With the sale of Excal, GOM, Conroe, and shut down of Stim do they go back to NDF or keep the short lived and ridiculous “Fluids Systems” brand? With the cuts to personnel in NE, OK, ArkLaTex, STX, and Katy (but oddly not in WTX) makes you think they are trying to reduce overhead for something? Is Newpark Resources about to be just Newpark Mats and Integrated Services? Headed that direction it seems.
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Generally speaking, when you buy a successful independent mud company you are buying the people. In NP’s case, I don’t think that’s a positive. Since fluids has been a consistent loser since ‘15 to the tune of over $150m in losses, this doesn’t exactly enhance their appeal to buyers. Regional management is considered weak and corporate is a klusterfu-k. So what are you really buying???
Retention bonuses be damned. A year from now when Newpark finally does close the doors and they give you your walking papers we might be in the next downturn. Think about yourselves and your families. Newpark doesn’t give a $h!t about you. Find a spot for long term growth not short term gains. And hopefully SS apologizes to each of you individually. He failed you by taking his pay day, Underpaying you, and then doing absolutely nothing for Newpark but eating up margins and cash. Good thing about this. It will finally get rid of the useless people he’s had sheltered and has been afraid to fire.
What goes around, comes around. Karma’s a Bi--h!
They just stuck a fork in Newpark by announcing this. They will not be awarded another rig because of it. Every other mud company has already put “Why would you give it to Newpark cause they are for sale” is on the top of every salesman’s tongue. Not that Newpark was getting anything awarded. It will won’t be long before they just shut the doors and sale the real estate. Anybody still working for them needs to update their resume. Hopefully the severance and unemployment is good cause Newpark is the joke of drilling fluids. Good luck getting hired on somewhere else. WTX and Woodlands ki-led Newpark.
With them teaming up with Lazard looks like a possibility. But who would buy Newpark Drilling Fluids and why? Only place beneficial at this point would be OK for market share and the rig count is dropping there like everywhere else. You wouldn’t buy it for the facilities cause everyone knows they are garbage. At this point it seems unsellable and would be easier to shut down and just sell the real estate. Adios NDF. Best to start making plans elsewhere. NL got promoted to oversee a going out of business sale.
I hate to tell you, NDF started the descent out of fluids the day Howes “gave” a job offer to Vollands. The beginning of the end. A complete unqualified buffoon, an unmitigated disaster, just a complete klusterfu-k that only a fool (Howes) would make. You reap what you sow!
I regret my time and contributions to benefit NDF during time there. Best decision ever made was to leave that toxic place and what became a buddy buddy system that rewarded bu-t kissers and yes men.
NDF is a disgrace that has been in a long term going out of business sale since 2016.