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Bristow Group Inc

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed Dec 27, 2019. Its latest SEC filing is a SC 13G/A from Feb 12, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Provides helicopter transport to offshore energy companies and search-and-rescue services to energy companies and government agencies; also operates scheduled and charter fixed-wing flights.

How Did They Make Money?

Offshore energy customers pay daily or monthly helicopter fees plus charges for hours flown; Bristow bills monthly. Search-and-rescue contracts include standing and flying-related charges, while fixed-wing passengers buy tickets and customers charter flights.

FY2019 revenue

Who Were Their Customers?

Offshore energy companies charter helicopters, mainly to move workers and equipment; government agencies contract for search-and-rescue services. Helicopter work is generally won through competitive bidding.

Customers above 10% of revenue, FY2019
of revenue from one customer
FY2017: 14% from one customer

Did Revenues Turn Into Profits?

No. It lost $336.8M in FY2019.

Operating income, FY2019
−89% of revenue
▼ −2% (Loss) vs FY2018 (−$1.2B, −86%)
Net income, FY2019
−25% of revenue
▲ +73% (Loss) vs FY2018 (−$194.7M, −14%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Jun 30, 2019
Revenue
▼ −9%
vs $366.7M in Q1 FY2019
Net income
▲ +431% (Loss)
vs −$31.9M in Q1 FY2019
  • Dec 9, 2019 New chairman elected as previous chairman resigns G. Mark Mickelson was elected chairman; Aris Kekedjian resigned as a director and chairman.

Shrank. Revenue fell 26% in 4 years, from $1.9B in FY2015 to $1.4B in FY2019, about 7% a year.

U.K. fixed-wing exit The older report described regional scheduled and charter service in the U.K. through Eastern Airways; the latest says Eastern Airways was sold and describes fixed-wing operations in Nigeria and Australia.

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