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The market for Offshore Helicopter Services is expected to witness a rapid growth during the forecast period due to the increase in offshore deep-water exploration and development activities. Among all the major regions, North America emerges as the largest market.
 

Growing offshore deepwater and ultra-deepwater exploration and development activities is the primary driver for the offshore helicopter services market in the forecast period. The recent offshore oil and gas discoveries and upcoming projects in Guyana, Cyprus and Russia are expected to boost the helicopter services market for crew transfer and other support activities.
 

As the challenge of meeting global sustainable energy goals increase, it becomes more crucial for countries to adopt the available and affordable low carbon technologies such as wind power. Offshore wind farm provides advantages such as the wind speeds at offshore farm locations are typically faster and also more consistent as compared to those closer to the coast which improve energy generation, and therefore offshore wind farms installations are gaining rapid momentum with in turn is boosting the helicopter services market for offshore installation and service of wind farms in the forecast period. The high growth of the offshore wind farm is seen in Europe and Asia-Pacific. In 2019, Europe added 3,627 MW of offshore wind turbine capacity totalling to installing 22,072 MW from 5,047 grid-connected wind turbines across 12 countries (which included Germany, UK, Belgium and Denmark).
 

As the market for offshore helicopter services is slowly improving, US-based companies (which included all the three market leader companies) have availed the Chapter 11 bankruptcy policy to survive in the market by restructuring their debts. For instance, in October 2019, Bristow Group Inc. emerged from Chapter 11 bankruptcy protection, completing its debt restructuring process and implementing the Chapter 11 reorganisation plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. Bristow has reduced its debt significantly and is emerging with $535 million of new capital, which it believes will provide significant financial flexibility to support its global operations.
 

The global offshore helicopter services market is segmented on the type, application and end-user industry. The type segments the market into the light helicopters and medium & heavy helicopters. By application, it is segmented into drilling, production, relocation & decommissioning, and others. By end-user industry, it is segmented into the oil & gas industry and offshore wind power industry. Further, the market for Offshore Helicopter Services is segmented by geography into North America, Europe, Asia Pacific, South America, and Middle-East & Africa. Asia-Pacific is expected to have higher growth for Offshore Helicopter Services market in the forecast period owing to promising exploration activities in China, India, Australia and Indonesia due to favourable policies and investments in the region. For instance, Reliance Industries Limited (RIL) and BP together are developing gas resource at Block KG D6, offshore the east coast of India with a total investment of INR 35,000 crore (USD 5 bn). These projects together, when fully developed, will bring about 1 billion cubic feet a day of new domestic gas onstream, phased over 2020-2022.
 

Some of the prominent players in the offshore helicopter services market are Bristow Group Inc., CHC Helicopter, Era Group Inc., PHI Inc., Babcock International, Abu Dhabi Aviation (ADA), Cougar Helicopters Inc., Heligo Charters PVt. Ltd (HCPL), Gulf Helicopters Company (GHC), and Omni Helicopters International S.A.
 

In January 2020, Bristow Group Inc and Era Group Inc. announced that they entered into a definitive agreement to combine the two companies in an all-stock transaction, creating a financially stronger company with enhanced size and diversification. The combined company, which will be named Bristow, will strengthen its global leadership position with significant operations throughout the Americas, Nigeria, Norway, the United Kingdom and Australia for offshore aviation transportation and search and rescue solutions.
 

In March 2019, Macquarie Rotorcraft Leasing completed the acquisition of a helicopter portfolio from Waypoint Leasing Holdings Ltd. (Waypoint) and its subsidiaries. The portfolio acquired from Waypoint comprises 120 medium and heavy helicopters leased to approximately 30 operators as well as a number of firm and option order positions with Airbus Helicopters. Former Waypoint staff are transferring to Macquarie Rotorcraft Leasing, further extending the scale and capability of Macquarie’s existing asset management platform.