MONTREAL, Aug. 6, 2012 /CNW Telbec/ - Canadian Helicopters Group Inc. (TSX: CHL.A CHL.B) (the "Company"), an international provider of helicopter transportation and related support services, announced today that its wholly-owned subsidiary, Helicopters (NZ) Limited ("HNZ") has entered into an offshore oil and gas helicopter support contract with Shell Global Solutions International B.V. ("Shell").
Beginning in September 2013, HNZ will provide crew change helicopter services from Manila to Shell's offshore petroleum platforms in the Philippines using one AgustaWestland AW 139 helicopter. Commencing in the second quarter of 2014, a second AgustaWestland AW 139 helicopter will also be deployed to support oil and gas exploration and development work by Shell in the Philippines.
The initial term of the contract is four years with potential five one-year option periods, exercisable by the customer. Revenues under the contract during the initial four year term are expected to be approximately US$40 million. The two aircraft required to perform the work will be obtained by way of purchase or lease.
"We are extremely pleased to have been selected by Shell for this major piece of business in Asia" said Don Wall, the President and Chief Executive Officer of the Company. "This is not only a win in terms of building on the strong relationship we have built with Shell in New Zealand, but it is also consistent with our strategy to grow the business and expand from our historical areas of strength in Australia and New Zealand deeper into the Asian market."
ABOUT CANADIAN HELICOPTERS GROUP INC.
Canadian Helicopters Group is an international provider of helicopter transportation and related support services with fixed primary operations in Canada, Australia, New Zealand and regions of Southeast Asia. The group also delivers contracted on demand support in Afghanistan and Antarctica. Charter operations are provided under two brands: Helicopters New Zealand (HNZ) in the Asia Pacific and Antarctica regions and Canadian Helicopters Limited (CHL) in Canada and Afghanistan. In addition to charter services, the Company provides flight training and third party repair and maintenance services. With headquarters near Montreal, Canada, the Company operates approximately 140 helicopters and employs approximately 800 personnel.
This press release contains forward-looking statements relating to the future contractual relationship between the Company and Shell and in particular with respect to expected revenues and duration of such relationship. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.
SOURCE: CANADIAN HELICOPTERS GROUP INC.
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Canadian Helicopters Group Inc.
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