The contracts include the provision of one dedicated new Sikorsky S-92 helicopter and up to four dedicated plus one backup advanced Super Puma MK2 helicopters, plus one dedicated Super Puma MK1 to Statoil from three bases in Norway; and the provision of two new dedicated Sikorsky S-92s, and backup, plus flight hours, from CHC's pool of Super Puma MK2s, to Hydro from CHC's base in Bergen.
Total anticipated revenue accruable to CHC over the fixed and option terms of the contracts is approximately CDN $720 million. Combined annual revenue from the two contracts is estimated to be approximately CDN$86 million.
CHC Chairman and Chief Executive Officer Craig Dobbin said: "These two contracts represent the world's largest helicopter services award, and reaffirm CHC's commitment to the European offshore sector. The renewed commitment by Statoil and Hydro well into the next decade is a vote of confidence for CHC's excellent safety and quality programs, fleet renewal, and our employees' commitment to customer service. CHC is pleased to continue its longstanding partnerships with two of the world's largest offshore oil companies, and will continue to provide the safest, most reliable, cost-effective helicopter service in the world."
CHC President Sylvain Allard said: "With the introduction of the S-92 and continued operation of the Super Puma MK2, CHC offers its customers the safest, most advanced helicopter technology available, and the most flexible fleet options in the world. We are pleased to introduce the high-performance, versatile S-92 to our fleet and look forward to years of safe, economical performance from this advanced next-generation helicopter."
CHC Managing Director, European Operations, Neil Calvert said: "These new contracts represent a major commitment by Statoil and Hydro to enhance safety, efficiency and flexibility by utilizing both the MK2 and S-92. CHC will operate aircraft for Statoil from CHC's bases in Norway as follows:
Kristiansund: Up to two Super Puma MK2 aircraft, plus one Super Puma MK1 and one new Sikorsky S-92. The contract, commencing July, 2004, is for a period of five years, plus one three-year and one two-year option, for a total potential of 10 years.
Floro: One Super Puma MK2 aircraft. The contract, commencing June, 2004, is for a period of three years, plus two one-year options, for a total potential of 5 years.
Bergen: Up to two Super Puma MK2 aircraft. The contract, commencing January, 2005, is for a period of three years, plus two one-year options, for a total potential of 5 years. In addition, one dedicated Super Puma will be shared among the three bases.
CHC will operate for Hydro as follows:
Bergen: Two new Sikorsky S-92s, plus part-time use of a Super Puma MK2 from CHC's pool of aircraft. The contract, commencing January, 2005, is for a period of seven years, plus four one-year options, for a total potential of 11 years."
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