Bristow Group Inc (VTOL)

Bristow Group Reports First Quarter 2026 ResultsMay 5, 2026 4:30 PM
PR Newswire (US) HOUSTON, May 5, 2026 /PRNewswire/ --  First Quarter HighlightsTotal revenues of $388.7 million in Q1 2026 compared to $377.3 million in Q4 2025Net income of $13.1 million, or $0.44 per diluted share, in Q1 2026 compared to net income of $18.4 million, or $0.61 per diluted share, in Q4 2025Adjusted EBITDA(1) in Q1 2026 was $59.3 million compared to $60.1 million in Q4 2025Affirmed 2026 Adjusted EBITDA outlook range of $295 - $325 millionBristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $13.1 million, or $0.44 per diluted share, for the quarter ended March 31, 2026 (the "Current Quarter") on total revenues of $388.7 million compared to net income attributable to the Company of $18.4 million, or $0.61 per diluted share, for the quarter ended December 31, 2025 (the "Preceding Quarter") on total revenues of $377.3 million.The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and net cash provided by (used in) operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the "Non-GAAP Financial Measures" section herein.
Three Months Ended
March 31,
2026
December 31,
2025Total revenues$       388,705
$       377,264Operating income34,675
32,083Net income attributable to Bristow Group Inc.13,106
18,423Basic earnings per common share0.45
0.63Diluted earnings per common share0.44
0.61Net cash provided by (used in) operating activities(8,250)
76,913



Non-GAAP(1):


Adjusted Operating Income$         52,853
$        54,803EBITDA54,777
50,511Adjusted EBITDA59,275
60,128Free Cash Flow(12,609)
70,869Adjusted Free Cash Flow(11,766)
71,752__________________(1)See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below."Bristow's first quarter results place us on track for what is expected to be a transformational year for the Company in 2026," said Chris Bradshaw, President and CEO of Bristow Group. "Bristow is favorably positioned to benefit from three global megatrends, namely: increased defense spending; the importance of energy security; and the electrification of transportation. In the context of a complicated geopolitical landscape and expectations for structurally higher defense spending, we believe there will be compelling organic and inorganic growth opportunities for a specialized aviation services provider with Bristow's track record, operational expertise, and financial flexibility. Recent geopolitical events have also placed an enduring emphasis on where hydrocarbon supplies are located, and the established offshore energy basins that Bristow services represent some of the most attractive and secure sources of supply. In addition, Bristow has created significant option value, with minimal capital commitment to date, as an early leader in what is expected to be a large and rapidly growing addressable market for new generation electric and hybrid-electric aircraft."Sequential Quarter ResultsOffshore Energy Services
Three Months Ended


($ in thousands)March 31,
2026
December 31,
2025
Favorable
(Unfavorable)Revenues$   254,333
$   247,454
$      6,8792.8 %Operating income35,720
42,193
(6,473)(15.3) %Adjusted Operating Income50,156
50,838
(682)(1.3) %Operating income margin14 %
17 %


Adjusted Operating Income margin20 %
21 %


Revenues from Offshore Energy Services were $6.9 million higher in the Current Quarter. Revenues in the Americas were $5.6 million higher primarily due to increased rates and higher utilization in the U.S. and Trinidad. Revenues in Africa were $4.0 million higher primarily due to higher utilization and other revenues driven by activity. Revenues in Europe were $2.8 million lower primarily due to lower utilization and reimbursable revenues in the UK, partially offset by favorable foreign exchange impacts.Operating income from Offshore Energy Services was $6.5 million lower in the Current Quarter primarily due to higher depreciation and amortization expense of $6.0 million, higher operating expenses of $5.6 million and lower earnings from unconsolidated affiliates of $1.8 million, partially offset by the higher revenues.The higher depreciation and amortization expense was due to accelerated depreciation on S76D medium helicopters resulting from a revision to their estimated useful lives. Repairs and maintenance costs were $10.6 million higher primarily due to lower vendor credits. Leased-in equipment costs were $0.8 million higher primarily due to additional aircraft leases. Personnel costs were $3.1 million lower primarily due to lower severance costs in Africa and lower benefits costs and decreased headcount in the U.S. Other operating costs were $2.9 million lower primarily due to lower reimbursable expenses and subcontractor costs, partially offset by higher training costs. Earnings from unconsolidated affiliates were $1.8 million lower in the Current Quarter primarily due to dividends received in the Preceding Quarter.Government Services
Three Months Ended


($ in thousands)March 31,
2026
December 31,
2025
Favorable
(Unfavorable)Revenues$   107,870
$   100,097
$      7,7737.8 %Operating income (loss)943
(1,607)
2,550nmAdjusted Operating Income9,510
7,646
1,86424.4 %Operating income (loss) margin1 %
(2) %


Adjusted Operating Income margin  9 %
8 %


__________________nm = Not MeaningfulRevenues from Government Services were $7.8 million higher in the Current Quarter primarily due to the transition of the Irish Coast Guard ("IRCG") contract, including the full quarter impact of the Sligo base that commenced operations in the Preceding Quarter and the commencement of operations at the final base in Waterford in the Current Quarter. Operating income was $0.9 million in the Current Quarter compared to an operating loss of $1.6 million in the Preceding Quarter primarily due to the higher revenues, partially offset by higher operating expenses of $4.8 million and higher general and administrative expenses of $0.5 million. The increase in operating expenses was due to higher repairs and maintenance costs of $2.3 million primarily related to the timing of repairs, higher personnel costs of $1.6 million due to increased operating personnel headcount in Ireland and higher leased-in equipment costs of $0.5 million related to ongoing transition activities on the second-generation UK search and rescue ("UKSAR2G") contract. The increase in general and administrative expenses was primarily due to higher professional services fees.Other Services
Three Months Ended


($ in thousands)March 31,
2026
December 31,
2025
Favorable
(Unfavorable)Revenues$     26,502
$     29,713
$     (3,211)(10.8) %Operating income (loss)(1,345)
1,530
(2,875)nmAdjusted Operating Income1,089
4,032
(2,943)(73.0) %Operating income (loss) margin(5) %
5 %


Adjusted Operating Income margin  4 %
14 %


Revenues from Other Services were $3.2 million lower in the Current Quarter primarily due to lower seasonal utilization in Australia, partially offset by favorable foreign exchange rate impacts. Operating loss was $1.3 million in the Current Quarter compared to operating income of $1.5 million in the Preceding Quarter, primarily due to the lower seasonal revenues, partially offset by lower operating expenses of $0.4 million related to lower activity.Corporate
Three Months Ended


($ in thousands)March 31,
2026
December 31,
2025
Favorable
(Unfavorable)Corporate:





Total expenses$         8,282
$         7,922
$       (360)(4.5) %Gains (losses) on disposal of assets7,639
(2,111)
9,750nmOperating loss(643)
(10,033)
9,39093.6 %






Consolidated:





Interest income$         3,918
$         2,935
$         98333.5 %Interest expense, net(13,816)
(10,432)
(3,384)(32.4) %Loss on extinguishment of debt(2,849)
—
(2,849)nmOther, net(5,353)
(2,884)
(2,469)(85.6) %Income tax expense(3,510)
(3,026)
(484)(16.0) %Operating loss was $0.6 million in the Current Quarter compared to an operating loss of $10.0 million in the Preceding Quarter, primarily due to net gains on asset dispositions of $7.6 million in the Current Quarter compared to net losses of $2.1 million in the Preceding Quarter. During the Current Quarter, the Company sold two heavy helicopters and various other assets. During the Preceding Quarter, the Company sold or otherwise disposed of a heavy helicopter and various other assets.Interest income was $1.0 million higher in the Current Quarter primarily due to income earned from U.S. Treasury bill investments on escrowed funds used in the satisfaction and discharge of the 6.875% Senior Secured Notes.Interest expense was $3.4 million higher primarily due to higher debt balances and concurrent interest expense incurred during the refinancing of the Company's 6.875% Senior Notes.Loss on extinguishment of debt was $2.8 million due to the write off of unamortized deferred financing fees associated with the redemption of the 6.875% Senior Notes.Other expense, net of $5.4 million in the Current Quarter was primarily due to foreign exchange losses. Other expense, net of $2.9 million in the Preceding Quarter primarily resulted from pension-related costs of $4.9 million and foreign exchange losses of $3.1 million, partially offset by gains on insurance recoveries of $5.0 million.Affirms 2026 OutlookPlease refer to the section entitled "Forward-Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow's guidance. The following guidance contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.Select financial outlook for 2026 is as follows (in USD, millions):



2026ERevenues:



Offshore Energy Services


$1,010 - $1,080Government Services


$440 - $460Other Services


$130 - $150Total Revenues


$1,580 - $1,690




Adjusted Operating Income:



Offshore Energy Services


$225 - $235Government Services


$70 - $80Other Services


$20 - $25Corporate


($35 - $30)



$280 - $310




Adjusted EBITDA


$295 - $325




Cash interest


~$40Cash taxes


$25 - $30Maintenance capital expenditures


$20 - $25Capital Allocation and LiquidityIn the Current Quarter, purchases of property and equipment were $41.3 million, of which $4.4 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $24.9 million. In the Preceding Quarter, purchases of property and equipment were $29.1 million, of which $6.0 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $2.0 million.As of March 31, 2026, the Company had $342.1 million of unrestricted cash and $51.5 million of remaining availability under its asset-based revolving credit facility (the "ABL Facility") for total liquidity of $393.6 million. Borrowings under the ABL Facility are subject to satisfaction of certain terms and conditions.Net cash used in operating activities was $8.3 million in the Current Quarter compared to net cash provided by operating activities of $76.9 million in the Preceding Quarter. The negative variance is primarily due to changes in working capital, namely an increase in accounts receivable. This is primarily attributable to timing, as the Company does not have a material amount of aged receivables.During the Current Quarter, Bristow declared a dividend of $0.125 per share of common stock and paid $3.7 million in cash dividends.On April 30, 2026, Bristow declared a dividend of $0.125 per share of common stock, payable on May 29, 2026, to shareholders of record at the close of business on May 15, 2026.Conference CallThe Company's management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, May 6, 2026, to review results for the first quarter ended March 31, 2026. The conference call can be accessed using the following link:Link to Access Earnings Call: https://bristowgroup-1q2026.open-exchange.netA replay will be available through May 27, 2026 by using the link above. A replay will also be available on the Company's website at www.bristowgroup.com shortly after the call and will be accessible through May 27, 2026. The accompanying investor presentation will be available on May 5, 2026, on Bristow's website at www.bristowgroup.com.For additional information concerning Bristow, contact Jennifer Whalen at InvestorRelations @jasonpate or visit Bristow Group's website at https://ir.bristowgroup.com/.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our offshore energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed-wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom ("UK") and the United States ("U.S.").Forward-Looking Statements DisclosureThis press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management, including our expectations regarding our quarterly dividend program and our intention to pay down debt; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as "believes," "belief," "forecasts," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "would," "could," "should" or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" of such report and those discussed in other documents we file with the Securities and Exchange Commission (the "SEC"). Accordingly, you should not put undue reliance on any forward-looking statements.You should consider the following key factors when evaluating these forward-looking statements: the impact of supply chain disruptions, inflation and increased fuel prices and our ability or inability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 and AW189 fleet and aircraft in general; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries ("OPEC") and other producing countries, and geopolitical risks; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere, including the ongoing conflict in Iran, which could result in operational interruptions and supply impacts, including fuel shortages and price increases; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States ("U.S.") and other countries; the potential effects of any future U.S. government shutdown on our Government Services business; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue ("SAR") contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives.The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date hereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K and Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A, "Risk Factors" of the Company's subsequent Quarterly Reports on Form 10-Q. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.BRISTOW GROUP INC. Condensed Consolidated Statements of Operations(unaudited, in thousands, except per share amounts)

Three Months Ended



March 31,
2026
December 31,
2025
Favorable/
(Unfavorable)Total revenues$       388,705
$       377,264
$             11,441Costs and expenses:




Operating expenses




Personnel103,569
104,378
809Repairs and maintenance68,569
55,291
(13,278)Insurance6,597
6,139
(458)Fuel20,146
20,765
619Leased-in equipment28,549
27,329
(1,220)Other66,107
69,648
3,541Total operating expenses293,537
283,550
(9,987)General and administrative expenses44,252
43,441
(811)Depreciation and amortization expense24,386
18,377
(6,009)Total costs and expenses362,175
345,368
(16,807)Gains (losses) on disposal of assets7,639
(2,111)
9,750Earnings from unconsolidated affiliates506
2,298
(1,792)Operating income34,675
32,083
2,592Interest income3,918
2,935
983Interest expense, net(13,816)
(10,432)
(3,384)Loss on extinguishment of debt(2,849)
—
(2,849)Other, net(5,353)
(2,884)
(2,469)Total other income (expense), net(18,100)
(10,381)
(7,719)Income before income taxes16,575
21,702
(5,127)Income tax expense(3,510)
(3,026)
(484)Net income13,065
18,676
(5,611)Net loss (income) attributable to noncontrolling interests41
(253)
294Net income attributable to Bristow Group Inc.$       13,106
$       18,423
$             (5,317)





Basic earnings per common share$           0.45
$           0.63

Diluted earnings per common share$           0.44
$           0.61







Weighted average common shares outstanding, basic29,254
29,093

Weighted average common shares outstanding, diluted30,062
29,963







Adjusted Operating Income$        52,853
$        54,803
$              (1,950)EBITDA $        54,777
$        50,511
$               4,266Adjusted EBITDA$        59,275
$        60,128
$                 (853)



BRISTOW GROUP INC.REVENUES BY SEGMENT (unaudited, in thousands)

Three Months Ended
Favorable
(Unfavorable)
March 31,
2026
December 31,
2025
Offshore Energy Services:





Europe$        98,651
$      101,412
$  (2,761)(2.7) %Americas105,399
99,757
5,6425.7 %Africa50,283
46,285
3,9988.6 %  Total Offshore Energy Services$       254,333
$      247,454
$   6,8792.8 %Government Services107,870
100,097
7,7737.8 %Other Services26,502
29,713
(3,211)(10.8) %
$       388,705
$      377,264
$  11,4413.0 %

FLIGHT HOURS BY SEGMENT(unaudited)

Three Months Ended
Favorable
(Unfavorable)
March 31,
2026
December 31,
2025
Offshore Energy Services:





Europe8,217
8,543
(326)(3.8) %Americas10,470
10,506
(36)(0.3) %Africa5,545
5,185
3606.9 %  Total Offshore Energy Services24,232
24,234
(2)— %Government Services4,051
4,186
(135)(3.2) %Other Services3,337
3,622
(285)(7.9) %
31,620
32,042
(422)(1.3) %   BRISTOW GROUP INC. First Quarter Segment Statements of Operations(unaudited, in thousands)

Offshore
Energy
Services
Government
Services
Other
Services
Corporate
ConsolidatedThree Months Ended March 31, 2026








Revenues$     254,333
$     107,870
$      26,502
$           —
$     388,705Less:








Personnel63,360
32,626
7,583
—
103,569Repairs and maintenance50,581
14,572
3,416
—
68,569Insurance3,968
2,316
313
—
6,597Fuel12,974
2,817
4,355
—
20,146Leased-in equipment16,641
10,100
1,808
—
28,549Other segment costs34,980
25,097
5,993
—
66,070Total operating expenses182,504
87,528
23,468
—
293,500General and administrative expenses23,484
10,922
1,981
7,902
44,289Depreciation and amortization expense13,131
8,477
2,398
380
24,386Total costs and expenses219,119
106,927
27,847
8,282
362,175Gains on disposal of assets—
—
—
7,639
7,639Earnings from unconsolidated affiliates506
—
—
—
506Operating income (loss)$      35,720
$          943
$      (1,345)
$       (643)
$       34,675Non-GAAP(1):








Depreciation and amortization expense13,131
8,477
2,398
380
24,386PBH amortization1,305
90
36
—
1,431Gains on disposal of assets—
—
—
(7,639)
(7,639)  Adjusted Operating Income (Loss)$      50,156
$        9,510
$        1,089
$     (7,902)
$       52,853


Offshore
Energy
Services
Government
Services
Other
Services
Corporate
ConsolidatedThree Months Ended December 31, 2025








Revenues$     247,454
$     100,097
$      29,713
$           —
$     377,264Less:








Personnel66,467
31,061
6,850
—
104,378Repairs and maintenance39,989
12,312
2,990
—
55,291Insurance3,680
2,150
309
—
6,139Fuel13,069
2,618
5,078
—
20,765Leased-in equipment15,885
9,574
1,870
—
27,329Other segment costs37,830
25,002
6,816
—
69,648Total operating expenses176,920
82,717
23,913
—
283,550General and administrative expenses23,536
10,388
1,804
7,713
43,441Depreciation and amortization expense7,103
8,599
2,466
209
18,377Total costs and expenses207,559
101,704
28,183
7,922
345,368Losses on disposal of assets—
—
—
(2,111)
(2,111)Earnings from unconsolidated affiliates2,298
—
—
—
2,298Operating income (loss)$      42,193
$      (1,607)
$        1,530
$    (10,033)
$       32,083Non-GAAP(1):








Depreciation and amortization expense7,103
8,599
2,466
209
18,377PBH amortization1,542
654
36
—
2,232Losses on disposal of assets—
—
—
2,111
2,111  Adjusted Operating Income (Loss)$      50,838
$        7,646
$        4,032
$     (7,713)
$       54,803__________________(1)See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below. BRISTOW GROUP INC.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited, in thousands)

March 31,
2026
December 31,
2025ASSETS


Current assets:


Cash and cash equivalents$       344,525
$       293,631Accounts receivable, net261,463
217,102Inventories132,768
132,727Prepaid expenses and other current assets52,825
50,828Total current assets791,581
694,288Property and equipment, net1,147,582
1,152,668Investment in unconsolidated affiliates24,358
23,852Right-of-use assets245,478
241,666Other assets196,285
198,787Total assets$     2,405,284
$     2,311,261



LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


Accounts payable$         80,342
$         86,286Accrued wages, benefits and related taxes61,777
68,654Income taxes payable and other accrued taxes28,411
22,759Deferred revenue27,689
22,440Accrued maintenance and repairs39,409
28,793Current portion of operating lease liabilities74,488
77,038Accrued interest and other accrued liabilities27,921
31,317Current maturities of long-term debt27,404
27,943Total current liabilities367,441
365,230Long-term debt, less current maturities727,406
643,511Other liabilities and deferred credits33,749
31,782Deferred taxes47,110
46,571Long-term operating lease liabilities170,711
164,544Total liabilities1,346,417
1,251,638



Stockholders' equity:


Common stock332
325Additional paid-in capital766,987
762,520Retained earnings451,024
441,739Treasury stock, at cost(98,157)
(87,129)Accumulated other comprehensive loss(61,196)
(57,750)Total Bristow Group Inc. stockholders' equity1,058,990
1,059,705Noncontrolling interests(123)
(82)Total stockholders' equity1,058,867
1,059,623Total liabilities and stockholders' equity$     2,405,284
$     2,311,261Non-GAAP Financial MeasuresThe Company's management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") (including the notes), included in the Company's filings with the SEC and posted on the Company's website.EBITDA and Adjusted EBITDAEBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed mergers and acquisitions ("M&A") transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.The following tables provide a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).
Three Months Ended


March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
LTMNet income$        13,065
$        18,676
$        51,591
$        31,779
$    115,111Depreciation and amortization
expense24,386
18,377
17,739
17,312
77,814Interest expense, net13,816
10,432
9,962
10,034
44,244Income tax expense (benefit)3,510
3,026
(11,843)
20,443
15,136EBITDA$        54,777
$        50,511
$        67,449
$        79,568
$    252,305(Gains) losses on disposal of
assets(7,639)
2,111
(8,245)
(6,209)
(19,982)Loss on extinguishment of debt2,849
—
—
—
2,849Foreign exchange (gains) losses4,554
3,051
2,946
(17,435)
(6,884)Special items(1)4,734
4,455
4,947
4,776
18,912Adjusted EBITDA$        59,275
$        60,128
$        67,097
$        60,700
$    247,200
(1)  Special items include the following:

Three Months Ended


March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
LTMPBH amortization$          1,431
$          2,232
$          2,172
$          3,587
$        9,422Gain on insurance claim—
(4,970)
—
—
(4,970)Other special items3,303
7,193
2,775
1,189
14,460
$          4,734
$          4,455
$          4,947
$          4,776
$      18,912The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for the outlook periods included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for the outlook periods.Free Cash Flow and Adjusted Free Cash FlowFree Cash Flow represents the Company's net cash provided by (used in) operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to unusual litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company's ability to generate cash from the business. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net cash provided by (used in) operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).
Three Months Ended


March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
LTMNet cash provided by (used in)
operating activities$        (8,250)
$        76,913
$        23,057
$        99,039
$       190,759Less: Maintenance capital
expenditures(4,359)
(6,044)
(2,800)
(4,532)
(17,735)Free Cash Flow$       (12,609)
$        70,869
$        20,257
$        94,507
$       173,024Plus: Special items843
883
1,108
786
3,620Adjusted Free Cash Flow$       (11,766)
$        71,752
$        21,365
$        95,293
$       176,644Adjusted Operating Income by SegmentAdjusted Operating Income (Loss) ("Adjusted Operating Income") is defined as operating income (loss) before depreciation and amortization (including PBH amortization) and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment's operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment's ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).
Three Months Ended
Increase
(Decrease)
March 31,
2026
December 31,
2025
Offshore Energy Services:





Operating income$       35,720
$       42,193
$ (6,473)(15.3) %Depreciation and amortization expense13,131
7,103
6,02884.9 %PBH amortization1,305
1,542
(237)(15.4) %Offshore Energy Services Adjusted Operating Income$       50,156
$       50,838
$   (682)(1.3) %






Government Services:





Operating income (loss)$           943
$       (1,607)
$  2,550nmDepreciation and amortization expense8,477
8,599
(122)(1.4) %PBH amortization90
654
(564)(86.2) %Government Services Adjusted Operating Income$         9,510
$         7,646
$  1,86424.4 %






Other Services:





Operating income (loss)$       (1,345)
$         1,530
$ (2,875)nmDepreciation and amortization expense2,398
2,466
(68)(2.8) %PBH amortization36
36
—— %Other Services Adjusted Operating Income$         1,089
$         4,032
$ (2,943)(73.0) %






Total Segment Adjusted Operating Income$       60,755
$       62,516
$ (1,761)(2.8) %






Corporate:





Operating loss$          (643)
$      (10,033)
$  9,39093.6 %Depreciation and amortization expense380
209
17181.8 %Losses (gains) on disposal of assets(7,639)
2,111
(9,750)nmCorporate Adjusted Operating Loss$       (7,902)
$       (7,713)
$   (189)(2.5) %






Consolidated Adjusted Operating Income$       52,853
$       54,803
$ (1,950)(3.6) % BRISTOW GROUP INC.FLEET COUNT

Number of Aircraft



TypeOwnedAircraft
LeasedAircraft
Total
Aircraft
MaximumPassengerCapacity
Average Age
(years)(1)Heavy Helicopters:








S9232
29
61
19
16AW18923
5
28
16
8
55
34
89



Medium Helicopters:








AW13948
9
57
12
14S76 D/C++13
—
13
12
14AS3651
—
1
12
36
62
9
71



Light—Twin Engine Helicopters:








AW1093
—
3
7
19H13512
—
12
6
9
15
—
15



Light—Single Engine Helicopters:                         








AS35012
—
12
4
27AW11913
—
13
7
19
25
—
25



Total Helicopters157
43
200


15Fixed Wing8
5
13



Unmanned Aerial Systems ("UAS")3
—
3



Total Fleet(2)168
48
216



______________________(1)Reflects the average age of helicopters that are owned by the Company.(2)Does not include certain aircraft shown in the under construction line in the table. Upon completion of additional configuration, the newly-delivered aircraft will appear in the fleet table above when placed into service.The table below presents the number of aircraft in our fleet as of March 31, 2026, their distribution among the segments through which we operate, as a percentage of total revenues for the three months ended March 31, 2026, and the number of aircraft not yet reflected in our fleet as they were on order or under construction as of March 31, 2026.
Percentage
ofTotalRevenues
Helicopters
FixedWing
UAS


Heavy
Medium
Light
Twin
Light
Single
TotalOffshore Energy Services65 %
57
60
12
—
—
—
129Government Services28 %
32
11
3
20
—
3
69Other Services7 %
—
—
—
5
13
—
18Total100 %
89
71
15
25
13
3
216Aircraft not currently in fleet:














Under construction(1)(3)

5
—
—
—
—
—
5Options(2)

10
—
7
—
—
—
17

(1)Under construction reflects new aircraft that the Company has either taken possession of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer ("OEM") and pending delivery. Includes five AW189 heavy helicopters.(2)Options include 10 AW189 heavy helicopters and seven H135 light-twin helicopters.(3)Excludes leased aircraft in the Company's possession but not yet placed in service and any orders or options for electric/hybrid vertical takeoff and landing and short takeoff and landing aircraft, collectively known as Advanced Air Mobility ("AAM") aircraft, that may have deposits but are pending regulatory certification.  View original content to download multimedia:https://www.prnewswire.com/news-releases/bristow-group-reports-first-quarter-2026-results-302763213.htmlSOURCE Bristow Group Original: Bristow Group Reports First Quarter 2026 Results

Bristow Group Declares Cash DividendApril 30, 2026 4:30 PM
PR Newswire (US)

HOUSTON, April 30, 2026 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL, the "Company"), the global leader in innovative and sustainable vertical flight solutions, today declared a cash dividend of $0.125 per share of common stock. The quarterly cash dividend announced today is payable on May 29, 2026, to shareholders of record at the close of business on May 15, 2026.







While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends, and the establishment of record and payment dates, are subject to final determination by the Board of Directors each quarter after its review of the Company's financial performance.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our offshore energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities, whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed-wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom and the United States. To learn more, visit our website at www.bristowgroup.com.Investors
Bristow Group Inc.
Jennifer Whalen
+1 713.369.4636
InvestorRelations@bristowgroup.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/bristow-group-declares-cash-dividend-302759147.htmlSOURCE Bristow Group

Original: Bristow Group Declares Cash Dividend

Bristow Group Announces First Quarter 2026 Earnings CallApril 28, 2026 4:30 PM
PR Newswire (US)

HOUSTON, April 28, 2026 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, today announced it will release its first quarter 2026 financial results after market close on Tuesday, May 5, 2026. In connection with the release, Bristow has scheduled a conference call for Wednesday, May 6, 2026, to begin at 10:00 a.m. ET (9:00 a.m. CT).







Investors may participate in the call by using the following link, which is now open for early registration: https://bristowgroup-1q2026.open-exchange.netA replay of the call will be available through May 27, 2026, and can be accessed using the same link. The accompanying investor presentation will be available on May 5, 2026, on the investor section of Bristow's website at www.bristowgroup.com.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our business is comprised of three reportable segments: Offshore Energy Services, Government Services and Other Services. Our offshore energy customers primarily use our services to transport personnel to, from and between offshore energy installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other customers primarily include fixed-wing passengers utilizing our regional airline in Australia and companies that dry-lease helicopters from us in support of other industries and markets in which we do not directly compete or operate in.Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom and the United States. To learn more, visit our website at www.bristowgroup.com.Investors
Bristow Group Inc.
Jennifer Whalen
+1 713.369.4636
InvestorRelations@bristowgroup.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/bristow-group-announces-first-quarter-2026-earnings-call-302756244.htmlSOURCE Bristow Group

Original: Bristow Group Announces First Quarter 2026 Earnings Call

BRISTOW GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTSFebruary 25, 2026 4:20 PM
PR Newswire (US)

ACHIEVES 2025 OUTLOOK AND DECLARES DIVIDENDHOUSTON, Feb. 25, 2026 /PRNewswire/ --Full Year Highlights:Total revenues were $1.5 billion for the full year ended 2025 compared to $1.4 billion in 2024Net income was $129.1 million in 2025 compared to $94.8 million in 2024Full year 2025 Adjusted EBITDA(1) of $245.6 million was in-line with the 2025E outlook EBITDA guidance midpointOperating cash flow of $198.4 million in 2025 compared to $177.4 million in 2024, and Adjusted Free Cash Flow of $186.7 million in 2025 compared to $160.9 million in 2024Refinanced Senior Notes with an upsized $500 million transaction at a lower coupon rate of 6.75% and extended maturity of 2033Declared a quarterly cash dividend of $0.125 per share of common stockBristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $18.4 million, or $0.61 per diluted share, for the quarter ended December 31, 2025 (the "Current Quarter") on total revenues of $377.3 million compared to net income attributable to the Company of $51.5 million, or $1.72 per diluted share, for the quarter ended September 30, 2025 (the "Preceding Quarter") on total revenues of $386.3 million.Bristow reported net income attributable to the Company of $129.1 million, or $4.32 per diluted share, for the year ended December 31, 2025 (the "Current Year") on total revenues of $1.5 billion compared to net income attributable to the Company of $94.8 million, or $3.21 per diluted share, on total revenues of $1.4 billion for the year ended December 31, 2024 (the "Prior Year").The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the "Non-GAAP Financial Measures" section herein.
Three Months Ended
Year Ended December 31,
December 31,
2025
September 30,
2025
2025
2024Total revenues$          377,264
$          386,289
$       1,490,512
$       1,415,491Operating income32,083
50,535
158,806
132,608Net income attributable to Bristow Group Inc.18,423
51,544
129,074
94,797Basic earnings per common share0.63
1.79
4.47
3.32Diluted earnings per common share0.61
1.72
4.32
3.21Net cash provided by operating activities76,913
23,057
198,406
177,420







Non-GAAP(1):






Adjusted Operating Income$           54,803
$           62,201
$          228,687
$          216,841EBITDA50,511
67,449
261,423
207,931Adjusted EBITDA60,128
67,097
245,635
236,766Free Cash Flow70,869
20,257
183,144
159,476Adjusted Free Cash Flow71,752
21,365
186,661
160,911__________________(1)See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below."With the continued growth and diversification of our Government Services business, Bristow has evolved into a scaled, multi-mission aviation services provider with leading market positions in our core markets," said Chris Bradshaw, President and CEO of Bristow Group. "As reflected in our affirmed financial outlook, we expect Adjusted Operating Income in our Government Services business to double in 2026, and the high-quality, infrastructure-like cash flows from these contracts provide a durable cash flow foundation for the Company. In addition, we expect Adjusted Operating Income in our Offshore Energy Services business to increase by approximately 15% in 2026, primarily due to improved terms on contract renewals, and we expect increased activity in this segment in the latter part of 2026 and further building in 2027, as new deepwater projects commence. Overall, we believe the Company's total Adjusted EBITDA will increase by approximately 25% in 2026 compared to last year, and we expect strong cash flow conversion. Bristow generated approximately $187 million of Adjusted Free Cash Flow in 2025, and our 2026 outlook reflects an Adjusted Free Cash Flow expectation in excess of $200 million. The Company completed a successful refinancing of our Senior Notes last month, with an upsized $500 million transaction at a lower coupon rate of 6.75% and an extended maturity into 2033. Bristow's positive financial outlook, robust balance sheet, and strong liquidity position support the initiation of the Company's cash dividend program, confirmed by today's announcement of a $0.125 per share dividend payable on March 26, 2026."Sequential Quarter ResultsOffshore Energy Services
Three Months Ended


($ in thousands)December 31,
2025
September 30,
2025
Favorable
(Unfavorable)Revenues$  247,454
$  250,431
$      (2,977)(1.2) %Operating income42,193
42,429
(236)(0.6) %Adjusted Operating Income50,838
51,236
(398)(0.8) %Operating income margin17 %
17 %


Adjusted Operating Income margin21 %
20 %


Revenues from Offshore Energy Services were $3.0 million lower in the Current Quarter. Revenues in Africa were $2.2 million lower primarily due to the closure of the fixed wing business, and revenues in the Americas were $1.2 million lower primarily due to lower utilization, while revenues in Europe were consistent with the Preceding Quarter. Operating income from Offshore Energy Services was $0.2 million lower in the Current Quarter primarily due to the lower revenues and higher general and administrative expenses of $1.1 million related to professional services fees, partially offset by higher earnings from unconsolidated affiliates of $2.3 million and lower operating expenses of $1.6 million. The higher earnings from unconsolidated affiliates were primarily due to higher dividends and earnings. The lower operating expenses were due to lower subcontractor and other operating expenses of $3.5 million and lower repairs and maintenance costs of $2.8 million primarily due to higher vendor credits, partially offset by higher personnel and leased-in equipment costs of $4.2 million and $0.4 million, respectively.Government Services
Three Months Ended


($ in thousands)December 31,
2025
September 30,
2025
Favorable
(Unfavorable)Revenues$  100,097
$  100,898
$         (801)(0.8) %Operating income(1,607)
2,586
(4,193)nmAdjusted Operating Income7,646
10,810
(3,164)(29.3) %Operating income margin(2) %
3 %


Adjusted Operating Income margin8 %
11 %


Revenues from Government Services were $0.8 million lower in the Current Quarter primarily due to lower seasonal flight hours in the United Kingdom search and rescue ("UKSAR") operations, partially offset by the commencement of operations of an additional base on the Irish Coast Guard ("IRCG") contract in the fourth quarter. Operating loss was $1.6 million in the Current Quarter compared to operating income of $2.6 million in the Preceding Quarter primarily due to higher operating expenses of $3.3 million and the lower revenues of $0.8 million. The increase in operating expenses was due to higher repairs and maintenance costs of $2.9 million, primarily due to lower vendor credits and the timing of repairs, and higher personnel costs of $1.6 million related to contract transitions, partially offset by lower other operating costs of $1.3 million primarily due to lower training and subcontractor costs.Other Services
Three Months Ended


($ in thousands)December 31,
2025
September 30,
2025
Favorable
(Unfavorable)Revenues$       29,713
$       34,960
$      (5,247)(15.0) %Operating income1,530
5,463
(3,933)(72.0) %Adjusted Operating Income4,032
8,121
(4,089)(50.4) %Operating income margin5 %
16 %


Adjusted Operating Income margin14 %
23 %


Revenues from Other Services were $5.2 million lower in the Current Quarter primarily due to lower seasonal activity in Australia. Operating income was $3.9 million lower in the Current Quarter primarily due to the lower revenues, partially offset by lower operating expenses of $1.2 million related to lower activity.Corporate
Three Months Ended


($ in thousands)December 31,
2025
September 30,
2025
Favorable
(Unfavorable)Corporate:





Total expenses$         7,922
$         8,188
$          2663.2 %Gains (losses) on disposal of assets(2,111)
8,245
(10,356)nmOperating income (loss)(10,033)
57
$    (10,090)nm






Consolidated:





Interest income$         2,935
$         2,262
$          67329.8 %Interest expense, net(10,432)
(9,962)
(470)(4.7) %Other, net(2,884)
(3,087)
2036.6 %Income tax (expense) benefit(3,026)
11,843
(14,869)nmOperating loss was $10.0 million in the Current Quarter compared to operating income of $0.1 million in the Preceding Quarter. The change in operating income (loss) was due to asset dispositions. During the Current Quarter, the Company sold or otherwise disposed of a S92 heavy helicopter and various other assets, resulting in net losses of $2.1 million. During the Preceding Quarter, the Company sold or otherwise disposed of two older AW139 medium helicopters and various other assets, resulting in net gains of $8.2 million.Other expense, net of $2.9 million in the Current Quarter resulted from foreign exchange losses of $3.1 million and pension related costs of $4.9 million, partially offset by gains on insurance recoveries of $5.0 million. Other expense, net of  $3.1 million in the Preceding Quarter resulted from foreign exchange losses.Income tax expense was $3.0 million in the Current Quarter compared to income tax benefit of $11.8 million in the Preceding Quarter. The change in income tax is due to changes in the geographic mix of the Company's global earnings in the Current Quarter and the release of a valuation allowance in Australia in the Preceding Quarter.Full Year ResultsOffshore Energy Services
Year Ended December 31,


($ in thousands)2025
2024
Favorable
(Unfavorable)Revenues$  990,480
$  966,064
$      24,4162.5 %Operating income165,582
132,165
33,41725.3 %Adjusted Operating Income202,777
172,799
29,97817.3 %Operating income margin17 %
14 %


Adjusted Operating Income margin20 %
18 %


Revenues from Offshore Energy Services were $24.4 million higher in the Current Year. Revenues in Africa were $21.7 million higher primarily due to higher utilization and additional aircraft capacity. Revenues in the Americas were $19.2 million higher primarily due to higher utilization in the U.S. and Brazil, which was partially offset by the absence of a one-time benefit in the Prior Year related to the transition from cash basis recognition to an accrual basis of accounting in Canada and lower utilization in Trinidad. Revenues in Europe were $16.5 million lower primarily due to lower utilization, partially offset by higher reimbursable revenues, higher rates and favorable foreign exchange rate impacts.Operating income was $33.4 million higher in the Current Year primarily due to the higher revenues coupled with lower general and administrative expenses of $5.9 million and lower operating expenses of $3.6 million.The decrease in general and administrative expenses was primarily due to lower professional services fees, insurance and lease costs. Repairs and maintenance costs were $34.0 million lower primarily due to higher vendor credits. Fuel costs were $6.5 million lower due to lower global fuel prices and decreased flight hours in Europe. Insurance costs were $1.4 million lower primarily due to lower commercial property insurance premiums. Personnel costs were $21.8 million higher primarily due to increased headcount in Africa and Brazil due to increased activity, unfavorable foreign exchange rate impacts and labor agreement escalations. Other operating expenses were $15.7 million higher primarily due to higher reimbursable expenses, freight, demobilization and training costs. Leased-in equipment costs were $1.0 million higher primarily due to an increase in aircraft and non-aircraft leases.Government Services
Year Ended December 31,


($ in thousands)2025
2024
Favorable
(Unfavorable)Revenues$  379,437
$  329,654
$      49,78315.1 %Operating income5,078
21,070
(15,992)(75.9) %Adjusted Operating Income38,212
50,766
(12,554)(24.7) %Operating income margin1 %
6 %


Adjusted Operating Income margin10 %
15 %


Revenues from Government Services were $49.8 million higher in the Current Year due to the commencement of the IRCG contract and higher UKSAR revenues primarily due to favorable foreign exchange rate impacts and the commencement of fixed wing services. Operating income was $16.0 million lower primarily due to higher expenses attributable to the commencement of new contracts in Ireland and the UK, partially offset by the higher revenues. Operating expenses were $57.9 million higher primarily due to higher subcontractor costs of $28.2 million, which are expected to subside as transitions to the new contracts conclude in 2026, higher amortization of deferred costs of $7.7 million, increased personnel costs of $15.1 million and other operating expenses of $9.4 million, partially offset by lower repairs and maintenance costs of $2.5 million primarily due to increased vendor credits. Additionally, general and administrative costs and depreciation and amortization expenses were $4.4 million and $3.5 million higher, respectively, primarily due to the ongoing transitions of the new SAR contracts.Other Services
Year Ended December 31,


($ in thousands)2025
2024
Favorable
(Unfavorable)Revenues$  120,595
$  119,773
$          8220.7 %Operating income9,814
13,747
(3,933)(28.6) %Adjusted Operating Income20,376
25,786
(5,410)(21.0) %Operating income margin8 %
11 %


Adjusted Operating Income margin17 %
22 %


Revenues from Other Services were $0.8 million higher in the Current Year primarily due to higher activity in Australia and the UK, partially offset by lower revenues due to the conclusion of certain dry-lease contracts. Operating income from Other Services was $3.9 million lower primarily due to higher operating expenses of $5.9 million, offsetting the higher revenues of $0.8 million and lower depreciation and amortization expenses of $1.0 million. The increase in operating expenses was due to higher other operating expense of $2.3 million, higher personnel costs of $1.6 million and higher lease expenses of $1.6 million, all of which were primarily driven by increased activity in Australia.Corporate
Year Ended December 31,


($ in thousands)2025
2024
Favorable
(Unfavorable)Corporate:





Total expenses$       33,453
$       33,329
$         (124)(0.4) %Gains (losses) on disposal of assets11,785
(1,045)
12,830nmOperating loss(21,668)
(34,374)
12,70637.0 %






Consolidated:





Interest income$         9,354
$         8,901
$          4535.1 %Interest expense, net(39,918)
(37,581)
(2,337)(6.2) %Other, net22,994
(1,865)
24,859nmIncome tax expense(21,809)
(7,193)
(14,616)nmTotal operating losses for Corporate were $12.7 million lower than the Prior Year primarily due to increased gains on disposal of assets. During the Current Year, the Company sold or otherwise disposed of four AW139 medium helicopters, one S92 heavy helicopter and other assets, resulting in net gains of $11.8 million. During the Prior Year, the Company sold or otherwise disposed of 13 helicopters and various other assets, resulting in net losses of $1.0 million.Interest expense, net was $2.3 million higher in the Current Year primarily due to higher interest rates and accelerated amortization expense related to early debt repayments, partially offset by higher capitalized interest on new aircraft under construction.Other income, net of $23.0 million in the Current Year primarily resulted from foreign exchange gains of $22.5 million and gains on insurance recoveries of $5.0 million, partially offset by pension related costs of $4.3 million. Other expense, net of $1.9 million in the Prior Year primarily resulted from foreign exchange losses of $8.9 million, partially offset by insurance recoveries of $4.5 million and pension related income of $2.5 million.Income tax expense was $14.6 million higher in the Current Year primarily due to higher earnings before tax and the earnings mix of the Company's global operations.2025 Results In-Line with Outlook and Affirms 2026 OutlookPlease refer to the section entitled "Forward-Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow's guidance. The following guidance also contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.Select financial results for 2025 and outlook for 2026 are as follows (in USD, millions):
2025E(1)Outlook
2025A
2026ERevenues:




Offshore Energy Services$990
$990
$1,010 - $1,080Government Services$380
$379
$440 - $460Other Services$120
$121
$130 - $150Total revenues$1,490
$1,490
$1,580 - $1,690





Adjusted Operating Income:




Offshore Energy Services$200
$203
$225 - $235Government Services$43
$38
$70 - $80Other Services$23
$20
$20 - $25Corporate($33)
($33)
($35 - $30)
$233
$228
$280 - $310





Adjusted EBITDA$245
$246
$295 - $325





Cash interest$45
$47
~$40Cash taxes$28
$27
$25 - $30Maintenance capital expenditures$14
$15
$20 - $25__________________________ (1)Reflects the mid-point of the previously published 2025E financial outlook ranges.Liquidity and Capital AllocationIn the Current Quarter, purchases of property and equipment were $29.1 million, of which $6.0 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $2.0 million. In the Preceding Quarter, purchases of property and equipment were $29.2 million, of which $2.8 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $28.6 million. See "Non-GAAP Financial Measures - Free Cash Flow and Adjusted Free Cash Flow" for a reconciliation to net cash provided by operating cash activities.As of December 31, 2025, the Company had $286.2 million of unrestricted cash and $60.7 million of remaining availability under its amended asset-based credit facility (the "ABL Facility") for total liquidity of $346.9 million. Borrowings under the ABL Facility are subject to certain conditions and requirements.On January 26, 2026, Bristow Group announced the closing of a private offering of $500 million aggregate principal amount of 6.750% Senior Secured Notes due 2033 (the "6.750% Senior Notes"), which were issued at par and bear interest payable semiannually, and the amendment and extension of its ABL Facility until 2031. The Company used a portion of the net proceeds from the 6.750% Senior Notes to irrevocably deposit funds with the trustee under the indenture governing its existing 6.875% Senior Secured Notes due 2028 (the "6.875% Senior Notes") in an amount sufficient to redeem the 6.875% Senior Notes in full on March 1, 2026, resulting in the satisfaction and discharge of the indenture governing the 6.875% Senior Notes upon deposit, with the remaining net proceeds to be used for general corporate purposes.On February 25, 2026, Bristow declared a dividend of $0.125 per share of common stock, payable on March 26, 2026, to shareholders of record at the close of business on March 13, 2026.Conference CallManagement will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, February 26, 2026, to review the results for the quarter and full year ended December 31, 2025. The conference call can be accessed using the following link:Link to Access Earnings Call: https://bristowgroup-4q2025.open-exchange.net/registration A replay will be available through March 19, 2026 by using the link above. A replay will also be available on the Company's website at www.bristowgroup.com shortly after the call and will be accessible through March 19, 2026. The accompanying investor presentation will be available on February 26, 2026, on Bristow's website at www.bristowgroup.com.For additional information concerning Bristow, contact Jennifer Whalen at InvestorRelations @jasonpate or visit Bristow Group's website at https://ir.bristowgroup.com/.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom ("UK") and the United States ("U.S.").Forward-Looking Statements DisclosureThis press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management, including our expectations regarding our quarterly dividend program and our intention to pay down debt; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as "believes," "belief," "forecasts," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "would," "could," "should" or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" of such report and those discussed in other documents we file with the Securities and Exchange Commission (the "SEC"). Accordingly, you should not put undue reliance on any forward-looking statements.You should consider the following key factors when evaluating these forward-looking statements: the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 and AW189 fleet and aircraft in general; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States and other countries; the potential effects of any future U.S. government shutdown on our Government Services business; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue ("SAR") contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives.The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date hereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise. BRISTOW GROUP INC. Condensed Consolidated Statements of Operations(unaudited, in thousands, except per share amounts)

Three Months Ended
Favorable/
(Unfavorable)
December 31,
2025
September
30, 2025
Total revenues$        377,264
$        386,289
$         (9,025)Costs and expenses:




Operating expenses




Personnel104,378
98,581
(5,797)Repairs and maintenance55,291
55,537
246Insurance6,139
5,778
(361)Fuel20,765
21,396
631Leased-in equipment27,329
26,714
(615)Other69,648
75,047
5,399Total operating expenses283,550
283,053
(497)General and administrative expenses43,441
43,205
(236)Depreciation and amortization expense18,377
17,739
(638)Total expenses345,368
343,997
(1,371)Gains (losses) on disposal of assets(2,111)
8,245
(10,356)Earnings (losses) from unconsolidated affiliates2,298
(2)
2,300Operating income32,083
50,535
(18,452)





Interest income2,935
2,262
673Interest expense, net(10,432)
(9,962)
(470)Other, net(2,884)
(3,087)
203Total other income (expense), net(10,381)
(10,787)
406Income before income taxes21,702
39,748
(18,046)Income tax benefit (expense)(3,026)
11,843
(14,869)Net income18,676
51,591
(32,915)Net income attributable to noncontrolling interests(253)
(47)
(206)Net income attributable to Bristow Group Inc.$          18,423
$          51,544
$       (33,121)





Basic earnings per common share$             0.63
$             1.79
$           (1.16)Diluted earnings per common share$             0.61
$             1.72
$           (1.11)





Weighted average common shares outstanding, basic29,093
28,867
226Weighted average common shares outstanding, diluted29,963
29,932
31





Adjusted Operating Income$          54,803
$          62,201
$         (7,398)EBITDA $          50,511
$          67,449
$       (16,938)Adjusted EBITDA$          60,128
$          67,097
$         (6,969) BRISTOW GROUP INC. Condensed Consolidated Statements of Operations(unaudited, in thousands, except per share amounts)

Year EndedDecember 31,
Favorable/
(Unfavorable)
2025
2024
Total revenues$     1,490,512
$     1,415,491
$         75,021Costs and expenses:




Operating expenses




Personnel378,999
340,560
(38,439)Repairs and maintenance236,931
273,284
36,353Insurance24,900
24,907
7Fuel81,435
86,946
5,511Leased-in equipment106,607
103,540
(3,067)Other273,407
212,881
(60,526)Total operating expenses1,102,279
1,042,118
(60,161)General and administrative expenses174,121
175,550
1,429Depreciation and amortization expense70,269
68,287
(1,982)Total costs and expenses1,346,669
1,285,955
(60,714)Gains (losses) on disposal of assets11,785
(1,045)
12,830Earnings from unconsolidated affiliates3,178
4,117
(939)Operating income158,806
132,608
26,198Interest income9,354
8,901
453Interest expense, net(39,918)
(37,581)
(2,337)Other, net22,994
(1,865)
24,859Total other income (expense), net(7,570)
(30,545)
22,975Income before income taxes151,236
102,063
49,173Income tax expense(21,809)
(7,193)
(14,616)Net income129,427
94,870
34,557Net income attributable to noncontrolling interests(353)
(73)
(280)Net income attributable to Bristow Group Inc.$        129,074
$          94,797
$         34,277





Basic earnings per common share$             4.47
$             3.32
$             1.15Diluted earnings per common share$             4.32
$             3.21
$             1.11





Weighted average common stock outstanding, basic28,864
28,515
349Weighted average common stock outstanding, diluted29,884
29,552
332





Adjusted Operating Income$        228,687
$        216,841
$         11,846EBITDA$        261,423
$        207,931
$         53,492Adjusted EBITDA$        245,635
$        236,766
$           8,869 BRISTOW GROUP INC.Revenues By Segment (unaudited, in thousands)

Three Months Ended
Year Ended December 31,
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
2025
2024Offshore Energy Services:










Europe$      101,412
$      101,026
$      107,625
101,218
$      411,281
$      427,739Americas99,757
100,945
95,230
91,569
387,501
368,319Africa46,285
48,460
49,955
46,998
191,698
170,006  Total Offshore Energy
  Services$      247,454
$      250,431
$      252,810
$      239,785
$      990,480
$      966,064Government Services100,097
100,898
92,499
85,943
379,437
329,654Other Services29,713
34,960
31,120
24,802
120,595
119,773
$      377,264
$      386,289
$      376,429
$      350,530
$   1,490,512
$   1,415,491


Flight Hours By Segment(unaudited)

Three Months Ended
Year Ended December 31,
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
2025
2024Offshore Energy Services:










Europe8,543
8,471
8,838
8,749
34,601
38,284Americas10,506
11,104
10,700
10,002
42,312
42,583Africa5,185
4,415
4,931
4,680
19,211
16,946  Total Offshore Energy
  Services24,234
23,990
24,469
23,431
96,124
97,813Government Services4,186
5,016
4,868
3,941
18,011
18,811Other Services3,622
3,942
3,684
3,400
14,648
13,682
32,042
32,948
33,021
30,772
128,783
130,306 BRISTOW GROUP INCQuarterly Segment Statements of Operations(unaudited, in thousands)

Offshore
Energy
Services
Government
Services
Other
Corporate
ConsolidatedThree Months Ended December 31, 2025








Revenues$    247,454
$      100,097
$      29,713
$           —
$       377,264Less:








Personnel66,467
31,061
6,850
—
104,378Repairs and maintenance39,989
12,312
2,990
—
55,291Insurance3,680
2,150
309
—
6,139Fuel13,069
2,618
5,078
—
20,765Leased-in equipment15,885
9,574
1,870
—
27,329Other segment costs37,830
25,002
6,816
—
69,648Total operating expenses176,920
82,717
23,913
—
283,550General and administrative expenses23,536
10,388
1,804
7,713
43,441Depreciation and amortization expense7,103
8,599
2,466
209
18,377Total costs and expenses207,559
101,704
28,183
7,922
345,368Losses on disposal of assets—
—
—
(2,111)
(2,111)Earnings from unconsolidated affiliates2,298
—
—
—
2,298Operating income (loss)$      42,193
$        (1,607)
$        1,530
$  (10,033)
$        32,083Non-GAAP:








Depreciation and amortization expense7,103
8,599
2,466
209
18,377PBH amortization1,542
654
36
—
2,232Gains on disposal of assets—
—
—
2,111
2,111Adjusted Operating Income (Loss)$      50,838
$         7,646
$        4,032
$    (7,713)
$        54,803



Offshore
Energy
Services
Government
Services
Other
Corporate
ConsolidatedThree Months Ended September 30, 2025








Revenues$    250,431
$      100,898
$      34,960
$           —
$       386,289Less:








Personnel62,304
29,507
6,770
—
98,581Repairs and maintenance42,777
9,365
3,395
—
55,537Insurance3,486
1,950
342
—
5,778Fuel13,162
2,794
5,440
—
21,396Leased-in equipment15,446
9,572
1,696
—
26,714Other segment costs41,325
26,271
7,451
—
75,047Total operating expenses178,500
79,459
25,094
—
283,053General and administrative expenses22,451
11,007
1,781
7,966
43,205Depreciation and amortization expense7,049
7,846
2,622
222
17,739Total costs and expenses208,000
98,312
29,497
8,188
343,997Gains on disposal of assets—
—
—
8,245
8,245Losses from unconsolidated affiliates(2)
—
—
—
(2)Operating income$      42,429
$         2,586
$        5,463
$          57
$        50,535Non-GAAP:








Depreciation and amortization expense7,049
7,846
2,622
222
17,739PBH amortization1,758
378
36
—
2,172Losses on disposal of assets—
—
—
(8,245)
(8,245)Adjusted Operating Income (Loss)$      51,236
$       10,810
$        8,121
$    (7,966)
$        62,201









 BRISTOW GROUP INC. Full Year Segment Statements of Operations(unaudited, in thousands)

Offshore
Energy
Services
Government
Services
Other
Corporate
ConsolidatedYear Ended December 31, 2025








Revenues$    990,480
$      379,437
$    120,595
$           —
$    1,490,512Less:








Personnel240,584
112,312
26,103
—
378,999Repairs and maintenance177,751
46,407
12,773
—
236,931Insurance15,019
8,485
1,396
—
24,900Fuel51,798
10,175
19,462
—
81,435Leased-in equipment61,468
38,538
6,601
—
106,607Other segment costs160,451
85,861
27,095
—
273,407Total operating expenses707,071
301,778
93,430
—
1,102,279General and administrative expenses93,059
41,354
7,030
32,678
174,121Depreciation and amortization expense27,946
31,227
10,321
775
70,269Total costs and expenses828,076
374,359
110,781
33,453
1,346,669Gains on disposal of assets—
—
—
11,785
11,785Earnings from unconsolidated affiliates3,178
—
—
—
3,178Operating income (loss)$    165,582
$         5,078
$        9,814
$  (21,668)
$       158,806Non-GAAP:








Depreciation and amortization expense27,946
31,227
10,321
775
70,269PBH amortization9,249
1,907
241
—
11,397Gains on disposal of assets—
—
—
(11,785)
(11,785)Adjusted Operating Income (Loss)$    202,777
$       38,212
$      20,376
$  (32,678)
$       228,687



Offshore
Energy
Services
Government
Services
Other
Corporate
ConsolidatedYear Ended December 31, 2024








Revenues$    966,064
$      329,654
$    119,773
$           —
$    1,415,491Less:








Personnel218,811
97,256
24,493
—
340,560Repairs and maintenance211,791
48,893
12,600
—
273,284Insurance16,464
7,296
1,147
—
24,907Fuel58,318
9,072
19,556
—
86,946Leased-in equipment60,515
37,995
5,030
—
103,540Other segment costs144,741
43,392
24,748
—
212,881Total operating expenses710,640
243,904
87,574
—
1,042,118General and administrative expenses98,972
36,986
7,082
32,510
175,550Depreciation and amortization expense28,404
27,694
11,370
819
68,287Total costs and expenses838,016
308,584
106,026
33,329
1,285,955Losses on disposal of assets—
—
—
(1,045)
(1,045)Earnings from unconsolidated affiliates4,117
—
—
—
4,117Operating income (loss)$    132,165
$       21,070
$      13,747
$  (34,374)$  —$       132,608Non-GAAP:








Depreciation and amortization expense28,404
27,694
11,370
819
68,287PBH amortization12,230
2,002
669
—
14,901Losses on disposal of assets—
—
—
1,045
1,045Adjusted Operating Income (Loss)$    172,799
$       50,766
$      25,786
$  (32,510)
$       216,841 BRISTOW GROUP INC.Consolidated Balance Sheets(unaudited, in thousands)

Year Ended December 31,
2025
2024ASSETS


Current assets:


Cash and cash equivalents$         293,631
$         251,281Accounts receivable, net217,102
211,590Inventories132,727
114,509Prepaid expenses and other current assets50,828
42,078Total current assets694,288
619,458Property and equipment, net1,152,668
1,076,221Investment in unconsolidated affiliates23,852
22,424Right-of-use assets241,666
264,270Other assets198,787
142,873Total assets$      2,311,261
$      2,125,246LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:


Accounts payable$           86,286
$           83,462Accrued wages, benefits and related taxes68,654
54,406Income taxes payable and other accrued taxes22,759
16,229Deferred revenue22,440
15,186Accrued maintenance and repairs28,793
30,698Current portion of operating lease liabilities77,038
78,359Accrued interest and other accrued liabilities31,317
28,946Current maturities of long-term debt27,943
18,614Total current liabilities365,230
325,900Long-term debt, less current maturities643,511
671,169Deferred taxes46,571
39,019Long-term operating lease liabilities164,544
188,949Deferred credits and other liabilities31,782
8,937Total liabilities1,251,638
1,233,974



Stockholders' equity:


Common stock325
315Additional paid-in capital762,520
742,072Retained earnings441,739
312,765Treasury stock, at cost(87,129)
(69,776)Accumulated other comprehensive loss(57,750)
(93,669)Total Bristow Group Inc. stockholders' equity1,059,705
891,707Noncontrolling interests(82)
(435)Total stockholders' equity1,059,623
891,272Total liabilities and stockholders' equity$      2,311,261
$      2,125,246Non-GAAP Financial MeasuresThe Company's management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") (including the notes), included in the Company's filings with the SEC and posted on the Company's website.EBITDA and Adjusted EBITDAEBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed mergers and acquisitions ("M&A") transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.The following tables provide a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).
Three Months Ended
Year Ended December 31,
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
2025
2024Net income$       18,676
$      51,591
$       31,779
$       27,381
$     129,427
$       94,870Depreciation and
amortization expense18,377
17,739
17,312
16,841
70,269
68,287Interest expense, net10,432
9,962
10,034
9,490
39,918
37,581Income tax expense
(benefit)3,026
(11,843)
20,443
10,183
21,809
7,193EBITDA$       50,511
$       67,449
$       79,568
$       63,895
$     261,423
$     207,931(Gains) losses on
disposal of assets2,111
(8,245)
(6,209)
558
(11,785)
1,045Foreign exchange (gains)
losses3,051
2,946
(17,435)
(11,045)
(22,483)
8,925Special items(1)4,455
4,947
4,776
4,302
18,480
18,865Adjusted EBITDA$       60,128
$       67,097
$       60,700
$       57,710
$     245,635
$     236,766


(1)  Special items include the following:

Three Months Ended
Year Ended December 31,
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
2025
2024PBH amortization$         2,232
$         2,172
$         3,587
$         3,406
$       11,397
$       14,901Gain on insurance claim(4,970)
—
—
—
(4,970)
(4,451)Other special items7,193
2,775
1,189
896
12,053
8,415
$         4,455
$         4,947
$         4,776
$         4,302
$       18,480
$       18,865The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for the outlook periods included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for the outlook periods.Free Cash Flow and Adjusted Free Cash FlowFree Cash Flow represents the Company's net cash provided by operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to unusual litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company's ability to generate cash from the business. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).
Three Months Ended
Year Ended December 31,
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
2025
2024Net cash provided by
(used in) operating
activities$       76,913
$       23,057
$       99,039
$          (603)
$     198,406
$     177,420Less: Maintenance
capital expenditures(6,044)
(2,800)
(4,532)
(1,886)
(15,262)
(17,944)Free Cash Flow$       70,869
$       20,257
$       94,507
$       (2,489)
$     183,144
$     159,476Plus: Special items883
1,108
786
740
3,517
1,435Adjusted Free Cash
Flow$       71,752
$       21,365
$       95,293
$       (1,749)
$     186,661
$     160,911Adjusted Operating Income by SegmentAdjusted Operating Income (Loss) ("Adjusted Operating Income") is defined as operating income (loss) before depreciation and amortization (including PBH amortization) and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment's operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment's ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).Sequential Quarter Adjusted Operating Income by Segment
Three Months Ended



December 31,
2025
September 30,
2025
Increase
(Decrease)Offshore Energy Services:





Operating income$          42,193
$         42,429
$    (236)(0.6) %Depreciation and amortization expense7,103
7,049
540.8 %PBH amortization1,542
1,758
(216)(12.3) %Offshore Energy Services Adjusted Operating Income$          50,838
$         51,236
$    (398)(0.8) %






Government Services:





Operating income (loss)$          (1,607)
$           2,586
$ (4,193)nmDepreciation and amortization expense8,599
7,846
7539.6 %PBH amortization654
378
27673.0 %Government Services Adjusted Operating Income$            7,646
$         10,810
$ (3,164)(29.3) %






Other Services:





Operating income$            1,530
$           5,463
$ (3,933)(72.0) %Depreciation and amortization expense2,466
2,622
(156)(5.9) %PBH amortization36
36
—— %Other Services Adjusted Operating Income$            4,032
$           8,121
$ (4,089)(50.4) %






Total Segment Adjusted Operating Income$          62,516
$         70,167
$ (7,651)(10.9) %






Corporate:





Operating income (loss)$        (10,033)
$                57
$  (10,090)nmDepreciation and amortization expense209
222
(13)(5.9) %Losses (gains) on disposal of assets2,111
(8,245)
10,356nmCorporate Adjusted Operating Loss$          (7,713)
$          (7,966)
$      2533.2 %






Consolidated Adjusted Operating Income$          54,803
$         62,201
$ (7,398)(11.9) % Full Year Adjusted Operating Income by Segment
Year Ended December 31,
Increase
(Decrease)
2025
2024
Offshore Energy Services:





Operating income$      165,582
$        132,165
$    33,41725.3 %Depreciation and amortization expense27,946
28,404
(458)(1.6) %PBH amortization9,249
12,230
(2,981)(24.4) %Offshore Energy Services Adjusted Operating Income$      202,777
$        172,799
$    29,97817.3 %






Government Services:





Operating income$          5,078
$          21,070
$  (15,992)(75.9) %Depreciation and amortization expense31,227
27,694
3,53312.8 %PBH amortization1,907
2,002
(95)(4.7) %Government Services Adjusted Operating Income$        38,212
$          50,766
$  (12,554)(24.7) %






Other Services:





Operating income$          9,814
$          13,747
$    (3,933)(28.6) %Depreciation and amortization expense10,321
11,370
(1,049)(9.2) %PBH amortization241
669
(428)(64.0) %Other Services Adjusted Operating Income$        20,376
$          25,786
$    (5,410)(21.0) %






Total Segment Adjusted Operating Income$      261,365
$        249,351
$    12,0144.8 %






Corporate:





Operating loss$       (21,668)
$         (34,374)
$    12,70637.0 %Depreciation and amortization expense775
819
(44)(5.4) %Losses (gains) on disposal of assets(11,785)
1,045
(12,830)nmCorporate Adjusted Operating Loss$       (32,678)
$         (32,510)
$       (168)(0.5) %






Consolidated Adjusted Operating Income$      228,687
$        216,841
$    11,8465.5 %The Company is unable to provide a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) for the outlook periods included in this release to projected operating income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted Operating Income by segment due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) to operating income (GAAP) for the outlook periods.BRISTOW GROUP INC.Fleet Count

Number of Aircraft



Type
OwnedAircraft
LeasedAircraft
TotalAircraft
Max PassCapacity
Average
Age
(years)(1)Heavy Helicopters:









S92
32
29
61
19
15AW189
22
4
26
16
8

54
33
87



Medium Helicopters:









AW139
48
7
55
12
13S76 D/C++
13
—
13
12
14AS365
1
—
1
12
36

62
7
69



Light—Twin Engine Helicopters:









AW109
3
—
3
7
18H135
12
—
12
6
9

15
—
15



Light—Single Engine Helicopters:









AS350
12
—
12
4
26AW119
13
—
13
7
19

25
—
25














Total Helicopters
156
40
196


14Fixed Wing
9
5
14



UAS
4
—
4



Total Fleet
169
45
214



______________________(1)Reflects the average age of helicopters that are owned by the Company.The table below presents the number of aircraft in our fleet and their distribution among the segments in which we operate as of December 31, 2025 and the percentage of revenues that each of our segments provided during the Current Year.
PercentageofRevenues






Helicopters
FixedWing
UAS


Heavy
Medium
Light
Twin
Light
Single
TotalOffshore Energy Services66 %
55
60
12
—
1
—
128Government Services26 %
32
9
3
20
—
4
68Other Services8 %
—
—
—
5
13
—
18Total100 %
87
69
15
25
14
4
214Aircraft not currently in fleet:














Under construction(1)(3)

7
2
—
—
—
—
9Options(2)(3)

10
—
9
—
—
—
19______________________(1)Under construction reflects new aircraft that the Company has either taken possession of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer ("OEM") and pending delivery. Includes seven AW189 heavy helicopters (of which one was delivered and is undergoing additional configuration) and two AW139 medium helicopters (both of which were delivered and are undergoing additional configuration).(2)Options include ten AW189 heavy helicopters and nine H135 light-twin helicopters.(3)Excludes any orders or options for electric/hybrid vertical takeoff and landing and short takeoff and landing aircraft, collectively known as Advanced Air Mobility ("AAM") aircraft that may have deposits but are pending regulatory certification. 



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Original: BRISTOW GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Bristow Names Anne Rappold Chief Legal Officer and Corporate SecretaryFebruary 23, 2026 4:30 PM
PR Newswire (US)

HOUSTON, Feb. 23, 2026 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, today announced that Anne Rappold has been named Chief Legal Officer and Corporate Secretary, effective immediately.Rappold has served as Acting Chief Legal Officer since August 2025, leading the Company's global Legal and Government Affairs functions."Anne has done an exceptional job guiding our Legal and Government Affairs organization in support of Bristow's global operations," said Chris Bradshaw, President and CEO of Bristow Group. "We are pleased to formally appoint her as Chief Legal Officer."She will continue to oversee the Company's legal, compliance, and government affairs activities and work closely with the rest of the executive leadership team in support of Bristow's strategic priorities.Rappold joined Bristow in June 2023 as Deputy General Counsel, Americas and Global Risk Management. She previously served as Vice President, Government Affairs, Risk & Compliance at Freeport LNG and practiced insurance defense law in New Orleans, Louisiana earlier in her career.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed-wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom ("UK") and the United States ("U.S."). To learn more, visit our website at www.bristowgroup.com.Investors
Bristow Group Inc.
Jennifer Whalen
InvestorRelations@bristowgroup.com



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Original: Bristow Names Anne Rappold Chief Legal Officer and Corporate Secretary

Bristow Group Announces Fourth-Quarter and Full-Year 2025 Earnings CallFebruary 17, 2026 4:30 PM
PR Newswire (US)

HOUSTON, Feb. 17, 2026 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, today announced it will release its fourth-quarter and full-year 2025 financial results after market close on Wednesday, February 25, 2026. In connection with the release, Bristow has scheduled a conference call for Thursday, February 26, 2026, to begin at 10:00 a.m. ET (9:00 a.m. CT).Investors may participate in the call by using the following link, which is now open for early registration: https://bristowgroup-4q2025.open-exchange.net/registration.A replay of the call will be available through March 19, 2026 and can be accessed using the same link. The accompanying investor presentation will be available on February 26, 2026, on the investor section of Bristow's website at www.bristowgroup.com.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed-wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the United Kingdom ("UK") and the United States ("U.S."). To learn more, visit our website at www.bristowgroup.com.



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Original: Bristow Group Announces Fourth-Quarter and Full-Year 2025 Earnings Call

Bristow Group Announces Closing of $500 Million Senior Secured Notes Offering and Extension of ABL FacilityJanuary 26, 2026 11:43 PM
PR Newswire (US)

HOUSTON, Jan. 26, 2026 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL) (the "Company" or "Bristow") announced today the closing of its private offering of $500 million aggregate principal amount of 6.750% senior secured notes due 2033 (the "notes") and the amendment and extension of its asset-based revolving credit facility (the "ABL Facility") until 2031. The notes were issued under an indenture, dated January 26, 2026, among the Company, the subsidiary guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent."We are very pleased to complete this important financing, which strengthens Bristow's financial position and provides greater strategic and operational flexibility," said Chris Bradshaw, President and Chief Executive Officer of Bristow. "With the successful offering of our new senior secured notes and the extension of our ABL facility, Bristow benefits from an extended maturity profile and strong liquidity position."The Company used a portion of the net proceeds from the offering of the notes to fund the previously announced satisfaction and discharge of its outstanding 6.875% Senior Secured Notes due 2028 with an aggregate principal amount of approximately $397 million outstanding as of September 30, 2025 (the "2028 Notes"). As a result (and at the time) of such deposit, the indenture governing the 2028 Notes was satisfied and discharged in accordance with its terms with respect to the 2028 Notes, and the liens securing the 2028 Notes were released. The Company intends to use the remaining net proceeds from the offering for general corporate purposes.The notes were offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The offer and sale of the notes and the related subsidiary guarantees have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities, nor shall there be any sale of the notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.On January 26, 2026, the Company entered into an amendment and restatement of the ABL Facility. The amendment, among other things, extends the maturity of the ABL Facility to 2031, reduces the total commitments under the ABL Facility from $85 million to $70 million and includes the ability to increase the total commitments up to a maximum aggregate amount of $105 million.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed-wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom and the United States.Forward-Looking Statements DisclosureThis press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as "believes," "belief," "forecasts," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "would," "could," "should" or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Without limiting the generality of the foregoing, such forward-looking statements include statements regarding the use of proceeds from the offering. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" of such report and those discussed in other documents we file with the Securities and Exchange Commission. Accordingly, you should not put undue reliance on any forward-looking statements.All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date thereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K and Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A, "Risk Factors" of our subsequent Quarterly Reports on Form 10-Q. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.Investors
Bristow Group Inc.
Jennifer Whalen
InvestorRelations@bristowgroup.comMedia
Bristow Group Inc.
global.communications@bristowgroup.com



View original content:https://www.prnewswire.com/news-releases/bristow-group-announces-closing-of-500-million-senior-secured-notes-offering-and-extension-of-abl-facility-302670502.htmlSOURCE Bristow Group

Original: Bristow Group Announces Closing of $500 Million Senior Secured Notes Offering and Extension of ABL Facility

Mdim could you explain what that 8k is saying? Do bond holders get shares and are commons getting new shares as well?
$535m is going to who exactly?

Chapter 7 is the next stage for BRS.

BRSWQ: Bankruptcy PLAN effective. All shares cancelled.

https://otce.finra.org/otce/dailyList?viewType=Deletions

“The consummation of the Plan will be subject to the satisfaction or waiver of several conditions, including completion of the equity rights offering”

Equity rights offering is brswq commons. It’s in the wording of how anyone person perceived what’s the above statement means.
(Satisfaction or waiver)
Doesn’t say wiped

Based on the Reorg. plan, the current Commons will be Wiped out and new shares will be issued:

"Under the terms of the approved Plan, at emergence the Company will receive $535 million of new capital from a majority of Bristow's secured and unsecured noteholders: (i) $385 million through an equity rights offering, and (ii) Bristow's $150 million debtor-in-possession loan, which was funded in August 2019 and will convert into new equity of the reorganized Company at emergence. "

That's Why the current common shares are being pouring out in any levels, because they're going to Zero shortly.

Disaster!

Mdim is going to have to answer. I don’t know. But it’s says equity offering is $385m dollars and loan is $150m dollars, for the total of $535m dollars.
My math;)..... would take $385m dollars divided by the 35.6m shares, but that would be almost $11/sh so who knows

Anything left for common shareholders, or wiped get wiped out?

$385m equity rights offering completed by October 31,2019

News - Bristow Group's Plan Of Reorganization Confirmed By Court
Company expects to consummate its reorganization by October 31, 2019

Upon emergence, the Company will be a privately held, better capitalized global company with a total of $535 million of new equity capital and strengthened liquidity

NEWS Link:
https://www.prnewswire.com/news-releases/bristow-groups-plan-of-reorganization-confirmed-by-court-300932727.html

Bristow Group Inc.
Oct 07, 2019, 07:00 ET

SHARE THIS ARTICLE


HOUSTON, Oct. 7, 2019 /PRNewswire/ -- Bristow Group Inc. (OTC: BRSWQ) ("Bristow" or the "Company") today announced that on October 4, 2019, the U.S. Bankruptcy Court for the Southern District of Texas confirmed the Company's Amended Plan of Reorganization (the "Plan") and indicated that it will enter a written order to this effect. The Company expects to consummate its financial restructuring process and successfully emerge from Chapter 11 by October 31, 2019.

Upon emergence as a privately held Company, Bristow's largest owners are expected to be affiliates of Solus Alternative Asset Management LP, South Dakota Investment Council, Empyrean Capital Partners, LP, Bain Capital Credit and Oak Hill Advisors, who are expected to own in excess of 50% of Bristow's equity collectively, with the remaining equity held by other secured creditors and unsecured noteholders.

Under the terms of the approved Plan, at emergence the Company will receive $535 million of new capital from a majority of Bristow's secured and unsecured noteholders: (i) $385 million through an equity rights offering, and (ii) Bristow's $150 million debtor-in-possession loan, which was funded in August 2019 and will convert into new equity of the reorganized Company at emergence.

L. Don Miller, President and Chief Executive Officer of Bristow, said, "Achieving Plan confirmation is an important milestone that comes less than five months after we initially filed Chapter 11. As a reorganized Company, we will emerge a stronger, well capitalized global organization with an industry-leading balance sheet and strong liquidity. I commend the entire global Bristow organization for working diligently to navigate the restructuring process while flying safely and continuing to provide exceptional client service. I also express my gratitude to our clients for their continuing confidence in Bristow during this process. We look forward to continuing to work with our new owners, who have been very supportive of our global team and greatly value our market leading position."

The consummation of the Plan will be subject to the satisfaction or waiver of several conditions, including completion of the equity rights offering.

The full terms of the Plan and Disclosure Statement, as well as the related pleadings, are available online at: https://cases.primeclerk.com/Bristow.

Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are serving as the Company's legal counsel and Alvarez & Marsal is serving as the Company's restructuring advisor. Houlihan Lokey is serving as financial advisor to the Company.

The supporting unsecured noteholders are represented by Kirkland & Ellis LLP as legal counsel, Ducera Partners as financial advisor, and Seabury Group as restructuring advisor.

The supporting secured noteholders are represented by Davis Polk & Wardell LLP and Haynes & Boone LLP as legal counsel and PJT Partners as financial advisor.

About Bristow Group Inc.
Bristow Group Inc. is the world's leading industrial aviation service provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow's strategically located global fleet supports operations in the North Sea, Nigeria and the U.S. Gulf of Mexico; as well as in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Guyana and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the U.K. on behalf of the Maritime and Coastguard Agency. To learn more, visit our website at www.bristowgroup.com.

Contact:
Global Media Relations
Adam Morgan
Director, Global Communications
+1 832.783.7927
Adam.morgan@bristowgroup.com

Reevemark
Paul Caminiti/Hugh Burns/Delia Cannan
+1 212.433.4600
BristowGroup@reevemark.com

Investor Relations
Linda McNeill
Director, Investor Relations
+1 713.267.7622
Linda.mcneill@bristowgroup.com

SOURCE Bristow Group Inc.


Related Links
http://www.bristowgroup.com

https://www.afr.com/street-talk/auction-underway-for-bankrupt-bristow-group-s-australian-airline-20190805-p52dul

Bristow being forced to sell?

That 8k looks like common might get something after all

Commons get nothing. Also from what I understood unsecured debt holders get nothing.

$BRS will fail once it comes out of Chapter 11. Its going to be a long down cycle for them.

Mdim you read that?
Do shareholders get warrants?
8 k out shows $1.6b on June 30,2019.
Don’t know on bonds, but looks like commons get something here

I don’t get how they can file chapter 11, with only part of the company. Some assets were not included.

Miserable! The Common shares will be Cancelled and the non-secured stakeholders will get Nothing.

Sooner, the stock will be Wiped out !

https://www.sec.gov/Archives/edgar/data/73887/000119312519202795/d780593dex101.htm


What do you think of this amendment?

I agree with you. Read whi the agreement said can be the only recipients of the money.... lawyers and the Wall Street companies. These guys are never known to work for shareholders. It's a waste of time IMO

Not sure why the adhoc equity committee would accept the agreement to receive $200k monthly per the stipulation. Wouldn’t it have been better to have an official EC? At least an official EC would be recognized by the court and be free to push for discovery, valuation, etc. without undue restrictions, and management would have to engage with them. With this stipulation, it seems to me like the adhoc professionals are only looking out for themselves. I hope I’m wrong though

8-k out. It states: "the existing equity interests in the Company will be cancelled and discharged;"

https://www.otcmarkets.com/filing/html?id=13514296&guid=SKLxUaJGstRw8th

Too Bad.

Thanks mdim.
I still can’t believe chapter 11 when the whole company wasn’t included. Meaning, common shares still have to have some value, because eastern airlines was excluded. I think we see some value with the equity committee being formed since there are many institutional holders.
Also got lucky to pick up many 0.05’s.

Since you and I first started discussing $BRS the company went changed CEO, CFO, appointed new BOD members, defaulted on their debt, and filed Chapter 11. In those few months current shareholders have not seen any fundamental upside to their investment. If one were to day trade $BRS / $BRSWQ the possibility to make good money existed.

My guess is post -Chapter 11 $BRS will continue to fall in share price. Management made a mistake by wiping out their shareholder base for several reasons:
- no-one will support the stock
- no small shareholders will be an effective ambassador for the company
- most of those who have been burned will not return
- on a longer term basis, even large shareholders were burned through corporate mismanagement. Now extend that to the mismanagement of equity holders in Chapter 11

Both with respect to the voting machine and the weighing machine $BRS management and then-$BRS shareholders will get what they deserve.

Why would Mary, the VP of Human Resources buy $8.13 (50 shares)????and we get a filing for that shit lol
Plus a string of S8’s of common shares going to employees?
Chapter 11 rules sure are screwy

There is no equity committee, however there is a petition for one to be formed.

So far $BRSWQ shareholders have nothing.

https://cases.primeclerk.com/Bristow/Home-DownloadPDF?id1=MTE0MzA3MA==&id2=0

Anybody have the cliff notes?

Looks like someone sold 275k sh at 0.35.

BRSWQ. 35 +59%

Honda you watching this?

We own eastern airways
So are they not included under chapter 11?

Marching higher

Great news! BP is one of the largest oil companies in the world.

Bristow Secures Contract with BP plc

2019-05-31 11:29 ET - News Release


- Bristow awarded five-year contract to support BP's North Sea operations
- New jobs created to deliver contract out of Aberdeen and Sumburgh
- Bristow and Eastern Airways will provide a fully integrated aviation solution

HOUSTON, May 31, 2019 /PRNewswire/ -- Bristow Group Inc. (OTC:BRSWQ) today announced a new contract with BP plc, to support its North Sea operations. The contract, with a five year primary term, commenced on May 13, 2019.

Bristow will deliver a fully integrated aviation solution to BP plc from bases in Aberdeen and Sumburgh. New pilot and crew positions are being created, with existing Sikorsky S-92s utilized combined with fixed-wing support provided through Eastern Airways, to deliver the contract.

"We recognize BP plc has placed its trust and confidence in Bristow and we are committed to maintaining the highest safety standards every day and at all times, while delivering an efficient and best-in-class solution to help BP achieve their business objectives," said Matt Rhodes, Director UK & Turkmenistan Oil and Gas.

"This award further builds on Bristow's success in the region, adding to two additional long-term contracts recently secured operating from our Aberdeen hub."

News out, secures contract with BP

BRSWQ. 20 nice setup

Somebody bought 145,000 shares @0.21

Yes from what it reads, they are definitely a going concern.

Just parts of Bristow filed for chapter 11....never knew corporations could do that.
So the parts that are not under chapter 11 protection have value, how much is the question. I bet there were several institutions with averages over $20. How much of that $27/sh is not under chapter 11?

Set to run

Insiders own the most and aren't going to sell for anywhere under $1.

Yep.
70% gain yesterday
Every trader and mm was flipping for long weekend money.
At least 40 cents next week I think
Goodluck

This is a true bargain here, next Tuesday people will be chasing it.

15 Mllion shares bought at $0.05 Must be Dumping by pumping!!! Be very careful!

Interesting

Worthless and yet still going up daily. Hmm interesting goings on here. Do we have an equity committee in the offing ?

Take a look at this:

2019-05-15, BRSWQ, $0.055, Volumes: 15,075,914 shares

Then those guys who got in cheap at $0.05 have 300% gains now.

LOL!

This for sure.
if a equity committee is formed
I don't know that portion of the law.
How can they file for chapter 11 protection when it is only for certain entities and not the whole company
Not sure. There's a lot which isn't known, among them the size of the mark-to-market write downs of the owned helicopters, any litigation, and if anything else is left.
they will find value.