Cathedral Energy Services CEO announces plan to retire in April

Cathedral Energy Services Ltd. says veteran CEO Scott MacFarlane plans to retire from the Calgary-based directional and horizontal drilling company in April.

MacFarlane was chief financial officer from 2001 to 2013, when he was promoted to chief executive. He played a central role in the company’s transition to an income trust in 2002 and return to a corporation in 2009, along with expanding its presence in Western Canada and the United States.

In a news release, Cathedral said its annual revenue grew from $23.4 million in 2001 to a high of $275 million in 2014.

An energy industry downturn that began in 2015 reversed that trend and the company posted $120 million of revenue in 2019. The near collapse of drilling earlier this year resulted in its revenue in the first half of 2020 falling to $28 million from $70 million in the first six months of last year.

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In April, Cathedral announced measures to deal with the slump that included cutting its office and shop staff by 22 per cent, while the remaining Canadian non-field staff moved to a four-day work week with a corresponding 20 per cent reduction in salary.

The company also cut its director fees and CEO and executive vice-president salaries by 25 per cent.

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“Scott has proven himself as a respected executive leader and played a key role in the company reaching a number of milestones,” said Cathedral chairman Rod Maxwell, listing the company’s growth, adoption of new technologies and “adept navigation” during challenging economic conditions in 2016 and 2020.

Watch below: Some Global News videos about Canada’s oil sector.

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