HOUSTON--(BUSINESS WIRE)--April 18, 2005--Hanover Compressor
Company (NYSE:HC) announced today that it has aligned its global
operations into three key regions (Eastern Hemisphere, Latin America
and United States) to strategically position the company for enhanced
operational focus and more efficient allocation of company assets and
resources. Hanover's Geographical Business Unit organization will
report up through these regions.
Norrie Mckay will lead Hanover's Eastern Hemisphere operations
covering Europe, Asia, the Middle East and Africa. Mr. Mckay, who will
join Hanover in May as Vice President-Eastern Hemisphere, has more
than 23 years of international experience in 10 countries with
Schlumberger Oilfield Services. During his tenure with Schlumberger,
Mr. Mckay served in a number of roles with increasing management
responsibilities over a wide number of product lines; he has a proven
background in integrating business units around the world. Mr. Mckay
will be based in Milan, Italy.
Hanover's Latin American operations will focus on continued growth
of this key region. Steve Muck will lead the expanding operations as
Vice President-Latin America. Mr. Muck has more than 20 years of
experience in the oilfield services industry, with extensive
management experience in international operations, including Latin
America.
Brian Matusek has been promoted to Senior Vice President-U.S.
Operations and Global Services. Mr. Matusek will lead a team
responsible for all U.S. operations and for Hanover's U.S. and
Canadian product service lines with near-term focus on building
operational and cost efficiencies to improve customer relationships
and profitability. Additionally, Mr. Matusek will head up Hanover's
newly established Global Services group dedicated to optimizing global
services delivery of quality assurance, project management,
engineering, operations support, asset management and supply chain.
Mr. Matusek joined Hanover in 2003 as Vice President of Marketing and
Business Development. He has more than 20 years of experience in the
compression and oilfield services industries with Production Operators
Incorporated and in international operations with Camco and
Schlumberger.
"We are pleased to welcome Norrie Mckay," said John Jackson,
President and Chief Executive Officer. "Hanover will benefit from
Norrie's expertise in the global oilfield and energy service markets
as we look to develop emerging opportunities in the Eastern Hemisphere
and further our goal to be the 'Total Solutions' provider of natural
gas compression, production and processing equipment and services for
oil and gas producers worldwide. All of these appointments align the
strength of Hanover's management team with the growth opportunities in
the Eastern Hemisphere and Latin America, while allowing further
development of cost efficiencies and operational effectiveness in the
mature U.S. market."
Forward-looking Statements
Certain matters discussed in this presentation are
"forward-looking statements" intended to qualify for the safe harbors
established by the Private Securities Litigation Reform Act of 1995
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements can generally be identified as such
because of the context of the statement or because the statement
includes words such as "believes," "anticipates," "expects,"
"estimates," or words of similar import. Similarly, statements that
describe Hanover's future plans, objectives or goals or future
revenues or other financial measures are also forward-looking
statements. Such forward-looking statements are subject to risks and
uncertainties that could cause our actual results to differ materially
from those anticipated as of the date the statements were made. These
risks and uncertainties include, but are not limited to changes in
economic or political conditions in the countries in which we do
business; changes in currency exchange rates; the inherent risks
associated with our operations, such as equipment defects,
malfunctions and failures and natural disasters; governmental safety,
health, environmental and other regulations, which could require us to
make significant expenditures; our inability to implement certain
business objectives such as international expansion, generating
sufficient cash, accessing capital markets, and refinancing existing
or incurring additional indebtedness to fund our business; and risks
associated with the decreased financial flexibility associated with
our substantial debt. A discussion of these and other factors is
included in the Company's periodic reports filed with the Securities
and Exchange Commission.
About Hanover Compressor Company
Hanover Compressor Company (NYSE: HC) is a global market leader in
full service natural gas compression and a leading provider of
service, fabrication and equipment for oil and natural gas processing
and transportation applications. Hanover sells and rents this
equipment and provides complete operation and maintenance services,
including run-time guarantees for both customer-owned equipment and
its fleet of rental equipment. Founded in 1990 and a public company
since 1997, Hanover's customers include both major and independent oil
and gas producers and distributors as well as national oil and gas
companies. More information can be found on the Internet
(www.hanover-co.com).
CONTACT: Media Relations Inquiries:
Manager, Corporate Communications
Richard Goins, 832-554-4918
E-mail: rbgoins@hanover-co.com
or
Investor Relations Inquiries:
Vice President, Investor Relations and Technology
Stephen York, 832-554-4856
E-mail: syork@hanover-co.com
SOURCE: Hanover Compressor Company