Helicopter operators Bristow Group Inc. and Era Group Inc. announced a plan to join the two companies in a reverse triangular merger whereby Era will issue shares to Bristow stockholders.
Era’s and Bristow’s helicopters are
primarily used to ferry personnel to and from offshore oil and gas production
platforms, drilling rigs and other installations in the Gulf of Mexico, Latin America,
Asia, and the North Sea.
The energy sector has been in a slump recently, due to the demand for oil expecting to drop at an all-time low since the last financial crisis. According to a recent forecast from the International Energy Agency, there will be a drop in oil demand of 435,000 barrels a day. In addition to the estimate, the International Energy Agency also forecasted an 800,000 barrel-a-...