Bristow Group Inc. (NYSE: BRS), a provider of helicopter services to the offshore energy industry, reports that Bristow Helicopters Ltd. (BHL), a Bristow Group affiliate, has sold its 50% interest in FB Heliservices Ltd., FB Leasing Ltd. and FBS Ltd. (the "FB Entities") to FR Aviation Group Ltd., a Cobham plc affiliate. The FB Entities, owned jointly by BHL and FR Aviation Group Ltd., are UK corporations that principally provide pilot training, maintenance and support to government agencies.
Michael Imlach, managing director of BHL, commented, "The divestiture of our interest in the FB Entities is an opportunity to redeploy capital toward investments in our core offshore helicopter transport and civilian Search and Rescue services.”
The sales price for BHL's 50% interest is £74 million, or approximately $112 million at current exchange rates. The FB Entities contributed $8.6 million of adjusted EBITDAR to Bristow Group in fiscal year 2013 under the equity method of accounting. The transaction resulted in a pre-tax gain on sale of investment of approximately $104 million, or $1.81 per diluted share, after tax.
Bristow Group has major transportation operations in the North Sea, Nigeria and the US Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, Canada, Russia and Trinidad.