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Thursday, August 7, 2008

Bristow Selling GOM Single-Engine Fleet

Bristow Group is selling 53 single-engine aircraft--and many of the contracts they support--from its U.S. Gulf of Mexico fleet to Rotorcraft Leasing Company. The transaction, which includes inventory, spare parts and offshore fuel equipment related to operation of those aircraft, is valued at $65 million. Bristow expects a pre-tax gain of roughly $40 million from the sale. This sale "is a continuation of Bristow's growth strategy to redeploy capital into newer, high-technology aircraft capable of operating further offshore and in harsh environments," Bristow said. "Certain customer contracts which these aircraft support will be assigned to the buyer." Bristow said the assets and contracts "represent our entire business serving production management customers in the U.S. Gulf of Mexico." The sale is expected to close by Sept. 30, contingent on Rotorcraft Leasing obtaining financing, customer consent of affected commercial contracts, regulatory clearance and other customary conditions. For related news

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