SCHEDULE 13D/A: Mubbadrah Investment Reduces Stake in National Energy Services

Mubbadrah Investment LLC and related entities have reduced their beneficial ownership in National Energy Services Reunited Corp. to 5.1% after selling over 1.5 million shares.

Summary

• Mubbadrah Investment LLC and its affiliated entities (Wild Investment LLC, Myrad Investment LLC, Yasser Al Barami, and Hilal Al Busaidi) reported a reduction in their beneficial ownership of National Energy Services Reunited Corp.
• Mubbadrah sold a total of 1,515,464 ordinary shares in open market transactions between April 23, 2025, and October 23, 2025.
• Following these sales, the reporting persons collectively beneficially own 5,146,010 ordinary shares, which represents 5.1% of the Issuer's total outstanding shares.
• The percentage of ownership is calculated based on 100,777,759 ordinary shares outstanding as of September 30, 2025, as reported by the Issuer in its Form 6-K filed on November 13, 2025.
• The shares were sold at average prices ranging from $6.11 to $11.96 per share during the specified period.

Sentiment

Score: 5

Explanation: Neutral. The filing reports a reduction in beneficial ownership by a significant investor group. While the sale itself could be seen as a negative signal, the shares were sold at increasing prices, which is positive for the seller. The filing provides no explicit positive or negative commentary on the Issuer's operations or future prospects.

Positives

• The reporting persons realized significant gains on the shares sold, with average prices per share increasing from $6.36 in April 2025 to $11.96 in October 2025.

Negatives

• A significant shareholder reducing its stake could be perceived negatively by the market, potentially signaling a lack of conviction or a strategic shift away from the company.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the Issuer's future performance or the reporting persons' future intentions beyond the reported share sales.

Industry Context

This filing primarily reports a change in beneficial ownership by a significant investor group and does not provide specific details to analyze broader industry trends or competitive positioning. The reduction in stake by an Omani investment group could reflect a portfolio rebalancing or a change in investment strategy specific to the reporting persons, rather than a direct commentary on the energy services industry as a whole.

Related Party Transactions

• The filing details the ownership structure where Wild Investment LLC and Myrad Investment LLC each own 50% of Mubbadrah Investment LLC, and Yasser Al Barami owns 90% of Wild Investment, while Hilal Al Busaidi owns 97.5% of Myrad Investment. These relationships define the shared voting and dispositive control over the shares held by Mubbadrah.

Stakeholder Impact

• Shareholders: The reduction in a significant investor's stake could lead to questions about the company's long-term prospects or the investor's confidence, potentially influencing market sentiment and share price.

Key Dates

Recommendation

The filing indicates a significant reduction in beneficial ownership by a key investor group, Mubbadrah Investment LLC, and its affiliates. While the shares were sold at increasing prices, suggesting a favorable exit for the seller, a reduction in a major stake can sometimes signal a lack of conviction or a strategic portfolio rebalancing. Without additional context on the reasons for the sale or the company's operational performance, a 'hold' recommendation is prudent. Investors should monitor future filings and company performance for clearer signals, as this transaction alone does not provide enough information for a strong buy or sell decision.

Keywords

National Energy Services Reunited Corp., NESR, Mubbadrah Investment, Schedule 13D/A, Beneficial Ownership, Share Sale, Energy Services, Oman Investment