Ausdrill to sell Connector Drilling for $16m

Company News

by Katrina Bullock

Diversified mining service provider, Ausdrill (ASX: ASL), has entered into an agreement with Pentium Hydro and Vysarn (ASX:VYS) to sell the Company’s hydrogeological drilling assets for $16 million.

The assets historically operated as “Connector Drilling”.

The Asset Sale Agreement includes waterwell drilling assets and associated inventory currently used by Ausdrill’s waterwell business.

Ausdrill says the deal aligns with the company's new strategic direction.

Shares in Ausdrill (ASX: ASL) closed 2.67 per cent higher at $1.64 yesterday.
 

Katrina Bullock

Finance News Network
Katrina joined FNN in October 2018 and also works as a lawyer for Greenpeace.