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Stock Market & Financial Investment News

News Breaks
June 18, 2014
05:42 EDTSTO, HELIStatoil awards Mariner helicopter contract to CHC UK
Statoil (STO) awarded the helicopter transportation contract for the Mariner field to CHC Helicopter (HELI) in the UK. The contract calls for CHC to operate two Sikorsky S-92 aircraft on behalf of Statoil. The helicopters will fly from Aberdeen or Sumburgh on the Shetland Isles to the Statoil operated Mariner field, 250 kilometers off the northeastern coast of Scotland. The contract has a duration of five years, plus an extension option for up to three years. The service is anticipated to begin in mid-2016.
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August 27, 2014
06:25 EDTSTOStatoil says it has over 100 projects in planning or execution, WSJ reports
Statoil says it has over 100 projects in planning or in progress, and is planning to maintain its current oil and gas production in coming years with the record activity, the Wall Street Journal reports. Reference Link
August 25, 2014
06:24 EDTSTOStatoil sees some delays in Russian energy projects from sanctions, WSJ reports
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August 22, 2014
05:12 EDTHELICHC Group announces investment by Clayton, Dubilier & Rice
CHC Group and Clayton, Dubilier & Rice, or CD&R, announced they have entered into definitive agreements for CD&R managed funds to invest $500M in CHC through the purchase of convertible preferred shares to be issued in a private placement. As part of the transaction, CHC also intends to pursue a $100M rights offering of the convertible preferred shares to existing shareholders. CD&R has agreed to purchase convertible preferred shares, if any are not purchased in the rights offering, which could bring CD&Rís total investment amount up to an aggregate of $600M. CHC plans to use proceeds from the investment primarily to reduce debt and other fixed charges. A portion of the proceeds is expected to be used to redeem $105M of senior unsecured notes and $130M of senior secured notes, plus associated premiums. CHC said remaining proceeds will be used to optimize the mix of owned versus leased aircraft, to further reduce debt opportunistically and for other general corporate purposes. Once the full investment of $600M is deployed, CHC projects it will generate approximately $50M-$60M in annualized incremental free cash flow, on a pro-forma basis beyond previous estimates. CD&R will have a 45% ownership position in CHC Group on an as-converted, pro-forma basis, based on a $500M investment and prior to the rights offering. This percentage could decrease or increase depending on participation of existing shareholders in the rights offering. First Reserve Corporation and its affiliates, which purchased CHC in 2008, would retain approximately 29% ownership in CHC, on a pro-forma basis.
August 20, 2014
16:02 EDTHELICHC Group unit selected to provide engine, component support to AAR Airlift
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