Barnwell Industries (BRN) said Monday it sold its subsidiary, Water Resources International, a company specializing in groundwater exploration and development in Hawaii, for $1.1 million.
The company said the sale, which is part of Barnwell's effort to streamline operations, will provide funds for reinvestment in its oil and gas business.
Water Resources, previously part of Barnwell's contract drilling segment, generated $3.2 million in revenue over the past year.
Barnwell Industries said the sale will help reduce general corporate expenses, simplify the company's structure and improve its financial position, which currently carries no bank debt.
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