CHC Helicopters is set to acquire competitor Schreiner Aviation Group of the Netherlands and become the largest provider of helicopter services to the oil and gas industry.
The C$129 million ($100 million) cash deal is part of CHC's plan to expand beyond the North Sea market and will give the St John's, Newfoundland-based company access to oil and gas sectors in countries where it currently does not operate, including Cameroon, Chad, Indonesia, the Netherlands and Nigeria.
The acquisition will also boost CHC's fixed-wing and helicopter fleet by 50 aircraft, to which it is expected to add or replace around four to five aircraft a year, says Schreiner Aviation chief executive Hein Verloop.
About two-thirds of CHC's annual revenue of C$720 million comes from offshore helicopter services. The balance is from air ambulance services, search and rescue, onshore work and repair services. Adding Schreiner's C$100 million revenues and 600 employees will boost CHC's total workforce to around 3,000.
CHC's profit for the quarter to 31 October fell 17% to C$15.5 million, due to foreign currency effects, CHC says.
Source: Flight International
