The transaction remains subject to ‘customary closing conditions’, including the final approval of the sale by the UK’s Competition and Markets Authority (CMA) – but is expected to complete in the first quarter of 2023.
The business, which provides transportation services to the UK’s North Sea oil and gas industries, was purchased by CHC in 2021 from Babcock International Group, alongside Babcock’s offshore oil and gas operations in Denmark and Australia.
It was determined by the CMA in mid-2022 that CHC should be required to divest OHS UK, following the conclusion of a Phase 2 investigation. An auction process was subsequently undertaken for this purpose, with a sale and purchase agreement later signed on 30 December 2022 between CHC and Ultimate Aviation.
In a statement, David Balevic, CHC’s President and CEO said: “While we remain disappointed with the CMA’s decision and believe it was based on several fundamental misconceptions, we are glad to be close to completing this process through the sale of OHS UK to Ultimate Aviation.”