Newpark in deal to sell environmental unit

Oil field services company Newpark Resources, Inc. (The Woodlands, TX) has entered into a definitive agreement with private equity group Lariat Partners, LP (Denver, CO) under which Newpark will sell its environmental services business unit to Lariat Partners for $100 million in cash. Lariat plans to merge the newly acquired operations with its portfolio company Offshore Cleaning Systems, LLC (Abbeville, LA), thereby forming ECOSERV, LLC, a provider of specialty cleaning services to the offshore oil and gas industry. ECOSERVE will be headed by CEO Kenny DesOrmeaux and will operate out of 14 locations in the Gulf Coast region and the Permian Basin in West Texas. Paul Howes, president and CEO of Newpark, said that the sale “is consistent with our stated strategy of focusing our energy on expanding our markets and developing leading technologies within our core drilling fluids and mats segments.”