Sale of Canadian Helicopters Ltd

[Royal]

As a lot of BFC'ers are Canadian, here's a note.........

CHC anticipates proceeds of $48 million from sale of Canadian Helicopters Limited
VANCOUVER, Sept. 1 - CHC Helicopter Corporation ("CHC") (TSX: FLY.SV.A and FLY.MV.B; NYSE: FLI) today announced anticipated net proceeds from the sale of its remaining interest in Canadian Helicopters Limited ("CHL") to be approximately $48 million. On this sale, CHC expects to record a combined pre-tax gain and dividend income of approximately $20 million, based on the value of CHC's investment in CHL as of July 31, 2005.

CHC's interest in CHL is being acquired by the Canadian Helicopters Income Fund, which has been formed to indirectly purchase CHL through a public offering of trust units. The sale is subject to various conditions and approvals which will be obtained before the closing of the public offering, which is expected to occur on or about September 9, 2005.

CHC's offshore oil and gas operations in Eastern Canada are not included in this sale. Proceeds of the sale will be applied to debt reductions and may be used to fund future capital expenditures.

CHC Helicopter Corporation is the world's largest provider of helicopter services to the global offshore oil and gas industry, with aircraft operating in more than 30 countries worldwide.


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