Waypoint, a helicopter lessor backed by billionaires George Soros and Michael Dell, announced it purchased 31 aircraft valued at $400 million to meet demand from offshore oil and gas companies. This doubles the size of Waypoint. General Electric is making similar acquisitions, as it bought Milestone Aviation Group last month for $1.78 billion.
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Waypoint CEO Ed Washecka said, “There is a lot of underlying demand for helicopters and that will continue. The world is going to need more energy, and that is true three years from now, 10 years from now, 20 years from now, ” he told Bloomberg. “When you look at where energy is coming from, a lot of it is going to be from offshore development.”
Waypoint will now have 80 helicopters valued at $1 billion, and that puts it as the number two player in the industry behind GE-owned Milestone.