Commercial

PHI, HNZ Join Forces Under Oil and Gas Acquisition

By S.L. Fuller | October 31, 2017

A PHI Sikorsky S-92A cruises over an oil rig in the Gulf of Mexico. Photo courtesy of Lockheed Martin

A PHI Sikorsky S-92A cruises over an oil rig in the Gulf of Mexico. Photo courtesy of Lockheed Martin

PHI Inc. plans to acquire HNZ Group Inc. This would expand PHI’s helicopter operations in the offshore market.

“This acquisition is an important part of our plan to diversify our services and international footprint,” said Al A. Gonsoulin, chairman and CEO of PHI. “It is rare to be able to acquire a segment of a company with whom you have such a strong working relationship as well as deep professional and personal regard. Together, PHI and HNZ bring a unique approach and skill to the discerning international customer.”

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As part of the agreement, PHI said it would acquire HNZ Group’s offshore business in New Zealand, Australia, the Philippines and Papua New Guinea. PHI said the deal values HNZ Group at $187.9 million, based on the number of outstanding shares as of Oct. 30.

HNZ group provides transportation and other services in Canada, Australia, New Zealand, Antarctica, the U.S. and Southeast Asia. PHI said it operates more than 115 helicopters, also supporting charter activities under multiple different brands (Canadian Helicopters in Canada). It is based in Montreal and employs 600 personnel around the world. PHI operates more than 230 aircraft in more than 85 locations. It is headquartered in Louisiana and employs 2,300 personnel around the world.

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