CHC To Grow By 60 Choppers

The largest helicopter service provider for the North Sea market plans to add 60 choppers to its fleet over the next two years.

CHC Helicopter Corporation, with main headquarters in Vancouver, British Columbia cited rapid growth in demand for service from the offshore oil industry -- not surprising with everyone trying to reduce dependence on foreign (read middle east) oil.

According to CBC News, this is the biggest expansion in the company's history. Company CEO Sylvain Allard told shareholders it was necessary to take advantage of current growth opportunities saying, "Our customers need it and they need it fast."

The company will add 40 aircraft in 2007 with another 20 planned in 2008. On average, says the company, after financing, it costs about $500,000 to add a new helicopter to the fleet.

Heli-One, CHC's maintenance subsidiary, is building a new $30 million facility just southeast of Vancouver that should help with the increased workload. The 235,000 sq ft facility will give the company more room for maintenance, repair and overhaul operations.

CHC's core business is providing service to offshore drilling operators, but it also provides search and rescue services, helicopter training and maintenance for third-party customers.

The chopper service provider maintains headquarters in Vancouver and Aberdeen, Scotland. For its North Sea operations -- the world's largest offshore market -- it flies out of 17 bases in the UK, Ireland, Denmark, Norway and the Netherlands.

The company has ongoing operations in Australia, Brazil, Thailand, the Philippines, the Middle East, South Africa, Ecuador, Angola, Gabon, Equatorial Guinea, Eastern Canada and many others.

CHC currently operates a fleet of 250 aircraft.

FMI: www.chc.ca/