Chc To Buy Schreiner

[407 Driver]

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 [email protected].

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

 

[cyclic monkey]

That's really good news. I think the Shriners do great things for charity. I can just imagine the new look.....

 

[CTD]

I wonder how Craig will look in his new hat?

 

[407 Driver]

Thanks for putting it in pespective CM, your grasp of current world econimic and financial situations is only exceeded by your good looks :blink:

Craig probably bought it for his kid, heard he's recently out of work ??

 

[CTD]

Yup. Got the punt by the board. It's tough in the big fish tank, you know.

 

[HeloTeacher]

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.

 

[reddog]

Helo Teacher you should know better. Once you have been assimilated you cannot escape the "Collective".

 

[CTD]

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.

 

[DecuMajor]

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!!!

 

[HeloTeacher]

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.

 

[Blackmac]

HT: As the "CodFather" would say best of luck, my son. To bad the Canadian operations were not run as well as over the pond.

What part of Nigeria will you be living in???

Keep in touch and the best of luck.

Don McDougall

 

[HeloTeacher]

I'll be living in Port Harcourt.

Good luck back at ya with the HEPAC, I've let the other guys around here know about what you are doing. I'd be looking forward to helping out when I get some time, soon I hope.

 

[412driver]

decumajor..... long time no hear................

i think you are safe from the big red chicken in your neck of the woods..


how's life treating you man? me an 204b are starting to worry about you dude