June 14, 2024 – The Energists assisted in the recruitment of Scott McReaken as the new CFO of oilfield services and equipment (OFSE) business Covenant Testing Technologies (CTT) based in The Woodlands, Texas.
CTT is a leading provider of flowback; production and sand management; pressure control equipment rentals, and associated services. Elizabeth Linhart led the search from Dallas, supported by Jon Hill and the research team based in Houston. “It’s been a pleasure getting to know the team at both Kingswood Capital Management and Covenant Testing Technologies,” said Ms. Linhart, referring to the private equity firm that acquired CTT in 2023 and retained The Energists for the CFO search.
Mr. McReaken is a senior executive leader with deep knowledge of strategic financial planning, capital allocation, and building out finance organizations. Most recently, he led as CEO and CFO for the John Fredriksen controlled portfolio of companies including Northern Ocean, North Atlantic Drilling, Sevan Drilling and Seadrill where significant capital was deployed to acquire, build, and maintain marine vessels for offshore day-rate based services. Mr. McReaken has also served as the Treasurer and Secretary of the International Association of Drilling Contractors (IADC) since 2013.
Jonathan Hill commented “We were very happy to be mandated by Kingswood on this one, and even happier with the result. Elizabeth led a collegial and efficient process; we now look forward to seeing the business outcome. Congratulations (and sincere gratitude) to all involved thus far!”
Covenant Testing Technologies said:
“Scott compliments and strengthens the current Covenant leadership team with over 20 years of Senior and Executive management, while leading several companies through transformative phases. With Scott’s help, we look forward to continuing to expand delivery of safe and efficient completions services.”
As CFO of Covenant, Mr. McReaken will report directly to the CEO James Stewart and lead the organization’s finance function. In this role, he will oversee all financial activities for Covenant, building a strategy and function that aligns financial operations directly with business goals.