OGP market: CHC Bankrupt, Others Posting Losses | Aviation International News

OGP market: CHC Bankrupt, Others Posting Losses

Low oil prices are taking their toll on operators.

By Mark Huber • Contributor

May 12, 2016

In the starkest illustration of the rapidly declining fortunes of the global OGP (offshore gas and petroleum) helicopter industry to date, CHC unveiled a bankruptcy reorganization plan that would see it turn back 90 of its 230 helicopters in the next 60 days and another 65 by next year, leaving the company with just 75 helicopters. Helicopters to be returned within the next 60 days to lessors include Airbus EC155 (1), AS332s (18), H225s (20); Finmeccanica AW139s (19); and Sikorsky S-76s (16) and S-92s (16). Of the 230 helicopters in CHC’s fleet, 153 are leased. Part of a restructuring strategy to cut costs and rationalize the fleet in favor of newer-technology helicopters, the move will leave CHC a demonstrably smaller company.

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