Bristow – EC225 situation will last another year or more

Bristow – EC225 situation will last another year or more

23-May-2013 Source:

From Bristow’s latest financial statements comes this quote

Recently, Eurocopter, the manufacturer of the EC225 Super Puma aircraft, has indicated that they have determined the root causes of the gear shaft failure in the EC225, which are being reviewed by airworthiness authorities and independent third parties. The definitive solution to the problem will be a redesign of the gear shaft which could take more than a year to complete. However, interim solutions are under consideration, including minor aircraft modifications and new maintenance/operating procedures for mitigating shaft failure and enhancing early detection, which could result in Bristow’s return to revenue service for the EC225 aircraft in the third quarter of our fiscal year 2014.

The current situation will continue until the necessary modifications are made to the EC225 fleet, the airworthiness regulators remove the operating restrictions, and we are confident that the interim modifications will allow us to operate the aircraft safely. Until then, this situation could have a material adverse effect on our future business, financial condition and results of operations.

So, in summary they tell us

  • Gear shaft redesign “could take more than a year” – everyone will have their view on how optimistic this is, given the statement is part of a publicly quoted company’s results
  • EC225 may not return to revenue service with Bristow Helicopters until Q4 of calendar year 2013 (ie Q3 of their FY2014 which ends 31-Mar-14)
  • Situation continues to affect their financial numbers significantly enough that they have to mention it in the notes to their Financial Statements

Jeremy Parkin –

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