CHC completes acquisition of Schreiner Aviation Group
17 February 2004 - 1:18AM
PR Newswire (US)
CHC completes acquisition of Schreiner Aviation Group ST. JOHN'S,
NL, Feb. 16 /PRNewswire-FirstCall/ -- CHC Helicopter Corporation
("CHC") (TSX: FLY.A and FLY.B; NYSE: FLI) today announced that it
has closed its previously announced acquisition of 100 per cent of
Schreiner Aviation Group ("Schreiner") of Hoofddorp, the
Netherlands, for a cash payment of 83 million euros (CDN $140
million), including the outstanding debt of Schreiner. The
acquisition was financed by a euro facility provided by the Bank of
Nova Scotia through an amendment of the Company's existing senior
credit facilities. 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 (euro) 100 million (CDN $169 million). CHC Helicopter
Corporation, is the world's largest provider of helicopter services
to the global offshore oil and gas industry, with aircraft
operating in 30 countries and a team of approximately 3,400
professionals worldwide. 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 anduncertainties 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. DATASOURCE: CHC Helicopter
Corporation CONTACT: please contact: Jo Mark Zurel, Senior
Vice-President & Chief Financial Officer, (709) 570-0567;
Derrick Sturge, Vice President Finance & Corporate Secretary,
(709) 570-0713; Chris Flanagan, Director of Communications, (709)
570-0749/685-1537; If you wish to be added to, or removed from, the
Company's distribution list, please contact
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