Stuart Spence Email & Phone Number

Houston, Texas, Us

Spence & Co. is the Management Consultancy arm of The Spence Family Office and manages the financial investments of the Spence family. Spence & Co. also oversees the philanthropic activities of the Spence family.

Houston, Texas, Us

$10Bn Revenue Offshore & Onshore Hydrocarbon Engineering & Construction Company with overall responsibility for Finance and IT Functions, member of Executive Committee and Company Strategic Committee Formation of Vision and transformation strategy for Finance and IT with a goal of moving from Assurance only functions to Trusted AdvisorsRebuilt corporate and field teams into multi cultural high performing teams. Created new target operating model, enterprise standards and outsource model. Achieved an Accelerated Earnings release. Implemented enterprise wide new planning and control cycle, long range model and new activity based costing. Completed ERP Blueprint process and commenced Oracle Cloud implementation. Rebuild and refocused all financial and non financial performance reports to the Executive Committee.Sponsor for various operational excellence initiatives including Q2’18 Combination Profitability Initiative on CBI combination, Q3’16 Fit to Grow efficiency program, Q3’15 Additional Overhead Reduction and Q4’14 McDermott Profitability Initiative. Capital MarketsQ3’19 $1.7Bn super priority finance raise ($1.3Bn debt and $400MM Letters of Credit)Q2’18 capital raise for the CBI combination covering $2.2Bn Credit Facilities, $2.3Bn Term Loan, $1.3Bn Bond and roll over of various bi-lateral facilitiesQ4’18 capital raise $530MM between a PIPE $300MM and $230MM additional LC capacityContinually increased in Bi-Lateral LC linesQ1 ’16 Amended and extended $600MM credit facilityQ3’15 Exercised accordion feature on $400MM credit facility ($120MM)Capital Markets relationship improvements including newn earnings press release, guidance details supplemental deck, simplified SEC filings and Investor Day.Participant in various strategic committees evaluating growth strategies, M&A and Disposals and led two commercial dispute settlements.

Houston, Texas, Us

Overall strategic and operational responsibility for Artificial Lift Product & Service Line.Grew revenue profitably through organic growth initiatives +16% in 2013 and formed a plan for +50% growth in 2014. Recruited Corporate function leaders, Latin America and Middle East management teams, restructured US operations management team and integrated business into geographic matrix and onto SAP. Invested heavily in Technology, Capital Asset Infrastructure, lease business model, working capital and two acquisitions in first 18 months of strategy execution. Acquired and integrated supplier in China being the first corporate acquisition in China, acquired Progressive Cavity Pump business in Canada. Evaluated numerous opportunities in US, Europe and Russia. Various other milestones included branding campaign, positioned business to bid on large contract opportunities, entered 2 countries in Latin America, building of four significant field bases, built technology lab, commercialized new products, achieved 11 consecutive months of zero HSE incidents, renegotiated supply chain contracts saving 15%, definition of workforce, career map creation, competency definition, training program creation and first University graduate recruitment.

Houston, Texas, Us

Following the sale of Global Oilfield Services to Halliburton, I transferred internally with Halliburton as Strategic & Marketing for the Completion & Production Division that included the Product Lines - Production Enhancement, Cementing, Well Intervention, Completion Tools, Artificial Lift, Chemicals. Formed and led the creation of a strategy team to develop 5 year strategy for Artificial Lift with final presentation and approval from Halliburton CEO and COO. Adhoc strategic initiatives included Guar market analysis, formation of Chemical Product Steering Committee, and advisor on Production business strategy. Co-ordination of annual strategy planning cycle.

Houston, Texas, Us

Led in conjunction with CEO and Pine Brook Road Partners the presentation and negotiation of the sale of the company to Halliburton in November 2011, structured as cash at close and a 1 year earn out period.

Houston, Texas, Us

Founding shareholder and part of small executive management team for a startup Artificial Lift company.Company formed in May 2008 with first acquisition, International Tool & Supply. Subsequently worked with the CEO to raise $100MM line of equity from Pine Brook Road Partners in April 2009. Our platform acquisition of Green Country Electrical Submersible Pumps for $26MM was closed in June 2009. Two other bolt on acquisitions were completed in December 2009 and May 2010, the former with an earn out mechanism. Raised three lines of asset-backed financing between February 2010 and September 2011 totaling $25M. Worked with the management team to grow the company from $3MM to approximately $80MM in three years. To support growth I operated in a very broad role to support the CEO covering functions outside of finance at at various stages of the company’s evolution including, supply chain, manufacturing, engineering, product development, all material commercial transactions and back office functions. Creation and management of a new supply chain that included seven product partners based in the U.S., China, Brazil and U.K., Negotiated supply terms, development rights, support structures, intellectual property and right of first refusal agreements. Five-year volume of supply chain estimated at $200MM. Restructured Manufacturing including first quality management system, root cause analysis, work procedures, shop floor data collection, planning and customer service. Restructured headcount, saving 30% on workforce costs. Improved Engineering by defining function role within organization, structuring work flows and changing department into a market led product lifecycle. Created a two year Product Development program covering Remote Monitoring & Control, Sizing, and down-hole Gauges and managed a product champion and two external development companies.

Development stage company created to build, own and operate a portfolio of coal and petcoke gasification plants in North Amercia. Private Equity owned company - D.E. Shaw and Goldman Sachs. Capital commitments were also in place from Eastman Chemical Company and GE Finance. Plant off take products included fertilizers, hydrogen, other industrial gases, electricity, synthetic natural gas and CO2. Plant construction costs ranged from $1+Bn to $2+Bn.

Following the sale of Vetco Gray to GE Oil & Gas, I moved to London to market the remaining business, Aibel, for sale. Completed standalone financing for Aibel that included $450+MM of senior and mezzanine debt, $100+MM revolver and $200+MM of bonding, including bank syndication process and presentation as part of the split from Vetco Gray. Completed $8MM common share buyback. Key member of sales process with Credit Suisse as advisors. Business was sold to Ferd Private Equity in September 2007.

Private Equity (Candover, 3i and JPMorgan) acquired two Oil & Gas business units from ABB (Vetco Gray $2B Subsea, Drilling and Surface Equipment and Aftermarket provider and Aibel $1B EPC and Operations & Maintenance provider for on and offshore production facilities) and combined them under a holding structure called Vetco International.Built corporate financial infrastructure and staff and functionally responsible for Business Unit finance staff (180 heads). Built an internal control environment compliant with FCPA deferred prosecution agreement. Completed two draft F1 SEC Registration documents and two refinancings returning $400+MM to shareholders. Participant in new strategic plan formation for Vetco Gray facilitated by McKinsey & Co. Key leadership role in the M&A sale of Vetco Gray to GE Oil & Gas for $2.2BN that closed February 2007

Aberdeen, Gb

CFO for Global Division providing Aftermarket, Operations and EPC services for a range of OEM Gas Turbines including various jilt ventures ($700MM Revenue). Implemented a restructuring program and managed restructuring reserves as part of Business Unit turnaround initiative. Participated in formation of new strategic plan, evaluated acquisition, divestiture, joint ventures and large EPC contracts.

Houston, Texas, Us

Segment Financial Controller for global Well Completions and Productivity Product Line ($1.4Bn Revenue) covering Artificial Lift, Completion Tools and Well Testing. Part of the executive management team to integrate the Camco acquisition into SLB processes, systems and procedures. Participated in formation of new strategic plan. Decentralized the financial reporting, rebuilt the corporate and manufacturing centre financial teams, acquired 5 companies totaling $180MM and oversaw the strategic capital program investment of $85MM.

Houston, Texas, Us

Segment Controller for Geco Prakla (global Seismic product line $700MM Revenue). Part of an initial 3 person team to negotiate the formation of the Western Geco JV with Baker Hughes merging Western Geophysical with Geco Prakla, involving an initial payment to BHI of $500MM. Full sale and purchase agreement negotiation and integration planning.

Houston, Texas, Us

Financial Reporting Manager for Oilfield Services Segment ($7.5Bn Revenue). Managed the financial reporting transition and restatement from Global Product Lines to a Geographic Matrix organization. Advised on accounting treatment for significant new joint venture, led various cost analysis and reporting for cost reduction programs, evaluated significant capital investment decisions.

Houston, Texas, Us

Financial Reporting Manager for world wide Wireline & Testing Product Line ($2.5Bn Revenue). Managed a corporate reporting team consolidating the geographic business units and corporate costs for upward reporting to Schlumberger corporate in New York. Strengthened financial consolidation tools and controls. Reviewed significant capital investment decisions and led a financial audit of the Venezuela operations.

Houston, Texas, Us

Controller for Wireline & Testing Continental Europe unit. Part of management team driving the profitable growth of Holland, Denmark, Germany and Romania business ($50MM Revenue) . Resolved various tax disputes and evaluated the acquisition of a business in Romania.

Houston, Texas, Us

Financial Reporting and Analysis for Wireline & Testing North Sea Region ($150MM Revenue), implemented new tools for annual budget, forecasts and other financial statements, participated in discretionary spend rationalization project. Completed the acquisition and financial integration of Oilphase Sampling Ltd.

Dublin 2, Ie

Worked for BP (IT Department Controller and Clyde Field Production Asset Controller) and London Stock Exchange Systems Upgrade Project (IT Project Controller) as clients of Accenture Outsourcing. Based in Aberdeen, Scotland and London. Invaluable experience in the areas of Client Service and Service Quality.

Paris La Défense Cedex, Fr

Graduate accountant training program participant with various roles in the Drilling and Exploration areas.

Ceo Leadership Skills

Strategy - Sustainable Competitive Advantage

Transition To General Management

Bachelor Of Accounting, Accounting