Barnwell Industries (BRN) announced the sale of its wholly owned subsidiary, Water Resources International, a deep drilling and well pumping specialist in the exploration and development of groundwater resources for government, commercial and private clients in Hawaii, for $1,050,000. Proceeds from the sale will be used for general corporate purposes, with a focus towards reinvestment in the company’s oil and gas operations. Revenues from the divested business, which was represented as the company’s Contract Drilling segment, totaled approximately $3,162,000 for the trailing-twelve-months ended December 31, 2024.
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