NHV catch a cold
 

The oil companies won't be happy until all operators are bankrupt.

have you seen the effort it takes to make such a loss :D

Turning over 300m and making a loss sounds embarrassing to me

while the loss is relatively small especially compared to the hundreds of millions of dollars bristow has lost .

The statement that the business might be unsustainable in the long term shocked me.

I have never yet seen a loss reported that wasn't the best case scenario drawing in every receivable and deferring every payable to make it the best looking number possible. The only exception would be an unrecoverable quarter or year, where you just chuck everything in, hoping it's an anomaly and the next quarter will be better.The fact the CEO is gone and the warning about the sustainability of the business implies there may be more to the story. Babcock and Bristow have both made similar comments about the market conditions in the North Sea.

A bad market and competitive pricing to remain in business is one thing, but to all drive yourselves into bankruptcy is another. I hope their Customers are all paying close attention to the situation.

SLB click on this link and then download full accounts: https://beta.companieshouse.gov.uk/c...filing-history
It is just for NHV UK, not the whole NHV group.

In the Full accounts made up to 31 December 2018 Page 5 has the relevant bit.
Looks like the parent Co could have to help the UK subsidiary

Is this being taken out of context? If you look at Google, Starbucks, Amazon etc, they all make very little, if any, UK profit on paper due to the way they play the various tax laws - eg by the UK subsidiary paying the parent company a "licence fee" to use the brand name in the UK.

Taking the accounts of a single subsidiary of a larger group could be as useful as a chocolate teapot.

Annual reports of NHV group can be found here;

https://www.nbb.be/en/central-balance-sheet-office

latest filing is of fiscal year 2017. 2018 will probably be filed somewhere late May/early June.

The reports are interesting reading material because you can also find management statements and views on the market.

cheers

sorry my sarcasm didn't come across. I am well aware of the risk to business continuity, however it hasn't changed the fact loss making contracts are still being awarded.

Crazi

IOCs don't have insight into all of a helicopter operators' costs. When selecting a successful tenderer, providing bids meet the safety and technical requirements, its natural that an IOC will select the lowest cost option from the submitted responses.

It seems to be a popular view that oil companies are always villainous in selecting the most competitive tender and should somehow volunteer to pay helicopter companies extra to compensate for their own poor business decisions.

Much of the current industry malaise among helicopter companies is as a result of their taking advantage of aircraft lease deals which appeared cheap at the time with little or no thought as to what may happen if there was an industry downturn. So large was the capacity increase caused by abundant lease deals that when the downturn came, even the grounding of the complete 225 offshore fleet didn't cause a shortage of aircraft.

And yet they are still driving down costs