Bristow announces New Multi-Year Contracts In Expanding Markets

Bristow announces New Multi-Year Contracts In Expanding Markets 11 Sep, 13, Source: Bristow Group

Bristow Group Inc. (NYSE: BRS), a leading provider of helicopter services to the offshore energy industry, announced today that it has secured several new multi-year oil and gas contracts for the provision of a total of 12 large and three medium helicopters that are expected to generate up to $850 million in revenue. Six of the 12 large helicopters are new Sikorsky S-92s.

In Europe, Bristow has been awarded several new contracts:

  • A seven-year contract commencing in September 2013 using one new and one existing large helicopter with two one-year extension options;
  • A five-year contract with each of three different clients for two new and one existing large helicopter. One contract commenced in August 2013 with two one-year extension options, the second one starts in September 2013 and the third one in February 2014;
  • A 30-month contract for one new large helicopter starting in December 2013; and
  • A two-year contract for one existing large helicopter commencing in October 2013 with two one-year extension options.

Bristow also has secured several new contracts in other operating regions:

  • In Australia, Bristow has been awarded two new contracts for three existing large helicopters. One helicopter commenced work in August 2013 for a period of one year and the other two will commence work in December 2013for a period of 18 months;
  • In the Gulf of Mexico, Bristow has been awarded a new contract for one new large helicopter starting in April 2014 for a minimum of three years with two one-year extension options;
  • In Nigeria, Bristow has been awarded a new one-year contract for one new large helicopter to commence work in October 2013 with a one-year extension option; and
  • In Tanzania and Mozambique, Bristow has been awarded a new contract for three new medium helicopters to support drilling operations. Two aircraft will be used for crew change work and the third aircraft for search and rescue operations.  The contract is scheduled to begin in January 2014 for a minimum of 27 months with two one-year extension options.

William E. Chiles, President and Chief Executive Officer, said, “Our recent commercial successes were all achieved with improved contract terms and reflect the market’s growing confidence in the differentiating value proposition that Bristow is delivering to our clients.  Of particular note, is the contract inEast Africa, which provides Bristow a substantial presence in an emerging market covering some of the newest and most prolific offshore oil and gas discoveries.  The securing of this long term contract is a textbook illustration of the innovation and close coordination that our operation, commercial, and finance teams bring to our clients every day, worldwide.”

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