Helicopter price guide

Issue: 2017

www.iba.aero
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Established in 1988, IBA is a leading independent aviation consultancy advising
a broad mix of lessors, operators, financiers and investors. Operating globally,
we inform decision making and support operations across the aviation spectrum.
Whether supporting strategic investments, managing aircraft, advising on
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value across aviation opportunities and challenges.

Aircraft valuation methodology

Values are taken from IBA’s own helicopter values database. Information on
transactions for various helicopter types is routinely gathered and stored in the
database as part of IBA’s daily business. The information is then sorted and
analysed for emerging trends in helicopter values and combined with IBA’s views
on the market to produce a depreciation profile.
Whilst the techniques used and the judgments made do not isolate every single
influence and reduce it to a numerical value that impacts on the overall model,
it is IBA’s view that the complexity of a purely mathematical approach would
produce values that were overly sensitive to minor changes in the parameters
feeding it. Consequently, IBA feels that, when making an assessment of helicopter
values, there is no substitute, for the blend of market research and intelligence,
mathematics, and judgement based on the experience of the appraiser in this
highly dynamic market.
The enclosed values are presented within a range to account for the age, utilisation
and condition parameters of each helicopter type. Further, they are based on
averages of baseline models.

Disclaimer
This price guide represents the opinion of IBA, and is intended to be advisory only. Therefore, IBA assumes no responsibility or legal liability
for any action taken, or not taken by any party, with regard to the information provided. Information provided to IBA in confidence has
been used to form the opinion expressed in this document. In order to protect this confidentiality, IBA regrets that it is unable to provide
actual transactional data or to identify the sources for such data.
 MTOW 2017 Value Values (US$ mil) Values (US$ mil) Values (US$ mil)
Model Capacity
(t) (US$ mil) YOB YOB YOB

LIGHT SINGLE-ENGINED HELICOPTERS

R44 Raven II 4 1.13 0.46 - 0.49 0.14 - 0.18 0.19 - 0.27 0.29 - 0.44
2002 - 2004 2005 - 2009 2010 - 2016
MD 500 C/D 4 1.16 N/A 0.08 - 0.20 0.22 - 0.35 0.36 - 0.40
1966 - 1975 1976 - 1980 1981 - 1982
R66 5 1.23 0.85 - 0.89 0.40 0.42 - 0.52 0.54 - 0.85
2010 2011 - 2012 2013 - 2016
MD 500E 4 1.36 1.92 0.28 - 0.45 0.46 - 0.54 0.55 - 1.82
1983 - 1990 1991 - 2000 2001 - 2016
Enstrom 480B 4 1.36 1.31 0.28 - 0.45 0.46 - 0.63 0.64 - 1.18
2001-2004 2005 - 2008 2009 - 2016
MD 520N 4 1.52 N/A 0.52 - 0.60 0.62 - 0.72 0.74 - 0.90
1991 - 1995 1996 - 2001 2002 - 2009
Bell 206 B3 4 1.45 N/A 0.22 - 0.35 0.36 - 0.51 0.52 - 0.83
1972 - 1989 1990 - 2000 2001 - 2010
MD 530F 4 1.6 2.40 0.45 - 0.62 0.64 - 0.90 0.93 - 2.30
1983 - 1994 1995 - 2007 2008 - 2016
H120 4 1.7 2.00 0.42 - 0.60 0.63 - 1.02 1.20 - 1.94
1998 - 2004 2005 - 2010 2011 - 2016
MD 600N 6 1.86 2.50 0.40 - 0.62 0.64 - 1.10 1.15 - 2.08
1996 - 2000 2001 - 2006 2007 - 2016
AS-350 6 1.95 N/A 0.19 - 0.38 0.41 - 0.58 0.60 - 1.62
B/B1 1978 - 1995 BA 1994 - 2006 B2 2005 - 2015
Bell 206L-4 6 2.02 N/A 0.60 - 0.90 1.00 - 1.25 1.40 - 2.00
1992 - 1999 2000 - 2007 2008 - 2014
AS-350 B3/H125 6 2.25 2.40 0.85 - 1.18 1.12 - 1.60 1.68 - 2.20
1998 - 2004 2005 - 2009 2010 - 2016
Bell 407 6 2.38 N/A 1.00 - 1.30 1.35 - 1.60 1.65 - 2.70
1996 - 2001 2002 - 2006 2007 - 2014
EC130 B4 7 2.43 N/A 0.90 - 1.10 1.24 - 1.46 1.50 - 1.74
2002 - 2005 2006 - 2009 2010 - 2012
H130 7 2.5 2.84 2.25 - 2.45 2.50 - 2.60 2.65 - 2.75
2013 2014 2015 - 2016
AW119 Koala/Ke/kx 7 2.85 N/A 1.06 - 1.82 1.95 - 2.64 1.80 - 3.00
2001 - 2007 2008 - 2012 2013 - 2015
K-MAX 2 5.44 N/A 2.80 3.60 4.80
1994 - 1997 1998 - 2000 2001 - 2004
*Production of MD 500 C/D did stop in 1982 with the
newer model, the MD 500E taking over.

© May 2017 IBA Group Ltd

 MTOW 2017 Value Values (US$ mil) Values (US$ mil) Values (US$ mil)
Model Capacity
(t) (US$ mil) YOB YOB YOB

LIGHT TWIN-ENGINED HELIOPTERS (2.5 - 4.0 tonne)

A109A 7 2.60 N/A 0.18 - 0.58 0.60 - 0.88 0.48 - 0.88
A 1973 - 1990 C 1989 - 1996 K2 1992 - 2000
A109E 7 2.85 N/A 1.00 - 1.95 2.02 - 4.05 4.65
1996 - 2006 2007 - 2014 2015
AS-355N/NP 6 2.60 N/A 0.84 - 1.20 1.22 - 1.64 1.65 - 3.12
1993 - 2000 2001 - 2006 2007 - 2015
BO105 DB 6 2.50 N/A 0.18 - 0.20 0.22 - 0.30 0.38 - 0.68
1977 - 1982 1983 - 1989 1990 - 1995
MD Explorer 6 2.84 N/A 0.95 - 1.49 1.55 - 2.39 2.60 - 4.90
1993 - 2000 2001 - 2007 2008 - 2014
EC135 P2/T2 7 2.84 N/A 1.55 - 2.35 2.40 - 3.44 3.60 - 4.40
T2e/P2e (2012 - 2014) 2001 - 2005 2006 - 2010 2011 - 2014
H135 (EC135 T3/P3) 7 2.98 5.80 4.55 4.80 5.05 - 5.30
2013 2014 2015 - 2016
Bell 429 7 3.18 6.40 4.00 - 4.30 4.40 - 4.70 5.05 - 6.10
2010 - 2011 2012 - 2013 2014-2016
A109S Grand 7 3.18 N/A 2.40 - 2.70 2.75 - 3.02 3.20 - 3.65
2005 - 2006 2007 - 2008 2009 - 2011
A109SP Grand New 7 3.18 6.25 - 6.50 4.40 - 4.80 4.90 - 5.40 5.50 - 6.00
2011 2012 2013 - 2016
BK117 8 3.20 N/A 0.55 - 0.75 0.54 - 0.84 0.85 - 1.02
A 1983 - 1988 B1 1987 - 1994 B2 1993 - 1997
BK117 C1 8 3.35 N/A 0.86 - 1.37 1.40 - 1.73 1.80 - 1.85
1992 - 1994 1995 - 1999 2000 - 2004
EC145 / BK117 C2 10 3.60 N/A 2.80 - 3.50 3.60 - 4.60 4.80 - 5.50
2002 - 2006 2007 - 2010 2011 - 2013
H145 10 3.65 8.15 6.75 7.38 8.00
2014 2015 2016
MEDIUM HELICOPTERS (4.0 - 7.0 tonne)
AS365 N2 11 4.2 N/A 1.00 - 1.45 1.50 - 2.00 2.15 - 2.45
1990 - 1993 1994 - 1997 1998 - 2001
AS365 N3 12 4.3 10.60 2.40 - 3.60 3.94 - 5.12 5.43 - 9.35
1997 - 2001 2002 - 2007 2008 - 2016
H155 13 4.8 12.05 4.35 - 5.02 5.08 - 5.95 6.65 - 11.34
2003 - 2006 2007 - 2010 2011 - 2016
Bell 212 13 5.1 N/A 1.00 - 1.85 1.95 - 2.04 2.11 - 3.08
< 1981 1982 - 1985 1986 - 1999

© May 2017 IBA Group Ltd

 MTOW 2017 Value Values (US$ mil) Values (US$ mil) Values (US$ mil)
Model Capacity
(t) (US$ mil) YOB YOB YOB

MEDIUM HELICOPTERS (4.0 - 7.0 tonne)

S-76C+ 13 5.3 N/A 2.15 - 2.70 2.90 - 3.57 3.80 - 4.08
1996 - 1999 2000 - 2003 2004 - 2005
S-76C++ 13 5.3 N/A 6.50 - 8.20 8.55 - 9.13 9.42 - 9.72
2006 - 2008 2009 - 2011 2012 - 2013
S-76D 13 5.3 13.30 10.50 - 11.65 12.20 - 12.60 12.90
2012 - 2013 2014 - 2015 2016
Bell 412 14 5.4 N/A 1.50 - 2.70 2.57 - 2.72 2.77 - 2.96
1981 - 1987 SP 1985 - 1987 HP 1991 - 1994
Bell 412EP 14 5.4 10.0 - 10.85 3.10 - 4.10 4.32 - 5.84 6.15 - 10.35
1994 - 2000 2001 - 2007 2008 - 2016
AW139 15 6.4/6.8 15.35 6.50 - 8.47 9.25 - 11.88 12.60 - 14.65
Offshore 2003 - 2006 2007 - 2010 2011 - 2016
Sokol W3-A 14 6.4 8.00 2.00 - 3.00 3.00 - 4.50 5.00 - 7.00
1992 - 1999 2000 - 2007 2008 - 2016
SUPER MEDIUM / INTERMEDIATE HELICOPTERS (7.0 - 9.0 tonne)
AS330J Puma 19 7.4 N/A 1.55 - 2.65 2.70 - 3.00 3.10 - 4.00
1974 - 1976 1977 - 1978 1979 - 1980
H175 18 7.5 16.22 16.00 16.22 15.95
Offshore 2014 2015 2016
AW189 18 8.3/8.6 19.41 18.10 19.10 19.30
Offshore 2014 2015 2016
AS332 L Super Puma 20 8.6 N/A 2.00 - 3.50 4.00 - 5.00 5.50 - 12.20
L 1981 - 1987 L1 1987 - 2000 L1 2001 - 2010
HEAVY HELICOPTERS (9.0+ tonne)
S-61 28 9.3 N/A 2.00 - 2.50 2.80 - 3.30 3.50 - 3.80
1968 - 1970 1971 - 1975 1976 - 1980
AS332 L2 Super Puma 24 9.3 N/A 7.80 - 8.33 8.46 - 8.89 8.93 - 9.34
Offshore 1993 - 1997 1998 - 2002 2003 - 2007
H225 19 11 22.99 11.00 - 12.65 13.47 - 17.58 19.22 - 22.94
Offshore 2005 - 2007 2008 - 2011 2012 - 2016
Kamov Ka-32 15 11 12.20 2.00 - 3.50 3.70 - 4.80 5.00 - 11.00
1982 - 1992 1993 - 2003 2004 - 2016
S-92A 19 11.9 28.60 15.99 - 18.99 19.99 - 22.99 23.99 - 26.96
Offshore 2004 - 2007 2008-2011 2012 - 2016
Erickson S-64F Skycrane 3 19.0 N/A 10.00 - 20.00 21.00 - 22.90 23.00 - 24.00
(Firefighting Config) <1990 1990 - 2004 2005 - 2011

© May 2017 IBA Group Ltd

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