Fri, May 29, 2009
Company Acquires Large Stake in Linder
Bristow Group Inc. has acquired 42.5% of Lider Aviacao Holding
S.A. 'Lider', Brazil's largest provider of helicopter and executive
aviation services.
Lider operates the largest helicopter fleet in Brazil, with 46
helicopters serving the oil and gas industry, representing
approximately 50% of the oil and gas market in Brazil. Its
helicopter operation is the most profitable business segment and
has been growing revenues at a compounded annual rate of over 22%
in the past three years. Lider's fleet has 46 helicopters and 29
charter aircraft.
"We view Brazil as the next 'North Sea' in terms of its
potential for growth in offshore services requirements," said
William E. Chiles, Bristow Group President and Chief Executive
Officer, "The Brazilian offshore deepwater market is thriving as a
result of several world-class oil discoveries and government
funding initiatives to develop those discoveries. It is our
objective to be a leader in each market we serve and our equity
ownership investment in Lider gives Bristow a solid position in
this very important market."
Mark B. Duncan, Senior Vice
President, Western Hemisphere, commented, "The new sub-salt
developments in Brazil, which are located approximately 200
nautical miles offshore, are expected to generate significant
demand for new helicopters over the next several years. In
addition, a minimum of an estimated 30 new medium and large
helicopters should be needed in the Brazilian oil and gas market in
the next five years to meet the expected growth in activity levels
and to replace aging aircraft".
Ownership of 42.5% of Lider will provide Bristow with
approximately 20% of the voting rights of Lider, complying with
Brazilian aviation regulations limiting foreign ownership. Bristow
will also have the right to appoint one of the five Lider board
members as well as one management position.
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