Under the draft contract the equity providers to the successful service provider for the SAR-H PFI will not be allowed to change their holding in the service provider for a number of years after the service has commenced. After this time, the equity providers may transfer their holding provided they give notice to the Government and the transferee is a suitable third party.
Assurances have been sought and received from bidders that if successful they will take full responsibility for helicopter search and rescue services and ensure continuity of efficient management for the duration of the contract.
The owners of the service provider will not be allowed to change their holding in the service provider for a number of years after the service has commenced. After this time, the Government restrict the circumstances in which ownership and the principal sub-contracting chain may change.
The Search and Rescue Helicopter (SAR-H) competition is ongoing. We anticipate making an announcement of the preferred bidder very shortly and, thereafter, working with the preferred bidder to bring the project to contract later in the year.