CHC Helicopter Corporation

CHC Helicopter Corporation

December 29, 2005 10:00 ET

CHC Sells Minority Interest in Spanish Helicopter Company

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 29, 2005) - CHC Helicopter Corporation ("CHC") (TSX:FLY.SV.A)(TSX:FLY.MV.B)(NYSE:FLI) announced today the completion of the sale of its minority interest in Inversiones Aereas S.L. ("Inaer") to Helicapital Inversiones Aereas, S.L., a company controlled by the leading Southern European industrial investment group Investindustrial. Inaer operates light and medium aircraft primarily in the Spanish onshore helicopter market.

Gross proceeds are estimated at $39.5 million, all figures in Canadian dollars, which will consist of $37.0 million in cash and a deferred payment of approximately $2.5 million. The transaction is subject to post-closing price adjustment mechanisms customary in this kind of sale and purchase agreements which, under exceptional circumstances, may lead to the termination of the sale. Professional fees, other direct transaction costs and said potential post-closing adjustments, which are not yet determinable, may reduce the potential gain on sale arising from this transaction.

CHC Helicopter Corporation is the world's largest provider of helicopter services to the global offshore oil and gas industry, with aircraft operating in more than 30 countries around the world.

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 and uncertainties 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.

Contact Information

  • CHC Helicopter Corporation
    Chris Flanagan
    Director of Communications
    (604) 279-2493
    CHC Helicopter Corporation
    Erik van Straaten
    Director, Legal Services
    (604) 279-2497