LONDON–Bond, one of the most famous names in helicopters in the North Sea offshore oil and gas industry, is returning after an 8-year hiatus.
Peter Bond, one of the brothers involved in running Bond Helicopters and Bond Offshore Helicopters, has launched a joint venture (JV) with general aviation service firm Gama Aviation to service offshore oil and gas platforms in the southern North Sea.
The newly 50:50 JV, called Bond Helicopters Ltd., will service the contract with five helicopters for 5 years beginning in January 2024.
The JV is the first new player in the UK offshore helicopter marketplace since 2015, when Belgian operator NHV entered the Northern North Sea market flying from Aberdeen.
Gama has not identified the client, but it is understood to be European oil and gas company Perenco. Bond will replace incumbent Bristow Helicopters, operating from Norwich airport using Leonardo AW139s. Bond is also expected to adopt the same aircraft type for the contract, with it expected to be procured through leasing arrangements.
Gama says the contract is expected to generate revenue of around £130 million ($146.6 million) over the 5 years. Gama will invest £3.5 million in the JV in 2023.
“The group has enjoyed an excellent working relationship with Bond Helicopters for over 30 years,” says Marwan Khalek, Gama Aviation’s CEO.“Having worked closely with Peter throughout that period, I am delighted that he has chosen to align his considerable expertise with those of the group to help us accelerate our growth in this important rotary special mission sector, both offshore and onshore.”
Mark Smith, Gama Aviation’s managing director for its special missions business, says entry into the offshore helicopter business was part of the company’s strategic plans, but that this had been accelerated after securing the contract in conjunction with Bond.
The Bond name disappeared from the offshore helicopter business in 2014 when then-owners Avincis Group were taken over by UK engineering group Babcock.
Babcock divested the offshore helicopter business last year, selling it to competitor CHC. But the sale was blocked by the UK’s competition watchdog, the Competition and Markets Authority (CMA), over concerns that the combination of CHC and Babcock’s rotorcraft operations could constrain competition. CHC was forced to sell the Babcock operation, and it currently operates under the name Offshore Helicopter Services UK Ltd. The CMA’s investigation into the offshore helicopter industry in the North Sea said that new entrants to the market were unlikely because of reduced prospects of long-term growth, low margins and high barriers to entry. But the arrival of the Gama/Bond JV could prompt a reconsideration of the CMA’s decision.
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