CHC Expands Offshore Contract in West Africa

CHC Helicopter has won a five-year contract renewal (plus one option year) for the provision of two new, dedicated Sikorsky S-76C+ aircraft to Mobil Equatorial Guinea Inc. operations off the coast of West Africa commencing March 1, 2004.

These new aircraft, to be based at Malabo, Equatorial Guinea, will replace two Bell 212 aircraft currently on the contract.

CHC President Sylvain Allard said: "We have now secured four new aircraft for expanding international markets in the past three weeks - a new contract in India and an extended contract in West Africa. CHC is pleased to see major oil and gas companies utilizing modern equipment in these growing markets and looks forward to the continued success of its fleet renewal program."

In the past 12 months CHC's international divisions have successfully negotiated all eight contracts due for renewal for a combined $52 million per annum, and signed five new contracts in expanding markets for a combined $23 million per annum. These contract awards represent anticipated revenues of approximately $300 over the total contract periods.