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Helicopter Operating Leasing Comes Of 171-178:Layout 1 19/09/2013 13:40 Page 176 UNITED STATES REPRINTED BY PERMISSION OF AIRFINANCE ANNUAL. ALL RIGHTS RESERVED speculative orders and sale/leaseback transactions using addi- HELICOPTER tional equity and credit and financing facilities and has grown its fleet to over 100 leased helicopters having a value of over OPERATING LEASING US$1bn. Earlier in 2013, Milestone Aviation raised US$187.4m for the COMES OF AGE export of Sikorsky aircraft in a US Ex-Im Bank guaranteed bond financing that was the first Ex-Im Bank capital markets financing Following the lead of Milestone Aviation Group, which was for helicopters and the first Ex-Im Bank supported transaction for formed in August of 2010 and in three years has become a major a helicopter operating lessor. These types of financings originated source for the financing of helicopters, a number of additional in the commercial aircraft sector suggesting that these new heli- helicopter operating lessors have recently been launched. These copter lessors will borrow from strategies developed by commer- new helicopter lessors include Lease Corporation International cial aircraft lessors. (LCI), a commercial aircraft operating lessor that entered the hel- LCI was also an early entrant in the helicopter operating lease icopter leasing business in 2012, and Waypoint Leasing and business. LCI, privately owned by the Libra Group, a shipping Macquarie Rotorcraft Leasing, both established as helicopter conglomerate, was formed in 2004 as a commercial aircraft lessor. lessors in 2013. In 2011, LCI entered the helicopter leasing business by placing a Helicopter leasing is not new, dating back over 30 years. speculative order for AgustaWestland AW139, AW169 and However, until recently, most leasing of helicopters was by heli- AW189 helicopters. copter operators leasing or selling excess lift to other operators as Like Milestone Aviation, LCI is focused on acquiring medium a means of generating additional returns on their investment. An to heavy lift twin-turbine helicopters for lease to operators serv- example of such an operator is ERA Group Inc. icing the off-shore oil and gas industry, as well as the emergency ERA’s primary business is conducted through its helicopter medical services and law enforcement sectors. operating subsidiary, ERA Helicopters LLC. ERA Helicopters Waypoint Leasing was launched earlier this year by Ed transports personnel and supplies to offshore oil and gas drilling Washecka, former CEO of ERA Group, with US$350m of capi- rigs and platforms in the Gulf of Mexico and Alaska and other tal from Michael Dell’s MSD Capital, George Soros’ Quantum locations with its fleet of medium and heavy lift twin-engine tur- Strategic Partners Fund Management and Cartesian Capital bine helicopters. In 2004, ERA formed its leasing subsidiary, Group and placement of an order for AgustaWestland helicopters, ERA Leasing LLC, and has built up a substantial fleet of leased including AW139s, AW169s and AW189s. Waypoint Leasing also helicopters; however, ERA’s primary business continues to be the initially is focusing on medium and heavy lift twin-turbine heli- servicing of the offshore oil and gas industry as a helicopter oper- copters, although it plans to diversify its fleet with helicopters ator. servicing other sectors. Milestone Aviation, LCI, Waypoint Leasing and Macquarie Macquarie Rotorcraft also was launched in 2013. Macquarie Rotorcraft represent a new breed of helicopter operating lessors Rotarcraft is owned by Macquarie Group headquartered in that are investing in helicopters not for their own operations but Australia, which also owns Macquarie AirFinance, a commercial as long-term investments to be leased to operators under operat- aircraft operating lessor. Macquarie Rotarcraft also plans to focus ing leases. Initially, these new lessors intend to focus to a large on medium and heavy lift twin-turbine helicopters servicing the intent on medium and heavy lift twin-turbine helicopters leased offshore oil and gas industry. Macquarie Rotorcraft has not placed to operators servicing offshore oil and gas drilling rigs and plat- any speculative orders, and has indicated that it plans to acquire forms, which are supported by contracts with major oil and gas helicopters primarily through sale/leaseback transactions. companies. Milestone Aviation’s move into the helicopter operating lease These helicopters, which include Sikorsky S-76s and S-92s, business was bold and opportunistic, coming at a time when Eurocopter EC225s and AS332Ls and AgustaWestland AW139s, financing for helicopters, particularly those operating outside have large price tags (e.g. the cost for a new fully equipped S-92 the US, from commercial banks and other traditional sources exceeds US$25m). Obtaining financing for these helicopters was not readily available. All of the new lessors appear to be from commercial banks or other traditional financing sources long-term investors who are optimistic that helicopters, partic- can be a difficult challenge. The new lessors are stepping in to ularly the medium to heavy lift twin-engine helicopters to be fill the gap. leased to operators servicing the offshore oil and gas industry, Richard Santussi, founder of NetJets, started Milestone will retain their value while generating strong lease rates. This Aviation in 2010 with US$500m of seed capital from two pri- optimism is attributable to a number of factors including the vate equity firms, The Jordan Company and Nautic Partners. following: Milestone Aviation then was able to arrange credit facilities and 1. With crude oil prices holding at over US$100 per barrel, in 2012 placed its first speculative order of helicopters from drilling operations are moving further offshore to extract oil Sikorsky. It has continued to acquire additional aircraft through and gas. There is a high demand for newer helicopters that 176 Airfinance Annual 171-178:Layout 1 19/09/2013 13:40 Page 177 171-178:Layout 1 19/09/2013 13:40 Page 178 UNITED STATES UNITED STATES REPRINTED BY PERMISSION OF AIRFINANCE ANNUAL. ALL RIGHTS RESERVED REPRINTED BY PERMISSION OF AIRFINANCE ANNUAL. ALL RIGHTS RESERVED can transport personnel and supplies safely to and from Group, have each taken helicopters on lease from Milestone has announced that it intends to focus on sale/leaseback transac- ters servicing offshore drilling rigs and platforms from the base drilling rigs and platforms that can be located hundreds of Aviation, signaling an acceptance of operating leasing as a part tions of pre-owned medium lift helicopters. There will almost stations. The development of such base stations or other inno- miles offshore. The demand for helicopters servicing the off- of the mix of financing options to finance operator’s fleets. certainly be other new leasing companies with other business vations could impact the mix of helicopters required to serv- shore oil and gas industry is outpacing supply, and presents a While the new helicopter lessors initially are focusing on the strategies. ice the offshore oil and gas industry. good opportunity for investors focused on value retention. offshore oil and gas industry, this is not their sole strategy. The There are many other issues that helicopter leasing companies While helicopters historically have had long useful lives and Ascend forecasts that that the number of deep water offshore orders with AgustaWestland by both LCI and Waypoint Leasing will face going forward, including the following: high residual values, it is yet to be seen whether these historical oil and gas drilling platforms with helicopter decks will dou- included medium lift helicopters designed to service other sectors 1. A number of countries impose restrictions on the age of air- trends will continue, or what unforeseen changes will impact ble from around 250 today to over 500 by 2020, and that the such as emergency medical services. Waypoint Leasing has indi- craft that may be imported, without distinguishing between the helicopter leasing industry. To paraphrase the mathematician annual production of medium to heavy lift twin-turbine hel- cated that diversifying its portfolio is part of its business strategy. fixed wing aircraft and helicopters. Some oil and gas compa- John Allen Paolus, the only certainty is uncertainty. That has icopters supporting the offshore industry will increase from Over time, the helicopter lessors are likely to differentiate them- nies, including Petrobas, impose age restrictions on the heli- been the case for the commercial aircraft leasing industry and its current level of around 100 per year to around 180 per selves from each other, just as has happened with commercial air- copters that may be awarded contracts. Will these age will almost certainly be the case for the helicopter leasing year by 2022. craft operating lessors. restrictions be enforced and, if so, how will they affect the eco- industry. Which of the new helicopter leasing companies will 2. The operators of helicopters servicing the offshore industry Whether helicopter lessors will dominate the order books of nomic lives of helicopters exceeding the age restrictions? survive and prosper will likely depend on how they respond to transport personnel and supplies to drilling rigs and platforms the manufacturers for the medium to heavy lift twin-turbine hel- 2. Will technological innovations, accidents and other incidents this uncertainty. under multi-year contracts with major government-owned icopters in the future is yet to be seen. In the near term, there is or safety or environmental regulations result in reduced eco- and public oil and gas companies. Although the contracts with little capacity for increased production and the focus of lessors nomic lives for certain helicopters? The recent crash of an oil and gas companies are often limited to five years, the lessors may be on sale/leaseback transactions, which are likely to become Eurocopter AS332L in the North Sea and the temporary believe that there is a strong likelihood that that these con- quite competitive, particularly if additional leasing companies are grounding of this helicopter type, and prior accidents involv- This article was written by Thomas A.
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