Global Vectra plans rights issue, fleet expansion

April 10th, 2008 - 7:05 pm ICT by admin  

Mumbai, April 10 (IANS) Helicopter service firm Global Vectra Helicorp Ltd (GVHL), part of the UK-based $700 million Vectra Group, plans a rights issue of shares by December to fund its expansion, a top official said Thursday. The company also plans to invest $65 million to augment its fleet from 24 to 29 aircraft by March 2009.

“The rights issue will be used mainly to fund acquisition of new aircraft next year,” GVHL CEO Allan Brown told IANS.

Brown said the company also has plans to enter the onshore market. “At present there is lot of demand for onshore services. So entering this market is a natural progression for us,” he said.

Recently, the firm acquired one EC135 helicopter for onshore charters and two Bell 412 helicopters for offshore operations for $26 million.

In next two years, the company aims to earn 25 percent of revenue from these services, while chartering flights to the oil and gas sector (offshore business) would contribute the rest.

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