Bristow Names Jennifer Whalen Chief Financial Officer and Approves $75 Million Share Repurchase Program

Rhea-AI Summary

Bristow Group Inc. has appointed Jennifer Whalen as the new Senior Vice President and Chief Financial Officer, effective September 16, 2020. Previously acting as CFO since June 2020, Whalen brings extensive experience in financial management to aid in navigating industry challenges. Additionally, Bristow's Board approved a $75 million share repurchase program, expected to enhance shareholder value through market purchases funded by cash on hand and operational cash flow. The program may be terminated at any time, offering flexibility amidst market conditions.

Positive

• Appointment of Jennifer Whalen as CFO indicates leadership stability and continuity.
• The $75 million share repurchase program aims to enhance shareholder value and may positively impact stock price.

Negative

• Need for a new CFO suggests potential instability or challenges within the financial leadership team.
• The offshore oil and gas industry downturn poses ongoing risks to Bristow's operational performance.

HOUSTON, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Jennifer Whalen has been appointed Senior Vice President, Chief Financial Officer (CFO) for Bristow Group Inc. effective today. In this role, she is responsible for accounting, financial reporting, investor relations, M&A, tax and other financial aspects of the Company. She was previously serving as the CFO in an interim role since June 2020.

“Jennifer brings a wealth of knowledge about our business as well as existing relationships that will help the newly combined company enhance internal controls, processes and operations,” said Bristow President and Chief Executive Officer Chris Bradshaw. “I believe Jennifer is the best person for the job, as we navigate and mitigate the effects of the downturn in the offshore oil and gas industry and emerge with a more efficient cost structure.”

Jennifer previously served as the Senior Vice President, Chief Financial Officer for Era Group Inc. from February 2018 to June 2020. She served as Era’s Vice President and Chief Accounting Officer from August 2013 until her appointment as Vice President, Acting Chief Financial Officer in June 2017. Jennifer joined Era as Controller in April 2012.

“I am excited for the opportunity to continue to partner with my colleagues as we execute our strategy around efficiency and cash flow generation,” said Jennifer Whalen, Senior Vice President and Chief Financial Officer.

From August 2007 to March 2012, Jennifer served in several capacities at nLIGHT Photonics Corporation, a supplier of high-performance lasers, including as Director of Accounting. Prior to these roles, Jennifer served as the Manager of Accounting at InFocus Corporation for over two years. After serving in the U.S. military, Jennifer started her career in public accounting in the assurance practice group at PricewaterhouseCoopers for five years.

She received a B.S. in Accounting from Alabama A&M University and a master’s degree in Accounting from the University of Southern California.

Bristow also announced today that on September 16, 2020, its Board of Directors approved a new $75 million share repurchase program.  Repurchases under the program may be made in the open market, including pursuant to a Rule 10b5-1 plan, by block repurchases, in private transactions (including with related parties) or otherwise, from time to time, depending on market conditions. The program is expected to be funded using cash on hand and cash generated from operations.  The repurchase program does not require Bristow to acquire any specific number of shares and may be terminated or suspended at any time.  

About Bristow Group

Bristow is the world’s leading provider of offshore oil and gas transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow’s strategically located global fleet supports operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, as well as in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Colombia, Guyana, Suriname and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the United Kingdom on behalf of the Maritime and Coastguard Agency. To learn more, visit our website at www.bristowgroup.com. 

Bristow Group Inc.

Investors
Grant Newman
+1 713.369.4692
InvestorRelations@bristowgroup.com 

News Media
Adam Morgan
+1 281.253.9005
adam.morgan@bristowgroup.com

FAQ

What is the purpose of Bristow's $75 million share repurchase program?

The share repurchase program aims to enhance shareholder value by repurchasing shares in the open market.

Who is the new CFO of Bristow Group?

Jennifer Whalen has been appointed as the new CFO of Bristow Group effective September 16, 2020.

How will the new CFO impact Bristow's operations?

Jennifer Whalen's experience is expected to help Bristow enhance internal controls and navigate industry challenges.

When was the share repurchase program approved?

The Board of Directors approved the $75 million share repurchase program on September 16, 2020.

How will the share repurchase program be financed?

The program will be financed through cash on hand and cash generated from operations.