Bristow is to increase investment in its new search and rescue contract and offshore transport operations after selling off its 50% stake in a trio of joint ventures for £74million.
The half-share in FB Heliservices, FB Leasing and FBS Ltd, its three joint ventures with Cobham, have been sold to Cohbam affiliate FR Aviation.
The three FB companies, which provided pilot training and support for government and military agencies, was formed in 2001 and employed 724 personnel around the world.
The company, which won a £1.6billion contract to provide civilian search and rescue across the UK earlier this year, said the money from the sale of the FB companies would be used towards its SAR and offshore services.
“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,” said Bristow Helicopters managing director Mike Imlach.
“For more than 18 years, our joint venture in the FB Entities has served all stakeholders well, including the UK government, and we thank Cobham for their excellent partnership.”
In March this year Bristow was awarded the 11-year contract, starting from April 2015, to operate the UK’s search and rescue helicopter from ten bases across the UK, including Stornoway, Inverness and Prestwick.
The company is to spend around $1billion on 22 newly-commissioned helicopters for the SAR contract.
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