NISKU, AB, April 1, 2013 /CNW/ - Hyduke Energy Services Inc. (TSX: HYD), announced today the following changes to its Board of Directors and its Management Team.
Hyduke has commenced a restructuring of the company that includes changes to the Board of Directors, changes to the Management Team and changes to our business operations. These changes are undertaken with the objective of strengthening our strategic focus at the Board level and to strengthen the decision making at the operational level.
Board of Director Changes
Hyduke is pleased to announce the appointment of Mr. Patrick F. Ross and Mr. Doug Bachman to its Board of Directors effective immediately.
Patrick F. Ross is a private equity investor and is currently Board Chair of Steeplejack / Westcor, a construction services company. Additionally, Mr. Ross is also an Affiliate Partner at Lindsay Goldberg, a private equity group with $10 billion in closed funds, specializing in portfolio companies requiring $100 million to $500 million in equity. Mr. Ross has extensive experience as a board member, executive management and shareholder in several successful engineering and construction related companies and as a principal partner in Polar Capital, a private equity firm focusing on value growth and turnaround situations.
Doug Bachman is an experienced corporate finance and management professional who has over 25 years experience with a major Canadian financial institution and is currently the Chief Operating Officer with Enterprise Group Inc., a TSX traded company operating in the Canadian oilfield services industry. Mr. Bachman brings extensive knowledge in credit, wealth management, team building, leadership, marketing and strategic planning to the Hyduke team.
In addition to these new appointments, Hyduke wishes to announce the resignation of Eugene Wirsta and Boris Makowecki from the Board of Directors effective immediately. Both Mr. Wirsta and Mr. Makowecki have long histories with Hyduke and have contributed significantly to the success and growth of Hyduke. Hyduke wishes to thank Mr. Wirsta and Mr. Makowecki for their loyalty, their hard work and their effort during their tenure with Hyduke.
Management Team Changes
Hyduke is pleased to announce the following changes to the management team:
Mr. Michael Symchuk has recently joined Hyduke's Executive Team as President of Rig Equipment. Michael's role will be a senior role reporting directly to the CEO and he will head up all drilling, workover and well service equipment projects. Michael has a strong background in rig design, equipment manufacturing, project management and is an experienced senior business executive.
Mr. Tony Bulman has recently been promoted to Vice President Sales and Marketing and will report directly to the CEO. Tony joined Hyduke a year and half ago and has been heading up our sales and marketing group since that time. Tony brings a strong understanding of our industry internationally and has an excellent background in marketing and sales processes.
Mr. Derek Petrie has recently joined Hyduke as Director of Inspection and Certification Services and will report directly to the CEO. Derek's responsibilities will be to aggressively grow our inspections and certifications business throughout Canada and internationally. Derek brings a great background of industry know-how combined with a strong track record in business.
Mr. Alfred Moore has recently been promoted to General Manager, Hyduke US. Based out of Houston, Texas, Alfred will be responsible for all business operations based out of Houston. Alfred has been with Hyduke for the past eight years in a variety of roles and most recently has been successfully contributing to Hyduke's growth in international business development.
Mr. Richard Rutherford has resigned from his position of President of Drilling Equipment. Mr. Rutherford joined Hyduke in the fall of 2009 and brought significant drilling rig equipment experience to Hyduke. Mr. Rutherford remains available to Hyduke as a consultant on drilling rig equipment design. Hyduke would like to thank Mr. Rutherford for his hard work and wish him all the best in his future endeavors.
Gordon McCormack, President and CEO, is confident these changes will support Hyduke's continued growth. "The changes to the Board and Management team are excellent steps forward in Hyduke's growth. At the Board level, Pat Ross and Doug Bachman will bring extensive experience and strong focus to a growth strategy that will successfully position Hyduke as a supplier of choice for rig equipment in Canada and worldwide. At the Management level, the new team members not only bring extensive experience and training in their areas of expertise but, most importantly, bring a team-based approach to decision making and risk management. Their professionalism and demonstrated high level of customer service will be key in continuing Hyduke's growing market share in Canada, its growing market development internationally and will bring strong teamwork to a renewed discipline and focus to succeed in all areas of our business operations."
Forward Looking Statements
This report contains certain forward-looking statements under the heading "Outlook" and elsewhere concerning future events or the Company's operations, anticipated financial performance, business prospects and strategies of Hyduke. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "expect", "plan", "intend" or similar words suggesting future outcomes or outlooks on, without limitation, estimates of business activity, supply and demand for the Company's products, the estimated amounts and timing of capital expenditures, anticipated future debt levels, or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Readers are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties both general and specific that may cause actual future results to differ materially from those contemplated and contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. These factors may affect anticipated earnings or assets and include, but are not limited to: industry activity levels, market liquidity, customer credit risk, competition, oil and gas prices, product liability, fixed price contracts, development of new products, uninsured and underinsured losses, access to additional financing, source of supply of raw material and third party components, availability of key personnel, agreements and contracts, government regulations, foreign exchange exposure, interest rate risk, international scope of operations, environmental health and safety regulations and Hyduke's anticipation of and success in managing the risks implied by the foregoing. The Company cautions that the foregoing list of important factors is not exhaustive. The Company believes that the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. The forward-looking statements in this report speak only as of the date of this report. Hyduke undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities legislation.
Hyduke is an integrated oilfield services company with over thirty years experience in the manufacture, repair and distribution of oilfield equipment and supplies in Canada and worldwide. Hyduke specializes in providing customized, integrated solutions to the drilling and well service industries including:
- Turn-Key Equipment - drilling rig and service rig packages including in-house design, engineering and drafting, major component procurement and overall project management;
- Life Cycle Management - inspection, certification, service, repair and supply services throughout the operating life of the drilling or well service rig; and
- Single Source Supply - providing new capital equipment, repair and maintenance on existing capital equipment and supply of operating consumables.
The Company operates its businesses through a number of subsidiaries operating in four segments:
Manufacturing: The Manufacturing segment includes the design, manufacture, refurbishment and repair of land-based drilling rigs, well service and workover rigs, drilling support equipment, well service and workover support equipment and the distribution, service and repair of truck-mounted equipment.
Distribution: The Distribution segment includes the procurement and distribution of spare parts, equipment components, operating supplies and pneumatic controls to the drilling and well service industries.
Other Services: The Other Services segment includes the inspection and certification of drilling rig and well service equipment, the design, manufacture and distribution of cased hole and overburden drilling downhole tools, custom and production machining services, industrial sandblasting and painting, and corporate head office expenses.
Corporate Services: The Corporate Services segment includes costs for management and administration, sales and marketing, accounting and finance and engineering and drafting services provided to all Hyduke operating segments.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
SOURCE: Hyduke Energy Services Inc.
For further information:
Chairman of the Board
Gordon R. McCormack, CA
President and Chief Executive Officer