Norwegian Pilot Strike Ends

CHC Helicopter Corporation has reached an agreement with the leadership of the union representing CHC pilots in Norway. All striking pilots will report back to work starting Feb. 2, 2002 and all flight schedules will return to normal. The agreement will have no significant impact on CHC's financial performance.

The work stoppage was over wages in the second year of a two-year contract ending April 30, 2002. The agreement settles these wage issues. In addition, the contract has been extended, and wages settled, for an additional year to April 30, 2003. Wage increases are similar to those recently granted by CHC's competitor in the Norwegian North Sea. Pilots will vote on the agreement over the next two weeks. CHC expects the pilots to approve the deal.

The wage increases will be partially offset by a wage cost reduction achieved through the recent hiring of 25 new pilots at entry-level wages to replace senior pilots that retired in the past year. In addition, a portion of the wage increases will be recovered through cost-escalation clauses in existing customer contracts. As a result, CHC does not expect the wage settlement to have a significant impact on the Company's financial performance.