The Department for Transport has said that under the new contract helicopters will be able to reach a larger area of the UK Search and Rescue region within an hour of take-off than is currently possible.
It added that, based on historic incident data, it is estimated there will be an overall improvement in flying times to incidents of around 20 percent (from 23 to 19 minutes).
Presently, approximately 70 percent of high and very high-risk areas within the UK SAR region are reachable by helicopter within 30 minutes. Under the new contract, approximately 85 percent of the same area would be reached within this time frame.
The plans to privatise search and rescue helicopters were laid originally out by the Labour government in 2006.
The plans were controversial, and designed to replace the ageing Sea Kings that were currently in use.
Soteria SAR was announced as the frontrunning bidder in February 2010, but a year later it was prevented from acquiring the contract due to several issues with the conduct of their bid team, as well as forming part of the coalition government's spending review.