TW, that is absolutely true but CHC have run that model and are at about 90% leased now with that Waypoint transaction.
Bristow (according to the presentation from 12 Dec in the link below, p22) are at 34%. While they are moving towards the same model, they are still poles apart. It also goes back to my earlier point that if you are strong in Production contracts, leasing makes sense, they are long term, they are capital efficient, known quantities (reduced risk) and putting a leased asset on it makes absolute sense.
Bristow Investors ? Overview ? BRS ? bristowgroup.com
It's when you want to go to many parts of Africa the leased model doesn't work that well.