Category Archives: Oilfield Services

Archrock appoints Mohit Singh as its new CFO

Archrock has appointed Mohit Singh, as its new CFO, effective July 6, 2026. He replaces Doug Aron, who announced back in March that he would be retiring.

Archrock has its head office in west Houston and is a natural gas compression company with revenues of $1.5 billion and a market capitalization of $7.4 billion.

Mr. Singh was previously the CFO of Chesapeake Energy from 2021 through its merger with Southwestern Energy in 2024 to form Expand Energy. He left in August 2025. Expand recently appointed a new CFO after a 7 month search. Mr. Singh began his career with Shell, moved into investment banking with Goldman Sachs and RBC Capital Markets, before joining BP’s US onshore subsidiary.

Mr. Singh will a base salary of $650,000 and a one-time sign-on award of restricted stock with a value of $1.5 million that will vest over the next two-and-a-half years. He will also receive a relocation package to move to Texas from Oklahoma City.

Mr. Aron, aged 52, has been the CFO since August 2018. He worked for HollyFrontier for 15 years, including 6 years as CFO. He also spent 5 months as CFO at Nine Energy before joining Archrock. Funnily enough, I wrote about his successor at Nine Energy just yesterday.

Mr. Aron will leave on June 30 and will receive a pro-rated bonus for 2026 ($576,000). His restricted stock awards that were due to vest in January 2027 will vest on his retirement. All other outstanding stock awards will be forfeited. No severance will be paid.

Since announcing his retirement, Mr. Aron has sold stock worth $10.6 million. He still owns stock worth $14.5 million.

SEC filing – 8-K Archrock Singh CFO appointment

Weatherford to acquire NCS Multistage for $126 million

Weatherford International has agreed to buy NCS Multistage for $126 million in a cash-and-stock deal. Both companies have their headquarters in Houston. Weatherford is based in the Galleria area and has a market cap of $7.5 billion. NCS has its headquarters in NW Houston off Highway 249.



NCS Multistage manufactures products used in the fracking of rock, primarily sliding sleeves and downhole frac isolation assembly systems. These products allow predictable, repeatable proppant placement. For 2025, the company had revenues of $184 million, of which 58% came from Canada.

Consideration

Under the terms of the agreement, NCS Multistage stockholders can elect to receive either 0.554 shares of Weatherford common stock at closing, or a combination of 0.239 shares of Weatherford common stock and a cash amount equal to 0.137 shares of Weatherford common stock at closing.

On a blended basis, Weatherford expects to pay the equivalent of 0.463 of its shares for each NCS share, with roughly 20% of the consideration in cash. The stock price for Weatherford when the deal was announced was $103.64. With 2.629 million NCS shares outstanding, this gives an acquisition price of $126 million. It should be noted that NCS has a net cash of $27 million at the end of the first quarter.

History

NCS was formed in 2006 and went public in 2017 with a stock price of $17 per share. Shortly after going public, the market cap rose over $1 billion, before crashing in 2019. The current stock price is $46.51 but that is after a 1-for-20 reverse stock split completed in 2020 (i.e, on a like-for-like basis, the IPO price was $340).

Advent International, a private equity firm based in Boston, own over 50% of the stock of NCS. They first invested in the company in 2012. Presumably, they pushed for a sale.

Annual cost synergies are expected to be at least $15 million and be realized within 18 months of closing, which is expected in the second half of 2026.

SEC filing – Weatherford to acquire NCS

Nine Energy Service appoints new CFO after recent bankruptcy

Nine Energy Service has appointed Heather Schmidt as its new CFO. She replaces Guy Sirkes, who resigned, effective May 11, 2026. She was originally appointed as Interim CFO before being confirmed as the permanent CFO on May 26.



Nine Energy is an oilfield services company that has had an eventful 2026 so far. On February 1, it went into Chapter 11 bankruptcy and exited one month later. All the old equity owners were wiped out, and $320 million of senior debt was converted into new common stock, saving $40 million in annual interest expense. With the bankruptcy filing, the stock was delisted from the New York Stock Exchange. However, the new stock began trading on the NYSE at the end of March, same ticker as before (NINE).

With the cancellation of long-term incentive program, there was nothing to keep Mr. Sirkes at the company. He had been at the company since 2019. Mr. Sirkes has since been appointed CFO at Ampirical, a PE-backed engineering company, based in Covington, LA, focused on power infrastructure.

Ms. Schmidt joined the company in 2012. She was previously the Senior VP of Strategic Development and Investor Relations. Before joining the company, she was with SCF Partners, a private equity firm. Ms. Schmidt will receive a base salary of $425,000.

SEC filing 8-K – Nine Energy CFO

 

 

Hornbeck to go public via merger with Helix Energy

Helix Energy Solutions and Hornbeck Offshore Services have agreed to merge in an all-stock transaction that values the combined business at around $4 billion.




Hornbeck was a public company between 2004 and 2019. It filed for Chapter 11 bankruptcy in 2020. It was planning to come back to the public markets via an Initial Public Offering. Instead, it has agreed a merger with Helix.

Hornbeck shareholders will own 55% of the combined business, Helix shareholders 45%. The combined business will be called Hornbeck Offshore Services, though the Helix brand will be retained for Well Intervention Services.  The business will be headquartered in Houston (where Helix is based) and Covington, LA (where Hornbeck is based).

Todd Hornbeck will be CEO of the combined business. Owen Kratz, the long-time CEO of Helix, announced his retirement in December 2025. At the time, company said he would stay on until the Board appointed his successor.

Complementary businesses

Hornbeck is a leading provider of marine transportation services. It owns 58 offshore support vessels that transport equipment, materials and supplies to offshore projects. It also owns 13 support vessels that provide offshore construction services. The company has revenues of $720 million, of which 75% comes from the USA and Gulf of Mexico.

Helix owns seven well intervention vessels. These allow customers to safely access subsea wells for production enhancement or decommissioning purposes. It also operates 6 subsea trenching systems and 39 remotely operated vehicles (ROVs). Helix has revenues of $1.3 billion. Only 39% comes from the USA.

Synergies

The combined entity expects to generate at least $75 million in annual revenue and cost synergies. The company expects to have reduced reliance on third-party vessel charters. It will also create cost rationalization in general and administrative expenses.  Revenue is expected to increase through integrated service offerings and increased exposure to the defense market (such as submarine support).

The deal is expected to close in the second half of 2026.

SEC filing 8-K – Helix Hornbeck merger

 

 

Drilling equipment manufacturer completes $862m IPO

HMH Holdings has completed its initial public offering by raising $210 million from offering 10.5 million shares at a price of $20. This was within the expected price range of $19 to $22. At that price, the company has a market capitalization of $862 million.

The company has its head office off the beltway near George Bush Intercontinental airport. The company manufactures and designs offshore drilling equipment and was formed in 2021 as a joint venture between the subsea and surface drilling systems division of Baker Hughes and the MHWirth subsidiary of Akastor ASA (formerly Aker Solutions).

Although HMH is a relatively new company, it has a long pedigree.

  • Wirth Drilling was founded in 1895 in Germany to produce specialized drilling equipment.
  • Hydril was formed in 1933 and is known for manufacturing blowout preventors. It was a public company between 2000 and 2007.
  • Vetco Offshore was founded in 1930 in California. In the mid-1980’s it merged with Gray Tool Company to form Vetco Gray, which was later acquired by GE for $1.9 billion in 2007.

For 2025, the company had revenues of $822 million and adjusted EBITDA of $135 million (16.4%).

The CEO of the company is Eirik Bergsvik. He was previously the CEO of MHWirth and is based in Norway. Prior to that, he was CEO of Interwell AS and Managing Director of National Oilwell Norway.

The CFO is Tom McGee, who is based in Houston. He also worked at MHWirth and National Oilwell Varco (where he was VP of Corporate Development). Mr. McGee also had a spell at Warburg Pincus, a private equity firm

SEC filing – S-1 HMH

 

Oil States CEO to retire after 19 years in the role

Cindy Taylor, CEO of Oil States International, is to retire, effective May 1, 2026. CFO Lloyd Hajdik has been appointed CEO. In turn, Matt Autenrieth, the current VP of Finance and Assistant Treasurer is promoted to CFO.

Oil States has revenues of $669 million and a market capitalization of $732 million. The company primarily manufactures subsea products such as drilling risers and connectors. It also has divisions in Completion and Production Services and downhole technologies. The company has its headquarters in downtown Houston.

Ms. Taylor, who is 64, has been the CEO since 2007. She joined the company in 2006. She is expected to remain with the company in a consulting capacity through October 2026 on consulting terms to be agreed upon.

Mr. Hajdik joined the company as its CFO in December 2013. Prior to that, he worked in a number of finance roles at Shell, Halliburton, Helix Energy and Compaq. He started his career at Ernst & Young.

Mr. Autenrieth joined the company in 2007 and has served in roles of increasing responsibility in Corporate Development and Treasury. He holds an M.B.A. and B.B.A. in Finance from Houston Christian University.

At this time, no changes have been made to the compensation arrangements of either Mr. Hajdik or Mr. Autenrieth.

SEC filing 8-K Oil States CEO to retire

Solaris Energy appoints familiar face as new CFO

Solaris Energy Infrastructure has appointed Steve Tompsett as its new CFO. He replaces Kyle Ramachandran, who is moving to a new role in the company as head of the Power Solutions segment.

Mr. Tompsett was the CFO of Aris Water Solutions from September 2022 until October 2025 when the company was acquired by Western Midstream Partners for $1.5 billion. He was previously the CFO of EagleClaw Midstream Ventures between 2019 and 2021. Before that, he was VP and Treasurer of Andeavor.



Solaris Energy delivers power generation and distribution solutions for the energy sector and now data centers. It has a market capitalization of nearly $4 billion. Chairman Bill Zartler founded the company in 2014 and took it public in 2017.

Last week, Solaris announced a 10-year, 500-megawatt power generation equipment rental agreement with Hatchbo LLC. Not much is publicly known about Hatchbo, though Solaris did disclose it was an “affiliate of an investment-grade global technology company focused on artificial intelligence computing”.

Mr. Zartler also founded Aris Water in 2014 (then called Solaris Midstream Holdings) and completed its IPO in 2021. The company provided water handling and recycling solutions to the energy sector.

Another familiar face to Mr. Tompsett at Solaris will be Amanda Brock, who joined the company a few months ago as its co-CEO. She is the former CEO at Aris Water. Ms. Brock is also the lead independent director at Coterra Energy (merging with Devon Energy) and also managed global projects for Enron in power and water.

Compensation details with Mr. Tompsett are still being finalized.

SEC filing 8-K – Tompsett appointment

Transocean to acquire Valaris for $5.8 billion

Credit: Marine Traffic

Transocean has agreed to acquire Valaris in an all-stock transaction valued at $5.8 billion. Both are offshore drilling contractors with their administrative head offices in Houston. Legally, both are incorporated overseas (Transocean in Switzerland, Valaris in Bermuda).



The proforma split of equity is 53% Transocean, 47% Valaris. However, the Transocean management team will hold the same roles in the combined business.  The Board of Directors will comprise nine from Transocean and two from Valaris.

Transocean has 20 ultra-deepwater drillships and 7 harsh environment floaters. Valaris has 13 drillships, 2  benign environment floaters, 11 harsh environment Jackups (mostly in the North Sea) and 20 benign environment Jackups (mainly Saudi Arabia).

Valaris was formerly known as Ensco. It acquired Pride International in 2011 and Rowan in 2019, It entered Chapter 11 bankruptcy in August 2020 and exited with $7.1 million of debt converted to equity.

Transocean has identified $200 million of deal-related cost savings by 2028 such as eliminating redundant G&A expenses and consolidation of overlapping global operations and shorebase support.

Transocean expects the deal to close in the second half of 2026.

Investor Presentation

KLX Energy CFO resigns to take role at EV charging company

Keefer Lehner, CFO of KLX Energy Services, has resigned his position to become the CFO of EVgo, effective January 12, 2026. Geoffrey Stanford, currently the Chief Accounting Officer, has been appointed the interim CFO.

KLX Energy Services is an oilfield services company with its head office in the Galleria area. It has annualized revenues of $645 million. It only has a market capitalization of $32 million because of a heavy debt burden ($250 million) as a result of acquisitions made in 2018-2019.

Mr. Lehner has been the CFO since July 2020 and joined the company following its all-stock merger with Quintana Energy Services, where he had been CFO since its formation. He began his career in the investment banking division of Simmons & Co.

EVgo is based in Los Angeles and operates a fast charging network for electric vehicles. It has revenues of $350 million and a market capitalization of $1 billion. The company originally started out in 2010 as a subsidiary of Houston-based NRG who sold the business in 2016 to a PE-firm. It was taken public by a SPAC in July 2021. Mr. Lehner replaces Paul Dobson, who lasted just over a year as CFO of EVgo.

Mr. Lehner will receive a base salary of $470,000 (a bump of 8% on his current base ). He will also receive a lump sum cash signing bonus of $400,000, plus time and performance-based restricted stock grants.  He does not have to relocate to Los Angeles.

Mr. Stanford joined Quintana in 2018 as its Chief Accounting Officer and took the same role after the merger with KLX. He was previously the Chief Accounting Officer at Willbros Construction.

SEC filing – 8-K – KLX CFO departure

SEC filing – 8-K EVgo CFO appointment

 

 

Long-serving Oilfield Services CFO to retire

Elijio Serrano, CFO of TETRA Technologies, has announced he will retire from his position, effective March 31, 2026. It is anticipated that Mr. Serrano will stay on as an advisor to CEO Brady Murphy, on terms to be agreed upon.



Matt Sanderson, currently Chief Commercial Officer since 2022, will become CFO. He joined TETRA in 2016. Prior to that, he spent over 19 years at Schlumberger. Compensation arrangements for Mr. Sanderson have yet to be determined. Mr. Sanderson is actually paid more in his current role ($467,500) than Mr. Serrano is in his ($452,400).

TETRA is an oilfield services company that manufactures clear brine fluids and additives for use in drilling and completion. It also has a water and flowback services division. TETRA has revenues of $600 million and a market capitalization of $1 billion.

Mr. Serrano, who has just turned 68, joined TETRA as CFO in August 2012. He also spent a long time at Schlumberger (17 years) and has been a CFO for various companies since 1999.

Earlier this month, the company appointed Katherine Kokenes as its VP – Chief Accounting Officer. She joined from Independence Contract Drilling, where she held the same title. Prior to joining ICD in 2013, she spent 17 years at Nabors Industries, another Houston-based drilling company.

The company has its head office in The Woodlands, just next to I-45. However, in August, it signed a lease to move its corporate office two miles down the road to nearby Spring (close to the ExxonMobil campus). It will vacate its existing lease early, incurring a one-time charge of $9 million, but ongoing lease costs will be lower. The company is downsizing from a 153,000 sq. ft office to one that is 62,000 sq. ft.

SEC filing 8-K TETRA Tech CFO to retire