TIDMGMAA
RNS Number : 4627D
Gama Aviation PLC
19 October 2022
19 October 2022
The information contained within this announcement is deemed to
constitute inside information as stipulated under Article 7 of the
Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation" or the "Company" or "Group")
Gama Aviation enters into Rotary Special Mission Joint Venture
with Peter Bond and wins Major New Contract in Offshore Helicopter
Market
Gama Aviation Plc, the global aviation services provider, is
pleased to announce that it has entered into a joint venture with
Peter Bond to pursue rotary opportunities as part of the Group's
Special Mission SBU (the "Joint Venture" or "Bond Helicopters
Limited").
The Joint Venture has won its first contract to support the
offshore operations of an international oil & gas customer in
the southern North Sea for a five-year period (the "Contract").
The Joint Venture and this new Contract are central to our
strategy to grow Gama Aviation's position in Rotary Special Mission
both onshore and offshore.
Joint Venture
Bond Helicopters Limited is structured as a 50:50 equity joint
venture. The results of Bond Helicopters Limited are expected to be
fully consolidated into the Group's financial statements as part of
the Special Mission SBU.
The shareholders agreement that the parties agreed to enter into
will provide the Company with the option to call Peter Bond's
shareholding in Bond Helicopters Limited. This will be valued at
the same earnings multiple as that of the Company at the time the
call option is exercised and the consideration will be the newly
issued shares of the Company. The shareholders agreement will also
provide Peter Bond with an option, after two years, to put his
shares to the Company. The consideration for the put option will be
in cash and the valuation is conditional on the financial
performance of the Contract with a base level of GBP1.5m adjusted
by the attributable profit of the Contract.
Peter Bond has extensive experience in both fixed and rotary
aviation. He brings significant sector know-how and expertise
having founded and managed large offshore helicopter businesses,
both domestically and internationally, for some 30 years.
New Offshore Contract
The new five-year Contract, commencing 1(st) January 2024, is
for the supply, operation and maintenance of five helicopters to
support the transportation of personnel and equipment to and from
the offshore installations of a major oil and gas customer in the
southern North Sea.
The Contract is expected to deliver overall revenues of c.
GBP130m over its 5-year term with margins consistent with those
derived from the Group's other Special Mission activities.
The Company will invest in standing-up the operation, deploying
the requisite capabilities, and other working capital requirements
during H2 2023 to enable the service delivery in January 2024. This
c. GBP3.5m investment will be funded from the Group's working
capital resources and facilities. The helicopters will be procured
under operating leases for an equivalent term.
Mark Smith, Managing Director, Special Mission, commented :
"Our five-year strategic plan for Special Mission, included
entry into the Energy & Offshore market and I am delighted that
we have been able to accelerate the execution of that plan. Bond
Helicopters combines a proven track record and offshore experience,
together with the operational capability and infrastructure of Gama
Aviation's platform giving the Company a clear differentiator and
enhancing our ability to prosecute the opportunities we see in the
offshore market including those in wind, oil & gas and future
decommissioning work."
Marwan Khalek, Group CEO, Gama Aviation Plc, commented:
"This joint venture and contract award are further evidence of
the execution of our Group's focused growth strategy and marks a
significant milestone for our Special Mission business unit. As a
proven catalyst for driving shareholder value from the offshore
market there can be no greater exponent than Bond Helicopters. The
Group has enjoyed an excellent working relationship with Bond
Helicopters for over 30 years. Having worked closely with Peter
throughout that period, I am delighted that he has chosen to align
his considerable expertise with those of the Group to help us
accelerate our growth in this important rotary special mission
sector, both offshore and onshore."
END
Gama Aviation Plc +44 (0) 1252 553 029
Marwan Khalek, Chief Executive
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
WH Ireland +44 (0) 207 220 1666
James Joyce
Ben Good
Gama Aviation - Notes to Editors
Founded in 1983 with the simple purpose of providing aviation
services that equip its customers with decisive advantage, Gama
Aviation Plc (LSE AIM: GMAA) is a highly valued global partner to
blue chip corporations, government agencies, healthcare trusts and
private individuals.
The Group has three global divisions: Business Aviation
(Aircraft Management, Charter, FBO & Maintenance), Special
Mission (Air Ambulance & Rescue, National Security &
Policing, Infrastructure & Survey, Energy & Offshore); and
Technology & Outsourcing (Flight Operations, FBO, CAM software,
Flight Planning, CAM & ARC services)
More details can be found at: http://www.gamaaviation.com/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
CNTDZMMGKLVGZZM
(END) Dow Jones Newswires
October 19, 2022 11:47 ET (15:47 GMT)
Gama Aviation (LSE:GMAA)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Gama Aviation (LSE:GMAA)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
