Calmena sheds Brazil upstream business

Submitted by Paddy Harris on Mon, 2014-10-20 17:00

20th October 2014

Calmena Energy Services has completed the sale of its Brazil operations, including all of its assets and its wholly owned subsidiary located in Brazil to a private Canadian company for a purchase price of USD 7.4m

“The divestiture of the Brazil operations has been undertaken in conjunction with Calmena’s previously announced process to explore strategic alternatives,” Calmena said in astatement.

The strategic alternatives process is on-going and it remains Calmena’s intention not to disclose developments with respect to the process unless and until the board of directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.