Weststar Aviation Services Sdn Bhd (“Weststar” or the “Company”) today announced that KKR, a leading global investment firm with more than US$83.5 billion in assets under management, has invested approximately RM642 million (US$200 million) for a substantial minority equity stake in the Company. This will be KKR’s first investment in Malaysia. Additional terms of the transaction were not disclosed.
Founded in 2003, Weststar is a leading provider of offshore helicopter transportation services to the oil and gas industry. With a large and modern fleet of world-class helicopters and a stable of blue chip oil and gas companies as customers, Weststar focuses on providing quality offshore helicopter services and is the largest of such providers in Southeast Asia. In seeking to provide the highest standard of engineering, flight safety and reliable operations, Weststar provides personalized and efficient services by adopting sound planning processes, utilizing state of the art aircraft, systems and equipment.
“KKR has significant experience investing in the offshore aviation sector in Avincis Group and has a strong and experienced regional team in Southeast Asia. With KKR, we have a value-added partner who shares our vision of growing the Company into one of the world’s leading offshore helicopter services companies,” said Tan Sri Syed Azman Syed Ibrahim, Weststar Group Managing Director.
“Established in Malaysia, Weststar has fast become a key player in the offshore aviation industry in this region. This partnership will enable Weststar to expand its reach overseas and to continue to set a new benchmark for quality in global offshore aviation,” he added.
Ming Lu, Member of KKR and Regional Head of Southeast Asia, commented, “We are very pleased to partner with a high-performing company such as Weststar. We believe trends in the oil and gas sector in Malaysia and the broader region are long-term positive, and we look forward to supporting the Company in its ambitious growth and expansion plans.”