Newpark Resources (NYSE: NR ) is ramping up its presence in the Middle East. The company announced it signed a deal with Kuwait Oil Company to provide drilling fluids and related services for the latter's land operations. According to Newpark's estimates, the arrangement could bring it up to $75 million in revenues.
The agreement is in force for a period of up to five years. Newpark believes that the work will begin in Q4 of this year.
The company quoted Bruce Smith, the president of its drilling fluids unit, as saying that the deal is "a first step in implementing our strategy of growth throughout this region."