Waypoint to buy Helicopter Transportation Group's assets

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Waypoint Leasing has agreed to buy certain assets of Helicopter Transportation Group, an Oslo-based helicopter lessor, including 23 aircraft and the affiliated contracts.

Limerick-based Waypoint has already taken delivery of seven of the 23 aircraft and expects to take delivery of the remaining aircraft within 60 days.

The aircraft models include Airbus Helicopters EC155 B1, EC145 and AS350B3 and the Bell 412EP, which are currently on long-term contracts supporting oil and gas, emergency medical, and government firefighting operations in Norway, the United Kingdom, the Netherlands, Greenland, Spain, Italy, and Chile.

Ed Washecka, chief executive officer of Waypoint Leasing says, "This transaction significantly expands our high quality fleet and underscores our ability to serve customers around the world in key end-markets. We are particularly pleased to add some diversity to our fleet by acquiring assets supporting the EMS and parapublic markets. We look forward to building lasting relationships with these new customers and delivering them our world-class service."

Earlier this month, Washeka commented at an industry that during the next five years the helicopter leasing market will see the consolidation of certain platforms.

“Either we are going to be buying one of these guys, or one of these guys will be buying us,” he said.

Washecka was referring to the lessors on his speaking panel, which included Lease Corporation International, Amur Capital and Macquarie Rotorcraft.

Waypoint Leasing plans on growing its balance sheet to more than $1 billion in assets this year.

The George Soros-backed lessor also plans on expanding its 22-person team, and anticipates 30 employees by the end of 2014.