North Sea Contract Extended for Bristow
Bristow Group has received an award of an amendment and extension of its existing contract in the North Sea with Integrated Aviation Consortium (IAC) for the provision of helicopter transportation services to offshore facilities both East and West of the Shetland Islands. The final contract, which has been extended until June 2010, will call for the provision of five new Sikorsky S-92 helicopters to be delivered in the second half of calendar 2007 to replace the six AS332L Super Puma helicopters currently under contract.
Bristow also announced that it had exercised options under its Helicopter Sales Agreement with Sikorsky Aircraft Corporation to purchase four additional S-92 helicopters. These four plus one of the two S-92's ordered in May 2006 will be used to fulfill the IAC contract requirements. The remaining S-92 ordered in May 2006 is being deployed to operations for a major operator offshore Norway. In addition, we reached an agreement with Sikorsky to extend the remaining September 30, 2006 option we have for an additional S-92 deliverable in calendar 2007 to December 31, 2006.
William E. Chiles, President and Chief Executive Officer said, "This award is an important step in our growth strategy and further implements our ongoing fleet expansion program. We are adding five new state of the art Sikorsky S-92 large aircraft to our fleet while making the Super Pumas currently under contract available for re-deployment on other opportunities in our worldwide operations. We will continue to consider if and when to exercise our options for nine additional large and 24 medium aircraft based on market demand."
Bristow Group Inc. is the leading provider of helicopter transportation services to the worldwide offshore energy industry based on number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major operations in the U.S. Gulf of Mexico and the North Sea, and operations in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, China, Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. The Company's Common Stock trades on the New York Stock Exchange under the symbol BRS.
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