CHC unsuccessful in renewing contract
CHC announced today that its United Kingdom operating subsidiary, CHC Scotia Limited, was unsuccessful in its efforts to renew a contract to supply helicopter services to bp in the Northern North Sea. The current contract with bp, which produced revenues of $51.5 million in fiscal 2002, expires on July 31, 2004. This represents approximately 8% of CHC's revenues but less than 4% of EBITDA. CHC will continue to service bp under other contracts in the Southern North Sea, Angola, Norway, and Azerbaijan.
Bond Offshore Services is the lucky recipient of this contract award.