Milestone announces leasing transaction with Bristow Group
Milestone Aviation Group has
announced at Heli-Expo that it has reached agreement with Bristow Group to
lease five large helicopters.
The companies completed
operating leases in December 2011 for two Eurocopter EC225s
deliverable in mid-2012 and anticipates closing the leases for three 2011
Sikorsky S-92 helicopters later this quarter. All five helicopters are expected
to operate in the North Sea. The total value
of the five aircraft is in the range of $125 to $135 million.
Richard Santulli, Milestone
chairman said “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. Our level of commitment combined with
the reputation of this world-class operator truly makes this a landmark deal
William E. Chiles, Bristow
Group president and chief executive officer said “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.”