Oil Patch Bits: ASRC announces the creation of new platform company

Arctic Slope Regional Corp. is pleased to announce the establishment of a new platform holding company, ASRC Industrial Services LLC. AIS will be headquartered in Concord, California. Greg Johnson, the president and chief executive officer of ASRC’s wholly owned subsidiary Petrochem Insulation Inc. will take over as president and CEO of AIS. Petrochem will be AIS’ first operating company.

“On behalf of ASRC’s board of directors, I am proud to announce the creation of ASRC Industrial Services,” said Crawford Patkotak, ASRC board chairman. Rex A. Rock Sr., president and CEO of ASRC, added, “I believe the establishment of AIS positions ASRC to leverage the talented leadership team and workforce at Petrochem to expand our industrial services offerings into attractive new markets for the benefit of our shareholders.”

“I am excited about the future of AIS,” said Johnson, president and CEO of AIS. “I look forward to building on the momentum we have created over the last 15 months at Petrochem to expand our service offerings to existing and new customers, provide additional opportunities for our employees and ultimately increased benefits to ASRC’s shareholders.”

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