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CHC LLC purchases Babcock

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CHC LLC purchases Babcock

Old 6th Mar 2021, 04:30
  #41 (permalink)  
 
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Jeez Ned, that is a funny video, and I know you’re thick skinned enough to enjoy it. Yeah, Songkhla.

CHC and Bristow were 1&2 on “highest cost to operate a helicopter”. Anyone with lower costs could bid accordingly and still make a profit for the shareholders. Tough luck for their employees, but blame it on a bloated bureaucracy for the sake of market valuation appearances.

Forgot about the silent Dutch partner siphoning off whatever meagre profit crumbs were left over in Europe. There’s your motivation for a shake up.

Last edited by malabo; 6th Mar 2021 at 04:40.
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Old 6th Mar 2021, 08:17
  #42 (permalink)  
 
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Silent partner? As in within CHC or an oil company intermediary as such?
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Old 6th Mar 2021, 13:25
  #43 (permalink)  
 
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Perhaps the shareholders are getting nervous about ownership rules post-Brexit. There is a 12 month grace period so that the rules can be agreed between the EU and UK. I think whatever is decided upon will have to be on a reciprocal basis, and I would be surprised if the EU would accept 100% UK ownership of an EU airline. So assuming reciprocity is maintained, then the current situation where 100% of CHC Scotia is EU owned will not be allowed. Could this be the driver to get Babcock involved, with say a 51% ownership deal?
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Old 7th Mar 2021, 06:38
  #44 (permalink)  
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Here's your answer

https://www.thisworldthesedays.com/c...k-merger1.html
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Old 7th Mar 2021, 11:05
  #45 (permalink)  
 
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Originally Posted by Northernstar View Post
Silent partner? As in within CHC or an oil company intermediary as such?
CHC Scotia being owned by a Dutch consortium.
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Old 7th Mar 2021, 11:19
  #46 (permalink)  
 
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Originally Posted by SNI View Post
Here's your answer
You dirty dog.
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Old 7th Mar 2021, 13:43
  #47 (permalink)  
 
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Wonder if any Dutch consortium involves any of the ex Schreiner influence , didn't Schreiner become CHC Netherlands ?
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Old 7th Mar 2021, 17:20
  #48 (permalink)  
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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

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Old 7th Mar 2021, 18:54
  #49 (permalink)  
 
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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.
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Old 7th Mar 2021, 23:11
  #50 (permalink)  
 
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Ned you need to check the reliability of your reliable sources ;-)
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Old 8th Mar 2021, 05:37
  #51 (permalink)  
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Yeah Nah - Spoke to them again the other day as well as a couple of others and I stick by what I said. Lets see how it plays out.
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Old 8th Mar 2021, 05:42
  #52 (permalink)  
 
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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
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Old 8th Mar 2021, 13:35
  #53 (permalink)  
 
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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“.
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Old 9th Mar 2021, 20:59
  #54 (permalink)  
 
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Originally Posted by KiwiNedNZ View Post
Heard from couple of reliable sources that Babock have purchased CHC in the UK. Nothing official out there though,
are you sure it’s not meant to be the other way round?
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Old 10th Mar 2021, 09:43
  #55 (permalink)  
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Originally Posted by 212man View Post
are you sure it’s not meant to be the other way round?
Seems so... Apparently Total CEO was on one of their rigs and told everyone CHC has bought Babcock....

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Old 10th Mar 2021, 09:56
  #56 (permalink)  
 
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Originally Posted by SNI View Post
Seems so... Apparently Total CEO was on one of their rigs and told everyone CHC has bought Babcock....
Given Babcocks current financial issues as a group, rights issues and accounting investigations initiated by the new chief, analysts are giving the stock a 'steer clear' for now, their share price is back at 2006 pricing and down 2% today as I write this... maybe chc have bought the entire group
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Old 10th Mar 2021, 12:36
  #57 (permalink)  
 
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Originally Posted by SNI View Post
Seems so... Apparently Total CEO was on one of their rigs and told everyone CHC has bought Babcock....
Well thats a change of direction!
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Old 10th Mar 2021, 13:01
  #58 (permalink)  
 
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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 ??
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Old 10th Mar 2021, 23:16
  #59 (permalink)  
 
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Originally Posted by SNI View Post
Seems so... Apparently Total CEO was on one of their rigs and told everyone CHC has bought Babcock....
He was probably recounting a PPRuNe thread he read and just remembered it incorrectly like most people do when they are spinning a second/third/fourth* (*delete as applicable) hand dit.

Total bllcks...just like the original post.
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Old 11th Mar 2021, 06:58
  #60 (permalink)  
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Total bllcks...just like the original post.
Its not like I really give a shite what you think
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