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Bristow Group Inc. (NYSE:BRS), a leading provider of helicopter
services and production management services to the offshore energy
industry, announced today that it has entered into an agreement to
purchase 100% of the stock of Helicopter Adventures, Inc., a leading
flight training provider, for approximately $15 million plus debt of
approximately $5 million. The purchase is expected to be completed on
April 1, 2007 and at that time the flight school will be renamed as
Bristow Academy Inc.
William E. Chiles, Bristow's President and Chief Executive
Officer, characterized the acquisition as, "both a strategic move and
a sound investment." Chiles said that, "Bristow Academy will be the
centerpiece of a Global Training Division that will set a new standard
for helicopter training at all levels of qualification while also
providing a steady supply of highly trained new pilots to meet the
needs of the company."
Helicopter Adventures, Inc. located in Titusville, Florida and
Concord, California is the only helicopter flight school approved to
provide helicopter flight training to Commercial Pilot level both by
the US Federal Aviation Administration and the European Joint Aviation
Authority. It operates 51 helicopters and employs 115, including 45
flight instructors. The school has approximately 225 students in
training, consisting of a mixture of self-funded private individuals,
sponsored trainees from the helicopter industry or related companies,
as well as trainee pilots from a wide variety of foreign and domestic
government agencies.
Bristow Group Inc. is the leading provider of helicopter services
to the worldwide offshore energy industry based on number of aircraft
operated. Through its subsidiaries, affiliates and joint ventures, the
Company has major operations in the U.S. Gulf of Mexico and the North
Sea, and operations in most of the other major offshore oil and gas
producing regions of the world, including Alaska, Australia, Brazil,
Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a
leading provider of production management services for oil and gas
production facilities in the U.S. Gulf of Mexico. The Company's Common
Stock trades on the New York Stock Exchange under the symbol BRS.
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