SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
Dated December 18, 2002
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CHC Helicopter Corporation
(Exact name of registrant as specified in its Charter)
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Hangar #1, St. John's Airport
P.O. Box 5188
St. John's, Newfoundland
Canada A1C 5V5
(Address of registrant's principal executive offices)
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Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F
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Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):_____
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):_____
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No x
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If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_____
CHC UNSUCCESSFUL IN RENEWING CONTRACT
Tuesday, December 10, 2002, St. John's, Newfoundland, Canada: CHC Helicopter
Corporation (CHC) (TSE: FLY.A and FLY.B; NYSE: FLI) announced today that its
United Kingdom operating subsidiary, CHC Scotia Limited, was unsuccessful in its
efforts to renew a contract to supply helicopter services to bp in the Northern
North Sea. The current contract with bp, which produced revenues of $51.5
million in fiscal 2002, expires on July 31, 2004. This represents approximately
8% of CHC's revenues but less than 4% of EBITDA. CHC will continue to service bp
under other contracts in the Southern North Sea, Angola, Norway, and Azerbaijan.
Sylvain Allard, the President of CHC stated: "Although it is disappointing that
we were unable to secure a renewal of the bp contract on terms that would
provide a satisfactory return to CHC shareholders, there is a worldwide shortage
of heavy helicopters of the type used to service the bp contract. There
continues to be a strong demand for these aircraft types so we are confident
that we will be able to re-deploy the aircraft at market rates after the bp
contract expires in 20 months. As our customers continue to develop oil reserves
further from shore, the demand for modern heavy helicopters should continue to
increase."
CHC Helicopter Corporation is the world's leading provider of heavy and medium
helicopter services to the global offshore oil and gas industry, with aircraft
operating in 23 countries and a team of approximately 2,500 professionals
worldwide.
For further information, please contact:
Jo Mark Zurel, Senior Vice-President
& Chief Financial Officer
709-570-0567
Chris Flanagan,
Director of Communications
709-570-0749/685-1537
If you wish to be added to, or removed from, the Company's distribution list,
please call 709-570-0749 or e-mail communications@stjohns.chc.ca.
This press release and management's discussion and analysis may contain
projections and other forward-looking statements within the meaning of the "safe
harbour" provision of the United States Private Securities Litigation Reform Act
of 1995. While these projections and other statements represent our best current
judgement, they are subject to risks and uncertainties that could cause actual
results to vary. These statements may involve risks and uncertainties including,
but not limited to, factors detailed in CHC's Annual Report on Form 20-F and in
other filings with the United States SEC. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual outcomes may vary materially from those indicated.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereto duly authorized.
Date: December 18, 2002
CHC HELICOPTER CORPORATION
(Registrant)
By /s/ Jo Mark Zurel
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Jo Mark Zurel
Senior Vice President and
Chief Financial Officer