Gama Aviation wins offshore contract with Peter Bond joint venture
A Gama Aviation joint venture with Peter Bond, founder of Bond Helicopters, has won its first contract to support the offshore operations of an international oil & gas firm.
The “rotary special mission” joint venture is structured as a 50:50 equity joint venture between Gama and Bond. The results of which are expected to be fully consolidated into the Gama’s financial statements as part of the Special Mission SBU.
The contract will support offshore operations in the southern North Sea for a five-year period, commencing January 2024. The venture will supply, operate and maintain five helicopters to support the transportation of personnel and equipment to and from the offshore installations.
The venture is hoped to produce overall revenues of £130m over its 5-year term with margins consistent with the Game’s other special mission contracts.
“Our five-year strategic plan for special mission, included entry into the energy & offshore market and I am delighted that we have been able to accelerate the execution of that plan,” said Mark Smith, managing director, Special Mission.
“Bond Helicopters combines a proven track record and offshore experience, together with the operational capability and infrastructure of Gama Aviation’s platform giving the Company a clear differentiator and enhancing our ability to prosecute the opportunities we see in the offshore market including those in wind, oil & gas and future decommissioning work,” said Smith.
Marwan Khalek, group CEO, Gama Aviation, added: “As a proven catalyst for driving shareholder value from the offshore market there can be no greater exponent than Bond Helicopters. The group has enjoyed an excellent working relationship with Bond Helicopters for over 30 years. Having worked closely with Peter throughout that period, I am delighted that he has chosen to align his considerable expertise with those of the group to help us accelerate our growth in this important rotary special mission sector, both offshore and onshore.”