Bristow Secures Contracts Worth More Than $1.3B

FOXBusiness

Helicopter maker Bristow Group (NYSE:BRS) said it has secured new contracts for 12 large helicopters in the United Kingdom North Sea, Norway and Malaysia, in what could be a deal worth more than $1.3 billion over the next decade.

“We are pleased to continue our recent successes in bringing in new business by adding these long-term contracts that strengthen our competitive position with key customers in three of our targeted growth areas,” Bristow CEO William E. Chiles said.

Continue Reading Below

An existing contract with the Integrated Aviation Consortium in UK North Sea was extended for a five-year term with the option to extend an additional five years.

The deal includes six existing Sikorsky S-92 large helicopters and an additional back-up helicopter operating from Bristow’s Belgium base starting in January 2012. Under the terms, Bristow will continue to provide airport management and fixed-wing services.

Bristow secured a 10-year contract with Statoil in Norway, which includes three new Sikorsky S-92 large helicopters and an additional one out of its Bergen base, upping total Bristow helicopters in Norway to 15.

The Malaysian award involves an initial minimum two-year lease of three new Eurocopter EC225 large helicopters to a local operator.

The contract also includes technical management services for 10-years, with a five-year option commencing in the middle of next year.

What do you think?

Click the button below to comment on this article.