$ 146,058	$ 180,989

SCHEDULE OF SERVICE INVENTORIES

SCHEDULE OF SERVICE INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-Term Purchase Commitment [Line Items]
Total	$ 100,018	$ 98,434
Spare Parts and Consumables [Member]
Long-Term Purchase Commitment [Line Items]
Total	65,361	66,615
Chemicals [Member]
Long-Term Purchase Commitment [Line Items]
Total	$ 34,657	$ 31,819

SCHEDULE OF PROPERTY, PLANT AND

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (421,925)	$ (420,812)
Land	11,664	11,664
Capital work in progress	24,933	14,111
Total	425,133	442,666
Buildings and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 54,522	57,002
Buildings and Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Buildings and Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	25 years
Drilling Rigs, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 728,488	749,492
Drilling Rigs, Plant and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Drilling Rigs, Plant and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Office Equipment and Tools [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 16,577	16,763
Office Equipment and Tools [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office Equipment and Tools [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Vehicles and Cranes [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 10,874	$ 14,446
Vehicles and Cranes [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Vehicles and Cranes [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

PROPERTY, PLANT & EQUIPMENT (De

PROPERTY, PLANT & EQUIPMENT (Details Narrative) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 28.2	$ 27.8	$ 83.7	$ 83.8

SCHEDULE OF LONG TERM DEBT OBLI

SCHEDULE OF LONG TERM DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Less: unamortized debt issuance costs	$ (4,004)	$ (5,170)
Total loans and borrowings	354,729	403,309
Less: current installments	(70,546)	(71,744)
Long-term debt, net of unamortized debt issuance costs and excluding current installments	284,183	331,565
Secured Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt obligations	338,625	387,000
Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term debt obligations	14,062	10,000
Working Capital Facilities [Member]
Line of Credit Facility [Line Items]
Long-term debt obligations	$ 6,046	$ 11,479

SCHEDULE OF SHORT TERM DEBT OBL

SCHEDULE OF SHORT TERM DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Short-term borrowings from working capital facilities	$ 54,598	$ 49,001
Less: unamortized debt issuance costs	(11)	(112)
Short-term debt, excluding current installments of long-term debt	$ 54,587	$ 48,889

SCHEDULE PRINCIPAL PAYMENTS OF

SCHEDULE PRINCIPAL PAYMENTS OF LONG TERM DEBT (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 17,938
2025	82,795
2026	64,500
2027	193,500
Thereafter
Total long-term debt	$ 358,733

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($) $ in Millions		9 Months Ended
	Nov. 04, 2021	Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Line of credit interest rate		8.22%	8.23%
SAUDI ARABIA
Short-Term Debt [Line Items]
Line of credit interest rate		8.76%	8.58%
Minimum [Member]
Short-Term Debt [Line Items]
Line of credit interest rate	2.60%
Maximum [Member]
Short-Term Debt [Line Items]
Line of credit interest rate	3%
Revolving Credit Facility [Member]
Short-Term Debt [Line Items]
Line of credit	$ 80
Line of credit, maturity date	Nov. 04, 2025
Working capital facility		$ 325	$ 325
Withdrawn term loan		14.1	10
Working capital borrowing capacity		$ 65.9	70
Revolving Credit Facility [Member] | Minimum [Member]
Short-Term Debt [Line Items]
Interest rate		1.25%
Revolving Credit Facility [Member] | Maximum [Member]
Short-Term Debt [Line Items]
Interest rate		1.50%
Revolving Credit Facility [Member] | Lenders [Member]
Short-Term Debt [Line Items]
Working capital facility	$ 350
Term Loan [Member]
Short-Term Debt [Line Items]
Withdrawn term loan		$ 338.6	387
Secured Facilities Agreement [Member]
Short-Term Debt [Line Items]
Line of credit facility, maximum borrowing capacity	860
Term loan	$ 430
Debt Instrument, maturity date	Nov. 04, 2027
Working capital borrowing capacity		99.7	146.4
Utilized working capital		$ 225.3	$ 178.6
Debt covenants description		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.

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory rate tax	20.40%	15.70%	24.30%	51.70%
Income Tax Expense (Benefit)	$ 5,291	$ 2,748	$ 15,872	$ 11,039
VIRGIN ISLANDS, BRITISH
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory rate tax			0%
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory rate tax			0%
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory rate tax			43.70%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Capital expenditure	$ 64.4	$ 15.4
Outstanding letters of credit	11.2	2
Surety bonds and other bank issued guarantees	159	122.8
Cash margin guarantees	3.8	3.6
Accounts Payable [Member] | Related Party [Member]
Loss Contingencies [Line Items]
Due to related parties current and non current	$ 2.3	$ 1.5

SCHEDULE OF RECONCILIATION OF B

SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED COMMON SHARES OUTSTANDING (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per share (Note 9):
Weighted average ordinary shares outstanding, beginning balance	95,408,453	94,904,147	94,996,397	94,012,752
Change in shares restricted stock issuance	38,758	92,250	333	500
Weighted average ordinary shares outstanding, restricted stock issuance	19,800	47,128	322	458
Change in shares restricted stock issuance one			12,751	22,440
Weighted average ordinary shares outstanding, restricted stock issuance one			9,168	19,727
Change in shares restricted stock issuance two			242,455	250
Weighted average ordinary shares outstanding, restricted stock issuance two			173,435	200
Change in shares restricted stock issuance three			235,741	333
Weighted average ordinary shares outstanding, restricted stock issuance three			167,772	260
Change in shares restricted stock issuance four			1,774	247,286
Weighted average ordinary shares outstanding, restricted stock issuance four			1,198	179,350
Change in shares restricted stock issuance five			1,333	578,436
Weighted average ordinary shares outstanding, restricted stock issuance five			778	417,406
Change in shares, return of shares			(82,331)
Weighted average ordinary shares outstanding, return of shares			(45,372)
Change in shares restricted stock issuance six			38,758	666
Weighted average ordinary shares outstanding, restricted stock issuance six			6,648	417
Change in shares restricted stock issuance seven				40,000
Weighted average ordinary shares outstanding, restricted stock issuance seven				17,729
Change in shares restricted stock issuance eight				1,484
Weighted average ordinary shares outstanding, restricted stock issuance eight				544
Change in shares restricted stock issuance nine				92,250
Weighted average ordinary shares outstanding, restricted stock issuance nine				15,882
Weighted average ordinary shares outstanding, ending balance	95,428,253	94,951,275	95,310,346	94,664,725

SCHEDULE OF BASIC AND DILUTED E

SCHEDULE OF BASIC AND DILUTED EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per share (Note 9):
Net (loss) / income to Ordinary Shareholders, Basic	$ 20,618	$ 14,731	$ 49,473	$ 10,319
Weighted-average ordinary shares outstanding, Basic	95,428,253	94,951,275	95,310,346	94,664,725
Weighted-average ordinary shares outstanding, Basic	$ 0.22	$ 0.16	$ 0.52	$ 0.11
Weighted average number of shares outstanding, restricted stock units	225,705		214,412
Net (loss) / income to Ordinary Shareholders, antidilution sequencing - subtotal	$ 20,618	$ 14,731	$ 49,473	$ 10,319
Weighted-average ordinary shares outstanding, antidilution sequencing - subtotal	95,653,958	94,951,275	95,524,758	94,664,725
Weighted-average ordinary shares outstanding, antidilution sequencing - subtotal	$ 0.22	$ 0.16	$ 0.52	$ 0.11
Weighted-average ordinary shares outstanding, public warrants
Net (loss) / income to Ordinary Shareholders, Diluted	$ 20,618	$ 14,731	$ 49,473	$ 10,319
Weighted-average ordinary shares outstanding, Diluted	95,653,958	94,951,275	95,524,758	94,664,725
Weighted-average ordinary shares outstanding, Diluted	$ 0.22	$ 0.16	$ 0.52	$ 0.11

SCHEDULE OF BASIC AND DILUTED_2

SCHEDULE OF BASIC AND DILUTED EARNINGS PER COMMON SHARE (Details) (Parenthetical) - Public Warrants [Member] - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Public warrants shares	35,540,380	35,540,380
Public warrants per half share	$ 5.75	$ 5.75

SCHEDULE OF SEGMENT REPORTING I

SCHEDULE OF SEGMENT REPORTING INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from External Customer [Line Items]
Total external revenue	$ 336,205	$ 300,084	$ 958,022	$ 838,395
Total long-lived assets	425,133		425,133		$ 442,666
Total operating income	35,448	28,137	94,122	53,138
Interest expense, net	(9,933)	(12,081)	(29,976)	(34,067)
Other income, net	394	1,423	1,199	2,287
Income before income tax	25,909	17,479	65,345	21,358
Production Services [Member]
Revenue from External Customer [Line Items]
Total external revenue	230,521	208,890	644,620	576,399
Total long-lived assets	218,609		218,609		225,612
Total operating income	39,774	34,728	104,205	77,327
Drilling and Evaluation Services [Member]
Revenue from External Customer [Line Items]
Total external revenue	105,684	91,194	313,402	261,996
Total long-lived assets	152,224		152,224		170,224
Total operating income	14,251	9,691	45,870	26,771
Total Reportable Segments [Member]
Revenue from External Customer [Line Items]
Total long-lived assets	370,833		370,833		395,836
Total operating income	54,025	44,419	150,075	104,098
Unallocated Expenses [Member]
Revenue from External Customer [Line Items]
Total long-lived assets	54,300		54,300		$ 46,830
Total operating income	$ (18,577)	$ (16,282)	$ (55,953)	$ (50,960)

SCHEDULE OF SEGMENT INFORMATION

SCHEDULE OF SEGMENT INFORMATION BY GEOGRAPHIC AREA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 336,205	$ 300,084	$ 958,022	$ 838,395
Total long-lived assets	425,133		425,133		$ 442,666
VIRGIN ISLANDS, BRITISH
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue
Total long-lived assets
MENA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	333,803	297,972	949,884	830,338
Total long-lived assets	415,105		415,105		431,002
Rest of World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	2,402	$ 2,112	8,138	$ 8,057
Total long-lived assets	$ 10,028		$ 10,028		$ 11,664