Shawcor Ltd. says it has sold its oilfield asset management business to Force Inspection Services Inc. in a deal worth at least $15 million.

The company says it will keep the western Canadian real estate assets related to the business, but may choose to sell them in the future.

Under the agreement, Shawcor has agreed to lease the properties to Force.

The oilfield asset management business provides downhole tubular inspection, repair and inventory management services.

The company says proceeds from the sale will be used to reduce debt and fund growth opportunities.

In September, Shawcor announced a plan to change its name to Mattr and launched a strategic review of its pipeline and oilfield asset management divisions.