Originally Posted by
Apate
Mmm, it does make you wonder. Is it a really bad written piece of journalism, or is there a deliberate attempt to place misinformation into the public domain?
The February Trading Update, available from the Babcock website, states (with my emphasis):
"Oil and gas continues to be a tough market. The three large providers of helicopter services who operate worldwide in oil and gas have all emerged from Chapter 11 bankruptcy protection with reduced debt and written-down assets. This has effectively reset global market pricing levels, forcing us to respond quickly to remain competitive.
We will also exit our oil and gas businesses in Ghana and Congo."
It appears there's no stated intent to exit O&G, just exit business in Africa. Very different to the clickbait headline generated by FlightGlobal
You should try listening to the associated webcast all the way through before casting your aspersions. Bethel clearly states that the company has lost a number of major bids, lost considerable money on S-92 leases, and says they will not invest anymore money into the oil and gas business and will complete existing contracts.