Erickson to provide rotary wing vertical replenishment to U.S. Navy fleets
PORTLAND, Ore., June 06, 2016 (GLOBE NEWSWIRE) -- Erickson Incorporated (NASDAQ:EAC), a leading global provider of aviation services, is pleased to announce the award of two, five year term agreements with one firm-fixed year and four follow on annual option years, to provide vertical replenishment and other rotary-wing logistic services to Military Sealift Command for support of the United States Navy’s 5th and 7th Fleets. Both contracts were awarded in February 2016, but Erickson chose to delay announcement until resolution of protests filed with the Government Accountability Office.
Erickson has performed Vertical Replenishment (VERTREP) operations for the U.S. Navy since 2004. The two contracts are valued at approximately $70 million. Erickson will provide ship-to-ship and ship-to-shore logistics support with personnel, aircraft and spares.
“We are pleased to have been selected to provide these essential services to the Navy’s Military Sealift Command. These new awards further cement our position as a preferred provider of services in support of the U.S. Department of Defense operations around the world,” said Jeff Roberts, President and CEO of Erickson Incorporated.
Operations will be based out of Naval Base Guam, with multiple aircraft supporting United States Pacific Fleet and Central Command. The Company noted that Military Sealift Command’s VERTREP program creates efficiency by enabling ships to remain at sea for extended periods, improves safety and elevates mission readiness levels.
Erickson is a leading global provider of aviation services and operates, maintains and manufactures utility aircraft to safely transport and place people and cargo around the world. The Company is self-reliant, multifaceted and operates in remote locations under challenging conditions specializing in Global Defense and Security, Manufacturing and MRO, and Commercial Services (comprised of firefighting, HVAC, power line, construction, timber harvesting, oil and gas and specialty lift). With roots dating back to 1960, Erickson operates a fleet of approximately 80 aircraft, is headquartered in Portland, Oregon, USA, and operates in North America, South America, Europe, the Middle East, Africa, Asia Pacific, and Australia. For more information, please visit our new website at www.ericksoninc.com.
This press release contains certain statements relating to future results (including, without limitation, “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict”), which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including certain other risks or uncertainties more fully described under the heading “Risk Factors” in our most recently filed Annual Report on Form 10-K as well as in the other reports we file with the SEC from time to time, which are available at the SEC’s web site located at http://www.sec.gov. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.