Rotorcraft Announces Acquisition of Bristow’s Production Management Services Business
Lafayette, Louisiana – August 6, 2008 – Rotorcraft Leasing Company, L.L.C., today announced that it has executed a definitive agreement to acquire the Production Management Services business of Bristow Group Inc. (NYSE: BRS). The Production Management Services business uses over 50 aircraft to provide helicopter transportation services to providers of management services and outsourced personnel to oil & gas companies in the Gulf of Mexico. The addition of the Production Management business of Bristow further enhances Rotorcraft’s position as a leading provider of offshore helicopter support services to oil & gas producers in the Gulf of Mexico.
The Company provides mission-critical transportation services to an attractive and loyal base of mid-major energy customers using its network of strategically-located onshore bases, an efficient fleet of short- and medium- range helicopters, and an extensive system of offshore fueling stations located throughout the Gulf of Mexico. The Bristow Group previously announced their intent to exit the Production Management business. The terms of the definitive agreement contemplate the sale of Bristow Group’s Bell model-206 aircraft to Rotorcraft, in addition to various other assets, related equipment, inventory and parts currently used in its Production Management Services business. Rotorcraft will also work with Bristow to transition a significant number of current pilots and mechanics currently employed by Bristow to Rotorcraft.
Rodger Bagwell, Rotorcraft’s CEO commented: “This is a logical extension of Rotorcraft’s current service offering. As a leading provider of aviation transportation services within the Continental Shelf, our customers have asked us to provide additional equipment and coverage, and we are determined to continue to grow to meet their needs. We look forward to the opportunity to serve and expand our relationships with Production Management companies throughout the entire Gulf.”
The Gulf of Mexico is the largest oil and gas production market in the world with nearly 4,000 active production platforms. More than 95% of the production platforms are located in Rotorcraft's target market segment of the shallow waters (or the Continental Shelf, defined as waters less than 1,000 feet deep).
About Rotorcraft Leasing Company
Founded in 1990, Rotorcraft is the largest privately-held operator in the
Gulf of Mexico certified by the FAA to operate helicopter charters and execute
long-term leasing agreements under an FAR 135 certification. Rotorcraft
services the transportation needs of mid-major, "independent" oil & gas
customers through twelve air bases located throughout Southern Louisiana,
Texas, and Florida. Flight planning and tracking for our continually expanding helicopter
fleet are managed from central Flight Operations Support in Broussard.
Rotorcraft also provides full service helicopter maintenance via, our
FAA-certified helicopter repair services facility. Rotorcraft is an affiliate of
H.I.G. Capital, a leading global private equity firm based in Miami.
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