Airwork Group

What Airwork Group does

Airwork Group is a specialist New Zealand-based aviation provider that delivers turnkey services across the aircraft lifecycle: engineering, heavy maintenance, flight operations, leasing, and STC-certified upgrades. Founded in 1936 in Wellington and now headquartered in Auckland (Mangere) with operations also in Brisbane, the company serves enterprise and government clients in cargo, postal, law enforcement, emergency medical services (EMS), search and rescue (SAR), and offshore helicopter markets. The customer roster includes New Zealand Post (contract since 1989), New Zealand Police (since 1999), Toll Group (since 2007, four Boeing 737 freighters), ADAC Luftrettung (Germany), and STARS Canada.

The company's product portfolio spans two complementary platforms. On the fixed-wing side, Airwork owns, operates, leases, maintains, upgrades, and supports Boeing 737 freighter aircraft, including the first unit acquired from Air New Zealand in 1999. On the rotary-wing side, the company provides heavy maintenance, engine overhaul, line maintenance, defect rectification, and AOG repairs for BK117, EC130, AS350, R44, and Leonardo AW139 helicopters, with proprietary STC certifications covering Eye In the Sky (a cockpit video/audio/flight data recorder system with the first AML STC in New Zealand, applicable across EC130, AS350, R44), the AW139 Wet Floor for EMS/SAR/offshore configurations, the BK117 Genesys glass cockpit, and an FAA STC for a BK117-B2 Cargo Hook and Mirror kit. The Airwork Support Plan (ASP), launched at HAI-Heli Expo 2016, provides maintenance support for Honeywell LTS101 series engines and now covers 300,000+ collective customer flight hours; in March 2016 the company ordered its 100th LTS101-850B-2 engine from Honeywell.

Airwork monetizes through four primary revenue streams: aircraft leasing (dry lease arrangements of Boeing 737 freighters), aircraft operations and charter (managed-services contracts such as Toll and NZ Post), maintenance and engineering services (quote-based professional services), and aircraft upgrades/modifications (one-time license/STC retrofit revenue). The business holds FAA Part 145 Repair Station certification and NZCAA aviation certifications, operates a Safety Management System with a just-culture reporting model, and fits all helicopters with Flight Cell DZM satellite tracking. The company was previously listed on the NZX under ticker AWK and traded as Airwork Holdings Limited, but on 2 July 2025 Daniel Stoneman, Brendon Gibson, and Neale Jackson of Calibre Partners were appointed joint and several receivers of Airwork Holdings Limited and several group operating entities; a sale process commenced for the business and assets. Airwork Flight Operations Pty Limited (Australia), AFO Aircraft (Aus) Pty Limited, Airwork Personnel Pty Limited, and Airwork Ireland Limited sit outside the receivership.

Name

Airwork Group

Legal name

Airwork Holdings Limited

Website

https://airworkgroup.com

Company type

Public

Founded year

1936

Operating status

Operating

Headcount range

101–250 employees

Short description

Airwork Group is a New Zealand-based specialist aviation provider offering turnkey Boeing 737 fixed-wing operations, leasing, heavy maintenance, and STC-certified engineering for BK117, EC130, AS350, R44, and AW139 helicopters to enterprise, government, and EMS clients.

Ownership category

akta.pro rank

Product category

Aviation MRO and Aircraft Leasing

NAICS

Aerospace Product and Parts Manufacturing (33641), Other Aircraft Parts and Auxiliary Equipment Manufacturing (336413), Other Nonscheduled Air Transportation (481219)

SIC

Aircraft & Parts (3720), Aircraft Engines & Engine Parts (3724), Aircraft Parts & Auxiliary Equipment, Nec (3728)

akta.pro primary industry

Component MRO (Avionics, Hydraulics, Pneumatics, Electrical) (TLAKAJAC)

akta.pro secondary industries

Commercial Airframe MRO (Heavy Checks & Structural) (IMABALAA), MRO Engineering, Technical Publications & CAMO Support (IMABALAO)

Keywords

• Aviation services
• Aircraft maintenance
• Helicopter operations
• Aircraft leasing
• Boeing 737 operations

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Aircraft Leasing: Ownership and leasing of fixed wing aircraft (Boeing 737) to customers. Provides dry lease arrangements for aircraft without crew.
2. Aircraft Operations and Charter: Operating Boeing 737 freighter aircraft for cargo transportation, including contracted operations for Toll and New Zealand Post.
3. Maintenance and Engineering Services: Heavy maintenance, engine overhaul, line maintenance, defect rectification, AOG repairs and overnight maintenance for helicopter and fixed wing aircraft.
4. Aircraft Upgrades and Modifications: STC-certified upgrades for BK117 and other aircraft including glass cockpit installations, engine upgrades (LTS101-850B-2 to LTS101-850D-2), and role equipment installations.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Airwork Group is a specialist aviation provider offering turnkey aviation services including ownership, operation, leasing, heavy maintenance, engineering, and upgrades of fixed wing aircraft (Boeing 737 freighters) and helicopter platforms (BK117, EC130, AS350, R44, Leonardo AW139). The company delivers integrated solutions spanning aircraft leasing, flight operations, MRO, engine overhaul, and STC-certified aircraft modifications for airline operators, EMS providers, logistics companies, and government agencies.

Product overview

Airwork Group is a specialist aviation provider offering a comprehensive portfolio of turnkey aviation services. The core offering consists of Fixed Wing Operations & Leasing for Boeing 737 aircraft, supported by heavy maintenance and engineering services. The product portfolio includes the Airwork Support Plan (ASP) for engine maintenance support, the Eye In the Sky recording system for helicopters, and the AW139 Wet Floor product for Leonardo helicopters. The company operates from New Zealand and Australia, providing aircraft ownership, operation, leasing, maintenance, upgrading and support services.

Differentiator

Problem solved

Functional benefit

Products and services

• Fixed Wing Operations and Leasing Full turnkey fixed wing aviation services including ownership, operation, leasing, maintenance, upgrading, and support of Boeing 737 aircraft for cargo transportation and charter customers such as Toll and New Zealand Post.
• Heavy Maintenance and Engineering Comprehensive aircraft heavy maintenance and engineering services including engine overhaul for Honeywell LTS101 series engines, line maintenance, defect rectification, AOG repairs, and overnight maintenance for helicopter and fixed wing aircraft.
• Airwork Support Plan (ASP) Comprehensive maintenance support plan for customers operating Honeywell LTS101 series engines, supporting customers who have collectively flown in excess of 300,000 flight hours.
• Eye In the Sky Cockpit video, audio, and flight data recorder system with AML STC approval, compatible with EC130, AS350, and R44 helicopters. The first AML STC in New Zealand enabling a single STC to be used across multiple helicopter types.
• AW139 Wet Floor Lightweight, cost-effective wet floor product for EMS/SAR and Offshore configured Leonardo AW139 helicopters, certified by Civil Aviation Authority of New Zealand (CAANZ).
• Helicopter Operations and MRO Helicopter operations, maintenance, upgrades, and support services for BK117, EC130, AS350, R44, and Leonardo AW139 platforms serving EMS/SAR operators, offshore operators, and emergency services.

Quantifiable outcome

• 300,000+ collective flight hours supported with Honeywell LTS101 engines
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Three partnerships are on record, tiered major and core.

• STARS CanadamajorStrategic or Co-development Partner · 17 January 2017Airwork signed agreement with STARS Canada to upgrade three BK117-B2 helicopters to BK117-850D2 standard. STARS (Shock Trauma Air Rescue Society) is a Canadian charitable organization providing air medical transport.
• ADAC LuftrettungmajorStrategic or Co-development Partner · 20 July 2016ADAC Luftrettung, Germany's largest emergency medical helicopter operator, upgraded two BK117-B2 aircraft to BK117-850D2 with LTS101-850D-2 engine upgrades. Major reference customer for helicopter upgrade services.
• HoneywellcoreStrategic or Co-development Partner · 2 March 2016Honeywell is a key technology partner providing LTS101 series engines. Airwork ordered its 100th LTS101-850B-2 engine from Honeywell in March 2016. ASP supports customers with Honeywell LTS101 engines having flown over 300,000 collective flight hours.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Bristow Group: Offshore and EMS helicopter operator with integrated MRO capabilities. Overlaps with Airwork's helicopter services business, particularly the AW139 Wet Floor EMS/SAR and offshore configured products targeting similar mission profiles.

Direct peers

• StandardAero: Global aviation MRO provider with significant helicopter engine and component overhaul capabilities. Directly comparable to Airwork's helicopter MRO and Honeywell LTS101 engine support business, and a likely strategic acquirer in the receivership sale.
• Field Aviation: Aviation MRO and modification specialist with STC development across multiple platforms. Highly comparable to Airwork's engineering and certification business, including glass cockpit and role equipment installations on legacy helicopters and fixed wing aircraft.
• CHC Helicopter: Global helicopter operator and MRO provider serving offshore, EMS, and search and rescue markets. Comparable to Airwork's helicopter operations and maintenance services across BK117, AW139, and AS350 fleets for similar end-customer segments.
• Vector Aerospace (a StandardAero company): Helicopter MRO specialist with engine overhaul and STC capabilities across multiple helicopter platforms. Closely comparable to Airwork's BK117, AS350, and EC130 service portfolio and the Eye In the Sky / Glass Cockpit STC development capability.
• Heli-One (CHC Helicopter): Helicopter MRO specialist with comprehensive engine, dynamic component, and airframe overhaul capabilities. Closely comparable to Airwork's helicopter maintenance and LTS101 engine overhaul business, with shared customer base in offshore and EMS operators.
• ASL Airlines: European cargo and passenger operator with a Boeing 737 freighter fleet. Directly comparable to Airwork's Boeing 737 freighter operations for Toll and NZ Post, with similar ACMI/contracted cargo service model.

Broad incumbents

• Babcock International: Diversified aviation services provider with helicopter and fixed wing operations, MRO, and military mission systems. Overlaps with Airwork across helicopter MRO, EMS, and offshore segments, particularly in Australasia and Europe.
• Air Transport Services Group (ATSG): Large cargo aircraft lessor and operator with Boeing 767 and 737 freighters, providing leasing and operations services. Comparable to Airwork's aircraft leasing and cargo operations franchise at greater scale and broader fleet diversity.

Others

• ADAC Luftrettung: Germany's largest emergency medical helicopter operator and Airwork customer. An EMS operator/end customer rather than a competitor, but operates BK117 fleets and is a key reference account for Airwork's BK117-850D2 upgrade program.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Airwork Group