SPRING, Texas, July 22, 2014 /PRNewswire/ -- Integrated Drilling
Equipment Holdings Corp. ("IDE") (OTC: IRIG) announced today the
appointment of Jim Terry, 60, as
chief executive officer, effective immediately. Mr. Terry replaces
the former CEO, Stephen Cope, who
resigned in April of this year. Effective with his CEO appointment,
Mr. Terry will also become a member of IDE's Board of
Directors.
Prior to his appointment, Jim
Terry was the CEO and President of Particle Drilling
Technologies ("PDT"). PDT is a manufacturer of innovative well
drilling bits and surface equipment used in drilling hard rock
formations. This technology allowed the well driller to cut through
hard rock formations up to 6X faster than conventional drill bits.
Prior to PDT, Mr. Terry was the Vice President of Drilling Services
at Weatherford International from 2002 to 2006. From 1993 to 2002,
Mr. Terry was at Halliburton Company in increasingly responsible
roles. Prior to Halliburton, Mr. Terry was an executive with Smith
International and Baker Hughes. Jim
Terry resides in Houston,
Texas and holds a BA in Business from San Francisco State University.
Jim Terry said, "I am extremely
excited about my new role as CEO of IDE. The Company's founder,
Steve Cope, has established IDE as a
premier manufacturer of drilling rigs combined with automated
controls and electronic variable frequency drive systems that are
proving to be ideally suited for today's demanding horizontal
drilling operations, as well as providing industry recognized
fabrication and rig up services to a growing base of customers. I
believe my experience and industry knowledge makes me well suited
to continue to expand the company's offerings and improve upon the
strong foundation established by Mr. Cope."
James N. Mills, chairman, said,
"After an extensive search, the board joins me in welcoming
Jim Terry on his appointment as
chief executive officer of IDE. In Mr. Terry, we have a strong,
accomplished executive in the oil and gas industry who will provide
the necessary leadership to drive the company's next phase of
growth, building a diversified oilfield services and manufacturing
company with global reach."
About IDE
IDE and its predecessor companies have been active in providing
services and products to the drilling industry since 1981. IDE's
principal service and product offerings consist of the design,
engineering and construction of new land and offshore rigs based on
IDE designs or modified to customers' specifications; providing
extensive reconfiguration and refurbishment services for rigs to
repair and/or extend their life or to adapt them for different
drilling environments; providing rig upgrade packages,
refurbishment services, and related components for land and
offshore new build rigs; supplying integrated electrical and
hydraulic control systems for a wide range of land and offshore
drilling rigs; and providing engineered hydraulic rig solutions.
For more information on IDE, please visit:
http://www.ide-rig.com
SOURCE Integrated Drilling Equipment Holdings Corp.
