PE-backed PDC Logic adds Halliburton vet to board

Norman, Oklahoma-based PDC Logic, a maker of matrix poly diamond crystalline bits and roller-cone bits used in drilling and completion operations, has named Steve Allen to its board of directors. Allen spent 40 years at Halliburton where he built the firm’s drill bits and services division. PDC Logic is a portfolio company of Intervale Capital.

PRESS RELEASE

HOUSTON, May 4, 2018 /PRNewswire/ — PDC Logic announces the appointment of drill bit veteran Steve Allen to the Board of Directors.

Mr. Allen brings extensive drill bit experience to PDC Logic’s board after spending over forty years building Halliburton’s Drill Bits and Services division (or “DBS”). During his time with Halliburton, Steve held many leadership roles that were instrumental in growing DBS into one of largest global players in the drill bit industry. Prior to his recent departure, which included stewardship of the division through a historic downturn, Steve oversaw growth initiatives to capture additional international market share while preserving DBS’ leading position in the North American drill bit market.

“We are all incredibly excited that Steve has decided to join our board,” commented Warren Dyer, President and CEO of PDC Logic. “Steve’s extensive experience and hands-on leadership style will provide valuable strategic guidance as we look to execute on our aggressive growth initiatives.”

“I am honored to join the PDC Logic Board of Directors,” said Mr. Allen. “The company is poised for significant growth by capitalizing on a long-standing culture of technology innovation, first-class customer service and superior field performance.” Steve continued, “I look forward to working with the dynamic team of experienced bit professionals that has been assembled at PDC Logic and contributing to the company’s growth objectives and strategic direction. I am also looking forward to working with Intervale Capital, a private equity firm focused on building best-in-class oilfield services and equipment companies.”

Intervale Capital acquired a majority stake in PDC Logic in early January and in early April brought on Warren Dyer as President and CEO. Intervale previously worked with Mr. Dyer to grow Ulterra Drilling Technologies (“Ulterra”) into one of the largest global independent drill-bit players. Intervale sold Ulterra to a multi-national manufacturer of mining drilling tools and consumable products in 2012.

About Intervale Capital:
Founded in 2006, Intervale Capital is a specialized energy-focused investment firm. Intervale invests primarily in middle-market energy services and manufacturing companies. The firm has raised $1.3 billion of committed capital since its inception, and is currently investing from its third fund.

About PDC Logic:
Headquartered in Norman, Oklahoma, the Company designs, manufactures, rents, and sells matrix Poly Diamond Crystalline (PDC) bits and Roller-cone bits, used in drilling and completion operations. The Company was founded in 2007 by the Waitman’s and has operations in the Permian, Mid-Continent, Eagle Ford and DJ Basins.