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Chc To Buy Schreiner

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CHC to Acquire Schreiner Aviation Group



DECEMBER 1, 2003 - 08:25:00 ET


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,



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.




If you wish to be added to, or removed from, the Company's distribution

list, please contact communications@stjohns.chc.ca.


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



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



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.




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


FOR FURTHER INFORMATION PLEASE CONTACT:CHC Helicopter CorporationJo Mark ZurelSenior Vice-President & Chief Financial Officer(709) 570-5671

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Well now ain't this grand. Perhaps we should all start discussing who we could work for that is NOT owned by the Codfather cuz it seems that list is getting shorter by the year.


The only thing better than always reading about the latest addition to the hummingbird's toybox is the notion that someday we'll no doubt be reading about how that wooly mammoth finally starts getting parted out cuz it's finally reached critical mass.


Heard say too that the big red, white and blue might be looking at Helisweat. The Twin Otter lads would luv that eh!!!

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