The Shell Petroleum Development Company of Nigeria Limited (SPDC) has confirmed the non-indebtedness of Caverton Helicopters Limited on the $55 million loan advanced to the company by the oil giant to finance the acquisition of three new AW 139 helicopters, THISDAY reports.

SPDC has also discharged and released Caverton Helicopters from all repayment obligations under the said loan, having fully recovered the total loan from the firm, in line with the agreement by all the parties. Shell had in May 2010 awarded Caverton Helicopters a five-year contract for the provision of helicopter services with a two-year renewable option, after a highly competitive technical and commercial evaluation processes.

The contract was the largest ever given to any national company in Nigeria by Shell and given the oil giant’s global reputation for very high safety and quality standards, Caverton Helicopters’ strong attention to safety, quality and continuous improvement, which accounted for its zero accidents to date, also contributed to the award that had made the company the largest fleet manager of the AW139 helicopter in sub-Saharan Africa.