EnergyWatch

UK's Babcock ascends after restructuring

The infrastructure service company is not only enjoying tailwind in the North Sea but also on the stock market, where bullish traders are boosting the group's valuation.

Photo: PR Babcock

Babcock International's equity appreciated by 34.3 percent to GPX 322 (GBP 3.25) in London trading after the British group's chief executive, David Lockwood, laid plans to revive the balance sheets without resorting to raising fresh capital, but rather by focusing sharpening focus on activities within defense, aviation and naval operations, reports Bloomberg News.

Babcock plans on writing down asset values on poorly performing contracts worth GBP 1.7bn, and Lockwood also intends to divest business units valued at roughly GBP 400m, including its helicopter activities that provide support for the oil and gas sector.

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