Looper Goodwine, P.C., represented National Energy Services Reunited Corp, a BVI corporation (“NESR”) formed in 2017 to complete the acquisition of two oil field service companies in the Middle East. The acquisitions were completed upon receiving public shareholder approval for acquiring Gulf Energy Services, in Oman, and National Petroleum Services (“NPS”) , operating in UAE and Saudi Arabia and throughout the MENA region. NESR became the largest Middle East based oil field service company.
NESR became a public company registered on the NASDAQ stock exchange in the United States in 2017. NESR was formed as a SPAC (special purpose acquisition corporation), raising $230 Million from new shareholders. Looper Goodwine, P.C., represented NESR in the process of negotiating and closing the acquisitions of Gulf Energy Services and National Petroleum Services. These two acquisitions were negotiated over the past year and finally closed for a total value of approximately US$1.1 Billion on June 6 after the Securities Exchange Commission and the public proxy approved the transactions. NESR disclosed the transaction by press release in Dubai on June 10.
International tax and oil/gas attorney Don Looper lead the Looper Goodwine legal team, also working with Ellenoff as securities counsel in New York and Clyde & Co in Dubai. Attorneys at Vinson Elkins, Shearman & Sterling and Freshfields in Europe and Dubai represented private equity investor, and AMJ in UAE represented Gulf Energy sellers.
Sherif Foda, formerly head of the Production Group of Schlumberger in the Middle East, is the CEO of NESR. Several former Schlumberger executives and employees work for NESR. Yasser Al Barami and Hilal Al-Busaidy of Oman were founders of Gulf Energy and now co-founders of NESR. Management teams for both companies remain in place.