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Newpark Resources Announces Middle East Contract Award

Source: www.gulfoilandgas.com 5/20/2013, Location: Middle East

Newpark Resources, Inc. announced that it has been awarded and has entered into a contract with the Kuwait Oil Company to provide drilling fluids and related services for land operations. The agreement has an initial term of up to five years, and subject to the customer's activity levels the Company estimates that revenues of up to $75 million may be generated under the contract. The Company expects that work under the contract will begin in the fourth quarter of 2013.

Bruce Smith, President of Newpark Drilling Fluids, stated, "The Kuwait Oil Company award is another significant milestone in Newpark's international expansion, reflecting our entry into the strategically important Middle East market, which is a first step in implementing our strategy of growth throughout this region."

Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary worksites and access roads for oilfield and other commercial markets, and environmental waste treatment solutions.

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