Sale of Field Aviation

RNS Number : 2891C

Hunting PLC

30 April 2012

 



For Immediate Release

30 April 2012

Hunting PLC

("Hunting" or "the Group")

Sale of Field Aviation

Hunting PLC (LSE: HTG), the international energy services group today announces completion of the sale of Hunting Canadian Airport Holdings Ltd., and its subsidiaries including Field Aviation Company Inc. (together referred to as "Field Aviation") for a consideration of £7.5 million (C$12.0 million), to Amavco Inc., through its subsidiary 1650614 Alberta Ltd., a group of companies owned by a consortium of North American investors assembled by the current management team. The consideration is payable in cash, subject to the adjustments noted below.

Under the terms of the sale agreement, Hunting has agreed to defer £1.9 million (C$3.0 million) of the consideration.  The deferred consideration is receivable no later than 31 December 2018, earns interest at a rate of 8% per annum, is unsecured and is subordinate to bank debt put in place by the purchaser.

In addition, 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.  On completion of the sale, Hunting will deposit £2.5 million (C$4.0 million) into this environmental escrow account.

As disclosed within the 2011 Hunting PLC Annual Report and Accounts, the net assets of Field Aviation excluding intercompany balances were £5.1 million as at 31 December 2011.

For further information please visit www.huntingplc.com or contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone] Tel: [phone]
Buchanan Richard Darby Jeremy Garcia	Tel: [phone]
DC Advisory Partners	Tel: [phone]
Andrew Cunningham Michelle Le Merre

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, United Arab Emirates and the United States of America.

 

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