Newpark Resources, Inc. (NYSE: NR) announced that it has been awarded a contract from one of Australia's largest oil and gas exploration and production companies. Newpark will provide drilling fluids, along with field personnel, equipment and materials, for a project in the Carnarvon Basin off the northwest coast of Australia. The two-year contract is expected to provide revenues of up to $10 million in its first year, and work under the contract is expected to begin in the second quarter of 2012.
Bruce Smith, President of Newpark Drilling Fluids, stated, "This award demonstrates the importance of our strategic investment in the Asia Pacific region and further solidifies our position as a leading global provider of high-performance drilling fluids and services. We are extremely pleased with this opportunity to introduce our technology to new customers in the Asia Pacific region and believe we are well positioned to operate in this important and developing market going forward."
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