The disruption caused by COVID-19 and the subsequent Russian invasion of Ukraine impacted the commercial aviation industry in unexpected ways. This led many operators to seek lease extensions with aircraft lessors and suppliers, particularly in the rotary market. The demand for helicopters increased during the pandemic while, at the same time, production by OEMs was significantly reduced. Demand far outstripped helicopter assets due to the importance of SAR, HEMS and patient transfer, accompanied by a rise in requests from corporate and well-healed VIP clients seeking to avoid the chaos at airports as things slowly returned to normal.
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