HNZ Group Inc. (TSX: HNZ) (the “Corporation”), an international provider of helicopter transportation and related support services, announced today that its wholly-owned subsidiary, HNZ New Zealand Limited, has entered into an offshore oil and gas helicopter support contract with Shell Philippines Exploration, BV (“SPEX”). Shell has awarded HNZ a five year extension to its existing contract. This replaces the original five one-year option periods at the expiry of the existing contract, and will be in effect from August 2017 to August 2022, and requires the two AgustaWestland AW139 helicopters for the provision of services to the Malampaya Gas Platform, which HNZ flies to from Puerto Princesa Airport.
Revenues for the extension period of five years are expected to be approximately $61 million ($47 million USD). There are non-recurring costs of approximately $3 million USD in relation to transition of replacement aircraft into the contract which will occur during financial year 2016. These costs will be recovered across the term of the extension period.
“We are very pleased to continue supporting Shell’s offshore operations in the Philippines” said Don Wall, President and Chief Executive Officer of HNZ Group. “The confidence Shell has placed in HNZ for ongoing helicopter support services both in the Philippines and other regions across the globe demonstrates the reputation we have gained for providing safe, reliable and cost-effective solutions. We look forward to supporting Shell over the course of the renewed contract.”
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