Calfrac Well Services names interim chief executive

Calfrac truck Source: JWN Energy file photo

Calfrac Well Services Ltd. says George Armoyan has been appointed as interim chief executive officer.

In connection with the change, Ronald Mathison move from his role as executive chairman to just chairman of the company.

The company says Armoyan joined the company's board of directors in December 2020 and controls Calfrac's largest shareholder, G2S2 Capital Inc.

Mathison says Armoyan has a proven track record of creating shareholder value by applying a common-sense approach to business.

Calfrac underwent a recapitalization plan late last year that saw holders of its senior unsecured notes swap debt for shares, leaving existing shareholders with a reduced stake in the company.

The company provides oilfield services in Canada, the United States, Argentina and Russia.

© 2021 The Canadian Press

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.