Company behind Queenstown skydiving accident ceases trading

Australian adventure tourism company Experience Co has put a trading halt on its shares in the wake of the apparent death of a tandem skydiver at Queenstown’s Lake Wakatipu.

The incident, involving Experience Co’s New Zealand-based operation NZone, saw two male tandem skydivers land in Lake Wakatipu on Wednesday afternoon.

The instructor was recovered from the water and taken to hospital with minor injuries but the customer, a foreign national, remains missing, presumed drowned.

The accident, is the second to hit Experience Co in recent months following a triple-fatality accident in far north Queensland in October last year.

In a statement, Experience Co said the instructor on the skydive was highly experienced and had completed thousands of jumps.

NZone Skydive Executive Director Anthony Ritter expressed his deepest sympathies and condolences to the family and friends of the missing man, stating “on behalf of the company, I would like to pass on my deepest sympathies to the family of the missing man. We’re devastated by the incident.

“Our staff would like to acknowledge the heartfelt messages of support that they received from all over New Zealand. The close-knit community of Queenstown has rallied behind them during this difficult time.”

Ritter said the company had launched an internal review to assess its processes and protocols and had voluntarily suspended skydiving operations at the site until further notice.

 He “w are cooperating fully with investigating authorities and are providing statements and assistance where we can.

“Over the past 25 years, more than 300,000 passengers have jumped with NZone Skydive – and this is the first incident of its kind at this site.”

Ritter added that counselling and support services had been offered to jump zone staff and crew.

New Zealand's Transport Accident Investigation Commission said the incident was possibly caused by a malfunction of the parachute.

It has sent two investigators who will arrive at the scene to conduct an inquiry.Based in Queenstown, NZone Skydive was New Zealand’s first tandem skydive operation and has grown to employ 65 highly staff.

Formerly known as SkyDive The Beach, Experience Co went through a rebranding last year after a series of acquisitions diversified its business far beyond just skydiving.

Earlier this week investment advisory website The Motley Fool was suggesting Experience Co shares would be a “great idea” to purchase based on current tourism industry growth.

Image of the search for the missing skydiver courtesy of Tourism Industry Aotearoa.

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