Humberside Airport owner Bristow Group has completed a merger with Era, one of the largest helicopter operators in the world.
It is described as creating a financially stronger company as well as benefits of scale, and follows a troubled period for the Houston headquartered giant, having managed to stave off bankruptcy.
The new entity will retain the Bristow Group name, as a publicly traded $1.5 billion (£1.1b) turnover company on the New York Stock Exchange.
Chris Bradshaw, Era’s president and chief executive takes the role at the helm of the united operator. He said: “The closing of this strategic and financially compelling merger makes Bristow a larger, more diverse and stronger company, better positioned for the future.
“The combination brings long-overdue consolidation in the industry, better prepares us to navigate today’s market challenges, and ensures we remain the global leader in helicopter services with an outstanding culture focused on safety and providing excellent service to our valued customers.”
He said it strengthens the global leadership position, with significant operations throughout the Americas, Nigeria, Norway, the 海角视频and Australia for offshore aviation transportation and search and rescue solutions. It operates the 海角视频 Coastguard air service.
It will also see a combined fleet of more than 300 of the industry’s most modern aircraft with the latest generation of technology and safety features, creating the world’s largest operator of S92, AW189 and AW139 model helicopters, where more than four out of every five are owned.
Part of Bristow’s legacy issues had been around leasing, with engines swapped out of air frames, putting it in default.
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The business swooped for Eastern Airways back in 2014, adding the energy sector serving fixed wing operator and Humberside Airport to the portfolio.
The airline was sold back to founder Richard Lake OBE in May last year, hours before Bristow filed for bankruptcy protection.
Eastern has since established itself as a wholly independent regional airline, and following the demise of franchise partner Flybe it has ramped up routes across the 海角视频, with schedules now being restored as the country emerges from lockdown.
Last month Era reported a $7.2 million (£5.7m) loss for the first quarter, with Mr Bradshaw outlining a difficult environment ahead.
He said: “With the severe demand shock related to Covid-19, substantial excess supply, and the resulting significant decline in oil prices, we expect challenging conditions in the oil and gas industry for the foreseeable future.”
It was not operating in the North Sea region, making it a further strategic fit with Bristow.