Newpark Resources to Enter Brazilian Drilling Fluids Market
Newpark Resources has entered into a memorandum of understanding to form Newpark Drilling Fluids do Brasil, Ltda., a new company that will provide drilling fluids products and services in Brazil. Newpark will own a 51% interest in the venture to be formed in partnership with Brasil Supply of Vitoria, Espirito Santo State, Brazil.
Brasil Supply provides logistics services to onshore and offshore oil and gas operations, as well as environmental services, oil, water and gas treatment and drilling and completion fluids technical services in the Brazilian market. Brasil Supply is currently under contract to provide services to the Petrobras Group, the national oil company of Brazil, and other customers.
Newpark Resources Chief Executive Officer James D. Cole commented, "Newpark Drilling Fluids' high-performance proprietary products and reputation for performance have gained favorable attention in the Brazilian market over the past three years. We are pleased to join with Brasil Supply to participate in this new market, which will provide a significant new revenue opportunity for our drilling fluids operations. We look forward to working with this well-established partner already serving the major participants in the industry."
Newpark Resources, Inc. provides drilling fluids, environmental waste treatment solutions, and temporary work sites and access roads for oilfield and other commercial markets.
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