Bristow Group Inc.

What they do

Bristow operates a fleet of 214 aircraft across five continents and 15 countries, serving customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, the UK and the U.S. Its offshore energy customers charter helicopters to move personnel to and from offshore production platforms and drilling rigs. Government customers primarily outsource search-and-rescue (SAR) operations to Bristow, and other services include fixed-wing regional airline flights in Australia and dry-leasing aircraft to third parties.

Revenue drivers

• Offshore Energy Services — Personnel transport to offshore platforms, rigs and installations, plus emergency response. It generated approximately 66% of total revenues in 2025, down slightly from 68% in 2024. The majority of revenue comes from production-support contracts, which carry long-term transportation requirements and are described as less cyclical than exploration and development work.
• Government Services — Primarily outsourced search-and-rescue activities using specialized helicopters and trained personnel. It accounted for approximately 26% of 2025 total revenues, up from 23% in 2024.
• Other Services — Fixed-wing transportation through a regional airline in Australia and dry-leasing of aircraft to third-party operators in other industries and markets. It contributed approximately 8% of 2025 total revenues, down from 9% in 2024.

Recent performance

Annual revenue rose from $1.42 billion in 2024 to $1.49 billion in 2025, while net income increased from $94.8 million to $129.1 million and diluted EPS rose from $3.21 to $4.32. Operating cash flow was $198.4 million in 2025 versus $177.4 million in 2024. Latest quarterly revenue for the period ended June 30, 2026 was $411.8 million, up from $388.7 million in the March 2026 quarter. At June 30, 2026, total assets were $2.38 billion, total liabilities were $1.29 billion, cash and equivalents were $312.3 million, and long-term debt was $718.1 million.

Strategy

Management has emphasized diversification into government services and advanced air mobility while maintaining its core offshore energy business. In February 2026, the company launched a quarterly cash dividend, declaring $0.125 per share, and in January 2026 closed a $500 million offering of 6.750% Senior Secured Notes due 2033 to redeem its existing 6.875% Senior Secured Notes due 2028 and for general corporate purposes; it also amended and extended its ABL Facility to January 2031. The company completed its first electric aviation test project in Norway in February 2026, using BETA's ALIA CX300 aircraft on a cargo route between Stavanger and Bergen over a six-month period. It also began the 10-year, approximately €670 million Irish Coast Guard contract, with the final Irish SAR base going live at Waterford Airport on February 1, 2026.

Risks

• Customer and industry concentration — Revenue relies heavily on a limited number of offshore energy customers, exposing Bristow to consolidation, energy transition and oil and gas demand swings.
• Supply chain and parts availability — The company depends on a limited number of helicopter manufacturers and has cited significant delays in delivery of parts for its S92 and AW189 fleets.
• Inherent operating hazards — Helicopter and fixed-wing operations involve risks such as harsh weather, mechanical failure, crashes and collisions that can cause loss of life, fleet grounding, contract termination and higher insurance costs.
• Geopolitical and regulatory exposure — Bristow operates in 15 countries and cites risks including political instability, civil unrest, war or terrorism, such as the ongoing conflict in Iran, which could interrupt operations or raise fuel costs.

Outlook

The company has not provided specific numerical guidance in the excerpts. Management has stated expectations around its quarterly dividend program and an intention to pay down debt. It continues to pursue diversification in government services and advanced air mobility, including the recently completed electric aviation test in Norway and the Irish Coast Guard contract. Risks cited include fuel prices, supply chain delays and oil and gas market conditions.