SOURCE: Reservoir Group

Reservoir Group

January 31, 2012 09:27 ET

Reservoir Group Appoints Chief Operating Officer and Announces 60 Percent Rise in Revenue

HOUSTON, TX--(Marketwire - Jan 31, 2012) - Reservoir Group today announces the appointment of Wade McCutcheon as chief operating officer.

Mr. McCutcheon steps up to the role from his previous position as VP responsible for the Group's formation evaluation activity.

This latest announcement comes as Reservoir Group reports more than a 60 percent rise in revenue during 2011.

This success reflects a number of significant strategic decisions, including the addition of 11 new member companies, the formation of the surface logging company, Empirica, and the creation of a new coiled tubing intervention business.

With plans for similar expansion this year, Mr. McCutcheon will oversee all operational matters, accelerating the Group's organic growth and maximizing synergies between existing member companies.

Reservoir Group chief executive, Pascal Bartette, said, "The last 12 months have been significant in terms of the company's evolution and we plan on a similar increase in our revenue once again this year.

"I am pleased to announce Wade's appointment as chief operating officer. This is a key step towards the pursuit of an aggressive growth goal.

"While we will continue to look outward for development opportunities, the primary focus will be on organic growth. Industry confidence is high, offering enormous opportunities for our member companies. We want to provide the tools that will enable them to realize their individual goals by increasing their market share and entering new geographies."

Mr. McCutcheon said, "My career to date has been dominated by operational roles within the service industry and I have always had a passion for technology. I enjoy establishing more efficient ways of doing business and am delighted to have been given this opportunity.

"With our current size and impressive global footprint, my ambition as chief operating officer of Reservoir Group is to further capitalize on the success of our member companies. Through the development of new technologies and their rapid deployment, improving geographic market share penetration, and a greater focus on accessing the synergies within the Group, I am confident that we will achieve even greater success in 2012.

"Ultimately, we want to be known for what we do and the services we provide, therefore client perception and the satisfaction of each employee within the Group will be the real gauge of performance."

Notes to Editors:
Reservoir Group is an international oilfield services organization and recognized specialist in the fields of downhole drilling, completion and production and physical and digital data management. Its team of innovative thinkers challenge convention to find solutions to the increasingly complex technical demands of extracting the world's remaining hydrocarbons.

Backed by Houston-based oil and gas specialist private equity firm, SCF Partners, Reservoir Group's aim is to build a global portfolio of businesses designed to deliver specialist services around hydrocarbon reservoirs.

Contact Information

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    Fifth Ring Integrated Corporate Communications
    Heather McKee