Al Khobar, Saudi Arabia, 25 April 2010, Shoaibi Group, a leading provider of oil and gas technology products and services based in Al Khobar, Saudi Arabia announces that David Malone, an oilfield services executive who spent over 25 years at Schlumberger, has been named Chief Technology Officer of Shoaibi Group, effective April 1st, 2010.
In this capacity Mr. Malone will lead Shoaibi Group investment activities in Oil and Gas technology that is appropriate for the Middle East market. In addition he will assist Shoaibi portfolio companies in their technology and business development activities in Shoaibi Group's operating countries; Saudi Arabia, Bahrain, Algeria and Egypt.
Bio:
Most recently David Malone served four years as a Portfolio Manager for the Mergers and Acquisitions Group in Houston. In this capacity his primary objective was to identify and acquire technology based businesses matching the company's strategic needs. Some of his projects include the acquisition Nexus Geosciences, Insensys Subsea Sensing systems and Raytheon's heavy oil conversion technology. In addition he managed the divestment of Schlumberger's drilling business in Gabon and established joint ventures or equity investments in New Tech Engineering and Advanced Completions Technology.
Prior to his assignment in Corporate Development Mr. Malone worked for 17 years in Research, Product Development, Business Development and Manufacturing. His most recent assignments include:
- Vice President of Research, Product Development and Manufacturing for WesternGeco ;
- Vice President of Research and Development for Well Completions and Productivity (includes Testing, Artificial lift , Subsea Intervention and Completions); and
- Vice President of Research and Development for the Camco family of companies after the acquisition of Camco by Schlumberger in 1998.
Mr. Malone holds 19 patents in the MWD, LWD, Directional Drilling, Seismic and Completions domains. He is a member of the Society of Petroleum Engineers, American Society of Mechanical Engineers and the Association for Corporate Growth.
Commenting on the addition of Mr. Malone's to Shoaibi Group executive management team, Walid Al Shoaibi, Shoaibi Group Managing Director said:
"We are extremely happy to announce the appointment of such a capable and experienced industry executive as David Malone to lead the next chapter of Shoaibi Group development. David now has the opportunity to apply his profound experience in the oil and gas industry to one of the most strategically attractive growth platforms of Shoaibi Group.
David Malone commenting on his appointment:
"I look forward to the opportunity to promote the introduction of new technology into the MENA region through the Shoaibi Group. The skills, experience and geographic presence of the group provide an ideal platform to help innovative companies to penetrate this important market."
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About Shoaibi Group
Headquartered in Saudi Arabia, with operations in Bahrain, Algeria, and Egypt the Shoaibi Group of companies works with local and international partners, predominately in the oil, gas and petrochemicals industry, to introduce innovative proven technology to the MENA region. The Group comprises over 100 subsidiaries, local and international joint ventures and agency representations in the fields of exploration, production, and support services to the oil and gas industry, as well as oil refining, petrochemicals, maritime services, and products distribution. In recognising the need for oil operators to control costs by becoming more efficient in discovery and recovery processes, Shoaibi Group has become a leader in partnering, developing, and investing in cutting edge oil and gas technology companies with the objective of addressing the needs of the MENA region's reservoirs.
www.shoaibigroup.com
Shoaibi Group
© Press Release 2010
