CHC Expands in South America and Asia

CHC Helicopter has successfully completed negotiations for new long-term agreements in Brazil and Taiwan with total anticipated revenues of approximately CDN$44 million over five years.

CHC will lease two Super Puma AS332L1 helicopters to a Brazilian helicopter operator for a five-year period, commencing April 1, 2004. The aircraft, to be operated in support of Petrobras, Brazil's national oil company, will be redeployed from CHC's North Sea fleet. CHC's repair and overhaul division, Astec Helicopter Services, will provide maintenance services on a power-by-the hour basis.

CHC will enter a new market in Asia with the provision of one newly acquired Bell 412HP helicopter in support of the Taiwanese Coast Guard. The contract, which commences immediately, is for a five-year term.