Babcock seals deal to sell Aberdeen aviation wing
Oil and gas aviation has a new owner
Babcock, the international aerospace, defence and security company, has completed the sale of its Aberdeen-based oil and gas aviation business to CHC Group for £10 million.
Proceeds from the sale, announced in March, will be used to reduce net debt.
The business provides offshore oil and gas crew transportation services in the UK, Denmark and Australia. It employs over 500 people and operates around 30 aircraft across its three locations.
For the year ending 31 March 2021, it had revenue of £154m, a loss before tax of £2m and underlying operating profit of £2m.
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.”