Saxon Energy Services Names New President and Chief Executive Officer
CALGARY, Alberta, March 15, 2013 /PRNewswire/ -- Saxon Energy Services Inc. (Saxon), a growing international oilfield services company, today announced that its Board of Directors has named Derek Normore to replace M.J. (Mick) McNulty, the company's current President and Chief Executive Officer who is retiring. Mr. Normore brings extensive international oilfield service experience and enduring relationships across Schlumberger, one of Saxon's most important project partners, developed through a 32-year career successfully managing several of Schlumberger's global businesses, regions and initiatives. In addition, he has expertise in drilling technologies, which when combined with Saxon rig designs, is expected to enhance drilling performance for the Company.
"We believe Derek's experience and leadership capabilities will help accelerate and strengthen our efforts to align innovation and collaboration with performance to deliver consistent results for Saxon customers," stated Mike Mannering, Chairman of the Saxon Board of Directors and President of Schlumberger Rig Management. "Derek will play an important role in managing Saxon's close business association with Schlumberger in providing access to rigs in support of integrated project management well construction activities, and other contracted arrangements. We also look forward to his ability to further the development of new and innovative automated drilling technologies. In particular, the potential for Derek to integrate his expertise in downhole tools and measurements with Saxon's high-efficiency drilling rig designs for enhanced performance is very exciting."
Most recently, Mr. Normore served as President of Pathfinder since 2011. As division President, Derek was responsible for worldwide Directional Drilling, Measurement-While-Drilling (MWD) and Logging-While-Drilling (LWD) business, focused on high volume markets. During his tenure at Pathfinder, Derek saw improved market share and increased operational performance which resulted in rapid growth. Prior to joining Pathfinder in 2011, Mr. Normore was an Integration Project Manager following the merger between Schlumberger Ltd and Smith International, Inc. Prior to the Smith Integration in 2010, Normore was the President of Schlumberger Canada Ltd and Canada Geomarket Manager.
Neil Hartley, Managing Director of First Reserve and member of the Saxon Board of Directors, added, "Derek has a proven track record of business growth, efficiency improvements and increasing profitability. We are confident that he will continue to strengthen Saxon's position as an important and growing international drilling contractor and we are excited to welcome him to the Saxon team."
Mr. Normore assumes his new duties effective immediately and will join the company's Board of Directors. He succeeds Mick McNulty who served as Chief Executive Officer since 2010. Mr. McNulty joined Saxon in 2005. He is leaving Saxon to pursue personal interests.
"Mick has played a major role at Saxon over the last seven years and we are grateful for his contributions. He assumed the role of CEO at a particularly challenging time for our industry and we acknowledge and appreciate his efforts during that tough period. We wish him the best in his future endeavors," commented Mr. Mannering.
Saxon is privately owned by Schlumberger, First Reserve and certain current and former Saxon managers.
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Saxon is a growing international oilfield services company that operates an established contract drilling and well servicing business to oil and gas exploration and production companies in North America, South America, the Middle East, and South East Asia. Saxon began in 2005 with nine rigs (two drilling and seven work-over) in a single market - Ecuador. Since then Saxon has transformed into a truly international drilling company with a fleet of 94 rigs (76 drilling and 18 work-over), with over 3,900 employees in 12 additional countries through acquisition and organic growth.
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 118,000 people representing over 140 nationalities and working in approximately 85 countries, Schlumberger provides the industry's widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston and The Hague, and reported revenues of $42.15 billion in 2012. For more information, visit www.slb.com.
About First Reserve
Since 1983, First Reserve has focused exclusively on energy investing; helping shape tomorrow's industry leaders while remaining committed to supporting investors in reaching their goals. With 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised more than USD $23 billion of aggregate capital since inception, putting both to work to complete more than 450 transactions (including platform investments and add-on acquisitions) on six continents. Today, First Reserve has the largest energy‑focused private equity investment team in the industry. Its portfolio of companies operate in approximately 50 countries and span the energy spectrum, including natural resources, equipment and services, midstream / downstream and infrastructure, among others. First Reserve is headquartered in Greenwich CT with offices in Houston, London and Hong Kong. Visit us at www.firstreserve.com for more information.
Caroline Harris, Prosek Partners
1 212 279 3115 ext.222
SOURCE Saxon Energy Services