04/09/2013 02:36 EDT | Updated 06/08/2013 05:12 EDT

Calmena Energy Services sells wireline division to Keane Group Holdings

CALGARY - Calmena Energy Services Ltd. (TSX:CEZ) says it has agreed to sell its wireline technologies division to Keane Group Holdings LLC for $12 million.

The price is comprised of all cash and is not subject to Keane obtaining financing and proceeds from the sale will be used to reduce corporate debt.

The closing is subject to certain conditions and is expected to close before the end of April, 2013.

The sale is in conjunction with Calmena's previously announced plan to explore strategic alternatives.

Calmena provides well construction services to customers in Canada, the United States, Latin America and the Middle East and North Africa.