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Sikorsky Announces Sale Of 30 Helicopters To Milestone Aviation Group

Stocks in this article: UTX

LAS VEGAS, March 5, 2013 /PRNewswire/ -- Sikorsky Aircraft Corp. today announced that they have entered into agreements to sell 23 S-92 ® helicopters and seven S-76D™ helicopters to Milestone Aviation Group, a global finance company that leases helicopters to high-quality helicopter operators. The agreements also include options to buy up to an additional 14 S-92 and 10 S-76D helicopters. Sikorsky, a subsidiary of United Technologies Corp. (NYSE: UTX), announced the sale at the 2013 Heli-Expo Industry Show.

(Logo: http://photos.prnewswire.com/prnh/20060403/SIKORSKYLOGO)

Sikorsky expects to begin delivering the S-92 and S-76D helicopters beginning in 2013 and continuing through 2017.

"The global appetite for oil continues to drive significant growth in demand for offshore oil helicopters and operators, and no one has fueled the offshore oil helicopter market sector with more financial capital in the last two years than Milestone," said Robert Kokorda, Sikorsky's Vice President of Sales & Marketing.

Founded in 2010, Milestone has more than 79 helicopters leased, to date, valued at more than one billion dollars and including contracts with the four largest global helicopter operators, as well as small and mid-sized high-quality operators globally. Milestone has secured close-in delivery positions for the most highly desirable helicopter assets, providing its customers with the opportunity to bid on tenders immediately without the traditional constraints of Original Equipment Manufacturer production backlog.

Milestone's business model is based on building long-term business relationships with Sikorsky and partnerships with its worldwide customer base.

"The S-92 and S-76D are both great helicopters and workhorses of the offshore oil and gas industry," said Richard Santulli, Milestone's Chairman. "We believe there will be tremendous demand for these machines from operators all over the world. We are thrilled to work with Sikorsky to deliver their product to market."

Sikorsky Global Helicopters, a Sikorsky company, develops and produces civil certified helicopters and their derivatives. Its portfolio includes the S-76 ® and S-92 ® helicopters as well as the S-300C™ light helicopters. Also part of Sikorsky Global helicopters is Associated Aircraft Group (AAG), a provider of charter and fractional ownership services.

Sikorsky Aircraft Corp., based in Stratford, Conn., is a world leader in helicopter design, manufacture, and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high technology products and support services to the aerospace and building systems industries.

SOURCE Sikorsky Aircraft Corp.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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