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Canadian Helicopters Income Fund awarded additional work in Afghanistan by United States Transportation Command

9th March 2010 - 09:01 GMT | by The Shephard News Team


Canadian Helicopters Income Fund, the largest helicopter transportation services company operating in Canada, is pleased to announce that it has been awarded additional work in Afghanistan by the the United States Transportation Command (“USTRANSCOM”).

This amendment to the support contract previously announced on December 22, 2008, entails the movement of supplies and passengers to military forward operating locations, and involves the provision of two fully crewed and supported Sikorsky S61 heavy category helicopters.

One of the aircraft will be provided from the existing fleet of Canadian Helicopters, and one will be leased.

The Fund’s initial operations in Afghanistan, which similarly entail the movement of supplies and passengers, commenced in the first quarter of 2009 and involve the provision of three Bell 212 medium category aircraft.

The prime contractor is the Canadian Commercial Corporation, Canada's international contracting agency, which focuses on government-to-government contracting and procurement. The additional services, scheduled to begin in the second quarter of 2010, will be for an approximate seven-month base period with a one-year renewal option, to November 30th 2011, exercisable at the discretion of USTRANSCOM . The contract is denominated in U.S. dollars and is comprised primarily of a fixed monthly rate and variable hourly revenue components.

Total revenue to the Fund is expected to be in excess of US$35 million, assuming the option period is exercised and expected hours are flown. Revenue for this contract reflects the significantly higher level of effort required to accomplish the work in Afghanistan.

"This additional work in Afghanistan represents both a recognition of the professionalism of our operations there and a still further broadening of our long term relationship with the U.S. military,” said Don Wall, President and Chief Executive Officer of Canadian Helicopters. “The contract also affords the Fund a timely business opportunity, in that it will assist Canadian Helicopters to offset any continuing recessionary pressures in our domestic market.”

Source: Canadian Helicopters Income Fund

The Shephard News Team


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