The following is an extract from the CHC 2002/2003 2nd quarter report. They seem concerned.
"The Company has learned that a new company, owned by the Bond brothers, is
planning to enter the U.K. offshore market. We have also confirmed that this new
company has secured delivery dates for Super Puma Mk2 helicopters in 2004. During
our current negotiations for the renewal of our BP crew contract (expiring July 31, 2004)
BP confirmed that they are seriously considering Bond as a potential supplier for their
crew change requirements in the Northern North Sea. We expect that BP will announce
their decision sometime before Christmas. Management believes the Company has
significant competitive advantages over any new market entrants, including economies
of scale, extensive fleet, experienced personnel, facilities and a long–term track record
of safe operation. Despite these competitive advantages, the outcome of the contract
award is uncertain at this time. There continues to be strong demand worldwide for
these aircraft types so if we lose the contract we are confident that we will be able to redeploy
the BP aircraft at market rates. "
Full report available at
http://www.chc.ca/fiscal.html