HOUSTON, TX and CALGARY, Nov. 30, 2017 /CNW/ - Evolution Engineering Inc. ("Evolution" or "the Company") today announced the election of its Board of Directors and the appointment of a new Board Chair which marks the culmination of a series of transactions which facilitated EV Private Equity's investment in Evolution. This investment will be used to accelerate the Company's North American sales and rental growth and expand product development of its market leading EVO ONE measurement while drilling ("MWD") platform and related directional drilling technologies.
Mr. Richard Spears has been appointed as Chairman of Evolution. Mr. Spears is a principal in Spears and Associates which provides business planning, analysis, activity forecasts and market research-based consulting services to the worldwide petroleum equipment and service industry. Matt Anstead, Paul Crilly, Al Huehn, Derek Logan, and Anoop Poddar were also elected Directors of the Corporation.
"We are extremely pleased to have Richard Spears join our Board as Chairman. Spears and Associates is a venerable name in the oil and gas industry and anyone who has worked in or is associated with the oil and gas services industry will recognize Spears and Associates as being the leading firm in market research and consulting services. Mr. Spears joins a world class Board of Directors with extensive experience in the oil and gas services and technology industry," commented Mr. Paul Crilly, President and CEO of Evolution.
Building upon its patented and proven Unified Telemetry platform, Evolution delivers purpose-built MWD products that exceed today's drilling requirements for performance and reliability. The company's flagship MWD system, EVO ONE, was built to provide a single, highly reliable MWD tool suitable for every drilling requirement. By designing and manufacturing these systems in-house, Evolution eliminated the most common MWD tool failure causes while combining EM and Mud Pulse technology into a single Unified Telemetry with a one-size-fits-all probe design. By designing extremely reliable, high data rate, large bandwidth communication technology, Evolution is at the forefront of developing the Subsurface Internet™. Evolution Engineering Inc. is headquartered in Calgary, Alberta and Conroe, Texas and maintains a field facility in Midland Texas. For more information visit Evolutioneng.com.
About EV Private Equity
EV is an independent growth equity firm applying its specialized expertise to build world-class companies and uncover new technologies in the oil and gas sector. EV's team leverages specialist knowledge, advisors, proven practices, and a global network to scale businesses that push the edge of technology innovation. Since 2002, EV has raised five funds with committed capital in excess of $750 million. With teams in Stavanger, Norway; Houston, Texas; and Aberdeen, Scotland, EV Private Equity helps companies operate competitively and achieve a more sustainable future. For more information visit evpe.com.
SOURCE Evolution Engineering
For further information: Paul Crilly, President and CEO, Evolution Engineering Inc., (403)874-5135; Graham Reid, VP Finance and CFO, Evolution Engineering Inc., (403)585-4834