CHC Helicopter receives growth-captial commitment
Nov. 9, 2011, Vancouver - CHC Helicopter said that its owner, First Reserve Corp., has delivered $80 million against a commitment of an additional $100 million in equity in the global helicopter-services company.
By Carey Fredericks
CHC announced the planned investment in September, a move intended to help fund continued expansion in the midst of strong industry growth.
According to CHC, the balance of the investment will be made in the next two to three months, consistent with a timetable developed by the company.
"Every indication is that demand for offshore helicopter services will continue to increase at a very healthy rate," said William Amelio, CHC's president and chief executive officer. "That's being driven by the largest part of our business, where oil-and-gas producers are exploring in and opening up new frontiers, and in developing areas like search-and rescue and wind-energy generation.
"The benefits of industry growth aren't going to be equally distributed, and we think our leading safety record, reputation for customer service and extensive global reach together favor CHC.
"First Reserve's additional investment clearly shows it shares our optimism," Mr. Amelio said.