NPK International is like the specialized fluids division of Halliburton or Schlumberger, providing essential products and technical services for oil and gas drilling.

NPK International is also like a specialized United Rentals, focused on providing temporary access mats and site preparation services for large industrial and energy projects.

Major Products and Services of NPK International (NPKI)

• Drilling, Completion, and Stimulation Fluids: Provides specialized fluid products essential for various phases of oil and natural gas well operations.
• Fluids Technical Services: Offers expert technical support and services related to the application and management of drilling, completion, and stimulation fluids.
• Composite Matting System Rentals: Rents out composite mats used for temporary worksite access and ground protection across diverse industries.
• Recyclable Composite Mats: Sells durable and environmentally friendly composite mats for global customers requiring ground protection and access solutions.
• Site Construction and Services: Delivers comprehensive services including access road construction, site planning, environmental protection, erosion control, and site restoration.

NPK International (NPKI) sells primarily to other companies. The provided background information does not list the names of specific major customer companies.

However, based on the description of its operations, NPK International's major customers are companies operating in the following industries:

• Oil and natural gas exploration and production (E&P)
• Power transmission
• Pipeline
• Renewable energy
• Petrochemical
• Construction

Matthew S. Lanigan, President and Chief Executive Officer

Mr. Lanigan joined Newpark (now NPK International Inc.) in April 2016 as President, Mats & Integrated Services and Vice President. He was promoted to President and Chief Operating Officer in September 2021, and then to President and Chief Executive Officer and joined the Board of Directors in March 2022. Prior to joining NPK, Mr. Lanigan began his professional career at ExxonMobil in Australia as a Drilling & Completions Engineer, progressing to Offshore Production Engineer and Marketer for Crude & LPG. He later worked at GE in the Plastics division, rising to Chief Marketing Officer, and then transferred to GE Capital, where he held leadership roles in Sales & Marketing.

Gregg S. Piontek, Senior Vice President and Chief Financial Officer, Principal Accounting Officer

Mr. Piontek has served as Chief Financial Officer of NPK International Inc. since October 2011. He joined the company in 2007 and previously held the position of Vice President, Controller and Chief Accounting Officer. Effective November 10, 2025, he also assumed the role of the company's principal accounting officer.

Lori Briggs, Executive Vice President Business Operations

Ms. Briggs joined NPK in October 2017 as Senior Director of Business Transformation & Integration. She was promoted to Vice President of Marketing for Industrial Services in January 2021 and subsequently to Executive Vice President Business Operations. Before joining NPK, she served as a Global Pricing Leader at GE Oil and Gas from October 2015 to October 2017. For the two decades prior to that, Ms. Briggs held various management positions in marketing, commercial, and finance for GE Capital.

M. Celeste Frugé, VP – General Counsel, Chief Compliance Officer, and Corporate Secretary

Ms. Frugé joined NPK in April 2008 as Senior Corporate Counsel and has held various legal roles of increasing responsibility, including Associate General Counsel and Deputy General Counsel. She was promoted to Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary in May 2023. Her responsibilities have included managing global legal matters such as complex commercial issues, acquisitions and divestitures, litigation, joint ventures, and regulatory compliance. Prior to NPK, Ms. Frugé practiced law at Winstead, PC, and Stibbs & Burbach, PC.

The key risks to NPK International Inc.'s business are:

1. Revenue Volatility from Dependence on Large Infrastructure Projects and Sector Cyclicality: NPK International Inc., particularly after divesting its Fluids Systems segment and focusing on its Industrial Solutions (Access Solutions) segment, is highly reliant on long-duration infrastructure and utility projects. The company's financial performance is susceptible to fluctuations within this specific market, and its "biggest risk" remains revenue volatility if large projects slow or are delayed. Project timing swings and overall sector cyclicality can directly impact the company's revenue and profitability. Additionally, the presence of contracts that allow customers to reduce services without penalty poses a risk of decreased revenues and overall profitability.
2. Cybersecurity Incidents: NPK International Inc. (then Newpark Resources Inc.) experienced a ransomware attack in October 2024 that disrupted access to critical internal information systems and business applications. Such incidents pose a significant threat to operational continuity and financial reporting accuracy, potentially leading to substantial financial losses and reputational damage. The energy sector, in which NPK International operates, is a frequent target for cybercriminals.
3. Declining Gross Margins and Challenges in Managing Operational Costs: The company faces challenges in maintaining profitability, evidenced by a reported sequential decline in gross margins. Furthermore, the labor-intensive nature of NPK International's operations means that underutilization of its workforce due to contract delays or reduced service levels could lead to significant costs and diminished profitability. Managing operating expenses, such as selling, general, and administrative (SG&A) costs, also remains a challenge for the company.

Fluids Systems Segment

• Global Drilling Fluids Market: The global drilling fluid market size was valued at approximately USD 12.50 billion in 2024. Other reports indicate the global drilling fluid market size was USD 12.4 billion in 2024 and USD 8.93 billion in 2024.
• North America Drilling Fluids Market: North America held a significant share of the global drilling fluid market in 2024, with some reports indicating a share of 30.56%, 27%, or 34.3%. The U.S. alone accounted for approximately USD 4.3 billion in revenue in 2024.
• Europe Drilling Fluids Market: The drilling fluids market in Europe generated a revenue of USD 1,811.2 million in 2024.
• Middle East & Africa (MEA) Drilling Fluids Market: The MEA drilling fluids market generated a revenue of USD 2,738.6 million in 2024.
• Asia Pacific Drilling Fluids Market: The Asia Pacific drilling fluids market size was approximately USD 1.9 billion in 2024. Other sources estimate the market at USD 1.6 billion in 2024.
• Latin America Drilling Fluids Market: While a specific market size for 2024 was not readily available, the Latin America drilling fluids market is expected to expand significantly due to increased drilling activities and untapped oil and gas reserves.

Industrial Solutions Segment

• Global Access Mats Market: The global access mats market size was valued at around USD 1.9 billion in 2024.
• North America Access Mats Market: North America is a dominant region in the access mats market. The United States access mats market was valued at USD 1.7 billion in 2024. For ground protection mats, North America held over 40% of the global revenue with a market size of USD 171.44 million in 2024.
• Europe Access Mats Market: Europe held more than 30% of the global ground protection mats revenue, with a market size of USD 128.58 million in 2024.

Here are 3-5 expected drivers of future revenue growth for NPK International (NPKI) over the next 2-3 years:

1. Accelerating Organic Rental Growth and Rental Fleet Expansion: NPK International's primary focus for long-term value generation is the scale-up of its rental platform. The company invested $37 million to expand its DURA-BASE fleet by 16% in 2025 and projects low-to-mid teens percentage growth in rental and service revenues for 2026. This strategy includes significant capital expenditures for fleet expansion.
2. Strong Demand in Power Transmission and Critical Infrastructure Sectors: A substantial portion of NPK International's revenue, over two-thirds in 2025, is derived from the power transmission sector, which continues to show strong customer demand for matting rentals and related services. The company serves diverse critical infrastructure end-markets, with a highly constructive outlook for spending in utilities and critical infrastructure, positioning NPKI for sustained top-line growth.
3. Manufacturing Capacity Expansion: To support the anticipated growth in rental demand and product sales, NPK International is actively expanding its manufacturing capacity. Production volumes increased by more than 15% in 2025 due to a shift to 24/7 operations and enhanced throughput. The company expects these initiatives to provide sufficient production capacity for 2026 and is evaluating further expansion options to bring additional capacity online in the first half of 2027.
4. Geographic Expansion and Market Share Growth: NPK International's growth strategy includes both geographic expansion and increasing market share within its existing U.S. and U.K. markets. Analyst narratives also point to the company's potential to capture greater market share through continued expansion of its rental fleet and geographic footprint in high-growth regions, such as the Midwest and Gulf Coast. The commercial pipeline entering 2026 shows quoted volumes approximately 30% higher than the end of 2024, with about one-third tied to new geographies.
5. Strategic Acquisitions: While not a consistently recurring driver, strategic acquisitions can contribute to revenue growth, as demonstrated by the November 2025 acquisition of Grassform Plant Hire Limited, which added roughly 20,000 composite mats to NPKI's rental fleet and contributed to rental and service revenues in Q4 2025. The company's capital structure is also noted to support growth plans, including potential strategic acquisitions.

Share Repurchases

• In 2023, NPK International (then Newpark Resources) repurchased 6.5 million shares of common equity for $32 million. As of December 31, 2023, $18.1 million remained under the existing repurchase authorization.
• In February 2024, the Board of Directors authorized a new share repurchase program of up to $50 million.
• During 2025, NPK International repurchased 3 million shares for $20.4 million, representing a 4% reduction in outstanding shares.

Outbound Investments

• On September 13, 2024, the company completed the sale of its Fluids Systems segment to SCF Partners, Inc. The net sale consideration was $56 million, including $70 million in cash proceeds at closing, marking a strategic pivot to focus on Industrial Solutions.
• In 2025, NPK International acquired Grassform Plant Hire in the UK for £35.2 million (approximately $42 million) in cash, expanding its matting solutions business and presence in the UK.

Capital Expenditures

• Capital investments were $8 million in 2023, primarily directed toward expanding the rental fleet to support organic growth in the Industrial Solutions segment.
• For the full year 2024, capital expenditures for the Industrial Solutions segment were projected to be between $33 million and $35 million.
• NPK International's capital expenditures in 2025 totaled $42.7 million, predominantly funding the expansion of its mat rental fleet.
• For 2026, the company anticipates capital expenditures in the range of $45 million to $55 million (excluding manufacturing expansion), with $35 million to $45 million specifically allocated to DURA-BASE rental fleet expansion.