Newpark Resources Announces Middle East Contract Award
THE WOODLANDS, Texas, May 20, 2013
THE WOODLANDS, Texas, May 20, 2013 /PRNewswire/ --Newpark Resources, Inc.
(NYSE: NR) today 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
Bruce Smith, President of Newpark Drilling Fluids, stated, "The Kuwait Oil
Company award is another significant milestone in Newpark's international
expansion, reflecting ourentry 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. For more information, visit our
website at www.newpark.com.
This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act that are based on management's
current expectations, estimates and projections. All statements that address
expectations or projections about the future, including Newpark's strategy for
growth, product development, market position, expected expenditures and
financial results are forward-looking statements. Some of the forward-looking
statements may be identified by words like "expects," "anticipates," "plans,"
"intends," "projects," "indicates," and similar expressions. These statements
are not guarantees of future performance and involve a number of risks,
uncertainties and assumptions. Many factors, including those discussed more
fully elsewhere in this release and in documents filed with the Securities and
Exchange Commission by Newpark, particularly its Annual Report on Form 10-K
for the year ended December 31, 2012, as well as others, could cause results
to differ materially from those stated. These risk factors include, but are
not limited to, our ability to execute our business strategy and make
successful business acquisitions and capital investments, our customers'
activity levels in exploration and drilling, operating hazards inherent in
the oil and natural gas industry, particularly offshore, our international
operations, the availability of raw materials and skilled personnel, our
customer concentration and cyclical nature of our industry, our market
competition, the cost and continued availability of borrowed funds, legal and
regulatory matters, including environmental regulations, inherent limitations
in insurance coverage, potential impairments of long-lived intangible assets,
technological developments in our industry, and the impact of severe weather,
particularly in the U.S. Gulf Coast. Newpark's filings with the Securities
and Exchange Commission can be obtained at no charge at www.sec.gov, as well
as through our website at www.newpark.com.
Contacts: Gregg Piontek, VP & CFO
Newpark Resources, Inc.
Ken Dennard, Managing Partner
Karen Roan, SVP
Dennard ▪ Lascar Associates
SOURCE Newpark Resources, Inc.
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