HOUSTON–(BUSINESS WIRE)–NCS Multistage announced today that Robert Nipper, Chief Executive Officer since the company’s founding, has been named Executive Chairman of the Board. He is succeeded by Marty Stromquist, who had served as Chief Operating Officer before being named Chief Technology Officer in 2015. Nipper and Stromquist were co-founders of the company.
In his new role, Nipper remains active in the company and will turn his attention from day-to-day management to developing and driving long-term strategy, including evaluating potential transactions that would broaden the company’s business base. “NCS Multistage is well positioned for the current market,” said Nipper. “We are right-sized, our balance sheet is sound, we have excellent investor support, and we continue to extend the capabilities of our industry-leading coiled tubing fracturing technology. We are in the fortunate position of being able to pursue strategic merger, acquisition, and other inorganic growth opportunities, and that’s where I will be focusing most of my attention.”
Stromquist takes over day-to-day executive responsibilities. He stressed the importance of continuity: “This change does not represent a shift in the company’s operating philosophy,” he said, adding, “We will continue to have a strong focus on developing new technology and growing our business and market share. I will work with Robert and the Board to maintain the culture that makes NCS special and to ensure that our actions continue to be consistent with our ideals.” In addition to his new role, Stromquist will continue serving on the Board of Directors.
The announced changes are effective immediately.
Biographies
Robert Nipper, Executive Chairman of the Board
Robert Nipper co-founded NCS and served as Chief Executive Officer until becoming Executive Chairman of the Board. He has more than 25 years of industry experience and has invented several patented technologies relating to downhole oil and gas and geothermal service equipment. Prior to starting NCS, Nipper spent 18 years with Tri-State Oil Tools and Baker Hughes, serving in various operations and sales management positions. Prior to leaving Baker Hughes, he held the position of North American Marketing Manager.
Marty Stromquist, Chief Executive Officer
Marty Stromquist was co-founder of NCS and subsequently served as Chief Operating Officer and then Chief Technology Officer before being named to his current position. He has served in technical and management positions in the oil and gas industry for more than 35 years, in both service company and producer roles. He co-founded Cemblend Systems, Inc., which provided unique cementing solutions, and Frac Source, Inc., which specialized in stimulation services for unconventional reservoirs. He also served as operations manager of the well services group for Pioneer Natural Resources USA, Inc., in Denver, CO, and as technical manager for stimulation services for Halliburton Energy Services Canada. Stromquist is recognized as a pioneer and leader in the field of coiled-tubing fracturing. He holds numerous patents for completion-related tools and downhole procedures, and he has authored numerous technical papers and articles.
About NCS Multistage
NCS Multistage, LLC, is the world leader in coiled-tubing-deployed fracturing technology used in multistage completions. The independent technology and services company has operated throughout the United States, Canada, Mexico, Argentina, Australia, China, and Russia, with a record of more than 6,700 field successes. The company is headquartered in Houston, Texas. More information is available at ncsmultistage.com.
Contacts
for NCS Multistage
Kristin Early, 214-213-8857
Kristin@kristinearly.com
