National Energy Services Reunited (NESR) Is Down 17.1% After Winning Aramco’s First Lithium Project – Has The Bull Case Changed?

• Earlier this month, National Energy Services Reunited Corp. announced that its NEDA segment signed an agreement with Aramco to execute Saudi Arabia's first lithium project, a turnkey US$200,000,000 Aramco 2027 Lithium Demonstration Project using NESR's LiThara™ technology platform.

• The project is intended to produce 2,000 tons per year of battery-grade lithium carbonate from late 2027, potentially extending NESR's role beyond conventional oilfield services into emerging energy-transition materials in the region.

• We'll now examine how securing Aramco's first lithium demonstration project could influence National Energy Services Reunited's existing investment narrative.

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National Energy Services Reunited Investment Narrative Recap

To own National Energy Services Reunited, you need to believe it can convert its MENA contract base into durable cash generation while carefully managing customer and regional concentration. The Aramco lithium demonstration award reinforces NESR's ties to a key client and adds visibility to the decarbonization story, but it does not remove near term risks around large tender timing, heavy CapEx, and working capital swings, which can still affect earnings and cash flow.

Among recent developments, NESR's Q2 2026 results stand out as most relevant here, with US$520.75 million in quarterly sales highlighting how contract wins in Kuwait and Saudi Arabia link to reported revenue. The Aramco lithium project sits on top of that expanding base and could, if executed well, support the existing outlook for a roughly US$2 billion 2026 revenue run rate, while also testing how NESR balances new energy projects against its core oilfield commitments.

Yet while this lithium project looks promising, investors should also be aware of how higher CapEx and MENA focused contract risk could...

Read the full narrative on National Energy Services Reunited (it's free!)

National Energy Services Reunited's narrative projects $3.4 billion revenue and $456.7 million earnings by 2029.

Uncover how National Energy Services Reunited's forecasts yield a $41.86 fair value , a 114% upside to its current price.

Exploring Other Perspectives

Some of the lowest analysts were already cautious, assuming about US$3.2 billion of revenue and US$380.1 million of earnings by 2029, and they worry that heavier MENA execution and energy transition risks could still outweigh the upside from new projects like Aramco's lithium contract, which may prompt you to compare several viewpoints before deciding what you believe is realistic.