Commercial, Products

CHC Sees "No Immediate Rebound" Offshore

By Staff Writer | July 1, 2015

CHC Helicopter is “certainly not expecting an immediate rebound” in the market for offshore oil and gas helicopter support, CFO Joan Hooper told financial analysts in a June 30 briefing on the company’s fourth-quarter and full-fiscal-year performance. “We are planning as if the downturn can be prolonged because it’s prudent to plan that way.” That planning includes reducing headcount, renegotiating aircraft leases and parking, returning or retiring older-technology helicopters. For its fourth quarter (which ended April 30), CHC’s revenue declined 17.4 percent from the same period last year, from $453 million to $374 million. Its quarterly loss widened over that time from $26 million to $119 million. For its fiscal year, revenue slipped 3.2 percent, from $1.765 billion to $1.708 billion. Its annual loss jumped to $795 million from $171 million last year. The Richmond, British Columbia-headquartered company derives about 80 percent of its business from offshore support, with the remainder coming from its Heli-One MRO unit and search-and-rescue services.
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