Bristow Secures Contracts Worth More Than $1.3B


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.

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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.

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