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.
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Robert Nipper, Executive Chairman of the Board, NCS Multistage (Photo: Business Wire)
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.
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