British “Babcock” sells oil and gas airline to Canadian “CHC”

The British Aerospace Industries Company (Babcock) has completed the sale of the Oil and Gas Aviation Company, one of its subsidiaries, to the Canadian air transport group CHC.

This was mentioned by the company’s official website, in a report on the deal, which was implemented to inject liquidity into the budget of the parent company “Babcock”, within an internal program that allows it to focus on its main activities.
The value of the deal is estimated at 10 million pounds (about 13.8 million dollars), according to a report on the deal.

The website pointed out that the “Oil and Gas Company” is a subsidiary company of “Babcock”, and its work is based on providing air transport service for workers in the oil and gas fields in the United Kingdom, Denmark and Australia, and is headquartered in Britain and has about 500 employees and operates about 30 aircraft. in 3 sites.

Babcock’s website indicates that the company’s total revenues are estimated at 154 million pounds (about 212 million dollars) during the current fiscal year, which ends on March 31 next.

The company’s total assets amount to about 256 million pounds ($352 million), in addition to 21 million pounds (about 29 million dollars) in cash, and 142 million pounds (about 196 million dollars) in future rents until the end of the financial year.

The site says that the sale is part of a restructuring program with the aim of collecting financial returns estimated at 400 million pounds (about 551 million dollars), to reduce the actual debt size of the parent company, “Babcock”, while the “CHC” website describes it, in a report on The deal described it as a “great success”.

The site pointed out that David Lockwood, CEO of the company, said: “The aim of the sale process is to provide the company with financial liquidity that will allow it to focus on the core markets for its work, and we wish the oil and gas company to have good luck in the future.”