Hunting sells Canadian airport business

Energy services provider Hunting said it had sold its Canadian airport business for seven-and-a-half million pounds.

Hunting Canadian Airport Holdings, which includes Field Aviation, has been bought by a consortium of North American investors put together by the current management team.

Hunting has agreed to defer £1.9m of the deal, which it will receive by the end of 2018 and on which it will earn interest at a rate of 8% a year in the meantime, the firm said.

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Hunting and the buyer have agreed to establish an environmental escrow account to pay for any potential environmental issues that may arise relating to Field Aviation's hangar facilities in Calgary.

The escrow account will remain in place until the property lease expires in 2027 or to a time when such environmental matters have been satisfactorily resolved, Hunting said.

On completion of the sale, Hunting will deposit £2.5m into this environmental escrow account.