Bristow Awarded a Multi-Year Equinor Search and Rescue Contract

Rhea-AI Summary

Bristow Group Inc. (NYSE: VTOL) has secured a four-year search and rescue contract from Equinor, starting September 1, 2023, with the option for three additional one-year extensions. Bristow will operate three S-92 helicopters stationed offshore at Johan Sverdrup and Statfjord B platforms, vital for emergency preparedness on the Norwegian continental shelf. The contract marks a continued partnership of over 25 years between Bristow and Equinor in various regions, including Brazil and the U.S.

Positive

• Awarded a four-year search and rescue contract from Equinor, starting September 1, 2023.
• Potential for contract extension up to seven years.
• Three advanced S-92 helicopters will enhance emergency preparedness offshore.

Negative

• None.

• Equinor awarded Bristow Norway a search and rescue contract starting September 1, 2023. The initial contract is for four years and includes three one-year options for a potential total of seven years
• Bristow will provide search and rescue configured S-92 helicopters based offshore at the Johan Sverdrup and Statfjord B platforms in support of operations on the southern Norwegian continental shelf
• Bristow's safe and reliable search and rescue service is a critical part of the emergency preparedness on the Norwegian continental shelf

HOUSTON, Sept. 7, 2022 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the world's leading global provider of innovative and sustainable vertical flight solutions, today announced an award from Equinor to provide search and rescue services offshore at the Johan Sverdrup and Statfjord B platforms, located in the Norwegian North Sea off the west coast of Norway.

A critical part of the emergency preparedness on the southern Norwegian continental shelf, the contract has a duration of four years and includes three single year extension options. Three advanced search and rescue configured S-92 helicopters will provide the search and rescue service. Two helicopters will be based on Equinor`s platforms with a backup S-92 based onshore.

"We are honoured that Equinor has placed their trust in Bristow. This award is a strong declaration of their confidence in our industry-leading experience in providing search and rescue services," said Heidi Wulff Heimark, Managing Director of Norway. "Search and rescue is a strategically important service for Bristow, and we are all extremely proud to be chosen as the preferred operator for SAR services to Equinor's emergency preparedness with SAR helicopters located offshore at Statfjord B and Johan Sverdrup offshore installations and backup SAR."

Bristow has been an Equinor aviation partner for more than 25 years supporting the Norwegian Continental shelf both for crew change service and search and rescue services. In addition to Norwegian operations, Bristow also provides helicopter services to Equinor in Brazil and the U.S.

About Bristow Group

Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of major integrated, national and independent offshore energy companies. Bristow provides commercial search and rescue (SAR) services in several countries and public sector SAR services in the United Kingdom (U.K.) on behalf of the Maritime & Coastguard Agency (MCA). Additionally, the Company offers ad hoc helicopter and fixed wing transportation services.

Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, Falkland Islands, Guyana, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S. To learn more, visit our website at www.bristowgroup.com.

About Equinor

Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor's purpose is to turn natural resources into energy for people and progress for society. Equinor's portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf and present in around 30 countries worldwide. To learn more, visit the Equinor website at https://www.equinor.com.

 

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SOURCE Bristow Group

FAQ

What is the significance of the Bristow and Equinor contract?

The contract establishes Bristow as the preferred operator for search and rescue services offshore, enhancing emergency readiness on the Norwegian continental shelf.

When does the Bristow contract with Equinor start?

The contract starts on September 1, 2023.

How long is the Bristow contract with Equinor?

The initial contract is for four years, with options for three additional one-year extensions.

What helicopters will Bristow use for the Equinor contract?

Bristow will use three search and rescue configured S-92 helicopters for the contract.

How does the Bristow contract affect VTOL stock?

The long-term contract signifies stable revenue potential, which could positively impact VTOL's stock performance.