- Bristow's strategic fleet expansion will drive EBITDA growth
at attractive returns
- Bristow's order for 10 new AW189 helicopters underscores the
Company's commitment to customer-focused and financially sound
operations
- The new aircraft will offer added flexibility as well as
superior operational and environmental performance, including lower
CO2 emissions than comparable aircraft types
- The aircraft deliveries will occur over a three-year period
from 2025-2028
HOUSTON, Feb. 28,
2024 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL),
the leading global provider of innovative and sustainable vertical
flight solutions, announced today that it has signed an
agreement with Leonardo for 10 AW189 super medium helicopters plus
options to purchase an additional 10 AW189 helicopters. The new
AW189 helicopters will support offshore transport as well as search
and rescue (SAR) missions. Bristow currently operates 21 AW189
helicopters globally, with an additional five already scheduled for
delivery beginning this year.
"The AW189 is a leading super medium helicopter offering
reliable and safe long-range, high-capacity performance, while
allowing for lower operating costs than traditional heavy
helicopters," said Bristow President
and CEO Chris Bradshaw. "We are
upgrading our fleet while taking a proactive approach to the
evolving needs of our customers. In addition, this strategic
investment will further our sustainability initiatives while
driving EBITDA growth at attractive returns."
These new AW189 helicopters will offer added flexibility as well
as superior operational and environmental performance including
lower CO2 emissions than comparable aircraft types. The
new aircraft will also be capable of operating Sustainable Aviation
Fuels (SAFs) in the future due to certification standards already
received by Leonardo.
In 2022, Bristow and Leonardo signed a 10-year maintenance
support agreement for Bristow's AW139 and AW189 fleets, which
aligned multiple, disparate agreements into a cohesive program
resulting in lower maintenance costs and more consistent cash flows
for the Company. These agreements also mitigate cost uncertainty in
an inflationary environment and result in maintenance expenses that
are more directly correlated with flight hours.
In addition to its Offshore Energy Services business, Bristow
also operates SAR-equipped AW189 helicopters in its Government
Services business, including for HM Coastguard and the Maritime and
Coastguard Agency (MCA) in the UK and the Netherlands Coastguard.
Beginning in 2024, Bristow will operate AW189s for Coast Guard
search and rescue aviation services in Ireland, a contract Bristow won in 2023.
Forward-Looking Statements Disclosure
This press release contains "forward-looking statements."
Forward-looking statements represent Bristow Group Inc.'s
("Bristow") 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. 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. Without limiting the
generality of the foregoing, such forward-looking statements
include statements regarding the capabilities, marketing and future
operations of the Leonardo AW189 helicopter and Bristow's purchase
of aircraft from Leonardo. Bristow's actual results may vary
materially from those anticipated in forward-looking statements.
Bristow cautions investors not to place undue reliance on any
forward-looking statements.
Forward-looking statements speak only as of the date of the
document in which they are made. Bristow disclaims any obligation
or undertaking to provide any updates or revisions to any
forward-looking statement to reflect any change in Bristow's
expectations or any change in events, conditions, or circumstances
on which the forward-looking statement is based that occur after
the date hereof. 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 Bristow'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 Transition 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.
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, uncrewed air systems and ad hoc
helicopter services. Bristow currently has customers in
Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Kingdom
of Saudi Arabia, Mexico,
the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK, and the US To learn more,
visit our website at www.bristowgroup.com
Investors
Bristow Group Inc.
Jennifer Whalen
jennifer.whalen@bristowgroup.com
Media
Bristow Group Inc.
Adam Morgan
adam.morgan@bristowgroup.com
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SOURCE Bristow Group