Newpark lands $350m Algeria Deal

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Newpark lands $350m Algeria Deal

US services player has landed a three-year deal worth up to $350 million from Algerian state oil company Sonatrach for drilling fluids and related services

Newpark Resources, Inc. announced that it has been awarded Lot 1 and Lot 3 of a recent restricted tender by Sonatrach to provide 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 the second half of 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.”

Sources: www.upstream.com and www.newpark.com

Link: http://tinyurl.com/nvoyqbz

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.