NCS Multistage (NCSM) Lytham Partners 2026 Industrials & Basic Materials Summit summary

Executive background 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% international.

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

Industry trends and growth strategy

• Industry has shifted from resource growth to efficiency and return on invested capital, with customers seeking operational efficiency.

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

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

• Key growth drivers include expanding internationally and increasing market share in the U.S. completions market.

• Innovation and proprietary technology are central to differentiation and customer value.

Competitive landscape and product innovation

• Competes with large oilfield service firms and smaller private companies, with competition varying by product line and geography.

• Differentiates through product quality, responsiveness, and proprietary technology, especially in fracturing systems.

• Sliding sleeve technology in fracturing systems is a core product, enabling efficient flow control and well productivity.

• Recent innovations include StageSaver for hydraulic fracturing efficiency and RapidTrace for on-site tracer diagnostics.

• New product introductions face varying adoption rates depending on complexity and customer risk appetite.