ERA HELICOPTERS

All posts tagged ERA HELICOPTERS

PRESS RELEASE – 24 January 2020

Bristow Group Inc. and Era Group Inc. announced today that they entered into a definitive agreement to combine the two companies.

  • All-stock transaction creates financially stronger, publicly traded company with a significant presence in key geographic regions
  • Combined company will offer broader range of world-class, efficient aviation solutions through enhanced fleet size and diversity, providing better solutions for new and existing oil and gas customers and governmental agencies
  • Expected to achieve pro forma annual revenues of approximately $1.5 billion and run-rate adjusted EBITDA of approximately $240 million, including at least $35 million in annual cost synergies
  • The combined company will maintain a strong balance sheet with robust free cash flow to facilitate continued deleveraging and returns to shareholders

HOUSTON, January 23, 2020 – Bristow Group Inc. (“Bristow”) and Era Group Inc. (NYSE:ERA) (“Era”) announced today that they entered into a definitive agreement to combine the two companies in an all-stock transaction, creating a financially stronger company with enhanced size and diversification.

The combined company, which will be named Bristow, will strengthen its global leadership position with significant operations throughout the Americas, Nigeria, Norway, the United Kingdom and Australia for offshore aviation transportation and search and rescue solutions. The new organization will offer a broader range of world-class, efficient solutions through enhanced fleet size and diversity, continuing to invest in new technology and safety features to meet the evolving needs of new and existing oil and gas customers and governmental agencies. 

“We believe this merger will create substantial value for the stakeholders of both companies,” said Chris Bradshaw, President and CEO of Era. “The identified cost synergies are significant and, combined with the strong pro forma balance sheet and absence of capital commitments, support robust free cash flow generation. This merger achieves more efficient absorption of the significant fixed costs required to run an air carrier and better positions the combined company to manage industry challenges.” 

“Bristow and Era share complementary cultures built on an unwavering commitment to safety and quality through experienced, well-trained trained pilots, mechanics, engineers and support staff,” said L. Don Miller, President and CEO of Bristow. “Merging these two companies will further build on that culture to create an even stronger, more integrated industry leader.”

Highly Compelling Strategic RationaleEnhances Global Leadership with Significant Presence in Key Geographic Regions and End-Markets:

  • Significant operations throughout the Americas, Nigeria, Norway, the United Kingdom and Australia
  • Global leader in offshore oil and gas transportation, search and rescue and aircraft support services to government and civil organizations, with significant revenues and cash flow generated from government services contracts

Increases Fleet Size and Diversity:

  • Combined fleet of more than 300 of the industry’s most modern aircraft with the latest generation of technology and safety features
  • Creates the world’s largest operator of S92, AW189 and AW139 model helicopters
  • Combined fleet will be predominantly owned (>80%), with attractive lease rates on the balance of the fleet

Creates Financially Stronger Company: 

  • Expected to achieve pro forma annual revenues of approximately $1.5 billion and run-rate adjusted EBITDA of approximately $240 million
  • Substantial and highly achievable cost synergies with an annualized saving of at least $35 million through the elimination of redundant corporate expenses and the realization of enhanced operational efficiencies
  • Maintains a strong balance sheet (~2.5x net leverage), supported by a large combined cash balance (over $250 million expected at closing)
  • $112.5 million upsized ABL facility, with a robust free cash flow profile to facilitate continued deleveraging and returns to shareholders

Governance and Management 

Following completion of the transaction, the combined company will be headquartered in Houston, Texas. Chris Bradshaw, President and CEO of Era, will become President and CEO of the combined company. The senior management team will be named at a future date. 

The combined company will have a nine-member Board of Directors, including seven members from Bristow and two members from Era, including the CEO. The Chairman and Vice-Chairman of the Board of Directors will be appointed by Bristow.

Transaction Structure

The transaction will be structured as a reverse triangular merger whereby Era will issue shares to Bristow stockholders. Era (NYSE:ERA) shares will continue to trade on the NYSE.
Under the terms of the agreement, which was unanimously approved by the Board of Directors of both companies, Bristow shareholders would own 77% of the equity of the new company and Era shareholders would own 23%. 

The transaction is expected to close in the second half of 2020, following receipt of required regulatory approvals and satisfaction of other customary closing conditions, including approval by Bristow’s and Era’s stockholders. The merger is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes. 

Share Repurchase Plan

Era also announced today that, in connection with entry into the merger agreement, its Board of Directors has authorized a special stock repurchase program that would allow for the purchase of up to $10 million of its common stock from time to time and subject to market conditions on the open market or in privately negotiated transactions. The special repurchase program will commence as soon as practicable and will end upon the mailing of the joint proxy statement/prospectus for the merger. Era also noted that it intends to provide the market with periodic updates of the results of the repurchase program. Era’s previously announced repurchase program will be suspended until the closing of the merger.

PRESS RELEASE – 14 February 2018

Era Group celebrates 70 years of service.

Era Group Inc., one of the largest helicopter operators in the world and the longest serving helicopter transport operator in the United States, has commenced a year-long celebration of 70 years of service beginning in 1948.

Era’s founder, Carl Brady, learned to fly helicopters in Washington State where he formed Economy Pest Control. In 1948, Brady renamed his company Economy Helicopters and moved his Bell 47B helicopter to Alaska to support the U.S. Government’s mapping of the territory — the first use of a commercial helicopter in Alaska. By 1950, Brady’s Alaska-based company had moved into the petroleum support business and in 1958 merged with Rotor Aids, Inc. The first letters of Economy and Rotor Aids were combined, and the company became ERA Helicopters, Inc.

Rowan Companies, Inc. purchased Era Helicopters in 1967, and by 1970 the company was operating in the Gulf of Mexico, the Middle East and Africa. In 2004, SEACOR Holdings Inc. purchased then-named Era Aviation Inc. from Rowan to complement its existing aviation business, Tex-Air. On Feb. 1, 2013, Era Group Inc. began trading on the New York Stock Exchange as an independent public company following a spin-off from SEACOR. 

With a current fleet of more than 130 helicopters, Era has emerged as a leader in the helicopter industry providing an array of services including offshore personnel transport, emergency air medical, search-and-rescue, firefighting, utility, VIP transport and flightseeing services. Era also provides a variety of operating lease solutions and technical fleet support to third party operators.

“As we celebrate Era’s 70-year history as a pioneer in the aviation industry, we will continue our contribution to Era’s rich legacy by focusing on the company’s mission to provide safe, efficient and reliable helicopter services,” said Chris Bradshaw, Era’s president and chief executive officer. “I want to thank all of the Era team members, both past and present, for their contributions in making Era one of the global leaders in our industry.”

PRESS RELEASE – 29 May 2016

Era Group Inc. (Era) has announced its Search-and-Rescue (SAR) Program has
successfully completed 1,000 missions in the Gulf of Mexico.

Collaborating with Priority 1 Air Rescue (P1AR), an internationally recognized leader of
SAR services, Era pioneered the establishment of its commercial air
ambulance and search-and-rescue offering in the United States in 2010.
Three SAR-equipped Leonardo AW139 (formerly AgustaWestland) medium
helicopters operating from Era’s new super base in Houma, Louisiana and
Galveston, Texas, support the SAR Program and provide operational coverage
throughout the Gulf of Mexico Outer Continental Shelf significantly
improving offshore safety. As the world’s largest civilian operator of
Leonardo-Finmeccanica helicopters, Era was the first company to operate the
AW139 in a SAR configuration in North America.
Era’s aircraft can operate under instrument flight rules (IFR) and offer
full SAR capabilities such as a Goodrich dual hoist system, night vision,
and integrated auto hover with search pattern modes, high intensity
searchlight and a forward looking infrared system. The dedicated aircraft
feature complete advanced life support (ALS) medical care packages,
including critical care, fluid resuscitation, advanced airway, pain
management and cardiac monitoring, providing unparalleled medical response
capability.
P1AR’s multi-disciplined hoist operators, rescue swimmers and paramedics
integrate ALS patient care with helicopter hoisting operations. The P1AR
crew members are also capable of providing technical rescue for workers in
remote access and confined spaces on oil-and-gas production platforms,
drilling rigs and other installations, including offshore support vessels,
ocean freighters and cruise ships.
Combining ALS air ambulance and SAR capabilities with the highest level of
pre-hospital medical care available facilitates the provision of medical
treatment to locations previously unreachable. The SAR Program is supported
by four engineering and manufacturing development-certified medical
dispatchers, 18 IFR, night vision goggles, air ambulance and hoist-qualified
pilots and 36 P1AR medically-qualified rescue specialists.
“The 1,000 mission milestone is a testament to the status of Era’s partnered
SAR Program as the go-to solution for companies and their employees in the
Gulf of Mexico,” said Paul White, senior vice president, Commercial. “Though
we never wish the need for our services to arise, our SAR Program has become
an important component of offshore safety assurance, and we see additional
SAR opportunities both here and abroad. We take great pride in helping our
customers rest easy knowing that our SAR Program is standing by and at the
ready to assist as necessary.”
“The driving force behind the SAR Program is the passion and commitment of
everyone involved,” said Brad Matheson, president of P1AR. “The successful
completion of the 1,000th SAR mission clearly demonstrates the importance of
the offering made possible through the Era and P1AR partnership.
“The success of the SAR Program reflects the safety commitment of the
subscribers and other customers to ensure their staff, clients and community
are afforded the best possible response in the event of an emergency. The
capabilities of the SAR Program are built upon innovation and training that
will provide further opportunities for continued growth in this highly
specialized sector of the helicopter industry.”

era1-600

era2-600

era3-600

Thanks to Oscar BERNARDI for these images of the ERA RESCUE Helicopters operating in the Gulf of Mexico.

HELI-EXPO 2016 – PRESS RELEASE

Finmeccanica and Era sign EMS platform development MoU for the AW609 TiltRotor program.

  • Addressing concepts around operations, regulations, support, configurations, commercial aspects towards certification of the first civil tiltrotor
  • Almost 60 customers have already chosen the AW609 globally to perform several missions
  • Successful collaboration between Era and Finmeccanica has resulted in Era becoming the largest civil operator of AgustaWestland helicopters

Rome, 2nd March 2016 – Finmeccanica and Era Group Inc. (Era) announced today the signing of a platform development Memorandum of Understanding (MoU) for the AgustaWestland AW609 TiltRotor program. The announcement was made at Heli-Expo (Louisville, Kentucky) during an official ceremony.

Under the MoU, Finmeccanica Helicopter Division and Era will engage in joint activities in support of AW609 program development for the emergency medical service (EMS) market including concepts around operations, regulations, maintenance, configuration optimization, as well as identifying possible areas of enhancement or modifications.  The partners would provide contribution to flying activities towards aircraft maturity and address commercial aspects for potential future AW609 acquisitions.

The signing of the agreement sets another major milestone for the development of the first commercial tiltrotor towards FAA certification.  This exclusive agreement further strengthens the long established partnership between Finmeccanica Helicopter Division and Era, the largest global operator of AgustaWestland products such as the AW119, AW109 Power, AW139 and AW189 covering offshore transport and rescue operational requirements. By joining forces through their respective expertise and know-how, the partners are moving towards a marketing and operational preparation stage for its future EMS operations. The agreement to further develop the potential capabilities of the AW609 marks a significant step towards the production of an aircraft type that will provide a unique emergency medical service solution in the future. EMS operators will leverage on the 275 knot maximum speed and 750 nm range of the AW609. With approximately twice the speed and twice the range of a helicopter combined with its all-weather capabilities, the AW609 can dramatically reduce the time it takes to support emergency tasks in demanding conditions.

AW609-ERA-Flying-v1-01-01-H

HELI-EXPO 2016 PRESS RELEASE

LOUISVILLE, KENTUCKY, March 1, 2016 – Sikorsky recognized Era Group Inc. today as the
first operator to enter revenue service with a new production Sikorsky S-92® helicopter with
Gross Weight Expansion (GWE). The event was conducted at the 2016 Helicopter Association
International Heli-Expo show at Sikorsky’s booth where Era’s S-92 helicopter is on display.
Sikorsky Aircraft is a Lockheed Martin company (NYSE: LMT).
Era’s first Sikorsky S-92 helicopter with GWE entered into revenue service in the Gulf of
Mexico in October 2015. The GWE increases the maximum take-off weight from 26,500 to
27,700 pounds. Era recently accepted delivery of its second S-92 helicopter with the GWE
option, and now operates a fleet of nine Sikorsky aircraft.
“Our customers are greatly benefitting from the extra payload offered by this S-92
helicopter,” said Chris Bradshaw, President and Chief Executive Officer, Era Group, Inc.
“The safety, reliability and performance of the S-92 helicopter makes it an optimal platform
for those we serve.”
Sikorsky has delivered more than 275 S-92 helicopters to customers throughout the world.
The fleet has flown more than 950,000 flight hours. S-92 helicopters perform a variety of
missions including oil & gas worker transportation, search and rescue, and a variety of
transportation missions for head of state, utility and airline passengers.
For additional information, visit our website: www.sikorsky.com.

ERA-S92

AgustaWestland AW189 … registered by FAA.

Last 29th December 2015 the first two AW189s were finally registered in the US to Era Helicopters LLC. The two new ships are N189EH ( c/n 49018 ) and N314SS ( c/n 49019 ).

era-2

Thanks to Oscar BERNARDI for this picture from the past AW189 demo tour in the United States wearing full Era livery.