New Milestone CEO: ‘the worst of the supply overhang is behind us’
Pat Sheedy is the new CEO of Milestone Aviation Group, the largest helicopter operator lessor. His appointment follows Greg Conlon’s promotion to CEO of GE Capital Aviation Services (GECAS), the helicopter lessor’s parent.
Sheedy has worked in international finance for 19 years most of this at GECAS working in aviation risk management, focusing on emerging markets. Previously, he was the senior vice president and regional manager for GECAS in Dubai, the Middle East, Africa and Russia.
“While the leasing and financing industry in the space continues to face challenges, we do believe the worst of the supply overhang is behind us with the H225 now well into its transition out of its primary mission and S-92 availability starting to tighten,” said Sheedy.
Sheedy says Milestone is well-placed to take advantage of any improvement in the market. But that he sees no sudden upturn.
“Our outlook remains tepid, with only modest demand growth but there is absolutely a need for a dedicated asset management partner for our customers,” says Sheedy.
Milestone has a $5 billion helicopter portfolio, the largest in the market. They have more than 300 aircraft under management with more than 40 helicopter customers in 30 different countries.
“We are really the only lessor that has transitioned into a mature leasing platform with a best-in-class technical and fleet team to manage aircraft transitions between leases, including asset repurposing and re-configurations, a global sales organisation and a full suite of service offerings including debt and asset management,” Sheedy told Helicopter Investor.
Milestone has the largest S92 fleets, owning more than a third of all the type. The S92 remains a mainstay in the offshore oil and gas market, particularly since many Airbus H225s have been removed from offshore operations.
As Sheedy explained to Helicopter Investor: “While utilisation and flight hours have increased, our customers continue to struggle under the weight of ever-increasing aircraft operating costs and illiquid legacy assets without an ability to transition them to new missions and lower end-contract revenues.”
Pat Sheedy’s CV:
January 2020 – Present: Appointed CEO of Milestone
April 2015 – January 2020: Appointed Chief Risk Officer and Head of Portfolio Underwriting
September 2011 – April 2015: Appointed Senior VP and Regional Risk Management
May 2009 – September 2011: Appointed VP and Risk Management for Middle Easts and Africa
October 2006 – May 2009: Appointed AVP Risk Management
October 2004 – October 2006: Appointed Financial Accountant