It was official erected on 7 August 2003, when the Danish Army's Hærens Flyvetjeneste (HFT) was disbanded and transformed into Eskadrille 724. The name "Hærens Flyvetjeneste" was used onto August 2005. The squadron consist of 12 AS 550 Fennec. In the Danish Defence agreement 2005-2009, Eskadrille 724 is to be disbanded; the Fennec helicopter loses its anti-tank capability and will likely be used in a light transport- and observation unit. Until 12 September 2005 the squadron also operated 10 H-500 Cayuse helicopters.