NCS Multistage (NCSM) investor relations material

Executive leadership and company overview

• CEO has a background in investment banking and joined the company in 2014, progressing from corporate development to CFO and then CEO at the end of 2022.

• The company is a technology-focused oilfield services and equipment provider, serving major E&P clients in North America and internationally.

• Operates with a capital-light business model, outsourcing most manufacturing and focusing on quality assurance and assembly.

• Revenue in the last year was about $180 million, with 60% from Canada, 30% from the U.S., and 10% from other international markets.

• Customer base exceeds 200 annually, ranging from large international oil companies to smaller independents.

Industry trends and growth strategy

• The industry has shifted from resource growth to efficiency and capital returns, with customers focusing on maximizing returns on invested capital.

• The company primarily operates in the completions market, a $10 billion global segment, with less than half in North America.

• Holds about a 2% global market share, with significant growth potential outside North America.

• Competitive landscape includes large multinationals and smaller private firms, with differentiation based on technology, quality, and responsiveness.

• Focuses on proprietary technology and leadership in niche segments to deliver customer value and attractive margins.

Product innovation and market expansion

• Largest product line is fracturing systems, featuring sliding sleeve technology for downhole flow control.

• Expanded from North America to the North Sea and is entering deepwater markets with new technology developed in partnership with Shell.

• Developing solutions for high-temperature markets like SAGD and geothermal, leveraging expertise in flow control.

• Exploring opportunities in the production phase to increase touchpoints over a well’s lifecycle.

• Recent product launches include StageSaver and RapidTrace, which have seen strong customer uptake.