MicroSeismic announced that Peter Duncan, Founder, President and CEO, will become Executive Chairman of MicroSeismic's Board of Directors and William (Bill) Coates will succeed him as President and CEO; both appointments are effective immediately.
"The Board is deeply grateful to Peter for his vision and business acumen that have grown MicroSeismic from a concept to an industry leading technology company in just eight years, and has changed the way 'unconventional' oil and gas are developed," said Wilber James, Chairman of MicroSeismic's Nominating and Governance Committee. "The Board looks forward to continuing its close working relationship with Peter in his new role as Executive Chairman and with Bill as MicroSeismic's new Chief Executive Officer as they combine their complementary skills to drive MicroSeismic's dynamic growth and continued industry leadership."
"It is with pleasure I take on this new role," said Peter Duncan, Executive Chairman, MicroSeismic, Inc. "I have worked to develop a great team over the past eight years creating the industry's leading microseismic monitoring company. I'm a technologist at heart and look forward to working more closely with our development team as we continue to enhance our product and service offering. Much of my recent time has been spent talking with legislators and other governing bodies on the safe and effective development of our country's vast natural gas assets in unconventional shale plays. I plan to continue this effort by lecturing and speaking on behalf of our industry. Bill brings a wealth of large company experience and I firmly believe he is the right person to lead MicroSeismic during its next phase of strong growth."
Bill Coates, 44, has a long history of executive experience in oilfield services, including 23 years with Schlumberger. He served for four years as President of North America and most recently was Vice President of Marketing for Schlumberger Limited, based in Paris, France. Bill brings to MicroSeismic a deep knowledge of the North American market, its customer base, and the oilfield supplier community. While at Schlumberger, Bill also worked in many international markets where MicroSeismic's technology has potential application.
Bill has been active in many industry, artistic, and charitable organizations, including the Petroleum Equipment Suppliers Association (where he served as Chairman for 2010-2011), the Houston Grand Opera, and Spindletop.
Commenting on his appointment, Bill Coates said, "I am delighted to be leading the MicroSeismic team. In my previous role, I closely watched MicroSeismic's rapid growth in this market and I look forward to supporting the company as it forges ahead on its path to sustainable long-term growth and market leadership."
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