Benzinga | Dec 6, 2021 04:16PM EST

Newpark Announces Non-Binding Memorandum Of Understanding For Joint Venture In The Kingdom Of Saudi Arabia; Newpark To Provide Technical And Other Support To JV

Newpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") today announced that the Company's Fluids Systems operating segment and Industrialization and Energy Services CompanyNewpark Resources, Inc. (NYSE:NR) ("Newpark" or the "Company") today 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.

TAQA's Chief Executive Officer, Khalid M. Nouh, stated, "In line with our 2021 Strategy and the Kingdom's growing demand for cleaner energy from Unconventional Gas Resources, establishing this joint venture with a world-class drilling and completion fluids technology provider such as Newpark is a milestone in TAQA's journey to build capabilities and offer competitive, technically sound integrated Lump Sum Turnkey (LSTK) drilling to Saudi Aramco's growing market."

"This synergistic joint venture further advances our capabilities and customer focus in the Kingdom of Saudi Arabia," stated Mr. David Paterson, President of the Newpark Fluids Systems operating segment. "Combining our expertise ensures that our fluids-focused solutions, backed up by our award-winning best-in-class service quality, will meet our customers' challenges now and into the future."

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.