Petroleum Africa
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Thursday, January 15, 2015
Newpark Resources, Inc. was awarded Lot 1 and Lot 3 of a recent restricted tender issued by Algeria’s state-run oil and gas firm Sonatrach. The contract is for the provision of drilling fluids and related services in Algeria.
The award remains subject to final approval by Sonatrach, and the execution of contract documents. The maximum value of the two lots of this tender is approximately $350 million, covering a term of three years.
Work under this contract is expected to ramp-up beginning in H2 2015.
Bruce Smith, President of Newpark Drilling Fluids, stated, “We are extremely pleased with this recent award, which represents the largest contract award in Newpark’s history. Sonatrach has long been a valued customer to Newpark and this contract award further affirms our value as a leading global provider of high-performance fluids systems. On an annualized basis, the maximum value of the award represents an increase of more than 200% over our 2014 revenue level with Sonatrach, although the ramp-up in revenues is not expected to begin until the second half of 2015.”
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