Nine Energy Services (NINE) Announces Board Changes

Nine Energy Service, Inc. (NYSE: NINE) today announced changes to the size and composition of its Board of Directors (“Board”). Following careful consideration, the Board has unanimously agreed that a reduction in the size of the Board from eight to six members by the end of the year and a change in its composition will be beneficial to the Company and its strategic priorities moving forward. Consistent with such strategy, Mr. Ernie Danner, Mr. Andy Waite and Mr. Curtis Harrell resigned as directors effective February 28, 2025. Ms. Julie Peffer and Mr. Richard Burnett were unanimously appointed as directors on February 28, 2025, with Ms. Peffer’s service to begin on March 1, 2025, and Mr. Burnett’s to begin on May 3, 2025.

Also on February 28, 2025, the Board elected current director Mr. Scott E. Schwinger as Chairman of the Board, effective March 1, 2025, to replace Mr. Danner, and appointed current director Mr. Darryl Willis as Chair of the NG&C Committee, effective March 1, 2025, to replace Mr. Schwinger, who will continue to serve on the NG&C Committee as a member. There are no changes to Nine’s current senior management team.

“The Board remains focused on best positioning the Company to drive value for our shareholders,” said Scott Schwinger, Chair of Nine’s Board. “Following strategic discussions, the Board unanimously concluded that several new directors and perspectives would be beneficial to the Company, as would a reduction in the size of the Board. The Board is very pleased to welcome Julie and Ricky. Together they bring both financial and operational leadership, as well as deep experience and expertise in their respective fields, and I look forward to working with them.”

Ms. Peffer currently serves as the Chief Financial Officer of BigBear.ai, a publicly traded company and leading provider of highly complex AI-powered, decision intelligence solutions for government and commercial customers. Ms. Peffer brings considerable financial and leadership experience across multiple industries, coupled with global strategic and operational expertise. She has successfully implemented strategies, initiatives, systems and solutions that drive and support organizational change, performance excellence and revenue growth. Ms. Peffer, along with current Nine director and current Vice President at Microsoft, Darryl Willis, will bring a unique and differentiated perspective on AI and its impact on Nine and the industry moving forward.

Mr. Burnett is currently the President and Chief Executive Officer of Silver Creek Exploration, a privately held company focused on direct investments in non-operated working interests and royalties. Mr. Burnett brings extensive business and financial expertise from his two decades of financial management, accounting and public company expertise in the oil and gas and accounting industries.

Ernie Danner, Nine’s former Chair stated that, “Serving alongside my fellow directors and the employees at Nine over the last 8 years has been an honor. I am confident we are leaving Nine in very good hands with a Board and management team that will continue to focus on driving value for shareholders, while maintaining a culture rooted in work ethic, innovation and integrity, and I wish them all the best.”

“SCF Partners made its first investment in Nine in 2011 with an ambition of creating a premier, technology-driven completions company serving the onshore market,” said Andy Waite, Managing Partner of SCF and former Nine director. “The Nine management team has done a remarkable job navigating the volatility of the industry in recent years while maintaining a culture of service excellence. I am appreciative of the efforts and support of my fellow directors, management and the employees of Nine and other stakeholders of the Company over these many years and I wish everyone every success in the future.”

Curtis Harrell, Chief Executive Officer of Citation Oil and Gas and former Nine director added, “Nine is a unique and differentiated oilfield service provider in the space that has weathered unprecedented markets. I am excited to see what this new Board can accomplish and look forward to supporting the Company in any way I can.”

President and CEO and current director of Nine, Ann Fox added, “It has been a privilege to work alongside this Board. I appreciate the many contributions of each current and prior director, and I am very excited to continue Nine’s work with Scott as Chair and each of the remaining and new directors.”

Additionally, it is anticipated that current director Mr. Gary Thomas will resign as director effective May 2, 2025, and current director Mr. Mark Baldwin will resign effective August 1, 2025, at which time Mr. Burnett will become Chair of the Audit Committee. One additional new director with an expertise in upstream oil and gas is expected to be appointed later this year, bringing the final size of the Board to six members.

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