UTair finances helicopter purchases outside Russia for first time

UTair finances helicopter purchases outside Russia for first time

30-Jul-2012 Source: UTair

UTair Aviation has attracted financing from British bank HSBC on a security of French insurance agency COFACE. The deal presupposes delivery of 19 new Eurocopter AS 350/355 helicopters. The airline already operates five helicopters of this type. By the end of 2012 UTair will operate another four helicopters, while in 2013 the airline will take delivery of 10 more helicopters.

UTair has become the first Russian airline, which received insurance wrap for purchasing helicopters from an international export agency. Registration of this rotorcraft was performed in the Russian Register of Civil Aircraft. Earlier export agencies participated only in the deals on purchasing planes.

First Deputy General Director and Financial Director of UTair Aviation Igor Petrov said that this deal is a milestone for the airline. “The fact that UTair has become the first airline in Russia to perform purchase of helicopters with the involvement of an international export credit agency demonstrates high level of trust from the investment community”, Igor Petrov said.

Financing for a term of 7 years was provided by the British bank HSBC. The contract is worth more than $45 million.

UTair Aviation, part of the UTair Group, is the leading helicopter operator in the world in terms of transport capacity and fleet size, with more than 340 domestic and foreign made helicopters in operation, primarily Mil and Eurocopter. The airline’s helicopters service clients on 4 continents. Principal UTair clients for helicopter services in Russia include leading Russian oil and gas companies, many of which have more than 40 years of cooperation with the airline. Since 2002 UTair has become the largest provider of helicopter services to the UN. In January-June 2012 UTair helicopters logged 74,439 flight hours, which is 26.9% more than in the same period of 2011 . The range of rotorcraft capability in the UTair fleet and the professionalism of UTair personnel ensure the safety and service quality of flight operations at any level of complexity in all geographic and climatic zones of the planet.

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