Calgary-based Divestco is to acquire Geo-X Systems’ seismic processing division for C$11.5 million—mostly in cash. Geo-X was founded in 1971 by Don Chamberlain. Chamberlain is to retain Geo-X’s ARAM seismic recording systems division. Geo-X specializes in high resolution onshore processing—particularly with R&D-oriented seismic projects. Divestco CEO Stephen Popadynetz said, ‘This is a perfect fit with our seismic acquisition business—expanding our existing products and services.’
Divestco is offering employment to all 101 employees of the processing division and has already retained top management.’ The unit will be led by Oliver Kuhn who has been with GEO-X since 1984. Divestco expects the new unit to contribute around $15 million in revenue and $3 million in EBITDA. Divestco is in the process of integrating its software, services, and datasets.
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