407 Driver Posted December 2, 2003 Report Share Posted December 2, 2003 CHC Press Releases NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: CHC HELICOPTER CORPORATION TSX SYMBOL: FLY.A TSX SYMBOL: FLY.B NYSE SYMBOL: FLI CHC to Acquire Schreiner Aviation Group DECEMBER 1, 2003 - 08:25:00 ET ST. JOHN'S, NEWFOUNDLAND AND LABRADOR, CANADA--CHC Helicopter Corporation ("CHC") (TSX: FLY.A and FLY.B; NYSE: FLI) today announced that it has successfully executed a Letter of Intent to acquire 100 per cent of Schreiner Aviation Group ("Schreiner") of Hoofddorp, the Netherlands, for a cash payment of approximately 83 million EUROS (CDN$129 million), including all outstanding debt. CHC expects to complete confirmatory due diligence and negotiate final agreements, subject to regulatory approval, for a closing by January 31, 2004. Schreiner operates a worldwide fleet of approximately 50 aircraft, providing helicopter and fixed wing aviation services primarily to the offshore oil and gas industry in Europe, Africa and Asia. Schreiner's annual revenues are approximately 100 million EUROS (CDN$155 million). CHC Chairman and CEO Craig L. Dobbin, O.C. said: "This is a perfect fit for CHC. Together with Schreiner we become the undisputed world leader in offshore oil and gas helicopter support services. The acquisition will significantly increase the international diversity of our operations. Schreiner operates in many offshore growth areas not currently served by CHC, including the Netherlands, Nigeria, Chad, Cameroon and Indonesia and employs a similar operating philosophy of providing the highest levels of safety, value and customer service in the industry." The acquisition of Schreiner complements CHC's existing market coverage and will provide the opportunity through fleet management to strengthen Schreiner's market position. The acquisition is to be debt-financed and is expected to increase CHC's earnings per share immediately. CHC Helicopter Corporation, together with Schreiner is the world's largest provider of heavy and medium helicopter services to the global offshore oil and gas industry, with aircraft operating in 30 countries and a team of approximately 3,000 professionals worldwide. SEE ATTACHED FACT SHEET FOR ADDITIONAL INFORMATION ON SCHREINER If you wish to be added to, or removed from, the Company's distribution list, please contact firstname.lastname@example.org. This press release may contain projections and other forward-looking statements within the meaning of the "safe harbour" provision of the United States Private Securities Litigation Reform Act of 1995. While these projections and other statements represent our best current judgement, they are subject to risks and uncertainties that could cause actual results to vary. These statements may involve risks and uncertainties including, but not limited to, factors detailed in CHC's Annual Report on Form 20-F and in other filings with the United States SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Schreiner Aviation Group Fact Sheet: Schreiner is the largest helicopter operator in the Dutch portion of the North Sea, providing offshore helicopter support services and helicopter emergency medical services. Schreiner is also a major operator in Africa, providing helicopter and fixed wing aviation support services to the oil and gas industry, with significant offshore helicopter support services in Nigeria and Cameroon, and longstanding pipeline construction and maintenance/surveillance support in Chad. Schreiner operates its own maintenance centre based at Den Helder Airport, the Netherlands. Major Markets Nigeria - Schreiner operates a fleet of helicopters and fixed-wing aircraft providing support to the offshore and onshore oil and gas operations, where it has a market share of approximately 45%. In addition Schreiner operates scheduled domestic flights in Nigeria utilizing its fleet of DeHavilland Dash 8 aircraft. Schreiner currently has 14 aircraft in Nigeria, and operates an additional seven aircraft owned by customers. Netherlands - Schreiner is the largest helicopter operator in the Dutch part of the North Sea, serving primarily offshore oil and gas operations. The Dutch operations also include ship services and emergency medical services. The Dutch North Sea operations consist of 12 helicopters. Cameroon and Chad - Schreiner provides helicopter and fixed-wing aircraft to support a major pipeline project linking oil fields in southern Chad with terminal facilities off the Cameroon coast. Schreiner utilizes a combination of 10 helicopters and fixed-wing aircraft in this market. Indonesia - Schreiner has recently been awarded a contract to provide helicopter support to offshore oil and gas operations in Indonesia. Other - Schreiner also includes a number of other operations including a fixed-wing maintenance facility in the Netherlands, an aircraft parts sales business, a 37.8% investment in Inear, the largest onshore and offshore helicopter operator in Spain, and other non-core operations including a military target manufacturing business in Canada. Aircraft Schreiner operates approximately 50 aircraft, consisting of 33 helicopters and 17 fixed-wing. The helicopters are primarily medium aircraft including various Sikorsky S76 and Eurocopter SA365 models. The fixed-wing fleet is comprised primarily of DeHavilland Dash 6 and Dash 8 aircraft. FOR FURTHER INFORMATION PLEASE CONTACT:CHC Helicopter CorporationJo Mark ZurelSenior Vice-President & Chief Financial Officer(709) 570-5671 Quote Link to comment Share on other sites More sharing options...
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