HNZ Group has bought a stake in Norway’s offshore helicopter provider Norsk Helikopterservice (NHS) by the way of a combination of common shares, which represents a 49.9% voting and equity interest in NHS.
Oil and gas customers within the Norwegian continental shelf use NHS’s offshore operations for crew transport.
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Operating one Sikorsky S-92 heavy aircraft in support of Lundin Petroleum’s offshore facilities, the company currently performs work for other oil and gas operators.
HNZ Group president and chief executive officer Don Wall said: "The addition of HNZ’s financial strength, technical expertise and economies of scale will assist in lowering NHS’s cost structure and position the company for upcoming tender opportunities.
"Given the current market conditions, we are excited about the opportunity to gain exposure to the Norwegian offshore market and how this partnership will accelerate the implementation of HNZ’s strategic plan."
NHS chairman Bjorn Veum Seljevold said: "Partnering with HNZ, a financially strong and disciplined offshore helicopter operator, will enhance our standing with customers as we prepare upcoming bids."
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By GlobalDataThe offshore market in Norway comprises around 60 aircraft that are operated by four helicopter companies, including NHS.
NHS is said to be well-positioned to benefit from the new activity as oil and gas operators are keen to continue investing in Norway with new offshore production facilities expected over a period of the next five years.
The Nkr25m ($4m) investment by HNZ would be funded through cash and a drawdown under the company’s credit facility, and represents its first in the European market.
The proceeds will be used to fund NHS’s operations, as well as expansion opportunities, HNZ said.
Image: HNZ Group president and chief executive officer Don Wall (left) with NHS chairman Bjorn Veum Seljevold at the NHS Hangar in Stavanger, Norway. Photo: courtesy of HNZ.
