Schreiner operates a worldwide fleet of approximately 50 aircraft, providing helicopter and fixed wing aviation services primarily to the offshore oil and gas industry in Europe, Africa and Asia. Schreiner's annual revenues are approximately 100 million EUROS (CDN$155 million).
CHC Chairman and CEO Craig L. Dobbin, O.C. said: "This is a perfect fit for CHC. Together with Schreiner we become the undisputed world leader in offshore oil and gas helicopter support services. The acquisition will significantly increase the international diversity of our operations. Schreiner operates in many offshore growth areas not currently served by CHC, including the Netherlands, Nigeria, Chad, Cameroon and Indonesia and employs a similar operating philosophy of providing the highest levels of safety, value and customer service in the industry."
The acquisition of Schreiner complements CHC's existing market coverage and will provide the opportunity through fleet management to strengthen Schreiner's market position.
The acquisition is to be debt-financed and is expected to increase CHC's earnings per share immediately.
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