Ulterra Drilling Technologies names oilfield veteran Bob Iversen as CEO

Ulterra Drilling Technologies(TM), a manufacturer of specialized oilfield drill bits and measurement-while-drilling (MWD) tools, has named Bob Iversen as its President and Chief Executive Officer. Mr. Iversen replaces Robert Harrison, the former CEO, who has stepped down for personal reasons.

Mr. Iversen comes to Ulterra(TM) with broad experience in executive and operations management in the sales, service, and manufacturing sectors of the upstream oil and gas industry. He currently serves as a member of Ulterra’s Board of Directors and as Chairman of the Board of Valesco Energy Ventures, a Canadian oilfield service company. Cherington Capital has equity investments in both Ulterra and Valesco.

Mr. Iversen was most recently President of INRG, a Houston-based consultancy that provides management, investment, sales and human resource services to the oil and gas industry. Prior to INRG, Mr. Iversen spent two years as Senior Vice President at NQL Energy Services where he was responsible for the company’s drill bit, downhole tool and MWD product lines. Before joining NQL, he served for eight years as President and CEO of Diamond Products International (DPI), a drill bit manufacturer. During Mr. Iversen’s tenure, DPI’s revenue grew from $2.5 million to $30.0 million.

“We are very fortunate to bring Bob’s tremendous experience to Ulterra,” commented Charles Cherington, Managing Partner of Cherington Capital. “We’re confident that Bob’s track record of successes in both the drill bit and MWD segments will allow Ulterra to build upon its recent growth.”

Prior to leading DPI, Mr. Iversen served for 17 years as an executive at Baker Hughes, primarily in its Hughes Christensen division, and as a manager in predecessor company Eastman Christensen. Mr. Iversen earned a B.S. in Petroleum Engineering from Montana Tech.