A few things going on here:
1. all the oil service companies continue to look like dogs with fleas because of the oil price and hugely reduced capex by the oil companies.
2. Of those companies, those performing well and profitably are still getting slaughtered, those performing badly financially are getting slapped even more. The CHC results, while not unexpected, are not great.
3. As noted on many occasions, the ownership structure (over 85% of the shares are held by 2 companies) of CHC makes it a very unappealing investment and prone to price volatility.
4. The size of current market cap and the fact that it is in breach of NYSE rules mean many institutions will be barred from investing in it, or if they were invested, will have to divest. While there remains very little demand, any increase in the supply of shares from divestment will be taken into account by the market and the price drops more.