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 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.