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CHC awarded North Sea contracts worth $720 million
ST. JOHN'S, NL, Feb. 13 /PRNewswire-FirstCall/ -- CHC Helicopter Corporation
("CHC") (TSX:FLY.A and FLY.B; NYSE:FLI) announced today that its European
operating division has been awarded expanded multi-year contract renewals by
Statoil ASA ("Statoil") and Norsk Hydro ("Hydro") for the provision of heavy
helicopter transportation services in the Norwegian North Sea.
The contracts include the provision of one dedicated new Sikorsky S-92
helicopter and up to four dedicated plus one backup advanced Super Puma MK2
helicopters, plus one dedicated Super Puma MK1 to Statoil from three bases in
Norway; and the provision of two new dedicated Sikorsky S-92s, and backup, plus
flight hours, from CHC's pool of Super Puma MK2s, to Hydro from CHC's base in
Bergen.
Total anticipated revenue accruable to CHC over the fixed and option terms of
the contracts is approximately CDN $720 million. Combined annual revenue from
the two contracts is estimated to be approximately CDN$86 million.
CHC Chairman and Chief Executive Officer Craig Dobbin said: "These two contracts
represent the world's largest helicopter services award, and reaffirm CHC's
commitment to the European offshore sector. The renewed commitment by Statoil
and Hydro well into the next decade is a vote of confidence for CHC's excellent
safety and quality programs, fleet renewal, and our employees' commitment to
customer service. CHC is pleased to continue its longstanding partnerships with
two ofthe world's largest offshore oil companies, and will continue to provide
the safest, most reliable, cost-effective helicopter service in the world."
CHC President Sylvain Allard said: "With the introduction of the S-92 and
continued operation of the Super Puma MK2, CHC offers its customers the safest,
most advanced helicopter technology available, and the most flexible fleet
options in the world. We are pleased to introduce the high-performance,
versatile S-92 to our fleet and look forward to years of safe, economical
performance from this advanced next-generation helicopter."
CHC Managing Director, European Operations, Neil Calvert said: "These new
contracts represent a major commitment by Statoil and Hydro to enhance safety,
efficiency and flexibility by utilizing both the MK2 and S-92. CHC will operate
aircraft for Statoil from CHC's bases in Norway as follows:
Kristiansund: Up to two Super Puma MK2 aircraft, plus one Super Puma MK1 and one
new Sikorsky S-92. The contract, commencing July, 2004, is for a period of five
years, plus one three-year and one two-year option, for a total potential of 10
years.
Floro: One Super Puma MK2 aircraft. The contract, commencing June, 2004, is for
a period of three years, plus two one-year options, fora total potential of 5
years.
Bergen: Up to two Super Puma MK2 aircraft. The contract, commencing January,
2005, is for a period of three years, plus two one-year options, for a total
potential of 5 years. In addition, one dedicated Super Puma will beshared among
the three bases.
CHC will operate for Hydro as follows:
Bergen: Two new Sikorsky S-92s, plus part-time use of a Super Puma MK2 from
CHC's pool of aircraft. The contract, commencing January, 2005, is for a period
of seven years, plus fourone-year options, for a total potential of 11 years.
"
CHC Helicopter Corporation is the world's largest provider of heavy and medium
helicopter services to the global offshore oil and gas industry, with aircraft
operating in 30 countries and a team of approximately 3,400 professionals
worldwide, including the pending acquisition of Schreiner Aviation Group.
If you wish to be added to, or removed from, the Company's distribution list,
please e-mail .
This press release 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 judgement, they are subject to risks and
uncertainties that could cause actual results to vary. These statements may
involve risks and uncertainties including, but not limited to, factors detailed
in CHC's Annual Report on Form 20-F and in other filings with the United States
SEC. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual outcomes may vary materially from
those indicated.
DATASOURCE: CHC Helicopter Corporation
CONTACT: Derrick Sturge, Vice-President, Finance
& Corporate Secretary, CHC Helicopter Corporation, (709) 570-0713; Chris
Flanagan, Director of Communications, CHC Helicopter Corporation,
(709) 570-0749, 685-1537