VANCOUVER, June 29 /CNW/ - CHC Helicopter Corporation ("CHC") (TSX: FLY.A
and FLY.B; NYSE: FLI) announced today that it has been awarded two major
contracts by Statoil ASA, Norway, for the provision of helicopter services in
the Norwegian Sea. The company believes the award represents the largest
bundle of helicopter service contracts ever awarded, with a total value of
approximately $1.1 billion (all figures in Canadian dollars) over the fixed
and option periods as follows:
1. A five-year contract for the provision of five Sikorsky S-92 and two
Eurocopter EC225 aircraft in support of Statoil's offshore operations
based out of Floroe and Bergen, Norway, plus an additional back-up
Eurocopter AS332L2 in Bergen. The operation in Floroe will commence in
June 2009 and the contract in Bergen in January 2010. The contract
includes options for up to four additional years.
2. A seven-year contract for the provision of two all-weather Search and
Rescue EC225 aircraft. One helicopter will be based at Statoil's
Statfjord field in the North Sea, and the other in Bergen as back-up
for this service. Commencing in March 2009, the contract includes
options for up to four additional years.
These new contracts replace existing contracts for two AS332L2
helicopters, one S-92 and one Bell 214ST. The Company estimates these
contracts represent an annual incremental revenue increase of approximately
CHC Helicopter Corporation is the world's largest provider of helicopter
services to the global offshore oil and gas industry, with aircraft operating
in more than 30 countries around the world.
Forward Looking Statements
Statements in this press release contain projections and other
forward-looking statements involving known and unknown risks and uncertainties
which may cause our performance to be materially different from that implied.
While these projections and other statements represent our best current
judgement, they may involve additional risks and uncertainties including, but
not limited to the exercise by the customer of early termination rights in the
contract and other factors detailed in CHC's Annual Report on Form 20-F and in
other filings with the United States SEC and the Canadian securities
regulatory authorities. Unless otherwise required by applicable securities
laws, CHC disclaims any intention or obligation to update or revise any
forward looking information, whether as a result of new information, future
events or otherwise.
%SEDAR: 00002218E %CIK: 0000903124
For further information:
For further information: Rick Davis, Senior Vice-President And Chief
Financial Officer, (778) 999-0314, (604) 279-2471, email@example.com