Citic offshore helicopter expands fleet with new AW139 lease

Citic Offshore Helicopter Co., Ltd. (COHC) announced a significant move to enhance its fleet, entering into an operating lease agreement with Huarong Financial Leasing Co., Ltd. for one AW139 medium-sized helicopter. The lease term spans 15 years, with the total pre-tax monthly rent amounting to €89,320. Over the 15-year period, the total lease cost will be €16,077,600. This transaction represents 1.89% of COHC's total audited assets as of 2024 and 2.51% of the net assets attributable to shareholders.

Both COHC and Huarong Financial Leasing Co., Ltd. are ultimately controlled by China CITIC Group Corporation Limited, making this a connected transaction. The deal was approved by COHC's Eighth Board of Directors at its Nineteenth Meeting, with non-affiliated directors participating and agreeing, and related directors recusing themselves. The agreement was reached via public tender, ensuring market-based pricing and adherence to principles of openness, fairness, impartiality, and transparency.

Huarong Financial Leasing Co., Ltd. reported total assets of 164.213 bn yuan and liabilities of 142.283 bn yuan as of September 2025, with net assets of 21.93 bn yuan. Its operating income for the first nine months of the year reached 2.917 bn yuan. This lease is intended to optimize COHC's asset structure and will be funded by the company's own capital. The cumulative value of all connected transactions between COHC and Huarong Financial Leasing Co., Ltd. from January 1, 2025, to date, totals 41,733,985.24 yuan.