Newpark has formally signed the Lot B contract with Petrobras to provide drilling fluids and services for a deepwater offshore project off the coast of Brazil. The contract is valued at approximately 350 million Brazilian Rais, or approximately $144 million at current exchange rates. Newpark expects the contract to begin generating revenue in early 2009.
Paul Howes, Newpark's President and Chief Executive Officer, stated, "This contract demonstrates that our investment in Brazil is yielding results as we are now leveraging our presence to the deepwater market. We began providing both fluids and services to land-based rigs there in late 2007, and following the completion of our Brazilian fluids plant in September of this year, we delivered our first product to the offshore deepwater market during the third quarter. We are extremely pleased with our progress in the Brazilian market and believe we are well positioned to operate in this important region going forward."
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