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Andrew Way to join Exterran Holdings and is expected to be appointed
CEO of “SpinCo” at conclusion of separation transaction
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Brad Childers will be President and CEO of “RemainCo”
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Future CFO and board chairman assignments announced
HOUSTON--(BUSINESS WIRE)--Jun. 9, 2015--
Exterran Holdings, Inc. (NYSE:EXH) today announced that Andrew Way
will join the company on July 1, 2015 and, upon completion of the
previously announced separation of Exterran’s international services and
global oil and gas infrastructure product sales businesses into a
standalone, publicly traded company (“SpinCo”), Way is expected to be
appointed President and Chief Executive Officer (CEO) of SpinCo. Way is
currently CEO of Drilling and Surface at GE Oil & Gas, where he leads
its drilling and surface production business. The separation is expected
to be completed in the third quarter 2015.
“Andrew has demonstrated an exceptional depth of energy industry
leadership experience and a track record of impressive profit and
revenue growth during his career with GE,” said Mark Sotir, Executive
Chairman of Exterran’s Board of Directors. “I am looking forward to
working with Andrew as we continue to focus on growth and profitability
and develop competitive solutions that will create value for our
customers.”
Way started his GE career in 1996 in the supply chain and operations
organizations of GE Aircraft Engines. He held roles of increasing
responsibility before moving to GE Capital in 2001 and later served as
the managing director of GE Equipment Services. In October 2007, he
joined the GE Oil & Gas business in Florence, Italy, leading Service
Operations and serving as its Global Supply Chain & Manufacturing
leader. In 2010 he was promoted to a GE Company Officer and became a
vice president leading the Turbo Machinery Global Services business.
Additionally, Exterran announced that Jon Biro, currently Senior
Vice President and Chief Financial Officer (CFO) of Exterran Holdings,
will become CFO of “SpinCo” upon completion of the separation.
RemainCo Management
The company also announced that Exterran’s President and CEO, Brad
Childers, will be the President and CEO of Exterran Holdings
(“RemainCo”), which will be a pure-play U.S. compression services
business, upon completion of the separation.
David Miller, currently Senior Vice President and CFO of Exterran
Partners, L.P. (NASDAQ:EXLP), will become CFO of “RemainCo” upon closing
of the transaction. He will also remain the CFO of Exterran Partners.
Board Chair Assignments
Exterran also announced that Mark Sotir, Executive Chairman of
the Exterran Holdings Board of Directors, is expected to resign from the
Exterran board at the time of the separation in order to become
Executive Chairman of the new publicly traded company, “SpinCo.”
Gordon Hall, Vice Chairman of the Exterran Holdings Board of
Directors and a director of Exterran and its predecessor since 2002,
will become Chairman of “RemainCo” upon closing.
About Exterran Holdings
Exterran Holdings, Inc. is a global market leader in full-service
natural gas compression and a premier provider of operations,
maintenance, service and equipment for oil and gas production,
processing and transportation applications. Exterran Holdings serves
customers across the energy spectrum – from producers to transporters to
processors to storage owners. Headquartered in Houston, Texas, Exterran
has more than 10,000 employees and operates in approximately 30
countries. Exterran Holdings owns an equity interest, including all of
the general partner interest, in Exterran Partners, L.P. (NASDAQ: EXLP),
a master limited partnership, the leading provider of natural gas
contract compression services to customers throughout the United States.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements rely on a number of assumptions concerning future events and
are subject to a number of uncertainties and factors, many of which are
outside Exterran Holdings’ control, which could cause actual results to
differ materially from such statements. Forward-looking information
includes, but is not limited to: Exterran Holdings’ financial and
operational strategies and ability to successfully effect those
strategies; Exterran Holdings’ plan to conduct a separation of certain
of its businesses, the possibility that the proposed transaction will be
consummated, the timing of its consummation; the expected benefits from
the proposed transaction and the expected President and CEO, CFO and
Chairman of the Board of each of SpinCo and RemainCo; Exterran Holdings’
expectations regarding future economic and market conditions; Exterran
Holdings’ financial and operational outlook and ability to fulfill that
outlook; and demand for Exterran Holdings’ products and services and
growth opportunities for those products and services.
While Exterran Holdings believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent difficulties
in predicting certain important factors that could impact the future
performance or results of its business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are: local, regional, national and
international economic conditions and the impact they may have on
Exterran Holdings and its customers; changes in tax laws that impact
master limited partnerships; conditions in the oil and gas industry,
including a sustained decrease in the level of supply or demand for oil
or natural gas or a sustained decrease in the price of oil or natural
gas; delays, costs and difficulties that could impact the completion and
expected results of the proposed separation transaction; Exterran
Holdings’ ability to timely and cost-effectively execute larger
projects; changes in political or economic conditions in key operating
markets, including international markets; any non-performance by third
parties of their contractual obligations; changes in safety, health,
environmental and other regulations; and the performance of Exterran
Partners.
These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Exterran Holdings’ Annual Report on Form 10-K for the year ended
December 31, 2014, and those set forth from time to time in Exterran
Holdings’ filings with the Securities and Exchange Commission, which are
available at www.exterran.com.
Except as required by law, Exterran Holdings expressly disclaims any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150609006706/en/
Source: Exterran Holdings, Inc.
Exterran Holdings, Inc.
Media
Susan Moore, 281-836-7398
or
Investors
David
Oatman, 281-836-7035