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    NEWS | Babcock Mission Critical Services Offshore Babcock International
    #oilandgas

    CHC Completes Acquisition of Babcock Offshore


    CHC expands its fleet with 30 aircraft with the acquisition of Babcock offshore oil and gas support operations in the UK, Denmark and Australia

    * Babcock International’s operations in the UK, Australia, and Denmark will be held separately and operate independently from CHC, while CHC seeks approval from the relevant competition authorities in the UK and Australia


    ...

    CHC Completes Acquisition of Babcock Offshore


    CHC, September 01, 2021 - IRVING, TX - CHC Helicopter Group (CHC) one of the world’s leading helicopter services and maintenance, repair and overhaul providers, announced today the completion of its acquisition of Babcock International’s offshore oil and gas aviation business.

    The acquisition reinforces CHC’s global position, increases its offshore crew transportation capacity and expands its fleet by around 30 aircraft across the UK, Denmark and Australia.

    Babcock International’s operations in the UK, Australia, and Denmark will be held separately and operate independently from CHC, while CHC seeks approval from the relevant competition authorities in the UK and Australia.

    David Balevic, CHC President and Chief Executive Officer, said: “This acquisition is a great success, opening new and broader opportunities for CHC both in existing markets like Australia and the North Sea, and in new areas. It further cements CHC’s position as one of the world’s leading providers of helicopter transportation to oil and gas, Search and Rescue and renewables customers.”

    He continued: “Enabling CHC to better serve the changing needs of both our new and existing customers, this acquisition illustrates our strategy to build on our strengths and positions us for growth. I am excited by the opportunity to bring together these two great aviation organisations. The acquisition, once implemented, will strengthen CHC’s ability to deliver outstanding levels of service and safety, and expand our global customer offering.”

    About CHC: For 70 years, CHC Helicopter has provided safe, reliable, cost-effective helicopter service in some of the most remote and challenging environments around the world. With extensive experience transporting customers in the oil and gas industry, supporting Search and Rescue and EMS contracts, and providing maintenance, repair and overhaul services, our dedication to safety and reputation for quality and innovation help our customers reach beyond what they thought possible.

    Sale of Oil and Gas aviation business


    Babcock - Babcock, the international aerospace, defence and security company, has completed the sale of its Oil and Gas aviation business to CHC Group, LLC (CHC) for a cash consideration of £10 million.

    The Oil and Gas business, which is part of the Group’s Aviation sector, provides offshore oil and gas crew transportation services in the UK, Denmark and Australia. It is headquartered in Aberdeen, UK, and employs over 500 people and operates around 30 aircraft across its three locations.

    For the year ending 31 March 2021, it had revenue of £154 million, a loss before tax of £2 million and underlying operating profit of £2 million. As of 31 March 2021, it had gross assets of £256 million, net assets excluding cash of £21 million and net lease liabilities of £142 million.

    The sale is part of Babcock’s targeted disposal programme, which aims to generate at least £400 million of proceeds. Proceeds from this transaction will be used to reduce net debt.

    The agreement constitutes a class 2 transaction for the purposes of the UK Financial Conduct Authority’s Listing Rules, and as such does not require Babcock shareholders’ approval.

    Babcock CEO David Lockwood said: “This disposal is part of our plan to streamline and focus the group on our key markets. Divesting at least £400 million of businesses will enable us to reduce complexity and increase our focus as we return Babcock to strength. The oil and gas aviation business has found a new home and we wish them all the best for the future.”






    This article is listed in :
    Babcock Mission Critical Services Offshore Babcock International
    Oil and Gas Industry in International
    CHC Helicopters Australia
    CHC Denmark
    CHC Scotia
    Babcock Denmark
    Babcock Australia
    --Helicopters Markets & Finance
    See also CHC to Acquire Babcock Offshore Business
    What links here :
    Babcock Sale to CHC Must Address Competition Concerns


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