National Energy Services Reunited: Infrastructure Single-Seller Backing Gulf Sovereign AI

2026-05-28 06:00:48 ET

I mark a Strong Buy rating to National Energy Services Reunited Corp. ( NESR ) as I do not consider it a traditional oilfield services cyclical. National Energy is in its motion into a critical enabler of the Gulf’s sovereign AI and energy security nexus. National Energy’s single-seller-like grip on Saudi Arabia's Jafurah unconventional gas project (which is vital for powering regional data centers) and its own National Energy Decarbonization and AI [NEDA] water/lithium extraction technologies provide a base to a $3 billion revenue run rate and large multiple expansion. Further, National Energy’s hyper-localized supply chain builds a geopolitical moat that is backing it to absorb Middle East volatility and capture high-margin North African gas export arbitrage....

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