Ausdrill has sold its water drilling division Connector Drilling to cash box Vysarn Limited for $16 million.

Vysarn, that was nothing but $7.4 million of cash in December, intends to raise $5 million and relist on the ASX.

The company was last traded in mid-2016 when it was called MHM Metals.

Vysarn will replace two of its current Directors with experienced drilling Executives Sheldon Burt and Chris Brophy.

Ausdrill Managing Director Mark Norwell said he was pleased with the deal.

“Its sale is part of a considered portfolio review being undertaken to assess which businesses fit within the new strategic direction of Ausdrill,” he said.

Image: Ausdrill Managing Director Mark Norwell, The West Australian.