NCS Multistage Holdings, Inc. (NCSM)

NCS Multistage Holdings was an oilfield technology company headquartered in Houston, Texas. The business was established in 2006 and operated in the United States, Canada and a number of international markets. It was known for products and services that supported well completions, in particular the fracturing systems used to stimulate oil and gas wells in horizontal drilling programs.

The company was previously named Pioneer Super Holdings, Inc. and changed its name to NCS Multistage Holdings in December 2016. It completed its initial public offering in 2017 and listed its common stock on the Nasdaq under the symbol NCSM. In later years it carried out a reverse stock split to maintain compliance with exchange listing standards.

NCS's offerings included casing-installed sliding sleeves, downhole isolation assemblies, sand jet perforating products and injection control devices, along with repeat precision products. It also offered tracer diagnostics services, using chemical and radioactive tracers to evaluate well completion effectiveness and reservoir characteristics. Customers were principally exploration and production companies, which the company served through a direct sales force and operating partners.

In 2026 Weatherford International, an oilfield services company listed on the Nasdaq, agreed to acquire NCS Multistage in a merger. Each NCS share could be exchanged for either 0.5537 Weatherford ordinary shares or a combination of cash and 0.2392 Weatherford ordinary shares, subject to proration. The mixed package was elected by a majority of eligible shares, and the share-only consideration was reduced through the proration procedures.

The merger closed on September 1, 2026, and NCS became a wholly owned subsidiary of Weatherford. At closing NCS repaid and terminated its May 2022 credit agreement, and outstanding restricted stock units, performance units and in-the-money vested options were assumed by Weatherford and converted using the exchange ratio, while options with exercise prices at or above the merger consideration were canceled without payment. NCS's existing directors and officers resigned, and its stock stopped trading on Nasdaq at the closing, with a Form 25 filed to complete the delisting.