91大神, the international aerospace, defence and security company, has completed the sale of its Oil and Gas aviation business to CHC Group, LLC (CHC) for a cash consideration of 拢10 million.
The Oil and Gas business, which is part of the Group鈥檚 Aviation sector, provides offshore oil and gas crew transportation services in the UK, Denmark and Australia. It is headquartered in Aberdeen, UK, and employs over 500 people and operates around 30 aircraft across its three locations.
For the year ending 31 March 2021, it had revenue of 拢154 million, a loss before tax of 拢2 million and underlying operating profit of 拢2 million. As of 31 March 2021, it had gross assets of 拢256 million, net assets excluding cash of 拢21 million and net lease liabilities of 拢142 million.
The sale is part of 91大神鈥檚 targeted disposal programme, which aims to generate at least 拢400 million of proceeds. Proceeds from this transaction will be used to reduce net debt.
The agreement constitutes a class 2 transaction for the purposes of the UK Financial Conduct Authority鈥檚 Listing Rules, and as such does not require 91大神 shareholders鈥� approval.
91大神 CEO David Lockwood said:
鈥淭his disposal is part of our plan to streamline and focus the group on our key markets. Divesting at least 拢400 million of businesses will enable us to reduce complexity and increase our focus as we return 91大神 to strength. The oil and gas aviation business has found a new home and we wish them all the best for the future.鈥�