In March, Thigpen Energy's management team decided to change its market focus to industrial and pipeline integrity projects requiring large-scale portable fueling solutions, and reallocate resources away from the exploration and production (E&P) fueling market. The company says that this strategic realignment proved to be timely, as the fueling services business at Thigpen has grown tenfold in just six months. As a result of this momentum, the board of directors agreed to spin Thigpen Energy out of the TRF Energy Solutions holding company as a stand-alone portfolio investment in order to provide more robust capital support for the steady growth of the business.
Coincident with the timing of this spin-off strategy, Sam Thigpen, founder and CEO of Thigpen Energy, will transition from his operational role and join the company's board of directors to provide continued strategic guidance, customer insight, and corporate governance. Jim Schauer, previously senior vice president of marketing and sales, will assume the role of president and CEO, effective Oct. 1.
In addition to moving up to the Thigpen Energy board of directors, Sam Thigpen will also be engaging in a new opportunity with Chart Industries Inc.'s (Nasdaq: GTLS) Energy and Chemicals business unit. Thigpen has accepted a role as vice president and general manager of lifecycle products and services.
Thigpen Energy, founded in 2005, provides LNG virtual portable pipeline solutions to deliver mission-critical natural gas to industrial, utility, and pipeline customers, and also provides fueling solutions for drilling, pressure pumping, and other remote oilfield operations.