Bristow Group Inc.

bristowgroup.com

What Do They Do?

Transports personnel to offshore energy installations for energy companies, and provides search-and-rescue aviation services for government agencies.

How Do They Make Money?

Offshore energy companies and government agencies pay for helicopter services through fixed monthly aircraft fees plus charges tied to flight hours, days or months; bills are generally monthly and due within 30 to 60 days. Fixed-wing passengers pay when buying tickets, while helicopter lessees pay fixed monthly fees.

revenue

Segment	Share	Revenue
Offshore Energy Services	66%
Government Services	25%
Other Services	8.1%

Who Are Their Customers?

Offshore energy companies and government agencies hire Bristow for aviation services, mainly through helicopter service agreements and charters. Other buyers include passengers purchasing scheduled airline tickets and operators leasing helicopters.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

11% of revenue

▲ +20% vs FY2024 ($132.6M, 9%)

Net income, FY2025

9% of revenue

▲ +36% vs FY2024 ($94.8M, 7%)

Free cash flow, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$78M, −6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $376.4M in Q2 FY2025
Net income: ▼ −33%; vs $31.7M in Q2 FY2025

Offshore Energy Services share of revenue vs 67.2% in Q2 FY2025

Jun 26, 2026 Agreed to acquire Berry Aviation and plans to exit Norway offshore services The proposed $105 million cash deal is expected to close in the second half of 2026; Bristow also announced plans to leave Norway's offshore business.

Growing. Revenue grew 27% in 4 years, from $1.2B in FY2020 to $1.5B in FY2025, about 6% a year.

Revenue over time

Offshore Energy Services Government Services Other Services Corporate

$2B$1B$0

FY2023 FY2024 FY2025

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