CHC Updates Completion of Acquisition of First Reserve Corporation

CHC Helicopter Corporation announced that it no longer expects that the completion of the arrangement involving CHC and an affiliate of a fund managed by First Reserve Corporation will occur by the end of June 2008.

Completion of the arrangement remains subject to a number of conditions, including receipt of regulatory approvals in Canada and Europe. CHC and the purchaser continue discussions with the applicable regulatory authorities and anticipate further guidance from these authorities shortly. CHC and the purchaser will continue to advise on anticipated transaction timing as information becomes available.