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June 02, 2015 10:05 PM ET

Energy Equipment and Services

Company Overview of CHC Group Ltd.

Company Overview

CHC Group Ltd. provides commercial helicopter services to the offshore oil and gas industry worldwide. The company operates in two segments, Helicopter Services and Heli-One. Its helicopters are primarily used to facilitate long-distance crew changes on offshore production facilities and drilling rigs. The company also offers search and rescue services, and emergency medical services to government agencies. As of April 30, 2014, it operated a fleet of heavy and medium commercial helicopters serving the offshore oil and gas industry with 236 helicopters through a network of approximately 70 bases in approximately 30 countries. In addition, the company provides maintenance, repair, and overhau...

190 Elgin Avenue

George Town,  KY1-9005

Cayman Islands

Founded in 1987

4,500 Employees

Phone:

604-276-7500

Key Executives for CHC Group Ltd.

Chief Financial Officer and Senior Vice President
Age: 56
Total Annual Compensation: $485.8K
Compensation as of Fiscal Year 2014.

CHC Group Ltd. Key Developments

Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit against CHC Group Ltd

Rigrodsky & Long, P.A. announced that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of CHC Group Ltd., between January 17, 2014 and July 10, 2014, inclusive, including those investors who acquired CHC shares pursuant or traceable to its initial public offering (IPO) commenced on or about January 16, 2014, alleging violations of the Securities Act of 1933 against the company and certain of its officers. The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants' public statements and filings, including the Registration Statement issued in connection with January 16, 2014 offering, omitted to disclose that one of CHC's two larger customers, Petroleo Brasileiro S.A., had stopped making payments on its contracts with the Company. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period. According to the Complaint, on July 10, 2014, Joan S. Hooper, the Company's Chief Financial Officer revealed that Petrobras had not made payments on contracts to CHC since April 2013, nearly ten months before CHC's IPO. Additionally, Hooper disclosed that CHC did not expect to recover revenues relating to the contract, that guidance for future quarters would not reflect any recovery, and that CHC's revenues and EBITDAR for fiscal year 2014 would come in at the bottom of the Company's guidance ranges due to the suspension of contract payments by Petrobras.

CHC Helicopter Announces Executive Changes

CHC Helicopter, the operating company of CHC Group, announced that Lee Eckert will be succeeding Joan Hooper as Chief Financial Officer effective July 16, 2015. Mr. Eckert was most recently CFO of the $13 billion in sales U.S. division of National Grid Plc. The appointment of Mr. Eckert as CFO-designate, effective May 11, 2015, ensures ample time for the transition of responsibilities. Ms. Hooper will continue in her present role until the announcement of CHC’s fiscal-2015 fourth quarter results in July. The company’s fiscal year end is April 30.

Robbins Arroyo LLP Files Class Action Lawsuit Against CHC Group

Robbins Arroyo LLP announced that an investor of CHC Group Ltd. has filed a federal securities fraud class action complaint in the Supreme Court of the State of New York, County of New York. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1933 in connection with CHC Group's January 16, 2014 initial public offering. According to the complaint, CHC Group failed to disclose in its registration statement for the company's initial public offering, that one of the company's top two clients had stopped making payments on its contracts with CHC Group. It was not until a July 10, 2014 earnings call to discuss the company's fourth quarter financials that the truth emerged. Specifically, CHC Group's Chief Financial Officer disclosed that Petroleo Brasileiro S.A. had stopped making payments on contracts to CHC since April 2013. This was approximately ten months prior to the filings of CHC Group's Prospectus. Additionally, the CFO disclosed that the company did not expect to recover revenues relating to the contract, that guidance for future quarters would not reflect any recovery, and that CHC's revenues for fiscal 2014 would come in at the bottom of the company's guidance ranges. On this news, CHC Group shares declined over 18% to close at $7.28 per share on July 14, 2014.

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