Offshore Logistics, Inc. Announces Contract in Mexico
LAFAYETTE, La.--(BUSINESS WIRE)--March 15, 2000--Offshore Logistics, Inc., (NASDAQ:OLOG) announced today that Heliservicio Campeche S.A., its 49% owned affiliate in Mexico, was awarded a three year contract to provide helicopter transportation services to Comision Federal de Electricidad (CFE - the Federal Electric Commission of Mexico). The contract, valued at approximately US$75 million, calls for Heliservicio Campeche S.A. to provide twelve aircraft to support power line inspection, construction and maintenance operations from numerous operating locations throughout Mexico. Heliservicio Campeche S.A. will obtain most of the aircraft, and certain operational and technical oversight/support from OLOG to assist in the conducting of these services for CFE.
George Small, President of OLOG stated "We believe this contract is an example of the strengths that OLOG and its foreign affiliates, such as Heliservicio Campeche S.A., possess in providing helicopter services to remote areas around the world. It also demonstrates OLOG's ability to respond to significant commitments that require assets and or personnel as they arise.
This contract is a positive result of our previously announced plan to develop and expand our presence in areas outside the Gulf of Mexico and the North Sea."
Since established in 1978, Heliservicio Campeche S.A. has been one of the major providers of offshore helicopter transportation services to PEMEX (the national oil company of Mexico). During this period Heliservicio Campeche S.A. has developed the reputation as one of the most reliable, safe and efficient service providers in the Mexico helicopter market and has provided similar services to CFE in the past.
Offshore Logistics, Inc. is a major provider of helicopter transportation services to the oil and gas industry worldwide. Through its subsidiaries, affiliates and joint ventures, the Company provides transportation services in most oil and gas producing regions including the United States Gulf of Mexico, the North Sea, Africa, Mexico, South America, Australia, Egypt and the Far East. The Company's common Stock is traded on the NASDAQ National Market under the symbol OLOG. |
