Record-Breaking Revenue and Growth
NESR achieved record revenue of $343.7 million for Q4 2024, up 2.2% sequentially and 11.8% year-over-year, with full-year revenue reaching $1.3 billion, a 13.6% increase year-over-year.
Strong EBITDA and Cash Flow
Adjusted EBITDA for Q4 2024 was a record $87.2 million, with margins of 25.4%. Full-year adjusted EBITDA was $310.1 million, up 18.2% year-over-year. Free cash flow for the full year was $124 million, with a conversion rate of 40.1%.
Market Expansion and Operational Milestones
The company expanded its footprint in Saudi Arabia, Oman, Kuwait, UAE, Iraq, Algeria, and Egypt, achieving record revenue and growth in each. NESR gained market share in Saudi Arabia and introduced new technology platforms in Oman.
Technological Advancements
Successful execution of the ROYA direction drilling platform and the NEDA decarbonization portfolio, with key pilot milestones achieved and plans for commercialization.