NESR and HSBC announce first sustainability-linked loan for Mena’s oilfield services industry

NESR and HSBC announce first sustainability-linked loan for Mena’s oilfield services industry

Muscat: National Energy Services Reunited Corp. (NESR), an international, industry-leading provider of integrated energy services in the Middle East and North Africa (Mena) region, has announced that the company has secured a sustainability-linked loan (SLL) with HSBC Bank Middle East, the first SLL of its kind within the Mena Oilfield Services (OFS) sector. The SLL includes a tranche in Oman that is a first of its kind in the Sultanate and supports NESR's growth aspirations through their subsidiary Gulf Energy. "At HSBC Oman we are committed to supporting our clients on their transition journeys with sustainable financing and investment to help their businesses develop sustainably," said Ian Johnson, Head of International Subsidiary Banking, HSBC Oman. The loan terms are linked to three key performance indicators (KPIs) that are tied to the following environmental, social, and governance (ESG) indicators, and will be tracked within the agreement span: Environmental – Wastewater Reduction: NESR has set ambitious targets to reduce water waste, which incorporates both water stewardship in traditional OFS product lines and water treatment projects within the newly formed ESG Impact segment. Social – HSE Training: NESR will drive growth in employee health, safety & environment (HSE) training hours, which underpins the