Source: Bristow Group
Bristow Group Inc. (NYSE:BRS) a leading provider of helicopter services to the offshore energy industry, has secured new contracts for work in the UK North Sea, Norway and Malaysia potentially worth in excess of $1.3 billion in revenue over the next 10 years.
An existing contract with the Integrated Aviation Consortium (IAC) in UK North Sea was extended through direct negotiation for a five-year term with the option to extend for an additional five years and includes the operation of six existing Sikorsky S-92 large helicopters that were initially put into service in 2008. In addition to the helicopter services, Bristow will continue to provide airport management and fixed wing services as part of this contract.
The ten year contract in Norway with Statoil reinforces our long-term commitment to the Norwegian market. The work will utilize three new Sikorsky S-92 large helicopters plus an additional back-up helicopter operating from our Bergen base beginning in January 2012. This contract is in addition to operations Bristow currently conducts for Statoil in Norway from bases in Stavanger and Hammerfest. This will increase the total Bristow helicopters in Norway to fifteen.
An award in Malaysia involves an initial minimum two year lease of three new Eurocopter EC225 large helicopters to a local operator together with the provision of technical management services on a ten year plus five year option agreement commencing in mid 2011.