Erickson Air-Crane Incorporated (“Erickson”) (NASDAQ:EAC) has signed a contract with oil and gas company Pacific Rubiales Energy (“Pacific”) to provide heavy lift helicopter services in central Peru. Operations commenced on January 2 nd of this year, and will last for a minimum of 12 months. The contract has a value of between $11 and 14 million, depending on total flight hours completed.
“We’re excited to partner with Pacific,” said Erickson CEO Udo Rieder. “This opportunity aligns with our overall strategy of further diversifying our fleet’s global reach, specifically in the emerging South American oil and gas market. We believe our unique capabilities will continue to create opportunities to increase our share of the South American market with new, significant, and non-seasonal sources of revenue.”
Erickson, which manufactures and maintains a fleet of S-64 heavy lift rotorcraft, will assist Pacific in moving drill rig components and supplies between exploratory sites in a remote area of east-central Peru. The work will be in support of Pacific’s oil and gas exploration program in Lease Block 138, approximately 60 kilometers from Pucallpa, Peru.
Erickson will be providing one S64-F model aircrane helicopter, with pilots, full field maintenance support crews, parts and components, in order to ensure maximum aircraft readiness.About Erickson Air-Crane Incorporated Erickson Air-Crane specializes in the operation and manufacture of the Erickson S-64 Aircrane (the “Aircrane”), a versatile and powerful heavy-lift helicopter. The Aircrane has a lift capacity of up to 25,000 pounds and is the only commercial aircraft built specifically as a flying crane without a fuselage for internal loads. The Aircrane is also the only commercial heavy-lift helicopter with a rear load-facing cockpit, combining an unobstructed view and complete aircraft control for precision lift and load placement capabilities. Erickson Air-Crane owns and operates a fleet of 18 Aircranes, which are used to support a wide variety of government and commercial customers worldwide across a broad range of aerial services, including firefighting, timber harvesting, infrastructure construction, and crewing. Erickson Air-Crane also manufactures Aircranes and related components for sale to government and commercial customers and provides aftermarket support and maintenance, repair, and overhaul services for the Aircrane and other aircraft. Founded in 1971, Erickson Air-Crane is headquartered in Portland, Oregon with its principal manufacturing facility based in Central Point, Oregon. For more information, please visit www.ericksonaircrane.com. About Pacific Rubiales Energy Pacific Rubiales Energy is a $5 billion public company listed on the Toronto, Colombian and Brazilian stock exchanges. It is the largest independent oil and gas exploration and production company in Colombia, and owns 100% of Pacific Stratus and Meta Petroleum Limited, both operate and own interests in the Rubiales and Piriri oil fields in Colombia’s Llanos Basin and the La Creciente natural gas field in northern Colombia. The Company is focused on identifying growth opportunities in other countries like Peru.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV