The service will supplement national search and rescue coverage for parts of the Central North Sea.
The launch of a new UK-wide search and rescue service by the Department for Transport next month coincides with decommissioning plans for BP Miller platform, where the Jigsaw helicopter has been based, which has provided additional rescue and response cover to the Central North Sea on a goodwill basis.
Oil & Gas UK CEO Malcolm Webb said Jigsaw had been an excellent service that had benefited many in the Central North Sea over the years, however the removal of the Miller platform meant that service was not sustainable.
"Changes to national SAR provision mean that the two-hour time set down by industry for rescue and recovery cannot be guaranteed in certain parts of the Central North Sea," he said.
"Accordingly, the operators of various fields in the Central North Sea worked together and with Oil & Gas UK to find a solution. This industry-funded search and rescue helicopter service will maintain the rescue and recovery capability we demand for our offshore workforce."
The participating companies awarded Bond the contract over five years to deliver the service which will operate out of Aberdeen, providing rescue and recovery and medevac cover for offshore workers in the Central North Sea.
"Industry has worked collaboratively to deliver this new search and rescue service that will ensure we can respond when required and within the two-hour criteria set by our industry," Oil & Gas UK health, safety and employment issues director Robert Paterson said.
"This fine example of industry collaboration underlines the fact that, at all times, the safety of the workforce is our top priority."
Bond Offshore Helicopters managing director Steve Griffiths added: "Our search and rescue teams have been providing a life-saving service with specialist helicopters for almost a decade.
"Today's announcement ensures the men and women working offshore in the Central North Sea will continue to receive world-class search and rescue support."
The industry-funded SAR helicopter and the dedicated back-up aircraft will be based at Bond Offshore Helicopters headquarters at Aberdeen International Airport and will cover a radius of around 160 nautical miles in the Central North Sea.