Shoaibi Group announced that David Malone, an oilfield services executive who spent over 25 years at Schlumberger, has been named Chief Technology Officer of Shoaibi Group, effective April 1st, 2010.
In this capacity Mr. Malone will lead Shoaibi Group investment activities in Oil and Gas technology that is appropriate for the Middle East market. In addition he will assist Shoaibi portfolio companies in their technology and business development activities in Shoaibi Group’s operating countries; Saudi Arabia, Bahrain, Algeria and Egypt.
Most recently David Malone served four years as a Portfolio Manager for the Mergers and Acquisitions Group in Houston. In this capacity his primary objective was to identify and acquire technology based businesses matching the company's strategic needs. Some of his projects include the acquisition Nexus Geosciences, Insensys Subsea Sensing systems and Raytheon's heavy oil conversion technology. In addition he managed the divestment of Schlumberger's drilling business in Gabon and established joint ventures or equity investments in New Tech Engineering and Advanced Completions Technology.
Prior to his assignment in Corporate Development Mr. Malone worked for 17 years in Research, Product Development, Business Development and Manufacturing. His most recent assignments include:
Mr. Malone holds 19 patents in the MWD, LWD, Directional Drilling, Seismic and Completions domains. He is a member of the Society of Petroleum Engineers, American Society of Mechanical Engineers and the Association for Corporate Growth.
Walid Al Shoaibi, Shoaibi Group Managing Director said, "We are extremely happy to announce the appointment of such a capable and experienced industry executive as David Malone to lead the next chapter of Shoaibi Group development. David now has the opportunity to apply his profound experience in the oil and gas industry to one of the most strategically attractive growth platforms of Shoaibi Group."
David Malone commenting on his appointment, said "I look forward to the opportunity to promote the introduction of new technology into the MENA region through the Shoaibi Group. The skills, experience and geographic presence of the group provide an ideal platform to help innovative companies to penetrate this important market."
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