The kinetic-energy release distributions of the fragment ions (C+ and O+) produced in dissociative double photoionization of carbon monoxide have been determined by analyzing the photoion-photoion coincidence (PIPICO) spectra measured in the region h nu = 39 - 100 eV by use of a time-of-flight (TOF) mass spectrometer and synchrotron radiation. At low excitation energies (39-46.5 eV), low kinetic-energy components were observed, which cannot be explained by a simple framework whereby a doubly charged molecular ion is directly produced on single photon absorption which then dissociates into two ionic fragments. The majority of the ion pairs are produced through indirect processes in which highly excited CO*+ and CO** (double Rydberg) converging to the high-lying CO2+ electronic states autoionize before and after dissociation.