Company also provides update on Share Repurchase Program

THE WOODLANDS, Texas, Dec. 28, 2022 /PRNewswire/ -- Newpark Resources, Inc. (NYSE: NR) "Newpark" or the "Company") today announced it has completed the previously announced transactions, which effectively provide for the Company's exit from the Gulf of Mexico market.  The two completed transactions include the sale of substantially all assets associated with the Gulf of Mexico completions fluids operations, as well as a separate transaction, through which the Company has entered a seven-year sublease of the Company's Fourchon, Louisiana drilling fluids shorebase and blending facility with a leading global energy services provider. Both of these transactions include the assignment or sublease of the underlying properties that remain subject to the final approval of the local port authority.  As a result of these transactions, the Company received approximately $6 million of cash from the sale of the completions fluids assets in the fourth quarter of 2022 and expects to generate additional cash of nearly $25 million over the next few quarters, primarily associated with the ongoing wind-down of working capital.  The Company also announced that it repurchased 4.4 million shares (4.7% of outstanding shares) of its common stock under its existing share repurchase program, using total cash of $17.6 million during the fourth quarter of 2022.