North Sea helicopter operator CHC Scotia said yesterday that it had been hit by delays to oil and gas projects.
The company, which operates crew rotations to offshore platforms and also has search-and-rescue contracts in the UK, said its clients had been affected by the recession and that the current economic climate had been a factor in its dip in performance.
Reports just published by Companies House revealed CHC Scotia turned over £147.5million in the year to April 30, 2011, down from £161.6million in the previous 12 months.
Pre-tax losses widened to £3.8million from £3.2million while operating losses were £2.1million, compared with £71,000 in the previous year.
A spokeswoman for CHC Scotia said overall turnover had fallen by 8.7%.
“This is not unexpected however at a time when prevailing market conditions have seen many projects in our core oil and gas business subject to delays as operators continue to feel the effect of the 2008 recession,” she said.
“Overall the company is experiencing strong year-on-year growth from both the flying and maintenance divisions.
“In the UK, we will continue to focus on and invest in our core markets of oil and gas and search and rescue. With an increase in business activity towards the end of the period, we expect that our competitive position and future demand for helicopter transportation services in the North Sea will enable CHC to continue to be a major provider, generating improved results in the next financial year.”
During the financial year CHC made changes to its management structure under which the former president of its European operations team, Tilmann Gabriel, assumed leadership of its global search-and-rescue division.
Mr Gabriel left the CHC Scotia board just before the end of the financial year along with fellow-directors David Rae and Angela Reid.
The company’s reports revealed the trio shared nearly £700,000 in compensation for leaving the board. The highest-paid among them, believed to be Mr Gabriel, was paid £461,000 on leaving the company.
The firm’s spokeswoman said: “CHC Helicopter has undergone a major transformation across its global operations to better serve customers and provide the platform for profitable, long-term growth. As part of that there were changes to the senior management team in Aberdeen.”
CHC Scotia employed an average of 535 people during the last financial year.
Recommended for you
