Britain is in the process of contracting out their Search and Rescue helicopter operations with an award expected in early 2013.
The Service is currently provided by Royal Air Force and Royal Navy Sea Kings (H-3s) that are being retired.
Chuck Hill's CG Blog
Chuck Hill's CG Blog 
Why could not this same scheme work for the U. S. Coast Guard. Do the current results really justify the cost?
Is there a study like the one the UK did in 2001?
More background here:
http://www.defenseindustrydaily.com/british-searchandrescue-a-billion-pound-partnership-02271/?utm_campaign=newsletter&utm_source=did&utm_content=British+SAR
Current status. http://www.defenseindustrydaily.com/british-searchandrescue-a-billion-pound-partnership-02271/?utm_campaign=newsletter&utm_source=did&utm_medium=headline&utm_term=Britain#8217;s_Next_Search-and-Rescue_Helicopters:_Civilian_Contractors
Helicopter coverage for Shetland has been done with contractors for many years as there was no RN or RAF base within range. Has worked well along with the RNLI boat coverage.
Photo of the Contract helos in HM Coast Guard colors. Sounds like they may have some gaps as the new assets train up and come on line, they are apologizing already. http://www.navyrecognition.com/index.php?option=com_content&task=view&id=3214
The MoD should have bought S-92 to replace Puma for RAF and Sea Kings for CHF.
I am hopeful that all goes well for Bristow. Tragedies at sea are bad enough, but they are even worse when rescuers become casualties too.