HOUSTON, April 11, 2018 /CNW/ -- PDC Logic today announced that its Board of Directors has appointed Warren Dyer as President and Chief Executive Officer effective immediately. Mr. Dyer was also elected to the Board of Directors of PDC Logic.
Mr. Dyer is the former CEO of Ulterra Drilling Technologies, a company he helped grow into the largest independent polycrystalline diamond compact ("PDC") drill bit company globally, a distinction it continues to hold to this day. Before joining Ulterra, Mr. Dyer was instrumental in building United Diamond into the largest steel PDC bit company in Canada. His PDC drill bit experience spans engineering, manufacturing, supply chain, field operations, and sales and marketing.
"After a comprehensive search process, the Board and I are confident that Warren is the right person to assume the CEO role at PDC Logic," said Tom Waitman, the company's founder. "He embodies the values we covet, and we are confident he will build upon the winning, team-oriented culture we have worked hard to create over the years."
"Warren emerged as the best fit and most highly qualified candidate from a deep pool of interested and experienced bit executives evaluated for the role," said Tuan Tran, a partner at Intervale Capital, the company's private equity sponsor. "Warren brings an exceptional leadership reputation, a wealth of drill bits experience, and a shared vision for PDC Logic's strategic growth initiatives. Warren's track record as a manager, strong pulling power in the bit space, and proven ability to execute are exactly what PDC Logic needs as we enter our next chapter of transformative growth."
"I am excited to join PDC Logic and partner with Intervale Capital again. With best-in-class drill bit performance, service quality, and design capabilities, PDC Logic is well-positioned to quickly capture market share," said Mr. Dyer. "I look forward to working with this great team and leading the company through an exciting phase of growth and innovation."
Mr. Dyer holds a Ph.D. in business from Oklahoma State University and a Master of Business Administration from the University of Alberta. Warren grew up in rural Canada and has been working in the oilfield services industry for over 30 years.
About Intervale Capital:
Founded in 2006, Intervale Capital is a specialized energy-focused investment firm. Intervale invests primarily in middle-market energy services and manufacturing companies. The firm has raised $1.3 billion of committed capital since its inception, and is currently investing from its third fund.
About PDC Logic:
Headquartered in Norman, Oklahoma, the Company designs, manufactures, rents, and sells matrix Poly Diamond Crystalline (PDC) bits and Roller-cone bits, used in drilling and completion operations. The Company was founded in 2007 by the Waitman's and has operations in the Permian, Mid-Continent, Eagle Ford and DJ Basins.
For Intervale Capital:
SOURCE Intervale Capital