From Aspirations in Intelligence to Energy Leadership
Sherif Foda’s journey to becoming the Chairman and CEO of National Energy Services Reunited Corp. (NESR) is a testament to adaptability and vision. Initially, Foda harbored ambitions of a career in intelligence, inspired by his family’s political background. However, counsel from a family friend redirected his path towards engineering, a decision that would lay the foundation for his future in the energy sector.
Building Expertise at Schlumberger
Foda began his career in 1993 with Schlumberger, working on offshore fields in the Red Sea. Over a span of 25 years, he ascended through various roles, including Senior Advisor to the Chairman, President of the Production Group, and President of Schlumberger Europe and Africa. This extensive experience equipped him with a deep understanding of operations, business development, and strategic growth within the oil and gas industry.
Founding NESR: A Vision Realized
In 2017, Foda founded NESR with the ambition of creating the largest national provider of oilfield services in the Middle East and North Africa (MENA) region. The company’s inception involved a strategic fundraising initiative, raising $230 million through a Special Purpose Acquisition Company (SPAC). This capital facilitated the merger of Gulf Energy and National Petroleum Services, culminating in NESR’s listing on the NASDAQ in 2018.
Rapid Growth and Market Presence
Under Foda’s leadership, NESR experienced remarkable growth. The company expanded from a combined revenue of $450 million to over $1 billion and increased its workforce from fewer than 2,000 employees to nearly 7,000 across more than 15 countries. This expansion solidified NESR’s position as one of the largest independent energy services companies in the MENA region.
Embracing Innovation and Sustainability
Foda has been a strong advocate for digital transformation within the energy industry. He has overseen the adoption of advanced technologies, such as automation and data analytics, to optimize operations and improve efficiency for clients. Recognizing the importance of sustainability, he launched NEDA, NESR’s decarbonization segment, further underlining the company’s commitment to environmental responsibility and corporate social governance.
Investing in Research and Development
To maintain its competitive edge, NESR has prioritized investment in research and development. The company established the NESR Oilfield Research & Innovation Center (NORI) in Saudi Arabia’s Dhahran Techno Valley. NORI operates on the principle of open collaboration, transforming scientific research into applied solutions for the energy sector. Collaborations with entities like Saudi Aramco focus on fostering a circular economy, sustainability, and in-country value.
A Vision for the Future
Looking ahead, Foda aims to double NESR’s size within the next three to five years. This ambitious goal involves enhancing the company’s technological capabilities, particularly in advanced drilling solutions. By investing in research and development, NESR seeks to develop proprietary technologies that will enable it to penetrate new markets and maintain its leadership position in the region.
Personal Insights: Beyond the Boardroom
Beyond his professional achievements, Foda’s personal journey offers insights into his character. His initial aspiration to work in intelligence reflects a desire for dynamic and impactful work. This same drive is evident in his leadership style at NESR, where he emphasizes innovation, growth, and regional empowerment.
Conclusion
Sherif Foda’s leadership has been instrumental in transforming NESR into a key player in the MENA energy sector. His commitment to innovation, sustainability, and regional development continues to shape the company’s trajectory, inspiring others in the industry. As NESR moves forward, Foda’s vision and strategic direction are set to further solidify its position in the global energy landscape.
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