More CHC news
CHC North Sea contract update
VANCOUVER, June 1 /PRNewswire/ -- CHC Helicopter Corporation ("CHC") (TSX:
FLY.SV.A and FLY.MV.B; NYSE: FLI) announced today changes to contracts in the
Norwegian North Sea, as follows:
ConocoPhillips Norway has awarded CHC a five-year contract renewal for the
provision of two upgraded Super Puma MK1 helicopters to provide Search and
Rescue and shuttle services in the Ekofisk region of the North Sea. The
contract, which commences September 1, 2006, replaces an existing contract for
the provision of two AS365 N2 helicopters, and is valued at approximately $88
million (all figures in Canadian dollars) over the five-year period.
ConocoPhillips Norway has also extended an existing crew-change contract to
September 1, 2006, but has announced it will not renew the contract with CHC
beyond this date. BP/Talisman has extended a related crew-change contract to
December 31, 2005, but has announced it will not renew the contract with CHC
beyond this date. These two crew change contracts utilize a combined three
Super Puma MK2 aircraft plus pool use aircraft, and are currently valued at a
total of $46 million per annum.
CHC has identified several potential markets for the redeployment of these
aircraft in 2006 and is confident demand for its aircraft will continue to grow
in the North Sea and in offshore markets around the world. With the recent
creation of Heli-One, an independent leasing and repair and overhaul division
within the company, CHC is confident it will be better able to keep its fleet
fully utilized despite changes in regional markets.
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 and a team of approximately 3,400 professionals
worldwide.