Reuters - Dubai based rig-maker Lamprell said on Monday it sold its International Inspection Services (INSPEC) division to Intertek for $66.2 million to reduce its debt and focus on its core business.
Lamprell is attempting to pay down debt after a disastrous 2012 in which the company issued multiple profit warnings prompted by delays and cost overruns on its gas turbine repair vessels.
Intertek will pay for INSPEC with cash and Lamprell said it would use part of the proceeds to pay down a substantial part of a secured debt facility put in place last year.
INSPEC carries out inspections for infrastructure-intensive industries including desalination and energy projects.
"The group has been actively pursuing options to dispose of certain of its service businesses and this disposal is a key part of that strategy," Lamprell Chief Executive James Moffat said in the statement.