Milestone Aviation Orders 19 Sikorsky S-92 Choppers (Ireland)
Milestone Aviation Group, the global leader in helicopter leasing, announced today that it has signed a contract to purchase nineteen additional Sikorsky S-92® helicopters.
These aircraft are in addition to the three S-92 aircraft Milestone purchased from Sikorsky in February 2012. The first two aircraft are scheduled for completed delivery in late 2012 and the final aircraft is scheduled for delivery in 2016. The 22-aircraft order is valued at US$682 million at list prices.
“This acquisition represents Milestone’s largest helicopter order to date and we are very pleased to partner with Sikorsky again,” said Milestone Chairman Richard Santulli. “The S-92 has quickly established itself as one of the dominant helicopters in the world for a range of missions including offshore oil and gas and search and rescue. We have a great relationship with Sikorsky and by offering 100% operating lease financing on this aircraft, we can help introduce it to an ever-wider market of high quality operators around the world.”
The new aircraft will serve a variety of roles with operators worldwide, such as transporting workers to offshore oil and gas platforms, air ambulance, search and rescue, and civil defence. The offshore oil and gas environment is now the largest area of opportunity for heavy duty, mission-critical helicopters, and nearly 88% of Milestone’s aircraft are currently operating in oilfield services, with more in associated search-and-rescue tasks. Industry research indicates that this trend is expected to continue for many years.
These 22 aircraft join a growing inventory of Sikorsky aircraft that Milestone has purchased directly from Sikorsky since December 2010, including seven S-76C++(tm) helicopters. In addition to these direct orders Milestone has provided 100% operating lease financing for 12 additional Sikorsky aircraft.
Milestone launched in August 2010 having raised US$500 million in equity from the Jordan Company and Nautic Partners to provide operating lease financing to the helicopter industry. Since inception Milestone has leased 53 aircraft valued at more than US$600 million. The company presently leases helicopters to 20 operators spread over four continents including leases with three of the four largest global helicopter operators. By the end of 2012, the company expects to have leased assets operating on six continents and valued at more than US$1 billion.
Press Release, August 15, 2012