Revenues during the contract's first four year term total about US$40 million
MONTREAL: Helicopters (NZ) Limited, a wholly-owned subsidiary of Canadian Helicopters Group Inc, has entered an offshore oil and gas helicopter support contract with Shell Global Solutions International BV.
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. Beginning in the second quarter of 2014, a second AgustaWestland AW 139 helicopter will begin supporting oil and gas exploration and development work by Shell in the Philippines.
The contract’s initial term is four years with potential five one-year option periods. Revenues under the contract during the initial four year term are about US$40 million. The two aircraft needed to do the work will be obtained through purchase or lease.