CHC LLC purchases Babcock
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I highly doubt that Babcock as a whole, who's in financial dire straits themselves, has the cash or interest to buy another company that also isn't making any money (so they say):
https://www.thetimes.co.uk/article/b...lays-hsvnd2c0t
https://www.thetimes.co.uk/article/b...lays-hsvnd2c0t
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EAA Helicopter group (parent of CHC HS, HN, Scotia and IRE) is no longer dutch owned. The old dutch owner, the brenninkmeijer family, sold their shares some time ago to Ivan Levy. Google him.
EAA is 51% (or majority) owned by him and the rest by 'CHC'. The reason these 4 AOC's did not go into chapter 11 back in the day.
EAA is 51% (or majority) owned by him and the rest by 'CHC'. The reason these 4 AOC's did not go into chapter 11 back in the day.
gov.uk
CHC SCOTIA LIMITED
Company number 00936569
1 active person with significant control / 0 active statements
Mr. Ivan Clive Levy - ACTIVE
Correspondence address: Lnselhofstrasse, 3, 8008, Zurich, Switzerland
Notified on: 15 December 2017
Date of birth: April 1957
Nationality: Swiss
Nature of control: Ownership of shares – More than 50% but less than 75%
==========================
https://www.linkedin.com/in/keepitsi...alSubdomain=ch
CHC SCOTIA LIMITED
Company number 00936569
1 active person with significant control / 0 active statements
Mr. Ivan Clive Levy - ACTIVE
Correspondence address: Lnselhofstrasse, 3, 8008, Zurich, Switzerland
Notified on: 15 December 2017
Date of birth: April 1957
Nationality: Swiss
Nature of control: Ownership of shares – More than 50% but less than 75%
==========================
https://www.linkedin.com/in/keepitsi...alSubdomain=ch
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Babcock took a £5.2million hit for “loss-making contracts” for its North Sea helicopter business in the 2020 financial year.
The sum was disclosed in accounts for Babcock Mission Critical Services Offshore, its dedicated subsidiary for helicopter operations in the UK oil industry.
That business, which has bases in Aberdeen, Blackpool and Sumburgh, saw pre-tax losses surge to £21.8million for the 12 months ending March 31, 2020, more than seven-times the previous year’s deficit of £2.8m.
Underlying operating losses were £6million, compared to profits of £5.7m in 2019, while revenues dropped 23% from £133.7m to £102m.
Ian Cooke, director of Babcock MCS Offshore, said the company’s core business faced “continued commercial pressures with reduced activity, despite a stabilised oil price”.
The loss-making contract impairments come as rivals have accused Babcock of bidding for contracts below breakeven price, termed a “race to the bottom”.
Babcock said the £5.2m impairment “was recognised for loss-making contracts where unavoidable costs of meeting the obligations under these contracts exceeded the associated expected future net benefits”.
Babcock MCS Offshore has dropped its headcount from 432 in 2019 to 363 in 2020.
The business did not comment on whether contract losses in 2019, with BP, Perenco and Spirit Energy, were associated with the reduction.
The drop in revenues, meanwhile, was due to reduced activity and the loss of a major contract, it said.
Mr Cooke said: “There has still been a continuing need for companies operating in the UK oil and gas market to lower operating costs while maintaining service delivery and ensuring the highest level of safety within the industry for its customers and passengers”.
Nevertheless, the firm said it is “confident about future trading prospects”, pointing to “two major contract wins” post-year end of 2020.
Babcock won separate five-year deals with Total in the UK and Denmark in August, which will also see it open a new base in the latter country.
Mr Cook added: “The business remains optimistic on the future and there remains significant long and short-term opportunities both at a tactical and strategic level.”
Last month Steffen Bay, CEO of rival firm NHV said he hoped the recent oil price resurgence would help the beleaguered helicopter market to a “more sustainable situation“.
The sum was disclosed in accounts for Babcock Mission Critical Services Offshore, its dedicated subsidiary for helicopter operations in the UK oil industry.
That business, which has bases in Aberdeen, Blackpool and Sumburgh, saw pre-tax losses surge to £21.8million for the 12 months ending March 31, 2020, more than seven-times the previous year’s deficit of £2.8m.
Underlying operating losses were £6million, compared to profits of £5.7m in 2019, while revenues dropped 23% from £133.7m to £102m.
Ian Cooke, director of Babcock MCS Offshore, said the company’s core business faced “continued commercial pressures with reduced activity, despite a stabilised oil price”.
The loss-making contract impairments come as rivals have accused Babcock of bidding for contracts below breakeven price, termed a “race to the bottom”.
Babcock said the £5.2m impairment “was recognised for loss-making contracts where unavoidable costs of meeting the obligations under these contracts exceeded the associated expected future net benefits”.
Babcock MCS Offshore has dropped its headcount from 432 in 2019 to 363 in 2020.
The business did not comment on whether contract losses in 2019, with BP, Perenco and Spirit Energy, were associated with the reduction.
The drop in revenues, meanwhile, was due to reduced activity and the loss of a major contract, it said.
Mr Cooke said: “There has still been a continuing need for companies operating in the UK oil and gas market to lower operating costs while maintaining service delivery and ensuring the highest level of safety within the industry for its customers and passengers”.
Nevertheless, the firm said it is “confident about future trading prospects”, pointing to “two major contract wins” post-year end of 2020.
Babcock won separate five-year deals with Total in the UK and Denmark in August, which will also see it open a new base in the latter country.
Mr Cook added: “The business remains optimistic on the future and there remains significant long and short-term opportunities both at a tactical and strategic level.”
Last month Steffen Bay, CEO of rival firm NHV said he hoped the recent oil price resurgence would help the beleaguered helicopter market to a “more sustainable situation“.
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Didn't Babcock only buy the original Avincis/Bond set up for the Air Ambulance element and end up with Oil and Gas division ?
CHC entering into the UK 135/145 air ambulance market ??
CHC entering into the UK 135/145 air ambulance market ??
Total b
llcks...just like the original post.
Thread Starter
Just had some updated intel and seems its more along the lines of CHC buying Babcock - not the other way around - My Bad.
Maybe the Telephone call in that is happening tonight with the Babcock crews might shed some more light on it.
Maybe the Telephone call in that is happening tonight with the Babcock crews might shed some more light on it.
They would however get back the Total work they just lost...