Lease Corporation International to Provide Helicopters to Weststar Aviation Services for Offshore Operation

LONDON, June 14, 2013 /PRNewswire/ --

- LCI expands fleet with lease agreement and delivers two offshore-equipped AW139 helicopters

Lease Corporation International (LCI) announces its delivery of two Agusta Westland helicopters to Malaysian operator Weststar Aviation Services in a long-term lease. The new AW139 helicopters, valued at over $30 million, will be initially operated under contract to Tullow Oil. They have both been delivered this week.

The two AW139 helicopters will be used to support Tullow Oil's offshore operations off the west coast of Africa.

The aircraft are additional to the order announced by LCI in 2012 valued at approximately US$400 million for new Agusta Westland AW139, AW169 and AW189 helicopters, deliveries of which are already in progress. LCI's helicopter fleet now exceeds 40 either delivered or on order.

Michael Platt, LCI's Chief Executive Officer, says: "We're delighted to be able to help Weststar expand its services overseas with our new generation Agusta Westland helicopters. By leasing these brand new helicopters Weststar is able to respond quickly to their customers' requirements and do so on attractive financial terms."

Weststar Aviation Services is the largest provider of offshore helicopter services in Asia and already operates fourteen AW139 helicopters for major oil and gas companies. The contract with Tullow Oil in Mauritania marks the beginning of an international expansion.

Tan Sri Muhammad Ismail, CEO of Weststar Aviation Services, says: "LCI were a supportive and important partner in the provision of these helicopters. They were able to respond rapidly to our needs and give us access to the right technology on terms that suited this offshore deployment."

Since its inception in 2004, LCI has acquired fixed wing and rotary aircraft with a value approaching US$5 billion. Today the company has a fleet of Airbus and Boeing aircraft on lease to some of the world's leading airlines, including Singapore Airlines, Air France and Asiana. LCI is also a launch customer for the Bombardier CSeries and has placed an order for 20 aircraft valued at approximately US$1.4 billion, with options for a further 20. The helicopter leasing division was established in 2012 with a $400m order for Agusta Westland helicopters.

About LCI: LCI (http://www.lciaviation.com) is owned by Libra Group (http://www.libra.com), an international business group with companies operating from 25 offices across four continents. Libra Group's subsidiaries are primarily focused on aviation, shipping, hospitality, energy and real estate.

About Weststar: Formed in April 2003, Weststar Aviation Services SdnBhd, a subsidiary of Weststar Group (http://www.weststar.com.my), provides general aviation charter services, personal transport, aerial work services and offshore transport.

In the general aviation sector Weststar operates seven Eurocopter helicopters and one AW139 VIP helicopter as well as Gulfstream, Boeing 737 and Boeing 727 business jets from its base at Subang. Weststar Aviation Services entered the offshore transport market in 2008 when it won a five year contract from Carigali Hess to transport personnel using Sikorsky S-76C++ helicopters from Kota Bharu in Malaysia.

Weststar currently has a total of 34 helicopters already delivered and on order - 23 Agusta Westland AW139, 2 AW169 helicopters, 4 AW189 helicopters, two Eurocopter EC225  and three Sikorsky S76C++ helicopters- dedicated to providing offshore aviation services from Kota Bharu, Kerteh, Kota Kinabalu and in Mauritania.

SOURCE LCI