NESR · CIK 0001698514
What National Energy Services Reunited Corp. told the SEC could break it.
NESR is almost entirely a regional play: about 99% of its revenue in each of the last three years came from operations in the Middle East and North Africa, so its business is unusually exposed to regional economic, political and military conditions, including the Israel-Iran conflict. Its customers reinforce that concentration — most are national oil companies that dominate the petroleum industry in its countries of operation, with activity centered in Saudi Arabia and Kuwait, making it more susceptible to those governments' budgets and politics than diversified peers. Operating across MENA, sometimes near Iran, it must comply with U.S., UK and EU sanctions and export controls, and as an oilfield-services provider its demand ultimately rides volatile oil and natural-gas prices, where a prolonged downturn would depress the exploration and production activity it serves.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- ~99% of revenue from the MENA regionhigh
Approximately 99% of NESR's revenue in each of 2025, 2024 and 2023 was generated from operations in the Middle East and North Africa, leaving the business highly exposed to regional economic, political and military conditions, including the Israel-Iran conflict.
“During the years ended December 31, 2025, 2024, and 2023, approximately 99%, 99%, and 99%, respectively, of our revenue was generated from operations in the MENA region.”
SEC filing →As of 2026
Customer concentration
- Customers are predominantly national oil companies (NOCs)medium
Most of NESR's customers are national oil companies that dominate the petroleum industry in its countries of operation (with activity concentrated in Saudi Arabia and Kuwait), and all are in the energy industry — making the business more susceptible to regional budgetary and political conditions than diversified peers.
“Our operations and our primary customers are located in the MENA region and all are in the energy industry. Most of our customers are national oil companies (“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.”
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