Friday January 11, 12:59 PM
Bristow to buy 8 aircraft for $143M
HOUSTON (AP) - Bristow Group Inc (NYSE: BRS - news) . said Friday it will purchase eight new helicopters from United Technologies Corp. and EADS NV for $143 million.
Bristow, which provides helicopter services to the offshore oil and gas industry, has multiyear options to purchase additional aircraft as needed. The transaction will be financed with already borrowed funds and future cash flow.
The company will receive two S-92 and three S-76++ helicopters from United Technology subsidiary Sikorsky Aircraft Corp. It will also buy three EC225 helicopters from EADS (Paris: NL0000235190 - news) 's Eurocopter division. Bristow expects delivery of all eight aircraft by the end of 2009.
The S-92 and EC225 are twin-engine helicopters that can hold up to 24 passengers and pilots. They are designed to fly longer distances to reach remote offshore oil and gas locations.
The S-76C++ helicopters are smaller, holding up to a dozen passengers and crew.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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