Hibernia notified the C-NLOPB that on May 13th, a Cougar helicopter en route from the Hibernia GBS experienced an engine chip light indication. The indication occurred 62 nautical miles from shore. A level 1 SAR response was initiated as per procedure. The helicopter arrived safely in St. Johns, passengers were briefed and the helicopter taken out of service. Maintenance inspection identified the presence of a benign spec of ferrous material and the aircraft was returned to service.