24-Mar-2015 Source: Bristow
Since Bristow’s formation in the 1950s, we’ve seen boom markets and bust markets, growth and stagnation. Through every era, though, one thing has remained the same: our focus on the customer.
We’re here for you, and no one commits to our customer-centric approach quite like President and CEO, Jonathan Baliff. Together with the rest of us at Bristow, our CEO recognizes the economic challenges facing our clients and plans to meet them head-on by combining cost-cutting measures and strategic investments in innovative technology and valuable partnerships.
Weathering the Storm
In today’s difficult oil and gas market, many of our clients are reducing their spending plans for 2015, aggressively cutting costs, reducing headcount and deferring capital expenditures. For the first time in recent history, the commercial helicopter sector has an excess aircraft supply. Customers are cancelling or deferring contracts. Fortunately, Bristow’s high level of safety and service quality insulated us from the negative environment through the early part of 2015. To ensure Bristow’s continued success, we are implementing a variety of measures to reduce costs by $75 million for FY 2016.
In the meantime, Baliff is leading the company with a daily commitment to safety and excellence. “We continue to meet with our clients every day, and are working closely with them to look for greater efficiencies. Our 16-point efficiency program has been well received, and both parties are discussing changes in the way we operate to an extent unseen before.” Our Target Zero Program, a safety initiative implemented in 2007, keeps our employees focused on safety and committed to zero accidents on the job. Part of Target Zero includes our pursuit of ISO 14001 certification and our ongoing investments in training and development for employees.
Looking to the Future
Our company’s next steps include strategic purchases and partnerships with industry leaders. Customers in demanding offshore locations need aircraft with exceptional range, cruise speed and cost-per-passenger mile, and for that reason we purchased 17 new Airbus H175s. “Airbus also took the innovative and courageous step to sign a more comprehensive airline-style support agreement, in which we proactively share risk and responsibilities for the entire lifecycle of H175 ownership,” Baliff explains. “The aircraft deliveries are spread over a number of years, with cash outflows largely deferred until after the anticipated industry recovery.”
A clear vision and positive outlook have Bailiff confident in the future for employees and customers. “There will continue to be changes in the months to come,” he says, “but we will stay true to our core values and get through this together.”