Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Sizeable losses at North Sea helicopter operator

CHC helicopters at Aberdeen heliport
CHC helicopters at Aberdeen heliport

A North Sea helicopter operator has blamed “challenging market conditions” after posting its worst set of financial losses in more than a decade.

CHC Scotia reported pre-tax losses of £20.5 million for the year to April 30 2019, although bosses insist they have “demonstrated significant resilience in the current market”.

Turnover was up by £3.8m at £125.6m amid growing confidence in the offshore industry as operators adjusted to life after the 2015 oil price crash.

Operating losses for 2018-19 came in at £19.4m, compared with a deficit of £21.9m previously.

Primarily based out of Howe Moss Drive in Dyce, Aberdeen, CHC Scotia is the North Sea business of US-headquartered CHC Group.

The latest figures represent the firm’s worst set of results since 2007-08, when it racked up annual pre-tax losses of £20.9m, and a large drop on 2017-18’s trading deficit of £4.6m.

A spokesman for CHC Scotia said: “Market conditions remain challenging.

“We continue to invest in our core activities and remain focused on improving efficiency and increasing market share. We continue to see contract wins and renewals across our region, as well as enhancements in efficiency.”

He added: “The company is well-positioned to pursue major oil and gas opportunities.

“Recent major contract wins and retentions provide a solid platform for future growth.”

The accounts also show CHC Scotia employed 319 people on average during the 12 months to last April, which was up from 302 the year before.

Its best-paid director earned remuneration totalling £502,000 in the latest period, up from £292,000 in the previous year. The business has been led by Mark Abbey, group regional director for Europe, the Middle East and Africa, since 2012.

Following the 2014 oil and gas industry downturn, helicopter operators globally were hit by a range of cost-cutting measures such as energy firms implementing longer offshore working patterns requiring fewer flights.

Already a subscriber? Sign in

[[title]]

[[text]]