Welcome to our dedicated page for Bristow Group news (Ticker: VTOL), a resource for investors and traders seeking the latest updates and insights on Bristow Group stock.
Bristow Group Inc. (NYSE: VTOL) is headquartered in Houston, Texas and stands as the leading global provider of helicopter services to the offshore energy industry based on aircraft numbers. Bristow's comprehensive services include scheduled and charter transportation via both rotary and fixed-wing aircraft. Operating in regions such as Africa, the Americas, Europe Caspian, and Asia Pacific, Bristow extends its reach to multiple continents, ensuring safe and efficient transport solutions.
Bristow also specializes in Search and Rescue (SAR) operations, a heritage service in the UK since 1971. The company utilizes advanced helicopters equipped with state-of-the-art SAR technology, including night vision, mission management, and enhanced onboard medical capabilities. Bristow also provides public sector SAR services in the UK under contract with the Maritime & Coastguard Agency (MCA).
The company's strategic growth included recent acquisitions of premium regional air carriers, integrating fixed-wing capabilities into their repertoire. This enhances their ability to deliver point-to-point services across 24 countries, including the UK, Norway, Nigeria, and the U.S.
Financially, Bristow has fortified its position through strategic investments and partnerships. Notably, in January 2024, Bristow secured a £55 million equipment financing deal led by National Westminster Bank Plc to support commitments under the UKSAR2G contract. This reflects Bristow's stable financial outlook and its commitment to upgrading its fleet with advanced SAR helicopters like the AgustaWestland AW139.
Further cementing its global footprint, Bristow received an Air Operator Certificate from the Irish Aviation Authority in February 2024, paving the way for next-generation Coast Guard SAR services in Ireland. The company also signed a Memorandum of Understanding with Saudi Arabia's Helicopter and Jet Company (THC) to explore advanced air mobility and collaborative vertical lift initiatives.
In terms of recent performance, Bristow reported a net loss of $7.9 million for Q4 2023, attributed to higher operating expenses and foreign exchange impacts. However, the company remains optimistic with a projected multi-year growth cycle in offshore energy, supported by new contracts and strategic investments in both government and commercial sectors.
Bristow continues to innovate and expand, ensuring it remains at the forefront of the vertical flight solutions industry. For more information, visit their website.
Bristow Group Inc. (NYSE: VTOL) has secured a three-year contract extension with Aker BP, effective until August 2024, to provide air transportation crew change services in Norway. This partnership, lasting over 15 years, will utilize Bristow's S-92 fleet from their Sola base. The current contract ends on August 31, 2021, and includes an option for an additional year. Bristow emphasizes its commitment to safety and efficiency, enhancing stability in operations for Aker BP, which explores and produces oil and gas on the Norwegian continental shelf.
Bristow Group Inc. (NYSE: VTOL) announced a reorganization of its executive leadership team effective April 1, 2021, aimed at enhancing strategic diversification and maintaining market leadership in search and rescue and offshore helicopter services. The changes are intended to optimize the talents of existing leaders and align resources with long-term priorities, including expansion into renewables and government services. Key appointments include David Stepanek as Executive Vice President, Sales and Chief Transformation Officer, and Samantha Willenbacher as Senior Vice President, Americas.
Bristow Group Inc. (NYSE: VTOL) has achieved the Continued Airworthiness Management Organisation (Part CAMO) certification, becoming the first helicopter operator in the UK to do so. This certification demonstrates Bristow's commitment to safety and industry leadership, with all compliance successfully completed ahead of the August 2021 deadline set by the Civil Aviation Authority. The Part CAMO certification establishes rigorous safety management and compliance monitoring systems, providing customers with assurance regarding the airworthiness of its fleet.
Bristow Group Inc. (NYSE: VTOL) has successfully closed a private offering of $400 million in 6.875% senior secured notes due 2028. The funds will be used to repay approximately $153.4 million of secured equipment term loans and $206.2 million in term loans with PK AirFinance. Additionally, the company will redeem all outstanding 7.750% Senior Notes worth $132.0 million. This transaction aims to enhance Bristow's financial position by extending debt maturities and reducing operational costs, thereby improving its credit profile.
Bristow Group (NYSE: VTOL) announced a private offering of $400 million in 6.875% senior secured notes maturing March 1, 2028. The offering, priced under Rule 144A and Regulation S, is expected to close on February 25, 2021. Proceeds will primarily repay existing loans totaling approximately $355.9 million and redeem outstanding 7.750% Senior Notes due 2022. These notes are fully guaranteed by the Company and its subsidiaries and secured by liens on certain helicopters and other assets.
Bristow Group Inc. (NYSE: VTOL) announced a private offering of $400 million in senior secured notes due 2028, subject to market conditions. The notes will be secured by first priority liens on collateral, including 93 pledged aircraft. Proceeds will be used to repay approximately $152 million of secured equipment term loans with Macquarie Bank and $203.9 million with PK AirFinance, and to redeem $132 million of 7.750% Senior Notes due 2022. The redemption is contingent upon financing transactions generating sufficient net cash proceeds.
Bristow Group (NYSE: VTOL) reported a net loss of $57.1 million for Q3 2020, translating to a loss of $1.97 per diluted share, compared to a $27.9 million loss in the prior quarter. Revenues rose to $300.3 million, driven by improved oil and gas operations. The company recognized a significant impairment loss of $51.9 million related to its investment in Cougar Helicopters. Adjusted EBITDA was $47.4 million, down from $54.2 million. Despite challenges, Bristow identified at least $50 million in annualized cost synergies from its merger with Era Group.
Bristow Group Inc. (NYSE: VTOL) will release its third quarter fiscal year 2021 financial results on February 2, 2021, after market close. A conference call is scheduled for February 3, 2021, at 10 a.m. ET. Investors can join by calling 800-458-4121 for domestic or +1 323-794-2597 for international participation, using access code 6114092. A replay of the call will be available until February 17, 2021. The investor presentation will be accessible on the company’s website on February 3, 2021.
Bristow Group reported a net loss of $27.9 million, or $0.95 per diluted share, for Q2 FY21 on revenues of $295.7 million, compared to a profit of $71.5 million in Q1 FY21. Adjusted EBITDA rose to $54.2 million from $44.3 million, despite challenging conditions in the offshore oil and gas sector. The company had $301.4 million in unrestricted cash and total liquidity of $358.6 million. Share repurchases totaled 345,327 shares at an average price of $21.93 during September.
Bristow Group Inc. (NYSE: VTOL) will release its financial results for Q2 FY2021 on November 4, 2020, after market close. A conference call is scheduled for November 5, 2020, at 10 a.m. ET. Interested investors can participate by calling 800-367-2403 (domestic) or +1 334-777-6978 (international) with access code 5314473. A replay will be offered until November 19, 2020. The investor presentation will be available on the company’s website following the call.
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