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Canadian Helicopters Loses $10.3-million Contract With U.s. Air Force

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By The Canadian Press



MONTREAL - Stock in Canadian Helicopters Income Fund (TSX:CHL.UN) dropped sharply in early Wednesday trading after the company lost a contract to provide $10.3-million worth of maintenance services to the U.S. Air Force and added that two more are under review.


Canada's largest helicopter transportation services firm, which is based in Montreal, said the United States Transportation Command has chosen an unnamed competitor to maintain radar sites in the North Warning System.


Canadian Helicopters units fell $1.42 or 14.5 per cent to $8.35 on the Toronto Stock Exchange.


The contract, which expires on Sept. 30, was one of three under which Canadian Helicopters provided support to the North Warning System, a series of radar stations stretching across the arctic.


The air force has launched a bidding process relating to the services covered under the other two contracts, and the fund said it has submitted proposals in an effort to hang on to the business.


The air force is expected to decide on the future of the contracts, which are valued at $5 million combined, in the coming weeks


"While the non-renewal is disappointing, we have enjoyed working with the United States Air Force on the North Warning System over the last few years as part of our ongoing relationship with the U.S. military and look forward to continue working with the U.S. military on this or on any other project where our services may be required," Canadian Helicopters senior executive vice-president Don Wall said in a statement.

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