CHC completes acquisition of Schreiner Aviation Group

CHC completes acquisition of Schreiner Aviation Group 


ST. JOHN'S, NL, Feb. 16  /PRNewswire-FirstCall/ -- CHC Helicopter Corporation
("CHC") (TSX: FLY.A and FLY.B; NYSE: FLI) today announced that it has closed its
previously announced acquisition of 100 per cent of Schreiner Aviation Group
("Schreiner") of Hoofddorp, the Netherlands, for a cash payment of 83 million
euros (CDN $140 million), including the outstanding debt of Schreiner. The
acquisition was financed by a euro facility provided by the Bank of Nova Scotia
through an amendment of the Company's existing senior credit facilities.

Schreiner operates a worldwide fleet of approximately 50 aircraft, providing
helicopter and fixed wing aviation services primarily to the offshore oil and
gas industry in Europe, Africa and Asia. Schreiner's annual revenues are
approximately (euro) 100 million (CDN $169 million).

CHC Helicopter Corporation, is the world's largest provider of 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.

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 anduncertainties 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



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