CHC Helicopter Corporation (NYSE:FLI)
Industry: Services
CHC Helicopter Corporation is a provider of helicopter services to the offshore oil and gas industry. The Company operates in 34 countries, providing crew transportation and other services to major energy companies, as well as independent and state-owned oil and gas companies. CHC Helicopter's operations are concentrated in Europe, Africa, Australia and Asia. Through its subsidiary, Heli-One, the Company provides helicopter support services, such as leasing, parts supply, repair and overhaul, as well as major modifications. It also offers survival equipment. CHC Helicopter also provides helicopter transportation for search and rescue operations and emergency medical services, as well as ancillary helicopter services, including flight training. The Company's operations are segregated into five reportable segments. The segments are European flying, International flying, Schreiner, Repair and overhaul, and Corporate and other. European flying segment includes flying operations in the United Kingdom, Norway, Ireland and Denmark. International flying includes operations in Australia, Africa and Asia and offshore work in eastern Canada and in other locations around the world. Schreiner includes flying operations primarily in the Netherlands, Africa and Asia and includes other ancillary businesses. Repair and overhaul includes helicopter repair and overhaul operations based in Norway, the United Kingdom and Canada, and the survival suit and safety equipment production businesses. On August 17, 2004, the Company acquired Multifabs Survival Ltd. (Multifabs), an Aberdeen-based company specializing in the production of cold-water survival suits for military forces, emergency services and offshore oil and gas companies around the world, and on September 23, 2004, a majority of the shares of Aero Turbine Support Ltd. (ATSL). ATSL is an independent aircraft engine repair and overhaul company servicing General Electric CT58/T58 and Pratt & Whitney Canada PT6T turboshaft engines. On January 13, 2005, the Company also acquired the assets and capabilities of Coulson Aero Technologies Ltd. (Coulson), a British Columbia-based helicopter component and turbine engine maintenance repair and overhaul (MRO) provider. On October 31, 2000, CHC Corporation sold CHL, the Canadian onshore helicopter operations, retaining only a 42.75% interest. The Company maintained its interest in the tour offshore oil and gas operations on the east coast of Canada. CHC Corporation contracts with customers to provide aircraft for various periods of time. The Company is one of the two global providers of helicopter transportation services to the offshore oil and gas industry. The contracts offered for helicopter services in support of oil and gas exploration activities are generally short-term, usually 12 months or less. Contracts for transport of personnel and equipment to oil and gas production sites are generally long-term with terms typically ranging from 2-10 years, averaging approximately 3.5 years. The Company operated 180 helicopters in this category (74 heavy and 106 medium helicopters) during the year ended April 30, 2005 (fiscal 2005). It has long-term working relationships with most of the major oil and gas companies, including the operating subsidiaries of BP, ExxonMobil, ConocoPhillips, Shell, Statoil, Norsk Hydro, TotalFinaElf, Chevron, Maersk and Unocal. CHC Corporation operates approximately 90% of the worldwide fleet of commercial Super Puma aircraft configured for offshore work. Repair and Overhaul CHC Corporation through its wholly owned subsidiary, Astec, operates the commercial component repair and overhaul facility for the Eurocopter Super Puma helicopter, other than the original equipment manufacturer. The Company has the ability to service the Super Puma MkII model. Astec, located in Stavanger, Norway, is a customer service facility for Bell Helicopter Textron and has been designated by engine manufacturer General Electric as an approved repair and overhaul facility for the GE CT-58 engine used in the Sikorsky S-61 helico
As Of: 10/07 00:00 ET
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