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Waypoint Leasing (Ireland) Limited (Waypoint), the largest independent global helicopter leasing company, has published its ‘January 2017 Oil Report,’ which reflects positive fundamental shifts in the market.
“As highlighted in our recent Oil Report, sentiment shifted in the oil-and-gas market in the fourth quarter of 2016 and is now considered to be optimistic, buoyed by OPEC’s [Organization of the Petroleum Exporting Countries] announcement to cut production followed by non-OPEC producers vowing to do the same,” said Ian Gurekian, chief risk officer of Waypoint. “Several of the major oil companies have taken advantage of the current environment by securing investment deals, committing to new offshore blocks and increasing exploration and drilling activity. Given the new support for oil above $50 per barrel, coupled with lower market volatility, we expect this trend to continue as the oil companies start replenishing and building their oil inventories.”
“In 2016, Waypoint continued to grow Revenue and EBITDA and further diversified its portfolio with the addition of 23 aircraft to its fleet and 10 new customers,” said Allan Rowe, managing director, head of commercial at Waypoint. “We also saw strong and continued demand for our H145T2 and H135 order positions, as well as a notable increase in demand for other modern technology aircraft types over the last few months. Of the 10 AW139s and S-92s that Waypoint took back from CHC, seven have been placed with customers and two are completing heavy maintenance with opportunities identified.
“As capacity continues to be drawn out of the market, we anticipate a healthier supply-to-demand balance, which should benefit OEMs [original equipment manufacturers], operators and the helicopter industry broadly.”
“Our sales, relationship and technical teams have engaged and supported our customers around the world, resulting recently in the successful placement of former CHC aircraft, significant lease extension activity and new delivery placement,” said Clark McGinn, senior vice president of sales and relationship management at Waypoint. “Our team completed over 30 re-lease events in 2016 alone, which is testament to our team and platform. We look forward to deepening our customer relationships and building on this momentum as the market continues to improve in 2017 and beyond.”
Since its inception in 2013, Waypoint has been active in supporting oil-and-gas, utility, firefighting and other industrial-focused helicopter operators, this transaction will further diversify Waypoint’s activity into the utility and humanitarian support segment. Waypoint’s portfolio includes more than 140 aircraft for 26 customers in 31 countries with total assets in excess of $1.6 billion.
Additionally, Waypoint has firm and option orders with aircraft manufacturers for more than 120 helicopters valued at more than $1.5 billion, to be delivered over the next five years.