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CHC Orders Additional Sikorsky S-92 and AgustaWestland AW139 Helicopters

Nov. 1, 2007, Vancouver, B.C. - CHC Helicopter Corp. announced  today that its worldwide helicopter support division, Heli-One, has entered into new purchase contracts for delivery of 12 Sikorsky S-92s and 13 AgustaWestland AW139s.


November 1, 2007
By Corrie


Topics

Nov. 1, 2007, Vancouver, B.C. – CHC Helicopter Corporation announced
today that its worldwide helicopter support division, Heli-One, has entered
into new purchase contracts for delivery of 12 Sikorsky S-92 helicopters
with a subsidiary of Sikorsky  Aircraft Corp., and 13 AgustaWestland
AW139 helicopters with Agusta S.p.A
 
These purchases support CHC's commitment to acquiring new
technology aircraft and are part of CHC's fleet renewal plan to meet the
demands of its global customers.
    
The first S-92 helicopter from this order is expected to be delivered to
CHC in June 2009 with deliveries continuing through March 2012. The first
AW139 helicopter from this order is expected to be delivered to CHC later this
year, with deliveries continuing through late 2011.
    
CHC has already acquired 16 S-92 and eight AW139 helicopters under
previous orders.
    
Including the 12 S-92 helicopters from this order, essentially all of
CHC's heavy helicopter orders to be delivered in fiscal 2008 are committed to
customer contracts, with approximately 55% of heavy helicopter orders
committed on contract for all years. Including the 13 AW139 helicopters in
this new order, approximately 85% of CHC's medium helicopter orders to be
delivered in fiscal 2008 are committed to customer contracts, with
approximately 45% of medium helicopter orders committed on contract for all
years.
    
Concurrent with these purchase contracts, Heli-One has entered into:

     –   an agreement with Sikorsky to complete post-delivery modifications on
         S-76 helicopters owned and/or operated by CHC and third parties;
     –   an agreement with a subsidiary of Sikorsky to provide overhaul and
         repair services for the main, tail and intermediate rotor
         transmissions of S-92 helicopters owned and/or operated by CHC; and
     –   an agreement with Agusta to complete post-delivery modifications on
         AW139 helicopters owned and/or operated by CHC.

   
It is also expected that Heli-One, upon meeting certain terms and
conditions, will enter into:

     –   an agreement with Sikorsky to complete post-delivery modifications on
         Sikorsky S-92 helicopters owned and/or operated by CHC and third
         parties;
     –   an agreement with a subsidiary of Sikorsky to perform repair,
         overhaul and warranty services on certain S-92 helicopter components
         for third parties;
     –   an agreement with GE Aviation to perform repair and overhauls of CT7-
         8A engines (fitted on the S-92 helicopter) that are owned and/or
         operated by CHC;
     –   an agreement with Agusta to overhaul the main and tail rotor
         transmissions and provide maintenance and parts support services for
         AW139 helicopters owned and/or operated by CHC and third parties; and
     –   an agreement with Pratt & Whitney to perform repair and overhaul on
         PT6C-67C engines (fitted on the AW139 helicopter) that are owned
         and/or operated by CHC.

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As a result of these agreements, Heli-One will exit from
power-by-the-hour (PBH) support agreements with these Original Equipment
Manufacturers ("OEMs") on the S-92 and AW139 helicopters owned and/or operated
by CHC.
    
With the addition of these new maintenance, repair and overhaul ("MRO")
capabilities, Heli-One will have the ability to support all the newly
introduced aircraft types, including the Eurocopter EC225 helicopter, the
Sikorsky S-76 and S-92 helicopters and the AgustaWestland AW139 helicopter.
    
In addition, independent of the purchase contracts and new MRO
capabilities, CHC, the Royal Bank of Scotland ("RBS") and Export Development
Canada ("EDC") have reached commercial agreement and are completing final
documentation to expand an existing CHC/RBS lease facility by US$225 million.

This provides CHC with the ability to lease finance a variety of different
aircraft types flying in multiple jurisdictions around the world. This lease
facility is available for funding until at least April 2009. When this
agreement is finalized, the additional US$225 million capacity combined with
other existing financing capacity will provide CHC with total credit-approved
aircraft-specific financing facilities of approximately US$390 million.


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