MIAMI, Aug 06, 2008 (BUSINESS WIRE) -- H.I.G. Capital, L.L.C. announced today that one of its portfolio companies, Rotorcraft Leasing Company, L.L.C., has executed a definitive agreement to acquire the production management flight services business of Bristow Group Inc. The production management flight services business uses over 50 aircraft to provide helicopter transportation services to providers of management services and outsourced personnel to oil and gas companies in the Gulf of Mexico. The addition of the production management flight services business of Bristow further enhances Rotorcraft´s position as a leading provider of offshore helicopter support services to oil and gas producers in the Gulf of Mexico.
This business provides mission-critical transportation services to production management companies that support an attractive and loyal base of mid-major energy customers from strategically located onshore bases, an efficient fleet of short- and medium-range helicopters, and an extensive system of offshore fueling stations located throughout the Gulf of Mexico. Bristow Group previously announced their intent to exit the production management flight services business. The terms of the definitive agreement contemplate the sale of over 50 of Bristow Group´s Bell model-206 aircraft to Rotorcraft, in addition to various other assets, related equipment, inventory and parts currently used in its production management flight services business. Rotorcraft expects to transition a number of pilots and mechanics currently involved in the business to the Rotorcraft organization. Rodger Bagwell, Rotorcraft´s CEO commented: "This is a logical extension of Rotorcraft´s current service offering. As a leading provider of aviation transportation services within the Continental Shelf, our customers have asked us to provide additional equipment and coverage, and we are determined to continue to grow to meet their needs. We look forward to the opportunity to serve and expand our relationships with production management companies throughout the entire Gulf."
The Gulf of Mexico is the largest oil and gas production market in the world with nearly 4,000 active production platforms. More than 95% of the production platforms are located in Rotorcraft´s target market segment of the shallow waters (or the Continental Shelf, defined as waters less than 1,000 feet deep).
"During the last three years with H.I.G. as our financial sponsor and partner, we have executed a number of sensible, strategic acquisitions in the Gulf of Mexico and successfully integrated them into our Company without disruption to customers," said Lloyd Marks, the founder and President of Rotorcraft. "With the hard work of all our employees, pilots and technicians, we have grown into the largest privately-held helicopter operator in the Gulf. We are confident that our Company´s focus on safety first, as well as our outstanding customer service and complete range of quality aircraft will continue to win us the respect of our employees, customers and peers serving the oil and gas industry in the Gulf."
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