CALGARY, Alta. — Moveitonline has entered the oilfield services business by acquiring the shares of Producers Disposal Services (PDS).
PDS is a privately-held company specializing in the collection and disposal of oilfield wastes and fluids. It will now be run as a wholly-owned subsidiary of Moveitonline.
“After careful consideration, the Board of Directors determined that the corporation needed to change its strategic direction. Quite simply, we became increasingly concerned that the business environment for an e-business supply chain application was extremely difficult and that it was very unlikely that we could achieve commercial success in the short term,” says Murray Mullen, chairman of Moveitonline.
PDS enjoyed revenues of about $3 million in 2002, and Mullen says the company will build on that with the help of Moveitonline’s cash resources. Meanwhile, Moveitonline has announced Stephen Lockwood has been named president of the corporation.
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