Bristow Group Inc. and Cougar Helicopters Inc. jointly announced that Bristow has entered a definitive agreement with Cougar's parent VIH Aviation Group Ltd. (VIHAG) and various VIHAG affiliates to acquire a minority interest in Cougar and certain aircraft and facilities used by Cougar in its operations.

Cougar's operations are primarily focused on serving the offshore oil and gas industry off Canada's Atlantic coast and in the Arctic.

Bristow's investment will be $250 million with a three-year earn-out of up to an additional $40 million based upon Cougar achieving agreed performance targets.

The transaction is expected to be completed in the fourth quarter of 2012, subject to the approval by the Canadian Transportation Agency and the completion of an interim $250 million, 364-day term loan facility.

The operating assets being purchased include eight Sikorsky S-92 helicopters and state-of-the-art helicopter passenger, maintenance and SAR facilities in St. John's, Newfoundland and Labrador and Halifax, Nova Scotia. The purchased aircraft and facilities will be leased by Bristow to Cougar on a long-term basis.