Bristow is to acquire five large helicopters for North Sea operations by means of leasing agreements with Milestone Aviation Group.
William E Chiles, Bristow Group president and ceo, says: “The terms of these agreements, with Milestone covering 100% of the acquisition cost of the aircraft, meet our commercial needs to better manage our financial performance.
“What’s more, Milestone brought capital, creativity and commitment to the transaction process. We look forward to building a broader relationship with the Milestone team in the future.”
The companies completed operating leases in December for two Eurocopter EC225s deliverable in mid-2012 and anticipate closing the leases for three 2011 Sikorsky S-92 helicopters later this quarter. The total value of the five aircraft is in the range of $125 to $135 million.
This agreement with Bristow Group marks the largest for Milestone since its launch in August 2010. The company currently has an asset portfolio representing more than $500 million in financing commitments and now holds leases with three of the four largest helicopter operators in the world.
Richard Santulli, Milestone chairman, says: “We are delighted to enter into a financing relationship with Bristow, which operates the world’s largest fleet of commercial helicopters for the offshore oil and gas industry.”