CHC Wins Contract Renewal for Offshore Namibia.

Business Editors

ST. JOHN'S, NEWFOUNDLAND, Canada--(BUSINESS WIRE)--Jan. 21, 2003

CHC Helicopter Corporation (CHC)(NYSE:FLI)(TSX:FLY.A)(TSX:FLY.B) announced today that its operating subsidiary, CHC Helicopters (Africa), has been awarded a contract renewal, at improved margins, in support of DeBeers Marine Namibia diamond mining operations off the coast of Namibia.

The new contract, awarded after a competitive bid process, is for three years and is expected to generate revenues of CDN$18.5 million over the period.

CHC provides DeBeers with two Sikorsky S-76 A++ aircraft, based at Oranjemund, Namibia, plus fixed-wing crew change transport from Cape Town, South Africa. CHC Africa has been supporting this DeBeers operation for five years.

CHC Helicopter Corporation is the world's leading provider of heavy and medium helicopter services to the global offshore oil and gas industry, with aircraft operating in 23 countries and a team of approximately 2,500 professionals worldwide.

This press release and management's discussion and analysis may contain projections and other forward-looking statements within the meaning of the "safe harbour" provision of the United States Private Securities Litigation Reform Act of 1995. While these projections and other statements represent our best current judgement, they are subject to risks and uncertainties that could cause actual results to vary. These statements may involve risks and uncertainties including, but not limited to, factors detailed in CHC's Annual Report on Form 20-F and in other filings with the United States SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

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