HOUSTON, Sept. 12, 2018 /PRNewswire/ -- Bristow Group
Inc. (NYSE:BRS) today announced organizational changes as part of
continuous improvements to the company's support services model.
The changes build off the company's success over the past 15 months
to reduce costs and align the company's structure with the market
environment for offshore services.
"We have been pursuing increases in revenue and more efficient
management of our portfolio of assets and businesses and reducing
our costs as we continue to create the world's premier industrial
aviation services company," said President and CEO Jonathan Baliff. "Market demands have changed,
which means we must continue to look for opportunities to improve
our support services model and enable our geographical hubs to
operate more effectively and efficiently."
As part of the efforts to reduce costs, the company is taking
actions to restructure several functions within the organization;
all designed to create a more effective and efficient,
regionally-focused company while further reducing corporate general
and administrative (G&A) costs to approximately 11.5% of
revenues.
Bristow has removed a layer of management within its global
Safety function, increasing alignment and focus at its two primary
geographical hubs – Europe and the
Americas. This will help create more integrated global oversight of
processes, structure and metrics and ensure key learnings and best
practices are shared across the hubs by pushing safety management
and accountability closer to its business. As a result, the
position of Vice President and Chief Safety Officer has been
eliminated and Steve Predmore has
departed the company.
"Steve has played a pivotal role building on our strong
foundation and further developing the unmatched safety culture we
see today at Bristow," said Jonathan. "Steve helped us take our
Target Zero safety culture to the next level and develop an
outstanding bench of professionals and capabilities in our safety
group. We are confident Bristow will remain at the forefront
of safety leadership in the aviation industry as we move forward."
Bristow will also integrate Global Supply Chain, Maintenance
Operations, Asset and Fleet Management, Global Fleet Support and
Global Maintenance Planning under a single Global Fleet and
Maintenance Services group. This will result in a more efficient
and complete life-cycle view of how the company manages and
maintains its global fleet. The company will also consolidate
several other corporate positions.
In addition, Tim Knapp, Bristow's
Senior Vice President and General Counsel has also departed the
company. Deputy General Counsel Bo
Underwood will assume the role of acting General Counsel
following Tim's departure.
"I thank Tim for the capabilities and leadership he brought to
Bristow at a challenging time," added Jonathan. "I also thank Steve
and our other departing employees for their service to Bristow and
wish them well in their future endeavors."
"Bristow has made effective changes these past several years to
stay ahead of the offshore logistics downturn and evolve the
industrial aviation industry," added Jonathan. "Today's announced
changes will enable Bristow to continue to improve – not just in
today's oil and gas market, but in any markets it serves for the
short and long term."
About Bristow Group
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, Russia 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 Bristow's website at www.bristowgroup.com.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements
contained in this news release that state the company's or
management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. These
forward looking statements include statements regarding expected
cost reductions and the anticipated benefits of such reductions. It
is important to note that the company's actual results could differ
materially from those projected in such forward-looking statements.
Risk and uncertainties include without limitation: fluctuations in
the demand for our services; fluctuations in worldwide prices of
and supply and demand for oil and natural gas; fluctuations in
levels of oil and natural gas production, exploration and
development activities; the impact of competition; actions by
clients and suppliers; the risk of reductions in spending on
industrial aviation services by governmental agencies; changes in
tax and other laws and regulations; changes in foreign exchange
rates and controls; risks associated with international operations;
operating risks inherent in our business, including the possibility
of declining safety performance; general economic conditions
including the capital and credit markets; our ability to obtain
financing; the risk of grounding of segments of our fleet for
extended period of time of indefinitely; our ability to re-deploy
our aircraft to regions with greater demand; our ability to acquire
additional aircraft and dispose of older aircraft through sales
into the aftermarket; the possibility that we do not achieve the
anticipated benefit of our fleet investment program; availability
of employees; and political instability, war or acts of terrorism
in any of the countries where we operate. Additional information
concerning factors that could cause actual results to differ
materially from those in the forward-looking statements is
contained from time to time in the company's SEC filings, including
but not limited to the company's annual report on Form 10-K for the
fiscal year ended March 31, 2018 and
its quarterly report on Form 10-Q for the quarter ended
June 30, 2018. Bristow Group Inc.
disclaims any intention or obligation to revise any forward-looking
statements, including financial estimates, whether as a result of
new information, future events or otherwise.
Bristow Group Inc.
Global Media
Relations
Adam Morgan
Director, Global Communications
+1 281.253.9005
adam.morgan@bristowgroup.com
Investor Relations
Linda
McNeill
Director, Investor Relations
+1 713.267.7622
linda.mcneill@bristowgroup.com
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SOURCE Bristow Group Inc.