The Energists Assists Covenant Testing Technologies with CFO Search

June 28, 2024 – Houston, TX-based executive search firm The Energists has helped to recruit Scott McReaken as the new CFO of oilfield services and equipment (OFSE) business Covenant Testing Technologies (CTT) in The Woodlands, Texas. Elizabeth Linhart led the search, supported by Jon Hill and the research team. “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.

“We were very happy to be mandated by Kingswood on this one, and even happier with the result,” said Mr. Hill. “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.”

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.

“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,” Covenant Testing Technologies said. “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.

CTT is a provider of flowback; production and sand management; pressure control equipment rentals, and associated services.  As a singularly focused, pure play well flow management business, they bring together one of the largest, specialized high volume well testing and flowback fleets in the world with some of the most skilled and knowledgeable operators in the business.

Related: The Energists Expands to Dallas

The Energists is a boutique executive search firm focused on the energy sector. Its client list is diverse across the energy industry, geographies, and business scenarios. A boutique, high integrity firm established in 1979, The Energists operates exclusively within the energy industry. Its staff comprises accomplished industry professionals and leaders, each with their own area of expertise. Since inception, The Energists has developed a reputation for identifying and recruiting high impact technical and leadership talent for notable organizations within the energy domain. They are focused on the talent needs within the sector including power and utilities (conventional, renewable, and storage); upstream, midstream, and downstream oil & gas; oilfield services and equipment (OFSE), consulting (EPCs), transportation (air/land/sea – multi-modal), investment banking, and non-bank financial services including private equity and debt (RBL/ABL).

Ms. Linhart is a partner with The Energists where she focuses on recruiting leadership talent across the energy sector. She has 15 years of executive search experience, including prior roles as principal and COE leader at Korn Ferry. Prior to entering executive search, Ms. Linhart pursued a career as an attorney in California and Texas wherein she focused on commercial transactions.

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Mr. Hill is chairman and CEO of the The Energists. With 25 years of energy industry experience before moving to executive search in 2015 , he has partnered with a broad variety of publicly traded, governmental, privately owned, and fund backed clients. Mr. Hill has supported executive search clients in North America, Europe, the Middle East and Asia-Pacific and has deep expertise in upstream oil & gas, energy & utilities, banking, manufacturing, and transportation (including midstream).

New Dallas Office

In February, The Energists opened a new office in Dallas, TX, and named Mr. Linhart as a partner. “I am thrilled to establish a physical presence in Dallas, bringing the firm closer to its mid-continent client base,” said Mr. Hill. “Elizabeth’s addition to the team represents a substantial investment, bringing considerable experience that enhances our capability both domestically and internationally. Importantly, Elizabeth aligns with our core values of collaboration, inclusion, and integrity.”

“This move comes at a timely moment, responding to strong post-COVID customer demand for support in achieving their human capital objectives,” Mr. Hill said. “Collaborating with our headquarters team in Houston, Elizabeth deepens our regional knowledge, strengthens relationships within the PE community, and expands the firm’s functional expertise to include general counsel positions, all across our global client base.”

Related: Energy Sector Seeks Leadership

Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor  – Hunt Scanlon Media

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