BRISTOW GROUP REPORTS SECOND QUARTER 2023 RESULTS

Total revenues of $319.4 million in Q2 2023 compared to $302.0 million in Q1 2023
Net loss of $1.6 million, or $0.06 per diluted share, in Q2 2023 compared to net loss of $1.5 million, or $0.05 per diluted share, in Q1 2023
EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses was $39.0 million in Q2 2023 compared to $28.9 million in Q1 2023
Announced as the preferred bidder for the €670 million search and rescue contract for the Irish Coast Guard and expect to finalize the contract soon
Reaffirmed 2023 outlook and issued 2024 financial outlook

HOUSTON, Aug. 2, 2023  /PRNewswire/ — Bristow Group Inc. (NYSE: VTOL) today reported net loss attributable to the Company of $1.6 million, or $0.06 per diluted share, for its quarter ended June 30, 2023 (the “Current Quarter”) on operating revenues of $311.5 million compared to net loss attributable to the Company of $1.5 million, or $0.05 per diluted share, for the quarter ended March 31, 2023 (the “Preceding Quarter”) on operating revenues of $292.9 million.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $12.3 million in the Current Quarter compared to $21.1 million in the Preceding Quarter. EBITDA adjusted to exclude special items, gains or losses on asset dispositions and foreign exchange losses was $39.0 million in the Current Quarter compared to $28.9 million  in the Preceding Quarter. The following table provides a reconciliation of net loss to EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or losses on asset dispositions and foreign exchange losses (in thousands, unaudited). See “Non-GAAP Financial Measures” for further information on the use of non-GAAP financial measures used herein.

Three Months Ended,

June 30, 2023

March 31, 2023

Net loss

$             (1,637)

$              (1,525)

Depreciation and amortization expense

18,292

17,445

Interest expense, net

9,871

10,264

Income tax benefit

(14,209)

(5,094)

EBITDA

$             12,317

$              21,090

Special items:

PBH amortization

3,697

3,803

Merger and integration costs

677

439

Reorganization items, net

39

44

Non-cash insurance adjustment

3,977

Other special items(1)

2,097

2,700

$             10,487

$                6,986

Adjusted EBITDA

$             22,804

$              28,076

(Gains) losses on disposal of assets

3,164

(3,256)

Foreign exchange losses

13,021

4,103

Adjusted EBITDA excluding asset dispositions and foreign exchange

$             38,989

$              28,923

(1) Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs.

“The 35% sequential quarter improvement in Adjusted EBITDA, excluding asset dispositions and foreign exchange losses, is evidence of the building momentum for Bristow’s business in 2023,” said Chris Bradshaw, President and CEO of Bristow Group. “We continue to believe the Company’s financial performance in the second half of the year will be significantly higher than the first half of this year, setting up positively for stronger financial results in 2024, as highlighted by our recently issued Adjusted EBITDA guidance of $190 – $220 million for next year.”

Sequential Quarter Results

Operating revenues in the Current Quarter were $18.6 million higher compared to the Preceding Quarter. Operating revenues from offshore energy services were $13.6 million higher primarily due to higher utilization and higher lease payments received from Cougar Helicopters Inc. Operating revenues from government services were $5.0 million higher in the Current Quarter primarily due to the strengthening of the British pound sterling (“GBP”) relative to the U.S. dollar (“USD”) and higher utilization. Operating revenues from fixed wing services were $0.5 million higher in the Current Quarter primarily due to higher utilization. Operating revenues from other services were $0.5 million lower in the Current Quarter primarily due to lower dry-lease revenues.

Operating expenses were $13.9 million higher in the Current Quarter primarily due to higher repairs and maintenance costs, other operating costs, and a non-cash, nonrecurring write-off related to amounts from legacy insurance policies, partially offset by lower fuel costs.

General and administrative expenses were $2.1 million lower primarily due to lower professional services fees.

During the Current Quarter, the Company sold or otherwise disposed of three helicopters and other assets, resulting in a net loss of $3.2 million. During the Preceding Quarter, the Company sold or otherwise disposed of three helicopters and other assets, resulting in a net gain of $3.3 million.

Other expense, net of $13.0 million in the Current Quarter primarily resulted from foreign exchange losses of $13.0 million. Other expense, net of $3.4 million in the Preceding Quarter primarily resulted from foreign exchange losses of $4.1 million, partially offset by a favorable interest adjustment to the Company’s pension liability.

Income tax benefit was $9.1 million higher in the Current Quarter primarily due to the earnings mix of the Company’s global operations and changes to deferred tax valuation allowances and assets.

Liquidity and Capital Allocation

As of June 30, 2023, the Company had $212.0 million of unrestricted cash and $73.3 million of remaining availability under its amended asset-based revolving credit facility (the “ABL Facility”) for total liquidity of $285.3 million. Borrowings under the amended ABL Facility are subject to certain conditions and requirements.

In the Current Quarter, purchases of property and equipment were $12.2 million, of which $2.5 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $3.3 million. In the Preceding Quarter, purchases of property and equipment were $31.5 million, of which $3.0 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $23.4 million. See Adjusted Free Cash Flow Reconciliation for a reconciliation of Adjusted Free Cash Flow.

2023 Outlook (Affirmed) and Recently Issued 2024 Outlook

Please refer to the paragraph 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 the non-GAAP financial measure of Adjusted EBITDA. Please read the section entitled “Non-GAAP Financial Measures” for further information.

Select financial targets for the calendar years 2023 and 2024 are as follows (in USD, millions):

2023E

2024E

Operating revenues:

Offshore energy services

$755 – $830

$850 – $970

Government services

$340 – $355

$340 – $365

Fixed wing services

$95 – $110

$95 – $115

Other services

$10 – $15

$10 – $15

Total operating revenues

$1,200 – $1,310

$1,295 – $1,465

Adjusted EBITDA(1), excluding asset dispositions and foreign exchange losses
(gains)

$150 – $170

$190 – $220

Cash interest

~$40

~$40

Cash taxes

$20 – $25

$20 – $25

Maintenance capital expenditures

$20 – $25

$15 – $20

____________________

(1) The average GBP/USD exchange rate assumptions used for 2023 and 2024 financial outlook were 1.26 and 1.27, respectively. For illustrative purposes, each £0.01 movement in the GBP/USD exchange rate would impact Adjusted EBITDA by approximately +/-$1.5 million.

Conference Call

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, August 3, 2023, to review the results for the second quarter ended June 30, 2023. The conference call can be accessed using the following link:

Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL2Q23.cfm

Replay

A replay will be available through August 24, 2023 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 August 24, 2023. The accompanying investor presentation will be available on August 3, 2023, on Bristow’s website at www.bristowgroup.com.

For additional information concerning Bristow, contact Jennifer Whalen at [email protected], (713) 369-4636 or visit Bristow Group’s website at https://ir.bristowgroup.com/.

About Bristow Group

Bristow 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. The Company’s aviation services include personnel transportation, search and rescue (“SAR”), medevac, fixed wing transportation, unmanned systems, and ad-hoc helicopter services. 

Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S.

Forward-Looking Statements Disclosure

This press release contains “forward-looking statements.” Forward-looking statements represent Bristow Group Inc.’s (the “Company”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,” or “continue,” or other similar words and, for the avoidance of doubt, include all statements herein regarding the Company’s financial targets for Calendar Year 2023 and 2024 and operational outlook. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect management’s current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. The Company’s actual results may vary materially from those anticipated in forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements. Forward-looking statements (including the Company’s financial targets for Calendar Year 2023 and 2024 and operational outlook) speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof, except as may be required by applicable law.

Risks that may affect forward-looking statements include, but are not necessarily limited to, those relating to: public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; our inability to execute our business strategy for diversification efforts related to, government services, offshore wind, and advanced air mobility; 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; 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 that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; 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 we may be unable to re-deploy our aircraft to regions with greater demand; the possibility of changes in tax and other laws and regulations and policies, including, without limitation, actions of the governments that impact oil and gas operations or favor renewable energy projects; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; general economic conditions, including the capital and credit markets; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the existence of operating risks inherent in our business, including the possibility of declining safety performance; the possibility of political instability, war or acts of terrorism in any of the countries where we operate; 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; the effectiveness of our environmental, social and governance initiatives; the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; and our reliance on a limited number of helicopter manufacturers and suppliers.

If one or more of the foregoing risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. We have included important factors in the section entitled “Risk Factors” in the Company’s Transition Report on Form 10-KT for the year ended December 31, 2022 (the “Transition Report”) which we believe over time, could cause our actual results, performance or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in our filings with the United States Securities and Exchange Commission (the “SEC”), all of which are accessible on the SEC’s website at www.sec.gov.

BRISTOW GROUP INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts)

Three Months Ended

Favorable/
(Unfavorable)

June 30,
2023

March 31,
2023

Revenues:

Operating revenues

$       311,522

$       292,931

$       18,591

Reimbursable revenues

7,861

9,091

(1,230)

Total revenues

319,383

302,022

17,361

Costs and expenses:

Operating expenses

240,659

226,724

(13,935)

Reimbursable expenses

7,680

8,991

1,311

General and administrative expenses

44,616

46,730

2,114

Merger and integration costs

677

439

(238)

Depreciation and amortization expense

18,292

17,445

(847)

Total costs and expenses

311,924

300,329

(11,595)

Gains (losses) on disposal of assets

(3,164)

3,256

(6,420)

Earnings from unconsolidated affiliates

1,279

1,037

242

Operating income

5,574

5,986

(412)

Interest income

1,527

1,129

398

Interest expense, net

(9,871)

(10,264)

393

Reorganization items, net

(39)

(44)

5

Other, net

(13,037)

(3,426)

(9,611)

Total other income (expense), net

(21,420)

(12,605)

(8,815)

Loss before income taxes

(15,846)

(6,619)

(9,227)

Income tax benefit

14,209

5,094

9,115

Net loss

(1,637)

(1,525)

(112)

Net loss attributable to noncontrolling interests

3

(3)

Net loss attributable to Bristow Group Inc.

$         (1,637)

$         (1,522)

$          (115)

Basic losses per common share

$           (0.06)

$           (0.05)

Diluted losses per common share

$           (0.06)

$           (0.05)

Weighted average common shares outstanding, basic

28,058

27,983

Weighted average common shares outstanding, diluted

28,058

27,983

EBITDA

$         12,317

$         21,090

$        (8,773)

Adjusted EBITDA

$         22,804

$         28,076

$        (5,272)

Adjusted EBITDA excluding asset dispositions and foreign
exchange

$         38,989

$         28,923

$       10,066

BRISTOW GROUP INC

OPERATING REVENUES BY LINE OF SERVICE

(unaudited, in thousands)

Three Months Ended

June 30,
2023

March 31,
2023

Offshore energy services:

Europe

$           87,331

$           85,291

Americas

80,884

70,982

Africa

26,979

25,356

 Total offshore energy services                                                                               

195,194

181,629

Government services

87,320

82,334

Fixed wing services

26,448

25,919

Other

2,560

3,049

$         311,522

$         292,931

FLIGHT HOURS BY LINE OF SERVICE

(unaudited)

Three Months Ended

June 30,
2023

March 31,
2023

Offshore energy services:

Europe

10,532

10,298

Americas

8,676

8,129

Africa

3,241

2,905

 Total offshore energy services                                                                                

22,449

21,332

Government services

5,008

3,944

Fixed wing services

2,691

2,533

30,148

27,809

BRISTOW GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

June 30,
2023

December 31,
2022

ASSETS

Current assets:

Cash and cash equivalents

$         216,189

$         163,683

Accounts receivable, net

204,265

215,131

Inventories

90,597

81,886

Prepaid expenses and other current assets

26,726

32,425

Total current assets

537,777

493,125

Property and equipment, net

900,798

915,251

Investment in unconsolidated affiliates

17,111

17,000

Right-of-use assets

287,016

240,977

Other assets

153,251

145,648

Total assets

$      1,895,953

$      1,812,001

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$           79,682

$           89,610

Accrued liabilities

200,924

184,324

Short-term borrowings and current maturities of long-term debt                               

13,211

11,656

Total current liabilities

293,817

285,590

Long-term debt, less current maturities

539,636

499,765

Deferred taxes

14,770

48,633

Long-term operating lease liabilities

216,913

165,955

Deferred credits and other liabilities

17,863

25,119

Total liabilities

1,082,999

1,025,062

Stockholders’ equity:

Common stock

306

306

Additional paid-in capital

717,862

709,319

Retained earnings

221,589

224,748

Treasury stock, at cost

(65,368)

(63,009)

Accumulated other comprehensive loss

(61,064)

(84,057)

Total Bristow Group Inc. stockholders’ equity

813,325

787,307

Noncontrolling interests

(371)

(368)

Total stockholders’ equity

812,954

786,939

Total liabilities stockholders’ equity

$      1,895,953

$      1,812,001

Non-GAAP Financial Measures

The Company’s management uses EBITDA and Adjusted EBITDA 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, 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 U.S. (“GAAP”) (including the notes), included in the Company’s filings with the SEC and posted on the Company’s website. EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occurred during the reported period, as noted below. 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 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.

There are two main ways in which foreign currency fluctuations impact Bristow’s reported financials. The first is primarily non-cash foreign exchange gains (losses) that are reported in the Other Income line on the Income Statement. These are related to the revaluation of balance sheet items, typically do not impact cash flows, and thus are excluded in the Adjusted EBITDA presentation. The second is through impacts to certain revenue and expense items, which impact the Company’s cash flows. The primary exposure is the GBP/USD exchange rate.

The Company is unable to provide a reconciliation of forecasted Adjusted EBITDA for 2023 and 2024 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 forecasted Adjusted EBITDA to net income (GAAP) for 2023 or 2024.

The following tables provide a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands, unaudited).

Three Months Ended

June 30,
2023

March 31,

2023

December 31,

2022

September 30, 

2022

LTM

Net income (loss)

$           (1,637)

$           (1,525)

$           (6,931)

$          16,501

$          6,408

Depreciation and amortization expense

18,292

17,445

17,000

16,051

68,788

Interest expense, net

9,871

10,264

10,457

10,008

40,600

Income tax expense (benefit)

(14,209)

(5,094)

(853)

116

(20,040)

EBITDA

$          12,317

$          21,090

$          19,673

$          42,676

$        95,756

Special items (1)

10,487

6,986

5,683

4,797

27,953

Adjusted EBITDA

$          22,804

$          28,076

$          25,356

$          47,473

$     123,709

(Gains) losses on disposals of assets, net

3,164

(3,256)

1,747

(3,368)

(1,713)

Foreign exchange (gains) losses

13,021

4,103

9,243

(10,199)

16,168

Adjusted EBITDA excluding asset dispositions
and foreign exchange

$          38,989

$          28,923

$          36,346

$          33,906

$     138,164

(1) Special items include the following:

Three Months Ended

(1)  Special items include the following:       

June 30,
2023

March 31,
2023

December 31,

2022

September 30, 

2022

LTM

PBH amortization

$             3,697

$             3,803

$              3,700

$             3,238

$          14,438

Merger and integration costs

677

439

335

291

1,742

Reorganization items, net

39

44

21

29

133

Non-cash insurance adjustment

3,977

3,977

Other special items (2)

2,097

2,700

1,627

1,239

7,663

$          10,487

$           6,986

$             5,683

$             4,797

$        27,953

______________________ 

(2) Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs.

Reconciliation of Free Cash Flow and Adjusted Free Cash Flow

Free Cash Flow represents the Company’s net cash provided by operating activities less maintenance capital expenditures. In prior periods, the Company’s Free Cash Flow was calculated as net cash provided by (used in) operating activities plus proceeds from disposition of property and equipment less purchases of property and equipment. Management believes that the change in the Company’s free cash flow calculation, as presented herein, better represents the Company’s cash flow available for discretionary purposes, including growth capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to a PBH maintenance agreement buy-in, reorganization items, costs associated with recent mergers, acquisitions and ongoing integration efforts, as well as other special items which include nonrecurring professional services fees and other nonrecurring costs or costs that are not related to continuing business operations. 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. The GAAP measure most directly comparable to Free Cash Flow and Adjusted Free Cash Flow is net cash provided by operating activities. Since neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP, they should not be used as an indicator of, or an alternative to, net cash provided by operating activities. 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 (in thousands, unaudited).

Three Months Ended

June 30,
2023

March 31,
2023

December 31,

2022

September  30,

2022

LTM

Net cash provided by (used in) operating
activities

$          18,210

$           6,615

$         (18,484)

$         (17,570)

$        (11,229)

Less: Maintenance capital expenditures

(2,533)

(2,952)

(1,911)

(4,481)

(11,877)

Free Cash Flow

$          15,677

$           3,663

$         (20,395)

$         (22,051)

$        (23,106)

Plus: PBH buy-in costs

24,179

31,236

55,415

Plus: Merger and integration costs

488

571

275

255

1,589

Plus: Reorganization items, net

58

20

28

51

157

Plus: Other special items

1,650

1,509

1,877

1,033

6,069

Adjusted Free Cash Flow

$          17,873

$           5,763

$             5,964

$          10,524

$         40,124

__________________________ 

(1)  Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs

BRISTOW GROUP INC

FLEET COUNT

(unaudited)

Number of Aircraft

Type

Owned

Aircraft

Leased

Aircraft

Total

Aircraft

Max
Pass

Capacity

Average
Age
(years)(1)

Heavy Helicopters:

S92

38

29

67

19

14

AW189

17

4

21

16

7

S61

2

1

3

19

52

57

34

91

Medium Helicopters:

AW139

49

4

53

12

12

S76 D/C++

17

17

12

12

AS365

1

1

12

33

67

4

71

Light—Twin Engine Helicopters:

AW109

4

4

7

16

EC135

9

1

10

6

14

13

1

14

Light—Single Engine Helicopters:                                             

AS350

15

15

4

25

AW119

13

13

7

17

28

28

Total Helicopters

165

39

204

14

Fixed Wing

8

5

13

Unmanned Aerial Systems (“UAS”)

4

4

Total Fleet

177

44

221

______________________

(1)        Reflects the average age of helicopters that are owned.

The chart below presents the number of aircraft in our fleet and their distribution among the regions in which we operate as of June 30, 2023 and the percentage of operating revenue that each of our regions provided during the Current Quarter (unaudited).

Percentage

of Current

Quarter

Operating

Revenue

Fixed
Wing

UAS

Heavy

Medium

Light
Twin

Light
Single

Total

Europe

56 %

63

7

3

4

77

Americas

28 %

24

50

11

25

110

Africa

9 %

4

12

3

2

21

Asia Pacific

7 %

2

11

13

Total

100 %

91

71

14

28

13

4

221

SOURCE Bristow Group

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