Milestone completes purchase and leaseback for four S-92s
Milestone has purchased four Sikorsky S-92s which it will lease back to the seller.
This brings the GE-owned lessor’s fleet of S-92s to 95 – more than a third of the S-92s currently on the market.
Daniel Rosenthal, Milestone president and CEO, said: “With their continued commitment to the platform, driving both availability and affordability, Sikorsky has demonstrated a focus on keeping these aircraft competitive. We at Milestone takes pride in our partnership with Sikorsky and our ability to place these aircraft in operation while securing our fleet’s future marketability.”
Milestone remains the largest player in the global leasing market in terms of fleet size and value, owning more than 300 helicopters valued at $4 billion. The company also has a forward order-book valued at more than $3 billion.
Dana Fiatarone. Sikorsky’s vice president, commercial systems and services, added: “As the largest owner of S-92s in the world, Milestone’s commitment to the type is second to none. We value our collaboration with Milestone, and Sikorsky is committed to future enhancements and continued support to ensure the S-92 remains the offshore commercial helicopter of choice for operators.”
The S-92 was first introduced in 2004 as a replacement for the Sikorsky S-70. It is the workhorse for many oil and gas operations, EMS and SAR missions.
Sale and leaseback
Sale and leaseback schemes have been a viable alternative for operators throughout the oil and gas downturn – allowing companies to continue flying the same helicopters without the financial risks of owning an asset in a volatile market where it might not be used as frequently.
The agreements help boost the operators cash-flow by selling the helicopter and allow for easier budgeting through a fixed-payment lease.
However, the number of sale and leaseback schemes drop off in 2018 as opportunities are opening up for operators to fly their helicopters more regularly.