Stock Exchange: TSX
CALGARY, Jan. 7 /CNW/ - Pason Systems Inc. ("Pason") announced today that, effective January 1, 2010, it is marketing its drilling rig rental instrumentation directly within the Australian and New Zealand markets. Formerly, Pason products in these countries were marketed and serviced by Transco Oilfield ("Transco") of South Australia.
This is a normal business evolution and was contemplated in the original rental agreement executed between Transco and Pason and is in no way related to performance issues with Transco. Transco developed the initial business in Australia and has been compensated under the terms of the rental agreement for that business value. Pason is appreciative of the efforts and contribution of the Transco owners.
Going forward, all of the Transco employees working on Pason's behalf have been offered employment by Pason and the business will continue to be directly managed by Steve White who has operated in that capacity for two years.
Pason remains fully committed to the Australian market and this increased focus by Pason is consistent with its strategy of growth throughout the Eastern hemisphere.
Pason Systems Inc. is the world's largest provider of rental oilfield instrumentation systems that are designed and manufactured for use on land-based drilling and service rigs. Pason offers a tightly integrated package of complex services, including data acquisition, wellsite reporting software, remote communications and Internet information management tools. Pason now offers offshore instrumentation rentals and sold instrumentation systems.
Pason's common shares trade on the Toronto Stock Exchange under the symbol PSI. For additional information visit the Company's website at www.pason.com.
SOURCE Pason Systems Inc.
For further information: For further information: Jim Hill, President and CEO, (403) 301-3401, firstname.lastname@example.org; Jim Glasspoole, Chief Financial Officer, (403) 692-3840, email@example.com