Hunting sells Canadian airport arm to management for £7.5m
ENERGY services company Hunting yesterday reported that it had offloaded its Canadian airport business in a £7.5m deal.
A consortium of investors has bought the unit, which also includes Field Aviation.
The Amavco consortium is made up of managers already in the business and amounts to a management buyout.
London-listed Hunting has agreed to defer £1.9m of the payment until 2018 at an interest rate of eight per cent a year.
Meanwhile the two parties have agreed to put aside a fund to pay for any environmental impact of some hangar facilities in Canada.
Hunting will put £2.5m into the fund, it said.
In a statement, the company said: “Hunting and the purchaser have agreed to establish an environmental escrow account to pay for any potential environmental matters which may arise relating to Field Aviation’s hangar facilities in Calgary.
“The escrow account will remain in place until the property lease expires in 2027 or to a time when such environmental matters have been satisfactorily resolved.”
The net assets of Field Aviation excluding inter company balances were £5.1m at 31 December 2011.
The firm is an international energy services provider to the world’s leading upstream oil and gas companies.