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Barnwell Industries Inc. said Tuesday it sold a drilling rig by its wholly owned Water Resources International Inc. subsidiary for a net $550,000.
The Honolulu-based company said the gain will be recognized in its fiscal fourth quarter that ends Sept. 30. Barnwell previously sold another drilling rig in October for about $670,000.
“The company is taking these actions to reduce our contract drilling operating costs,” Barnwell CEO Alex Kinzler said in a statement. “We still own 5 rigs for drilling and pump installation.”
Barnwell, which announced the sale before the stock market opened, saw its shares slip 5 cents, or 1.7%, to $2.95 in an overall down day on Wall Street.
In extended-hours trading, Barnwell’s stock rose 12 cents, or 4.1%, to $3.07.