Time has moved on and (as of Feb 14 this year) Vancouver Island Helicopters actually does now own Cougar.
A rumour I've heard is that under this new management the fleet replacement plans are being reconsidered with EC225 now being favoured (alleged reasons including "experience of better product support on 332Ls than 61s" and "better non-aux tank radius of 225 over S92").
The fact the company placed S-92 orders 45 months ago in 2000 expecting delivery in 26 months (see
http://www.cougar.ca/news.html) may also be a factor!
This could explain why the lead S-92s are now going to Louisiana not Halifax.
Now maybe this isn't true (or just an exercise to frighten a few $100k in price cuts). Maybe there are firm S-92 delivery dates next year for Cougar (and maybe CHC are continuing the lease of the Ls at a reasonable price in the meantime!).