6-Feb-2017 Source: Waypoint Leasing
Waypoint Leasing (Ireland) Limited (“Waypoint”), the largest independent global helicopter leasing company, today published its ‘January 2017 Oil Report,’ which reflects positive fundamental shifts in the market. Link to this report can be found here: oil report link.
Ian Gurekian, Chief Risk Officer of Waypoint said, “As highlighted in our recent Oil Report, sentiment shifted in the oil and gas market in the fourth quarter of 2016 and is now considered to be optimistic, buoyed by OPEC’s announcement to cut production followed by non-OPEC producers vowing to do the same. Several of the major oil companies have taken advantage of the current environment by securing investment deals, committing to new offshore blocks and increasing exploration and drilling activity. Given the new support for oil above $50 per barrel, coupled with lower market volatility, we expect this trend to continue as the oil companies start replenishing and building their oil inventories.”
Allan Rowe, Managing Director, Head of Commercial at Waypoint commented, “In 2016, Waypoint continued to grow Revenue and EBITDA and further diversified its portfolio with the addition of 23 aircraft to its fleet and ten new customers. We also saw strong and continued demand for our H145T2 and H135 order positions, as well as a notable increase in demand for other modern technology aircraft types over the last few months. Of the ten AW139s and S-92s that Waypoint took back from CHC, seven have been placed with customers and two are completing heavy maintenance with opportunities identified. As capacity continues to be drawn out of the market, we anticipate a healthier supply-to-demand balance, which should benefit OEMs, operators and the helicopter industry broadly.”
Clark McGinn, Senior Vice President of Sales and Relationship Management at Waypoint, added, “Our sales, relationship and technical teams have engaged and supported our customers around the world, resulting recently in the successful placement of former CHC aircraft, significant lease extension activity and new delivery placement. Our team completed over 30 re-lease events in 2016 alone, which is testament to our team and platform. We look forward to deepening our customer relationships and building on this momentum as the market continues to improve in 2017 and beyond.”