National Energy Services Reunited Corp. (NESR) Earnings Call Transcript & Summary

Hello, ladies and gentlemen, welcome to the Annual General Meeting of Shareholders of National Energy Services Reunited Corp. I'm Sherif Foda, Chairman of the Board and CEO of NESR, and I will be presiding at this meeting. It is 8:00 a.m. on June 30, 2020, and in accordance with the notice of meeting, I call to this meeting to order. This year, due to public health and safety concerns related to COVID-19, we are utilizing a virtual meeting format. In the midst of these unusual circumstances, our virtual meeting format, which is accessible to all of our shareholders across the world at no cost, allows you to participate in the meeting, submit questions and vote your shares online prior to the closing of the polls. First, I would like to introduce the company directors who are present today. Here with us virtually are Antonio Campo, Andrew Waite, Thomas Wood and Hala Zaibak. Also attending the meeting today are Christopher Boone, CFO; Dhiraj Dudeja, Chief Commercial Officer; and Cathy Konwisarz, General Counsel. Cathy will act as secretary of the meeting. Margaret Lloyd, representing Continental Stock Transfer and Trust Company, our transfer agent, has been appointed to act as inspector of election. During the question-and-answer period at the end of the meeting, representatives of KPMG will be available to answer questions concerning the company's financial statements. The secretary has confirmed that notice of this meeting was duly given. A copy of notice of meeting and affidavit of mailing will be incorporated into the minutes of this meeting as well as the oath of inspector of election. All shareholders of record at the close of business on May 22, 2020, are entitled to vote at the Annual General Meeting. Our first order of business at this meeting is to determine whether the shares represented at this -- at the meeting, either in person or by proxy, are sufficient to constitute a quorum for the purpose of transacting business. Cathy, do you have a report?

On the record date for the Annual General Meeting, the company had 87,495,221 ordinary shares issued and outstanding. Based on information from the inspector of election, we believe that the count of shares present immediately prior to the commencement of the meeting was 74,155,089 ordinary shares, or approximately 84.753% of all of the ordinary shares entitled to vote at this meeting.

Thank you, Cathy. Because holders of a majority of the shares entitled to vote are represented at this meeting, I declare this meeting to be duly convened for purpose of transacting such business as may properly come before it. The next order of business is a description of the matters to be voted on at today's meeting. This year, the Class I director seats are up for election. The first proposal before the shareholders of the company is the election of 5 directors to each serve a 2-year term until their successors are duly elected and qualified. The Board recommends the reelection of the following persons as Class I directors of the company. Antonio Campo, Nadhmi Al-Nasr, Amr Al Menhali, Andrew Waite, Hala Zaibak. The second proposal before the shareholders of the company is to ratify the appointment of KPMG as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020. The Board recommends the ratification of the appointment of KPMG as the company independent registered public accounting firm. The polls are open. If you previously voted by proxy, Internet or telephone, you do not need to vote today unless you wish to change your vote. If you are a record holder and wish to change your vote, or if you have not yet voted, you may cast your vote via electronic ballot at www.cstproxy.com/net/2020. You will notice a link to the voting site on the right-hand side of your screen. In order to access the site, you will need the control number you received from Continental Stock Transfer and Trust Company prior to this meeting. [Voting]

Now that everyone has had the opportunity to vote, I hereby declare the polls closed. I call upon the inspector of election to count the votes and then report the preliminary results of the voting. The final results of the meeting will be reported in a Form 6-K that will be filed tomorrow. Will the inspector of election please report the preliminary results of the voting? Ms. Lloyd?

The primary results of the voting are as follows. Each of the nominees for election of the Board of Directors has been duly elected. And the appointment of KPMG as the company's independent registered public accountant firm has been duly rectified.

Thank you, and thank you for attending today's meeting. The meeting is adjourned. We will now have a brief question-and-answer period. Any questions that we do not have a chance to address today will be addressed by someone from our management team at a later time. Question and comments are welcome as set forth in the agenda and pursuant to the procedures set forth in the rules of conduct available on the virtual meeting site. Shareholders should limit their questions and comments to items properly brought before the meeting. [Operator Instructions] Are there any questions?

No. No questions are submitted.

Thank you. There being no questions, we will now close the call, and thank you for your support.