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 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 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...
cyclic monkey Posted December 2, 2003 Report Share Posted December 2, 2003 That's really good news. I think the Shriners do great things for charity. I can just imagine the new look..... Quote Link to comment Share on other sites More sharing options...
CTD Posted December 2, 2003 Report Share Posted December 2, 2003 I wonder how Craig will look in his new hat? Quote Link to comment Share on other sites More sharing options...
407 Driver Posted December 2, 2003 Author Report Share Posted December 2, 2003 Thanks for putting it in pespective CM, your grasp of current world econimic and financial situations is only exceeded by your good looks Craig probably bought it for his kid, heard he's recently out of work ?? Quote Link to comment Share on other sites More sharing options...
CTD Posted December 2, 2003 Report Share Posted December 2, 2003 Yup. Got the punt by the board. It's tough in the big fish tank, you know. Quote Link to comment Share on other sites More sharing options...
HeloTeacher Posted December 2, 2003 Report Share Posted December 2, 2003 Actually CHC Africa are looking forward to an easy expansion into Nigeria now. Looks like my old shirts will only be retired for about 24 hours. Quote Link to comment Share on other sites More sharing options...
Reddog Posted December 2, 2003 Report Share Posted December 2, 2003 Helo Teacher you should know better. Once you have been assimilated you cannot escape the "Collective". Quote Link to comment Share on other sites More sharing options...
CTD Posted December 2, 2003 Report Share Posted December 2, 2003 Mmmmm. Nigeria. Had a slew of friends who flew there for Bristow. Hope things have improved, 'cuz it wasn't exactly a sparkling job in the 90s. Quote Link to comment Share on other sites More sharing options...
DecuMajor Posted December 3, 2003 Report Share Posted December 3, 2003 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!!! Quote Link to comment Share on other sites More sharing options...
HeloTeacher Posted December 4, 2003 Report Share Posted December 4, 2003 I've been old lately that the Bristow's guys have it the worst. The country will be difficult to deal with but the money is good, its a new a/c type, and a different job. I was getting bored anyway. And as for being CHC again, beats a lot of the alternatives these dyas. Quote Link to comment Share on other sites More sharing options...
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