Jeff Pino, the ex-president of Sikorsky Aircraft who “retired” in 2012, is back in the helicopter business, this time as CEO of newly formed Macquarie Rotorcraft Leasing, part of the U.S.-based Macquarie Group.
“Leasing reduces risk and improves operator balance sheets,” stated Pino. Having served at the pinnacle of one of the world major helicopter manufacturers, his experience leads him to believe that the growth of the leasing sector should not be seen by OEMs as a sudden growth in the market: “The OEMs must not see leasing as an increase in demand. There is a glut in money, not in helicopters. But OEM forecasting models are mature.” He believes that the OEMs will ensure that the residual value of helicopters will be maintained.
“With the increase in the price of oil, operators can lease equipment but they don’t need to own it,” he said. With longer range offshore developments poised to expand the type and range of helicopters required, he said that the energy sector could “hedge” its options with smart risk management over a set period of time. Pino believes that around 75 percent of the leasing business will be in the oil and gas sector, although there are also growing opportunities in the EMS sector.