Wednesday, July 1, 2015
HNZ Buys Stake in Norwegian Offshore Transport Provider
International helicopter transport provider HNZ Group has acquired a financial stake in Norwegian offshore transport operator Norsk Helikopterservice AS (NHS) through a combination of common shares and convertible debt.
NHS has approximately 25 employees and a single Sikorsky S-92, which it uses to provide oil and gas transport within the Norwegian continental shelf. Its primary customer is Lundin Petroleum, though it performs occasional work for other oil and gas operators.
The deal stands to benefit both companies. Proceeds, along with HNZ’s technical expertise and support infrastructure, will help NHS bid more effectively for contracts. HNZ will, in turn, gain its first foothold in the European offshore market. Norway’s oil and gas business is projected to grow substantially within the next five years, attracting exploration and production facilities.