The fall in oil prices has forced energy companies to cut operating costs and forego future projects. However one of the “victims” of the crisis was the industry of helicopters. According to American The Wall Street Journal, now the market is threatened with overproduction, whereas two years ago the helicopter was in great demand: the equipment needed to power concerns to communicate with their mining platforms in the open sea.
According to sources the WSJ in the management of the group companies, now from 1.9 thousand commercial helicopters serving oil and gas companies, about 20% stand idle. In the foreseeable future, market players believe that the situation could worsen. Before the crisis, on the contrary, the industry barely have time to serve the orders of oil industry workers.
According to AgustaWestland (the helicopter company, the “daughter” of the Italian concern Finmeccanica), energy companies are the main customers of private, commercial helicopter, having now 26% of the world fleet. In second place with 23% going to various rescue service, 19% is privately owned, 11% — on the balance of law enforcement.
Now, writes the WSJ, the manufacturers of the helicopters urgently seek to diversify supplies, primarily through emergency services and private clients. However, revenue in the industry will be affected immediately, warn analysts Teal Group. According to their calculations, in 2016 global sales of commercial helicopters will fall from nearly $5.5 billion to $4.67 billion Only in 2017, revenue will begin to recover, approximately $4.95 billion For comparison, in 2013 the figure was just above $6 billion.
The President of a Texas consulting firm Kylemore Group John Mannion skeptical about attempts by aircraft manufacturers to implement unclaimed helicopters on other markets for other purposes. Explained by the technical characteristics: for example, oil and gas companies buy the helicopter with a special radar for landing on an offshore platform in poor weather conditions and with the device for emergency splashdown. In General, according to the expert, manufacturers of helicopters soon will be forced first to deal with the problem of mass storage of unclaimed vehicles.
In the fall of 2015 American aircraft concern Lockheed Martin closed a deal to purchase Sikorsky vertoletostroenie for $9.1 billion In late January, Lockheed announced the financial performance of his new “daughter” for January—September 2015: revenue declined 19% to $4.3 billion Speaking about the sales of commercial helicopters, Lockheed CFO Bruce Tanner said it expects revenue in this segment for the whole year of 2015 in the amount of $375 million Is far below the expected $750 million and four times less than the $1.5 billion received in 2014.
In addition to manufacturers in a difficult situation and operators. So, the canadian CHC, one of the leading operators of commercial helicopters in the world, in February, was forced to withdraw the shares from quotation on the new York stock exchange. The company failed to comply with the NYSE rule to maintain capitalization on average at least $15 million for the previous 30 days. At that time, one paper CHC was worth exactly $4. A canadian firm went public in January 2014 — then the stock price was $294.
One of the reasons for the failure of CHC is the problem of debt, which has escalated in the crisis. Last Friday, March 25, Moody’s confirmed the credit rating of the CHC B2-PD (“junk” paper with the possibility of default), changing the Outlook to “negative”. Before the group reported for the last fiscal quarter November—January: revenue fell to previous year by 20% to $333 million, the net loss deepened from $30 million to $32 million.
“The oil and gas sector is under pressure record low prices for raw materials, which negatively affects the work in the open sea, said the head of the CHC Carl Fessenden. — In conditions of poor visibility and high uncertainty in the market we expect these challenging conditions will continue for some time, trying to manage the company in accordance with this”.