CHC Helicopter Receives Contract Extensions & Expansions

CHC Helicopter Corporation has received extensions and expansions to existing contracts in Southeast Asia, South America, Africa and Eastern Europe.

In Southeast Asia CHI has been awarded a two-year contract extension at increased rates with Unocal in the Gulf of Thailand, where CHI and Unocal have been partners for 27 years. The agreement has anticipated revenues of $28 million (all values in CDN$) over two years. CHI will continue to provide two Sikorsky S-76As and one Sikorsky S61N in support of Unocal's offshore gas production project in Thailand.

CHI has also signed a new seven-month agreement to add an additional S76A+ aircraft to its contract with PTT Exploration and Production (Thailand). CHI has signed a similar seven-month agreement with Shell (Philippines) to add an additional S76A aircraft to the contract. The two agreements will generate approximately $3.8 million in new revenues over the period.

In South America contracts with AGIP and Occidental in Ecuador have been renegotiated. AGIP has signed an agreement for an additional two years; Occidental has signed an agreement for one additional year. Each contract is for one Bell 212. Anticipated revenues from the two agreements are $6.8 million over the period.

In Africa CHI has signed an agreement with Triton Equatorial Guinea for an additional one-year contract extension for two S76A aircraft, with anticipated revenues of $4.4 million.

In Eastern Europe CHI has signed a contract with the United Nations to continue helicopter support services for a peacekeeping mission in Bosnia for an additional year. The agreement involves one Bell 212 aircraft and contains an option for one additional year. This contract has anticipated revenues of approximately $5.1 million over two years.

Total anticipated revenue for above contracts is a minimum $48.1 million. CHC Helicopters International President Christine Baird said "These contract extensions are indicative of CHC's long-term strategy of providing outstanding transportation services to long-term projects worldwide. Our goal is continued growth in both new and existing markets, and we are achieving it."

CHC Helicopter Corporation, through its subsidiaries and investments, is a leading provider of helicopter transportation services to the oil and gas industry, with a combined fleet of 321 helicopters operating in 21 countries, and approximately 2,500 employees worldwide.


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