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Bristow Group and Era Group have successfully completed their merger, creating a more robust company operating under the Bristow name. This strategic merger is designed to enhance global leadership in offshore oil and gas transportation, with significant operations across several key regions, including the Americas and Europe. The combined entity boasts a fleet of over 300 modern aircraft, aiming to realize annual cost synergies of at least $35 million. Legacy Bristow shareholders now hold 77% of the new company, with the merger effective on June 11, 2020.
Era Group Inc. (NYSE: ERA) announced a reverse stock split of its common stock approved by its Board of Directors on June 1, 2020. This action aims to facilitate a proposed merger with Bristow Group Inc., pending shareholder approval. For every three shares held, stockholders will receive one share post-split. The stockholder vote is scheduled for the annual meeting on June 11, 2020. As of May 6, 2020, Directors and Executive Officers own approximately 8.86% of shares and are likely to vote in favor of the split, which is expected to maintain ownership percentages while adjusting shares outstanding.
Bristow Group and Era Group (NYSE: ERA) announced a new global organizational structure and executive leadership team aimed at positioning the combined company as a leader in offshore helicopter transportation and search-and-rescue services. The new leadership, effective upon transaction closure in mid-June 2020, emphasizes operational efficiency and global standards. Chris Bradshaw will serve as President and CEO, leading a team with a proven track record in capital discipline and free cash flow generation. The combination anticipates enhanced collaboration and operational excellence.
Era Group reported a net loss of $7.2 million for Q1 2020, equating to $0.35 per diluted share, on revenues of $57.1 million. This contrasts with a loss of $0.7 million in the previous quarter. Adjusted net loss was $1.3 million. EBITDA fell to $4.1 million from $10.1 million previously, impacted by $4.2 million in merger-related costs and $1.7 million in foreign currency losses. The company maintains a strong balance sheet with $237.8 million in total liquidity and continued progress on its merger with Bristow Group, expected to close by mid-June.
