CHC announces second quarter results

VANCOUVER, Dec. 13  /PRNewswire-FirstCall/ -- CHC Helicopter Corporation (the "Company") (TSX: FLY.SV.A and FLY.MV.B; NYSE: FLI) today announced unaudited financial results for the three and six months ended October 31, 2005.

                          Financial Highlights
       (in millions of Canadian dollars, except per share amounts)

                                 Three Months Ended     Six Months Ended
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                                 October    October    October    October
                                 31, 2005   31, 2004   31, 2005   31, 2004
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  Revenue(1)                     $  252.1   $  239.5   $  496.5   $  478.3
  Operating income                   53.6       32.1       87.0       68.9
  Net earnings from continuing
   operations                        41.6       16.0       60.3       39.3
  Net loss from discontinued
   operations                        (0.1)     (17.3)      (0.5)     (18.3)
  Net earnings (loss)                41.5       (1.3)      59.8       21.0

  Per share information(2)
  Basic
  Weighted average number of
   shares                            42.0       42.0       42.0       41.9
  Net earnings from continuing
   operations                    $   0.99   $   0.38   $   1.44   $   0.94
  Net loss from discontinued
   operations                           -      (0.41)     (0.01)     (0.44)
  Net earnings (loss)                0.99      (0.03)      1.43       0.50

  Diluted
  Weighted average number of
   shares                            46.1       46.0       46.1       45.9
  Net earnings from continuing
   operations                    $   0.91   $   0.35   $   1.31   $   0.86
  Net loss from discontinued
   operations                           -      (0.38)     (0.01)     (0.40)
  Net earnings (loss)                0.91      (0.03)      1.30       0.46
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  (1) Comparative figures have been restated to conform to the current
      period's classification of certain fuel, landing fees and other costs
      recovered from customers as revenue rather than as cost reductions.
  (2) Comparative share information has been adjusted to reflect the April
      2005 2-for-1 stock split.


  Highlights

  -  Revenue increased $32.7 million or 13.6% compared to the second
     quarter of last year, excluding foreign exchange ("FX").

  -  Excluding FX, revenue in all operating segments increased from the
     second quarter of last year.

  -  Excluding FX, segment EBITDAR increased in Global Operations by 22.4%
     from the second quarter of last year.

  -  Operating income for the second quarter was $53.6 million, an increase
     of $24.2 million (excluding FX of $2.7 million) from the same period
     last year. This increase was primarily the result of a pre-tax gain of
     $21.8 million on the sale of the Company's remaining interest in
     Canadian Helicopters Limited ("CHL") and other long-term investments.

  -  Net earnings from continuing operations for the second quarter were
     $41.6 million ($0.91 per share, diluted), an increase of $25.6 million
     from the second quarter of last year. A comparison of second quarter
     and year-to-date earnings from continuing operations should consider
     the following after-tax costs, gains and other significant variances
     (in millions, except per share amounts):

     a) After-tax costs and gains

                                 Three Months Ended     Six Months Ended
                                 ------------------------------------------
                                 October    October    October    October
                                 31, 2005   31, 2004   31, 2005   31, 2004
                                 ------------------------------------------
  Restructuring and debt
   settlement costs              $   (3.7)  $   (2.8)  $   (6.3)  $   (4.2)
  Tax liability/ asset adjustments    5.8       (4.2)       5.8       (4.2)
  Gain on sale of CHL and other
   long-term investments             17.5          -       17.5          -
                                 ------------------------------------------
  Total after-tax                $   19.6   $   (7.0)  $   17.0   $   (8.4)
                                 ------------------------------------------
                                 ------------------------------------------
  Diluted net earnings per
   share impact                  $   0.43   $  (0.15)  $   0.37   $  (0.18)
                                 ------------------------------------------
                                 ------------------------------------------

     b) Other significant variances (after-tax)

         -  general and administration cost reductions of approximately
            $1.5 million or $0.03 per share, diluted, and $2.7 million or
            $0.06 per share, diluted, for the three and six months ended
            October 31, 2005 respectively, as a result of the Company's
            current restructuring initiatives;

         -  interest expense increases of approximately $2.6 million or
            $0.06 per share, diluted, and $4.6 million or $0.10 per share,
            diluted, for the three and six months ended October 31, 2005
            respectively, primarily as a result of higher debt levels
            related to investments in aircraft deposits, aircraft purchases
            and other capital assets to support growth; and

         -  effective average income tax rate increases of 2.9%, which
            equates to additional income tax expense of $0.5 million or
            $0.01 per share, diluted, and $1.1 million or $0.02 per share,
            diluted, for the three and six months ended October 31, 2005
            respectively.

  -  During the second quarter the Company declared an annual dividend of
     $0.40 per share, an increase from $0.30 per share declared in the
     prior fiscal year.

  -  Subsequent to the second quarter end the Company announced:

         -  a five year contract from the United Kingdom Maritime and
            Coastguard Agency (MCA) for the provision of commercial search
            and rescue helicopter services from four bases in the U.K.
            commencing July 1, 2007. The contract requires the deployment
            of four Sikorsky S-92s and three Agusta Bell AB139s and is
            valued at approximately $215 million over the five year period;

         -  a five-year $40.0 million contract renewal by ConocoPhillips
            (U.K.) Limited for the provision of a dedicated Sikorsky S76C,
            plus additional flight hours, in support of ConocoPhillips'
            Southern North Sea operations;

         -  a new $6.1 million contract award from Tullow Oil for the
            provision of a dedicated Sikorsky S76A+ aircraft to support
            development activity in the Southern North Sea; and

         -  it has exercised its option to acquire a significant equity
            position in Brazilian Helicopter Services ("BHS"). The
            acquisition is subject to several terms and conditions and is
            expected to close by March 12, 2006.



For a complete overview of results, including Management's Discussion and Analysis, and Unaudited Consolidated Interim Financial Statements and Notes thereto, please visit the CHC website at http://www.chc.ca/investor_financialreports.php

Investor Conference Call

The Company's second quarter conference call and webcast will take place Wednesday, December 14, 2005 at 10:30 a.m. EST. To listen to the conference call, dial 416-644-3432 for local and overseas calls, or toll free 1-866-250-4665 for calls from within North America. To hear a replay of the conference call, dial 416-640-1917, or 877-289-8525 and enter passcode "21165688 followed by the number sign".

The financial results and a live webcast of the conference call will be available at http://www.chc.ca/. The webcast is also available through CNW Group at http://www.cnxmarketlink.com/.

CHC Helicopter Corporation is the world's largest provider of helicopter services to the global offshore oil and gas industry with aircraft operating in more than 30 countries.

If you wish to be removed or included on the Company's distribution list, please contact .

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  This document may contain projections and other forward-looking
  statements within the meaning of the "safe harbour" provision of the
  United States Private Securities Litigation Reform Act of 1995. While
  these projections and other statements represent our best current
  judgment, they are subject to risks and uncertainties including, but not
  limited to, factors detailed in the Annual Report on Form 20-F and in
  other filings of the Company with the United States Securities and
  Exchange Commission and in the Company's Annual Information Form filed
  with Canadian security regulatory authorities. Certain material factors
  or assumptions were applied in drawing the conclusions or making the
  forecasts or projections in the forward-looking information herein,
  namely should one or more of these risks or uncertainties materialize, or
  should underlying factors assumptions prove incorrect, actual outcomes
  may vary materially from those indicated. The Company disclaims any
  intentions or obligations to update or revise any forward-looking
  information, whether as a result of new information or otherwise, except
  in accordance with applicable security laws.
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  For further information, please contact:

  Jo Mark Zurel
  Senior Vice-President & Chief Financial Officer
  [phone]

  Rick Davis
  Vice-President, Financial Reporting
  [phone]

  Chris Flanagan
  Director of Communications
  [phone]


DATASOURCE: CHC Helicopter Corporation



CONTACT: please contact: Jo Mark Zurel, Senior Vice-President & Chief

Financial Officer, [phone]; Rick Davis, Vice-President, Financial

Reporting, [phone]; Chris Flanagan, Director of Communications,

[phone];

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