Hello, everyone, thank you for joining us during the Lytham Partners Spring 2026 Investor Conference. My name is Joe Diaz. I'm a Managing Partner at Lytham Partners. Today, Blake Gendron, Vice President of Investor Relations at National Energy Services Reunited Corporation which trades on Nasdaq under the ticker symbol NESR, will provide us a brief overview of the company. With that said, Blake, welcome. Let me turn the floor over to you. Yeah. Thanks, Joe, and thanks to the Lytham team for having us again. We did this event last year, and a lot has happened, both geopolitically in the world and also very positively for the NESR story. For folks that aren't familiar, let me just give you a rundown of the company. I'm going to flip forward a few slides here. NESR is the first and only publicly listed oilfield services company that's pure-play Middle East. For those that follow SLB, Halliburton, Weatherford, some of our other peers, obviously, those are our global competitors. Then we have a cohort that are listed, that are primarily focused in the U.S. Why we think that the pure-play Middle East angle is particularly important is because it is the best upstream market globally, and I'll go into detail on that here in a little minute. We are 16 countries across the region, in the GCC and North Africa, 20+ product and service lines. We're fully diversified, and we are listed on Nasdaq. The whole idea or the founding philosophy of the company was to create something that could attract global capital in one of the most liquid markets in New York, get investors from the U.S., get investors from Europe, the pure-play exposure in the Middle East, and then be able to deploy that capital and invest very locally. We hire locally. We're Saudi in Saudi, we're Omani in Oman, we're Emirati in U.A.E. We are the fastest-growing, perhaps the only growing, oilfield services company, and the stock's been on a nice run over the last year. Again, we're fully diversified. We have a production services segment that's around 2/3 of the business, a drilling and evaluation services segment that is the remaining third. We basically do everything that the big guys do. Compounding growth is one of the big selling points of the story. When NESR was founded and de-SPAC'd in 2018, pro forma revenue was around $450 million. Today, as of 2025, it's $1.34 billion. We've nearly quadrupled the company, and we actually have contractual visibility into a $2 billion revenue run rate this year, which we'll reach fairly soon. We have a new, call it revenue target, two to three years, depending on the timing, to get to $3 billion. We're one of the few growth companies in not just energy, but oilfield services, with free cash flow that's healthy, margins that are healthy, and those things are both compounding as well. When I get into the investment case, really just looking at oilfield services from a high level, there are three or four main issues that investors have, just say, look, the average generalist investor. One of them is that it's a sector with no growth because it's a mature industry. Energy is a relatively mature industry, oil and gas. Number two is the cyclicality of the margins and the earnings power. Number three, oilfield services, our sector, typically overbuilds and has a very poor track record of shareholder returns. I'm very happy to say that Middle East as a market is a growing market, even notwithstanding the ongoing geopolitical conflicts, which I'll touch on in a little bit. Within the Middle East, we are the fastest-growing company in oilfield services. Part of that is because we're small. Part of that is because we're known as a national champion, so the NOC customers like to give the work to companies that they view as local. Because the Middle East is such a healthy market with such a low break-even for oil and gas, the value that's generated across the value chain is very healthy, and therefore, the margins through the cycle are also very healthy. The other thing that's key for listeners is that all of our contracts are multi-year. The average is five years. In some countries it's three years, some countries it's as high as nine years. That kind of visibility as a service company gives you a lot of leverage in terms of optimizing costs through the duration of a contract. The margins are very healthy for NESR, both historically and as we look ahead on a go-forward basis. As of our last earnings call, we initiated a shareholder return program. Again, I'll get into that in a few minutes here. Look, we kind of offer it all for investors, depending on what you want. We're a GARP-style company, so growth at a reasonable price, especially relative to our peers. We'll grow 40% this year, 25% or so next year, and still outgrow the market thereafter. We do offer yield now. We do offer the oil exposure, but it's low beta oil exposure relative to other OFS. We offer emerging markets exposure because, again, we're 100% Middle East and North Africa. This slide kind of sums up the performance over the company's history. Again, $450 million pro forma in the beginning, and now we're $1.3 billion. We've outperformed even during downturns. In the COVID pandemic, we outperformed the peers during the expansionary cycle, and most recently, the conflict kind of shows you that our growth story is durable, even with some of the challenges related to the Strait of Hormuz. I won't linger on this slide too long. I can send you a copy of the presentation if you reach out. Essentially, we screen very favorably across all the major metrics. Obviously, historical growth, NTM growth, like I said, 35%-40% growth in 2026 anticipated. Because of the health of the market in the Middle East and the health of the margins and the cash flow, we also screen really well in terms of return on capital, and our balance sheet is quite strong from a free cash flow yield perspective. When I say growth at a reasonable price, that's because, even with the stock run that we've had, we are still extremely cheap compared to others. The entire sector is re-rated, and I think part of this is because people are anticipating a post-conflict CapEx cycle where oil and gas companies across the entire world, Latin America, Russia, U.S., everyone's going to spend, including in the Middle East. Relative to a sector that's re-rated a bit higher here, we still screen really cheap, and that's because we're still growing very rapidly. Even if you look out in terms of 2027, we're sub 5x EBITDA for 2027. Then, like I mentioned, we're very excited. We announced our inaugural shareholder return program. It's comprised of two things. Number one is an opportunistic buyback, $50 million authorization over 12 months. This is for periods of dislocation. Our stock's done really well of late, but if the conflict persists, then you may see a dislocation in the stock price. We believe the business is stable for us, so when we see those opportunities, we will take them. The second aspect is a $0.40 per share annual dividend that will be paid quarterly starting in Q4. This is a 1.6 annual yield. Something that we can compound over time because our free cash flow is compounding with our top line. Investors in the Middle East, of which, a large portion of our shareholder base is, they really like the dividend yield. This is part of the plan, and it's not mutually exclusive with our growth. We can grow, reinvest in the business, invest in new technologies, and pay out a sustainable dividend that we think can grow over time. Just running through why the Middle East is the best market globally for oil field services. Again, notwithstanding the conflict, I think even with the conflict, it's a very healthy market. It starts with the fact that it's the lowest cost oil and gas in the world. The last drop of oil will come from the Middle East. When you have this economic run generated, it's very easy for the service companies to both grow, because the market itself is growing, and also maintain a very healthy earnings power. Just going through some of the country-specific drivers. The biggest takeaway from this slide, I'm not going to go country by country, but the biggest takeaway from this slide is that it's not just an oil story, it's also a gas story. Especially in Saudi Arabia, they're developing their Jafurah megaproject, their unconventional gas field. That's purely for power demand that's needed within the country. That's not even related to any sort of commodity benchmarks. We're seeing this unconventional gas theme play out in other countries. It's ongoing in UAE, and we think it's going to stretch as far as North Africa, Libya, and Algeria as well. The other angle, too, are the geopolitical angles. Again, this is both pre-war and also during the war and post-war. There's been a geopolitical realignment in the world, and one of the major themes is that the Gulf is very much aligning itself with the West, and so there's a lot of bilateral trade and bilateral investment going on. We're perfectly set up for this because we're a national company in the Middle East country, so we're known as a local company, but we're listed on the Nasdaq in the U.S., so we fit both of those criteria. The other thing I would mention is the AI mega theme. Both Saudi and UAE have expressed interest in becoming the third player behind the U.S. and China. This is something that's going to drive a lot of investment. For us, we lever in because of the natural gas story in Jafurah, there are other opportunities in the AI space that I think that companies like us can get into. I've talked to you about why Middle East is the best market. Now, let me tell you why NESR within the Middle East is the best company to go for here. Again, it starts with our compounding growth that's only going to accelerate over the next months, quarters, and years, quite frankly. Again, $1.3 billion as of 2025. We've outperformed every year the Middle East market, even in downturns like the COVID pandemic. Given the contracts that we've won, we have $2 billion in annualized revenue in hand by year-end 2026, and we have visibility to double the size of the company, so that would be $2.6 billion from the $1.3. Then we have a new target of $3 billion. Again, whether we achieve the $3 billion run rate by year-end 2027 or year-end 2028, that'll depend on the timing of certain projects and startups of certain projects and the tender awards that we anticipate coming out. Once you lock that business in, that's a business that you've locked in for at least five years on average. Again, this is very sticky, very durable cash flow that we're winning here. Part of the reason why we can win is because we're small. The point of this slide is to show you that in our top 8-10 segments, we are within the top five, at least. I would say our top five segments, we're probably top one, two, or three. There's a number of different segments that we still have huge upside in terms of market share. This slide is cool to show you really what the latest catalyst was when you look at our stock chart and why it's performed so well over the last six months. That's because we won the largest oilfield services tender that's ever been awarded globally. We're not talking about integrated projects. Integrated projects, when you include the rigs and the services, you get bigger things, bigger contract values. In terms of a pure service contract, Jafurah, which is a five-year unconventional contract, we've won the entire committed scope in Saudi Arabia. This is what's going to drive the growth to $2 billion and beyond for us, so we have it firmly in hand. It's only a matter of execution. This could potentially be a $1 billion-plus per year, just this one contract. You see, obviously, the other foundation of contracts, and there's still a $3 billion tender pipeline that we're going after. Over the coming months, there are going to be additional catalysts, like the one that we announced several weeks ago with the $300 million cementing award. Research is, I would say, a differentiator for us because we take a different angle. The big guys, the peers, global peers, they do everything organically. We like to do things with our venture capital arm, our CVC arm, our open technology platform. Why this is powerful is because the NOCs really like the flexibility that we offer. If there's a unique technology that they've identified in the U.S. or Europe, we can go get that technology, we can invest in it, we can adapt it. They don't have to necessarily rely on our larger peers, who often are gatekeepers with their own homegrown technology. We've had a lot of success with the VC platform. Of course, like I mentioned with Jafurah, we are quickly forming the blueprint for how to do unconventionals in the Middle East. Saudi, we've perfected it. We're the largest frack player in the region because of this one Saudi contract. U.A.E. is not far behind, so there will be opportunities in the rest of the Gulf. When I look at places like North Africa, Libya, Algeria, they already have pipeline capacity to Europe for gas. Europe needs a lot of gas. I think you'll start to see some Western IOCs get involved in North Africa and finally start to unlock some of this activity. NESR is perfectly positioned to capture these opportunities, and these would be projects that are on the order of a Jafurah. These are very, very large opportunities. I'll finish up here with just the financials. I've showed you some of the growth charts and why we're a unique story in terms of the growth and free cash flow compounding. You can see that the last few years have been really, really good for NESR, and so this is why the stock has performed. Growth is durable, as you can see. We've outperformed the market. Margins are extremely stable, anywhere from 20%-25%. Q1 is really where we showed the market that even with the conflict breaking out in March, we were still able to massively outperform our peers. A lot of it was due to our, I would say, lucky project exposure in Saudi Arabia. We're really well-positioned, and we're still very small, so we have plenty of growth runway to go. With that, Joe, I think we're coming up to 15 minutes. I thank you for the opportunity to refresh here the story, and I'll turn it back to you. Thanks, Blake, for that really good overview of the company. A lot of exciting things going on over there. If any of you that are watching have questions or would like to schedule a meeting with NESR, send a meeting request to 1x1@lythampartners.com. Again, 1x1@lythampartners.com. If you'd like to learn more about Lytham Partners, you can visit our website at lythampartners.com or follow us on LinkedIn to stay connected about future events. We hope you enjoy the rest of the conference and that you have a great day. Thank you