HAI Convention News

Bristow Posts Strong Growth

 - March 5, 2013, 2:00 PM

Bristow Group posted strong financial results for the nine months ending Dec. 31, 2012, reporting net income of $90 million on $993 million in revenues. Revenues for the quarter ending the year were $346.7 million, a 17-percent increase from the same period one year ago.

Bristow, which provides helicopter services to the oil-and-gas industry worldwide, attributed its improved quarterly results to increases in revenues in Canada, Europe, Australia, West Africa and the U.S. Gulf of Mexico.

In October, Bristow announced it was making a $250 million minority interest investment in VIH Aviation unit Cougar Helicopters. As part of the deal, Bristow will acquire various Cougar operating assets, including eight Sikorsky S-92As and Cougar’s Canadian passenger and maintenance facilities at St. John’s, Labrador and Halifax. The purchased aircraft and facilities are on a long-term leaseback to Cougar. The Cougar deal provided $13.8 million of additional revenue for the quarter.

Bristow (Booth No. C4328) made other deals in 2012 that also bolstered its bottom line.

In August, the company secured new contracts for 20 large aircraft that it expects will generate more than $2 billion in revenue. The deals are a combination of new contracts and extensions of current ones in Australia, Brazil and Europe for Sikorsky S-92s and Eurocopter EC225s.

In Australia, Inpex awarded Bristow a 10-year contract for up to six EC225s to support the Ichthys project beginning in 2014. In Brazil, Bristow’s Lider subsidiary has secured five-year contracts from state energy company Petrobras for five S-92s. One helicopter will begin service this month and the others will be added next year. Bristow has won a seven- to 12-year contract extension in Norway for four S-92s starting in September 2014, as well as a new award for search-and-rescue services there using three new EC225s. In the UK sector of the North Sea, Bristow recently added an S-92 and an EC225 on a two-year contract.