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Calgary, Alberta--(Newsfile Corp. - July 23, 2020) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") announces that Dale M. Dusterhoft will step down as President, Chief Executive Officer and Director of the Corporation and that the Board of Directors has appointed Bradley P.D. Fedora President and Chief Executive Officer. Mr. Dusterhoft will continue in his current position and assist with this leadership transition, with Mr. Fedora's appointment becoming effective September 1, 2020. Mr. Fedora will relinquish his Chairman of the Board position but will continue as a Director. Lead Director G. Allen Brooks will temporarily chair the Board of Directors and the Board will seek to appoint a permanent chair in due course.
Mr. Dusterhoft joined Trican at its inception in 1996 and was appointed Chief Executive Officer of Trican on August 1, 2009. During his tenure with Trican, Mr. Dusterhoft served in a number of roles, including Vice President, Technical Services and Senior Vice President, before assuming the Chief Executive Officer position. In response to the significant deterioration in Canadian market conditions that began in 2014, and has continued to date, Mr. Dusterhoft oversaw a significant restructuring of Trican. These efforts have left Trican well positioned to profit on improved market conditions. Given Trican's strong balance sheet, it is poised to capitalize on opportunities during this downturn.
The Board of Directors wishes to thank Mr. Dusterhoft for his years of dedicated service to Trican, its employees, customers and shareholders. The Board wishes him the best in his future endeavors.
Mr. Fedora joined the Trican Board in July 2017 following the completion of the merger of Canyon Services Group Inc. ("Canyon") with Trican. During his 10-year term as Chief Executive Officer, Mr. Fedora oversaw the growth of Canyon from a small regional player to one of the largest pressure pumpers in western Canada with strong financial performance. It was this success and the complementary business philosophies of the two companies that led to the merger of Canyon and Trican. Mr. Fedora commented "Despite the difficult market conditions Trican is currently facing, I am looking forward to working with all stakeholders with the goal of delivering safe and efficient services to our customers, and sustainable returns for our shareholders."
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
Requests for further information should be directed to:
Phone: (403) 266-0202
Fax: (403) 237-7716
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
Please visit our website at www.tricanwellservice.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60344