Erickson Inc. announces major contract
Aviation services firm Erickson Inc., which has taken a beating on Wall Street in recent weeks, said Wednesday it has landed its first off-shore oil and gas contract.
The company, which has operations on Willow Springs Drive and the Medford airport, said it is expanding its relationship with Brazilian energy firm HRT Participações em Petróleo with a two-year contract beginning this quarter.
Erickson will deploy two Sikorsky S-76C+ helicopters to transport HRT’s personnel to their offshore rig 60 miles from Rio de Janeiro. Although world oil prices have plummeted, Erickson is looking at a long-term position, with expectations that Brazil will have the highest increase in ranking of the world’s oil reserves between now and 2020. Erickson unit Air Amazonia has provided HRT its aerial services since 2011.
“This contract builds on our work being executed in Ecuador, Peru and Brazil and solidifies our strategic presence in South America,” Erickson CEO Udo Rieder in a release. “This is our first win in the offshore oil and gas market and we look forward to continuing to expand our presence.”
HRT Participações em Petróleois, an independent Brazilian firm, was founded in 2004 by a group of senior geoscientists and engineers who previously held key positions in state-run Petróleo Brasileiro.