Ostend, Belgium-based helicopter operator NHV will take over Norwegian competitor Blueway, the two firms announced today. The merger will create a 650-employee group, operating 59 helicopters and generating $270 million in annual revenues.

“NHV and Blueway have striking similarities in activities: strategic presence in the North Sea and West Africa with a focus on the offshore industry and a shared customer base,” company officials said. They also have been sharing hangars in Norwich, UK, and Den Helder, the Netherlands. In addition to oil and gas, activities include EMS, search-and-rescue, offshore wind farms, power grid construction and harbor pilot services.

Blueway operates several brands–Blueway Offshore Norge, DanCopter, Vertech Offshore and Airlift. The combined fleet will be composed of nine types, ranging from the Airbus Helicopters AS350 light single to the EC225 and AgustaWestland AW139 medium twins.

Under the agreement, NHV will buy Blueway stakes owned by Reiten & Co Capital Partners and Helicopter Transportation Group. The proposed transaction hinges on regulatory approvals and other customary closing conditions, according to the two companies.