State of the Industry
Over capacity, new management, new strategies blah blah blah
The biggest crisis in this industry is the one being ignored - the lack of pilots, lack of new pilots entering the industry and pilots leaving for fixed wing or retiring.
Its all very well turning these companies around but there is a lack of pilots!!! Urgent investment needed. However these days they are more likely to invest in HR instead
The biggest crisis in this industry is the one being ignored - the lack of pilots, lack of new pilots entering the industry and pilots leaving for fixed wing or retiring.
Its all very well turning these companies around but there is a lack of pilots!!! Urgent investment needed. However these days they are more likely to invest in HR instead
Bristow are offering an IR sponsorship that may be of interest to you.
Lots of onshore jobs have been vacant for a very long time, however as an ab initio these wont be suitable
You will get a type rating as a new FO on the north sea at the moment, also other job adverts for FOs being advertised without the requirement of a type rating.
Bristow are offering an IR sponsorship that may be of interest to you.
Lots of onshore jobs have been vacant for a very long time, however as an ab initio these wont be suitable
Bristow are offering an IR sponsorship that may be of interest to you.
Lots of onshore jobs have been vacant for a very long time, however as an ab initio these wont be suitable
Join Date: Dec 2006
Location: UK and MALTA
Age: 61
Posts: 1,297
Likes: 0
Received 18 Likes
on
4 Posts
Chapter 11 has just provided another tool for these people to generate more bonuses as the people doing the real work and taking all the real risks suffer through endless rounds of redundancy.
There, now I feel better with that off my chest.
DB
Mitchaa, yep, bit of a “Hunger Games” parallel, with Dallas being the “Capitol” to the other districts of Panem. Don’t know what inside rumours you have but there are still vacancies advertised for the Dallas office. Flight Operations now run by Supply Chain. Dallas was chosen as a First Reserve strategy to bring Dobbin’s questionable Canadian public company into an MBA-run American airline model. Take it private, tinker with the internals, then flip it back in an IPO for huge profit, and get out. Timing was bad.
AH
Maybe ‘waiver’ was the wrong word.
The customer sets the minimum flying experience requirements for the crews they want on contract for their O&G flying - after all, they are paying.
Regardless of total hours there was a general minimum requirement of 500-hrs multi-engine for the co-Pilot.
Makes sense I suppose - the more the merrier?
There is the facility to accept 250-hrs ME but a program of Line Training and mitigation had to be in place to counter the lack of ME time. Not all operators are equal - some have training departments used to such programs, others do not.
It wasn’t often that this ‘facility’ was drawn upon but operators are now having to use every ‘trick’ in the book to attract suitable pilot material to fill the cockpits.
Maybe ‘waiver’ was the wrong word.
The customer sets the minimum flying experience requirements for the crews they want on contract for their O&G flying - after all, they are paying.
Regardless of total hours there was a general minimum requirement of 500-hrs multi-engine for the co-Pilot.
Makes sense I suppose - the more the merrier?
There is the facility to accept 250-hrs ME but a program of Line Training and mitigation had to be in place to counter the lack of ME time. Not all operators are equal - some have training departments used to such programs, others do not.
It wasn’t often that this ‘facility’ was drawn upon but operators are now having to use every ‘trick’ in the book to attract suitable pilot material to fill the cockpits.
I wonder what this will mean for the helicopter operation?
https://www.theage.com.au/business/c...18-p52snb.html
https://www.theage.com.au/business/c...18-p52snb.html
I wonder what this will mean for the helicopter operation?
Last edited by Nescafe; 19th Sep 2019 at 04:21.
Not sure anymore. Connoco Phillips used to have their own, and still has a FW department I think. The obvious well known one is Brunei Shell - 2 S92 pax, 2 AW139 pax and 1 S92 SAR
The two big players are Saudi Aramco and Esso Australia. Both have owned and maintained their own helicopter fleets for many years. Only branching out to contractor crews to supplement their own direct hire crews.
Don't Chevron have a financial stake in the operators in Angola?
Thread Starter
Join Date: Oct 2002
Location: All over the place
Posts: 231
Likes: 0
Received 0 Likes
on
0 Posts
There have been many changes to the Industry since this post started, all more than adequately covered elsewhere, each deserving detailed discussion and analysis. Two recent stories, however, illustrate the systemic collapse of the valuations and demand for assets that still haven't reached their bottom, or ended in a viable transfer of ownership to a new entity. The last discussions of the future of Milestone and even the greater GECAS fleet, highlighted the impaired asset value, and I would hate to think what any of those numbers look like today, in either the Airline or Helicopter business. This announcement last week with the write-down of assets aligns very closely with the previous negotiation to sell the Organization and the interested parties' valuation of the assets. I'm not sure if this action is the portent of a sale, but it potentially seems quite possible.
https://www.ainonline.com/aviation-n...nes-value-729m
- July 31, 2020, 7:58 AMThe continuing decimation of the depressed offshore helicopter market writ large anew earlier this week when GECAS wrote down the value of its Milestone Aviation helicopter leasing unit by $729 million. Milestone holds the world’s largest fleet of Sikorsky S-92 heavy helicopters, used primarily in support of the offshore energy market.
The write-down was revealed this week in GECAS parent GE’s second-quarter 2020 10Q SEC filing in the form of a goodwill impairment. It represents a 41 percent devaluation of the $1.775 billion GECAS paid to acquire Milestone in 2015.
Milestone was founded by former NetJets chief Richard Santulli in 2010 with an initial capitalization of $500 million and based in Dublin, Ireland. It would go on to draw substantial investment from global financial powerhouses, including Lloyds, Barclays, and Lombard, the asset finance division of the Royal Bank of Scotland. Milestone built one of the world’s largest helicopter lease fleets that over the course of its first five years grew to 168 aircraft valued at $2.8 billion. It was quickly joined in the market space by a variety of new competitors, including Waypoint Leasing, LCI Aviation, Lobo Leasing, and Macquarie Rotorcraft Leasing.
The fallout from the 2008 recession and tumbling oil prices has had a lasting overhang on the offshore helicopter business, triggering a crescendo of bankruptcies and consolidations among operators and lessors in recent years.
https://www.ainonline.com/aviation-n...copters-parked
- August 3, 2020, 10:32 AMWhile the offshore helicopter market is showing signs of recovery, 39 Sikorsky S-92s, comprising 19 percent of the global market, remain parked. Among the active fleet, flying hours are down 27 percent. Those are among the findings from the most recent “S-92 Fleet Census” from Air & Sea Analytics.
The report notes that offshore helicopter services companies Babcock, Bristow, CHC, and Lider are returning aircraft to lessors against the backdrop of one-quarter of the world’s mobile offshore oil rigs being scrapped since 2015. Nevertheless, Air & Sea Analytics director Steve Robertson said, “Relative to other [oil field services] segments, we’d argue it’s [the S-92] one of the best performing over the last 12 months.” But he acknowledged that many owners and operators are “having a rough time.” The largest concentration of based S-92s continues to be in the UK, with 41, but of that number only 29 are active.
Nevertheless, glimmers of hope remain. GECAS helicopter leasing unit Milestone Aviation is adding to its S-92 fleet, already the world’s largest, and finding placements for them. The overall count of heavies and super-mediums has increased slightly, from 214 to 224, a function of increased deliveries of the latter to offshore operators. The report found that “super-medium units continue to be delivered and find work in the market.” And at least two operators, Cougar and Chevron, are increasing their super-medium fleet size.
https://www.ainonline.com/aviation-n...nes-value-729m
GECAS Slashes Milestone's Value by $729M
by Mark Huber- July 31, 2020, 7:58 AMThe continuing decimation of the depressed offshore helicopter market writ large anew earlier this week when GECAS wrote down the value of its Milestone Aviation helicopter leasing unit by $729 million. Milestone holds the world’s largest fleet of Sikorsky S-92 heavy helicopters, used primarily in support of the offshore energy market.
The write-down was revealed this week in GECAS parent GE’s second-quarter 2020 10Q SEC filing in the form of a goodwill impairment. It represents a 41 percent devaluation of the $1.775 billion GECAS paid to acquire Milestone in 2015.
Milestone was founded by former NetJets chief Richard Santulli in 2010 with an initial capitalization of $500 million and based in Dublin, Ireland. It would go on to draw substantial investment from global financial powerhouses, including Lloyds, Barclays, and Lombard, the asset finance division of the Royal Bank of Scotland. Milestone built one of the world’s largest helicopter lease fleets that over the course of its first five years grew to 168 aircraft valued at $2.8 billion. It was quickly joined in the market space by a variety of new competitors, including Waypoint Leasing, LCI Aviation, Lobo Leasing, and Macquarie Rotorcraft Leasing.
The fallout from the 2008 recession and tumbling oil prices has had a lasting overhang on the offshore helicopter business, triggering a crescendo of bankruptcies and consolidations among operators and lessors in recent years.
https://www.ainonline.com/aviation-n...copters-parked
One in Five S-92 Helicopters Parked
by Mark Huber- August 3, 2020, 10:32 AMWhile the offshore helicopter market is showing signs of recovery, 39 Sikorsky S-92s, comprising 19 percent of the global market, remain parked. Among the active fleet, flying hours are down 27 percent. Those are among the findings from the most recent “S-92 Fleet Census” from Air & Sea Analytics.
The report notes that offshore helicopter services companies Babcock, Bristow, CHC, and Lider are returning aircraft to lessors against the backdrop of one-quarter of the world’s mobile offshore oil rigs being scrapped since 2015. Nevertheless, Air & Sea Analytics director Steve Robertson said, “Relative to other [oil field services] segments, we’d argue it’s [the S-92] one of the best performing over the last 12 months.” But he acknowledged that many owners and operators are “having a rough time.” The largest concentration of based S-92s continues to be in the UK, with 41, but of that number only 29 are active.
Nevertheless, glimmers of hope remain. GECAS helicopter leasing unit Milestone Aviation is adding to its S-92 fleet, already the world’s largest, and finding placements for them. The overall count of heavies and super-mediums has increased slightly, from 214 to 224, a function of increased deliveries of the latter to offshore operators. The report found that “super-medium units continue to be delivered and find work in the market.” And at least two operators, Cougar and Chevron, are increasing their super-medium fleet size.