Divestco Inc.

Divestco Inc.

March 31, 2009 19:44 ET

Divestco Divests of Its Archive and Techical Records Divisions

CALGARY, ALBERTA--(Marketwire - March 31, 2009) - DIVESTCO INC. (TSX:DVT) ("Divestco" or the "Company"), a leading provider of software, services, data and consulting to the oil and gas industry, is pleased to announce that it has reached an agreement and divested of its Archive and Technical Records Divisions to Fugro Data Solutions Canada Inc. ("Fugro"). The terms of the agreement were not disclosed. The Divestco Archive division provides innovative and cost-effective archive solutions for storing, accessing and managing proprietary seismic data. Divestco's Technical Records division provides industry-leading records and data management services designed to organize, manage and protect technical information.

Furthermore, Divestco and Furgo have agreed to enter into a long-term Data Services Agreement under which Fugro will provide all data archiving, tape copy, storage and data conditioning services for Divestco.

"Divesting of the Archive and Technical Records divisions is an important milestone in our strategy to focus on core product lines in exploration software, services, data and consulting as well as strengthening our balance sheet by rationalizing non-strategic product divisions," said Steve Sinclair-Smith, COO of Divestco.

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of software, services, data and consulting to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of software, services, data and consulting solutions offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the Toronto Stock Exchange under the symbol "DVT".

The TSX has not reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    (403) 218-6466
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer
    (403) 218-6450
    Website: www.divestco.com