CHC Helicopter Corp. is having a good summer in the North Atlantic.
In June, the Richmond, British Columbia-based operator won two contracts from Statoil ASA of Norway that it valued at more than $1 billion for helicopter services in the Norwegian Sea. CHC said it believes the pair "represents the largest bundle of helicopter service contracts ever awarded."
The first is a five-year contract for five Sikorsky Aircraft S-92s and two Eurocopter EC225s to support Statoil’s offshore operations in Floroe, Norway (starting in June 2009) and Bergen, Norway (starting in 2010), as well as a back-up AS332L2 in Bergen. It includes options for up to four additional years.
The second is a seven-year contract for two all-weather, search-and-rescue EC225s based at Statoil’s Statfjord Field in the North Sea, and in Bergen as back up. It starts in March 2009 and includes options for up to four additional years.
The company followed that in July by winning renewals of two contracts to provide helicopter services in the North Sea that it said should generate $215 million in revenues over the next five years.
The larger extension is with Statoil’s offshore operations in Kristiansund, Norway. CHC valued that at $163 million over the five-year extension. It calls for CHC to operate two S-92s and one EC225 out of Kristiansund, starting in July 2009. Today it operates one S-92, one AS332L2, and one AS332L1 there for Statoil. Under the other, $52 million extension, with GDF in the Netherlands, CHC will provide a mix of services for five more years.