Newpark Announces Non-Binding Memorandum of Understanding for Joint Venture in the Kingdom of Saudi Arabia
December 06, 2021 at 09:15 pm
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Newpark Resources, Inc. announced that the Company's Fluids Systems operating segment and Industrialization and Energy Services Company ("TAQA"), based in Dhahran, Saudi Arabia, have entered into a non-binding preliminary Memorandum of Understanding ("MOU"). Through this MOU, both companies intend to establish a joint venture company providing oilfield chemicals and other high performance related products and services including, as the core business, drilling and reservoir (completion) fluids, industrial minerals, and related services in the Kingdom of Saudi Arabia with further potential future expansion into other strategic territories. Newpark will provide technical and other support to the joint venture, with a mandate to increase specialty chemicals research and development as well as manufacturing capabilities in Saudi Arabia, leveraging TAQA's existing product and service footprint.
Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services to customers across multiple industries. The Company operates through two segments include Industrial Solutions, Fluids Systems and Industrial Blending. Its Industrial Solutions segment provides temporary worksite access solutions, including the rental of its recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production (E&P), pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. Its Fluids Systems segment provides drilling, completion, and stimulation fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in North America and Europe, the Middle East and Africa, as well as certain countries in Asia Pacific.