Companies: 10,793     total market cap: C$187.022 T
$USD๐Ÿ‡บ๐Ÿ‡ธโ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Bristow Group
VTOL
#5398
Rank
C$1.91 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$65.73
Share price
1.07%
Change (1 day)
72.43%
Change (1 year)
๐Ÿš€ Aerospace
Categories
  1. Bristow Group
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Bristow Group - 10-Q quarterly report FY2025 Q2


Text size:
000152522112/312025Q2FALSE1234xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:GBPiso4217:EURvtol:helicoptervtol:segment00015252212025-01-012025-06-3000015252212025-07-3100015252212025-04-012025-06-3000015252212024-04-012024-06-3000015252212024-01-012024-06-3000015252212025-06-3000015252212024-12-310001525221us-gaap:CommonStockMember2024-12-310001525221us-gaap:AdditionalPaidInCapitalMember2024-12-310001525221us-gaap:RetainedEarningsMember2024-12-310001525221us-gaap:TreasuryStockCommonMember2024-12-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001525221us-gaap:NoncontrollingInterestMember2024-12-310001525221us-gaap:CommonStockMember2025-01-012025-03-310001525221us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-3100015252212025-01-012025-03-310001525221us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001525221us-gaap:RetainedEarningsMember2025-01-012025-03-310001525221us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001525221us-gaap:CommonStockMember2025-03-310001525221us-gaap:AdditionalPaidInCapitalMember2025-03-310001525221us-gaap:RetainedEarningsMember2025-03-310001525221us-gaap:TreasuryStockCommonMember2025-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001525221us-gaap:NoncontrollingInterestMember2025-03-3100015252212025-03-310001525221us-gaap:CommonStockMember2025-04-012025-06-300001525221us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001525221us-gaap:TreasuryStockCommonMember2025-04-012025-06-300001525221us-gaap:RetainedEarningsMember2025-04-012025-06-300001525221us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001525221us-gaap:CommonStockMember2025-06-300001525221us-gaap:AdditionalPaidInCapitalMember2025-06-300001525221us-gaap:RetainedEarningsMember2025-06-300001525221us-gaap:TreasuryStockCommonMember2025-06-300001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001525221us-gaap:NoncontrollingInterestMember2025-06-300001525221us-gaap:CommonStockMember2023-12-310001525221us-gaap:AdditionalPaidInCapitalMember2023-12-310001525221us-gaap:RetainedEarningsMember2023-12-310001525221us-gaap:TreasuryStockCommonMember2023-12-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001525221us-gaap:NoncontrollingInterestMember2023-12-3100015252212023-12-310001525221us-gaap:CommonStockMember2024-01-012024-03-310001525221us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100015252212024-01-012024-03-310001525221us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001525221us-gaap:RetainedEarningsMember2024-01-012024-03-310001525221us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001525221us-gaap:CommonStockMember2024-03-310001525221us-gaap:AdditionalPaidInCapitalMember2024-03-310001525221us-gaap:RetainedEarningsMember2024-03-310001525221us-gaap:TreasuryStockCommonMember2024-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001525221us-gaap:NoncontrollingInterestMember2024-03-3100015252212024-03-310001525221us-gaap:CommonStockMember2024-04-012024-06-300001525221us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001525221us-gaap:TreasuryStockCommonMember2024-04-012024-06-300001525221us-gaap:RetainedEarningsMember2024-04-012024-06-300001525221us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001525221us-gaap:CommonStockMember2024-06-300001525221us-gaap:AdditionalPaidInCapitalMember2024-06-300001525221us-gaap:RetainedEarningsMember2024-06-300001525221us-gaap:TreasuryStockCommonMember2024-06-300001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001525221us-gaap:NoncontrollingInterestMember2024-06-3000015252212024-06-300001525221vtol:OffshoreEnergyServicesMember2025-04-012025-06-300001525221vtol:OffshoreEnergyServicesMember2024-04-012024-06-300001525221vtol:OffshoreEnergyServicesMember2025-01-012025-06-300001525221vtol:OffshoreEnergyServicesMember2024-01-012024-06-300001525221vtol:GovernmentServicesMember2025-04-012025-06-300001525221vtol:GovernmentServicesMember2024-04-012024-06-300001525221vtol:GovernmentServicesMember2025-01-012025-06-300001525221vtol:GovernmentServicesMember2024-01-012024-06-300001525221us-gaap:AllOtherSegmentsMember2025-04-012025-06-300001525221us-gaap:AllOtherSegmentsMember2024-04-012024-06-300001525221us-gaap:AllOtherSegmentsMember2025-01-012025-06-300001525221us-gaap:AllOtherSegmentsMember2024-01-012024-06-300001525221srt:AfricaMember2024-04-012024-06-300001525221srt:AfricaMember2024-01-012024-06-3000015252212026-01-012025-06-3000015252212027-01-012025-06-3000015252212028-01-012025-06-3000015252212029-01-012025-06-3000015252212030-01-012025-06-300001525221vtol:CougarHelicoptersIncMember2025-01-012025-06-300001525221vtol:CougarHelicoptersIncMembervtol:VIHAviationGroupLtd.Member2025-01-012025-06-300001525221us-gaap:RelatedPartyMember2025-04-012025-06-300001525221us-gaap:RelatedPartyMember2024-04-012024-06-300001525221us-gaap:RelatedPartyMember2025-01-012025-06-300001525221us-gaap:RelatedPartyMember2024-01-012024-06-300001525221us-gaap:EquityMethodInvesteeMember2025-04-012025-06-300001525221us-gaap:EquityMethodInvesteeMember2024-04-012024-06-300001525221us-gaap:EquityMethodInvesteeMember2025-01-012025-06-300001525221us-gaap:EquityMethodInvesteeMember2024-01-012024-06-300001525221us-gaap:RelatedPartyMember2025-06-300001525221us-gaap:RelatedPartyMember2024-12-310001525221vtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2025-06-300001525221vtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2024-12-310001525221vtol:UKSARDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221vtol:UKSARDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221vtol:IRCGDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221vtol:IRCGDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221vtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2021-02-280001525221vtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2021-02-012021-02-280001525221vtol:UKSARDebtMemberus-gaap:SecuredDebtMember2025-01-012025-06-300001525221vtol:UKSARDebtMemberus-gaap:SecuredDebtMember2024-01-012024-06-300001525221us-gaap:RevolvingCreditFacilityMembervtol:IRCGDebtMemberus-gaap:LineOfCreditMember2025-02-012025-02-280001525221us-gaap:RevolvingCreditFacilityMembervtol:IRCGDebtMemberus-gaap:LineOfCreditMember2024-01-012024-12-310001525221us-gaap:RevolvingCreditFacilityMembervtol:IRCGDebtMemberus-gaap:LineOfCreditMember2025-01-012025-06-300001525221vtol:AssetBackedRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-06-300001525221us-gaap:RevolvingCreditFacilityMembervtol:AssetBackedRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-06-300001525221vtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2025-06-300001525221us-gaap:FairValueInputsLevel1Membervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2025-06-300001525221us-gaap:FairValueInputsLevel2Membervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2025-06-300001525221us-gaap:FairValueInputsLevel3Membervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2025-06-300001525221us-gaap:FairValueInputsLevel1Membervtol:UKSARDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221us-gaap:FairValueInputsLevel2Membervtol:UKSARDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221us-gaap:FairValueInputsLevel3Membervtol:UKSARDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221us-gaap:FairValueInputsLevel1Membervtol:IRCGDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221us-gaap:FairValueInputsLevel2Membervtol:IRCGDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221us-gaap:FairValueInputsLevel3Membervtol:IRCGDebtMemberus-gaap:SecuredDebtMember2025-06-300001525221us-gaap:FairValueInputsLevel1Member2025-06-300001525221us-gaap:FairValueInputsLevel2Member2025-06-300001525221us-gaap:FairValueInputsLevel3Member2025-06-300001525221vtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2024-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2024-12-310001525221us-gaap:FairValueInputsLevel2Membervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2024-12-310001525221us-gaap:FairValueInputsLevel3Membervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:SeniorNotesMember2024-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:UKSARDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221us-gaap:FairValueInputsLevel2Membervtol:UKSARDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221us-gaap:FairValueInputsLevel3Membervtol:UKSARDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:IRCGDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221us-gaap:FairValueInputsLevel2Membervtol:IRCGDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221us-gaap:FairValueInputsLevel3Membervtol:IRCGDebtMemberus-gaap:SecuredDebtMember2024-12-310001525221us-gaap:FairValueInputsLevel1Member2024-12-310001525221us-gaap:FairValueInputsLevel2Member2024-12-310001525221us-gaap:FairValueInputsLevel3Member2024-12-310001525221us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-06-300001525221us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300001525221us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310001525221us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-300001525221us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310001525221vtol:AircraftMember2025-06-300001525221vtol:Aw189HeavyHelicoptersMember2025-06-300001525221vtol:AW139MediumHelicoptersMember2025-06-300001525221vtol:H135LightTwinHelicoptersMember2025-06-3000015252212025-02-260001525221vtol:OpenMarketTransactionMember2025-01-012025-06-300001525221vtol:OpenMarketTransactionMember2025-04-012025-06-300001525221us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-03-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300001525221us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300001525221us-gaap:CorporateMember2025-04-012025-06-300001525221us-gaap:CorporateMember2024-04-012024-06-300001525221us-gaap:CorporateMember2025-01-012025-06-300001525221us-gaap:CorporateMember2024-01-012024-06-300001525221vtol:OffshoreEnergyServicesMember2025-06-300001525221vtol:OffshoreEnergyServicesMember2024-12-310001525221vtol:GovernmentServicesMember2025-06-300001525221vtol:GovernmentServicesMember2024-12-310001525221us-gaap:AllOtherSegmentsMember2025-06-300001525221us-gaap:AllOtherSegmentsMember2024-12-310001525221vtol:TotalSegmentMember2025-06-300001525221vtol:TotalSegmentMember2024-12-310001525221us-gaap:CorporateMember2025-06-300001525221us-gaap:CorporateMember2024-12-310001525221us-gaap:ConstructionInProgressMember2025-06-300001525221us-gaap:ConstructionInProgressMember2024-12-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 ________________________________________
FORM 10-Q
________________________________________ 
(Mark One)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to      
Commission File Number
001-35701
Bristow Group Inc.
(Exact name of registrant as specified in its charter)
Delaware 72-1455213
(State or Other Jurisdiction of
Incorporation or Organization)		 (IRS Employer
Identification No.)
3151 Briarpark Drive, Suite 700 
Houston, Texas 77042
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code:
(713) 267-7600
          None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareVTOLNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑ No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
☑☐☐☐☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No  ☑
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  ☑    No  ☐
The total number of shares of common stock (in thousands), par value $0.01 per share, outstanding as of July 31, 2025 was 28,814. The Registrant has no other class of common stock outstanding.

Table of Contents
BRISTOW GROUP INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS


Page
PART I. FINANCIAL INFORMATION 
1
1
1
2
3
4
5
6
Note 1. BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES
6
Note 2. REVENUES
7
Note 3. RELATED PARTY TRANSACTIONS
7
Note 4. DEBT
8
Note 5. FAIR VALUE DISCLOSURES
9
Note 6. DERIVATIVE FINANCIAL INSTRUMENTS
9
Note 7. COMMITMENTS AND CONTINGENCIES
10
Note 8. INCOME TAXES
10
Note 9. STOCKHOLDERS’ EQUITY
11
Note 10. EARNINGS PER SHARE
12
Note 11. SEGMENTS
13
16
Forward-Looking Statements
16
Overview
18
Recent Developments
18
Fleet Information
19
Results of Operations
21
Liquidity and Capital Resources
25
Critical Accounting Estimates
28
28
29
PART II. OTHER INFORMATION 
29
29
29
29
29
29
30
31

Table of Contents
PART I. FINANCIAL INFORMATION 
Item 1. Financial Statements
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)

Three Months Ended June 30,Six Months Ended
June 30,
  2025202420252024
Total revenues$376,429 $359,749 $726,959 696,843 
Costs and expenses:
Operating expenses
Personnel88,729 77,913 176,040 162,111 
Repairs and maintenance64,788 69,143 126,103 134,866 
Insurance6,149 6,212 12,983 12,863 
Fuel20,399 22,876 39,274 44,510 
Leased-in equipment26,515 25,449 52,564 51,688 
Other71,911 52,040 128,712 102,650 
Total operating expenses278,491 253,633 535,676 508,688 
General and administrative expenses44,375 44,933 87,475 88,280 
Depreciation and amortization expense17,312 16,848 34,153 34,017 
Total costs and expenses340,178 315,414 657,304 630,985 
Gains (losses) on disposal of assets6,209 (224)5,651 (337)
Earnings from unconsolidated affiliates180 651 882 2,070 
Operating income42,640 44,762 76,188 67,591 
Interest income2,039 2,142 4,157 4,126 
Interest expense, net(10,034)(9,385)(19,524)(18,857)
Other, net17,577 (83)28,965 (6,284)
Total other income (expense), net9,582 (7,326)13,598 (21,015)
Income before income taxes52,222 37,436 89,786 46,576 
Income tax expense(20,443)(9,245)(30,626)(11,753)
Net income31,779 28,191 59,160 34,823 
Net income attributable to noncontrolling interests(31)(34)(53)(61)
Net income attributable to Bristow Group Inc.$31,748 $28,157 $59,107 $34,762 
Earnings per common share:
Basic$1.10 $0.99 $2.06 $1.22 
Diluted$1.07 $0.96 $1.98 $1.19 
Weighted average shares of common stock outstanding:
Basic28,824 28,476 28,746 28,404 
Diluted29,788 29,462 29,826 29,334 

See accompanying notes to condensed consolidated financial statements.
1
Table of Contents
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, in thousands)

Three Months Ended June 30,Six Months Ended
June 30,
 2025202420252024
Net income$31,779 $28,191 $59,160 $34,823 
Other comprehensive income (loss):
Currency translation adjustments25,728 (800)38,175 (9,383)
Pension liability adjustment(2,751)(18)(4,075)303 
Unrealized losses on cash flow hedges, net(769)(55)(299)(3,898)
Total other comprehensive income (loss), net of tax22,208 (873)33,801 (12,978)
Total comprehensive income53,987 27,318 92,961 21,845 
Net comprehensive income attributable to noncontrolling interests(31)(34)(53)(61)
Total comprehensive income attributable to Bristow Group Inc.$53,956 $27,284 $92,908 $21,784 

See accompanying notes to condensed consolidated financial statements.
2
Table of Contents
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
June 30,
2025		December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents$251,771 $247,503 
Restricted cash4,083 3,778 
Accounts receivable, net of allowance of $47 and $42, respectively
226,692 211,590 
Inventories135,567 114,509 
Prepaid expenses and other current assets52,060 42,078 
Total current assets670,173 619,458 
Property and equipment, net of accumulated depreciation of $313,132 and $273,481, respectively
1,163,152 1,076,221 
Investment in unconsolidated affiliates23,306 22,424 
Right-of-use assets259,961 264,270 
Other assets171,434 142,873 
Total assets$2,288,026 $2,125,246 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$109,192 $83,462 
Accrued wages, benefits and related taxes49,733 54,406 
Income taxes payable and other accrued taxes21,135 16,229 
Deferred revenue24,262 15,186 
Accrued maintenance and repairs32,948 30,698 
Current portion of operating lease liabilities81,155 78,359 
Accrued interest and other accrued liabilities27,928 28,946 
Current maturities of long-term debt24,779 18,614 
Total current liabilities371,132 325,900 
Long-term debt, less current maturities680,412 671,169 
Other liabilities and deferred credits25,062 8,937 
Deferred taxes49,850 39,019 
Long-term operating lease liabilities177,582 188,949 
Total liabilities$1,304,038 $1,233,974 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value, 110,000 authorized; 28,816 and 28,628 outstanding, respectively
319 315 
Additional paid-in capital750,421 742,072 
Retained earnings371,772 312,765 
Treasury stock, at cost; 2,961 and 2,692 shares, respectively
(78,274)(69,776)
Accumulated other comprehensive loss(59,868)(93,669)
Total Bristow Group Inc. stockholders’ equity984,370 891,707 
Noncontrolling interests(382)(435)
Total stockholders’ equity983,988 891,272 
Total liabilities and stockholders’ equity$2,288,026 $2,125,246 

See accompanying notes to condensed consolidated financial statements.
3
Table of Contents
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited, in thousands)
 Total Bristow Group Inc. Stockholders’ Equity  
 Common
Stock		Common
Stock
(Shares)		Additional
Paid-in
Capital		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Stockholders’
Equity
December 31, 2024$315 28,628 $742,072 $312,765 $(69,776)$(93,669)$(435)$891,272 
Share award amortization2 225 3,548 — — — — 3,550 
Share repurchases— (78)— — (2,495)— — (2,495)
Exercise of stock options— — 2 — — — — 2 
Net income— — — 27,359 — — 22 27,381 
Other comprehensive income— — — — — 11,593 — 11,593 
March 31, 2025
$317 28,775 $745,622 $340,124 $(72,271)$(82,076)$(413)$931,303 
Share award amortization2 232 4,777 — — — — 4,779 
Share repurchases— (191)— — (6,003)— — (6,003)
Exercise of stock options— — 2 — — — — 2 
Net income— — — 31,748 — — 31 31,779 
Capital contribution to affiliates— — 20 (100)— — — (80)
Other comprehensive income— — — — — 22,208 — 22,208 
June 30, 2025
$319 28,816 $750,421 $371,772 $(78,274)$(59,868)$(382)$983,988 
 Total Bristow Group Inc. Stockholders’ Equity 
 Common
Stock		Common
Stock
(Shares)		Additional
Paid-in
Capital		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Stockholders’
Equity
December 31, 2023$311 28,310 $725,773 $217,968 $(65,722)$(54,643)$(508)$823,179 
Share award amortization1 117 3,519 — — — — 3,520 
Share repurchases— (40)— — (1,016)— — (1,016)
Net income— — — 6,605 — — 27 6,632 
Other comprehensive loss— — — — — (12,105)— (12,105)
March 31, 2024
$312 28,387 $729,292 $224,573 $(66,738)$(66,748)$(481)$820,210 
Share award amortization3 313 4,048 — — — — 4,051 
Share repurchases— (83)— — (2,910)— — (2,910)
Net income— — — 28,157 — — 34 28,191 
Other comprehensive loss— — — — — (873)— (873)
June 30, 2024
$315 28,617 $733,340 $252,730 $(69,648)$(67,621)$(447)$848,669 

See accompanying notes to condensed consolidated financial statements.
4
Table of Contents
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
June 30,
 20252024
Cash flows from operating activities:
Net income$59,160 $34,823 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization expense41,146 41,468 
Losses (gains) on disposal of assets(5,651)337 
Earnings from unconsolidated affiliates(882)(2,070)
Deferred income taxes12,048 (5,843)
Stock-based compensation expense8,325 7,567 
Amortization of deferred financing fees 2,521 1,511 
Amortization of deferred contract costs4,046 1,679 
Increase (decrease) in cash resulting from changes in:
Accounts receivable(2,865)(15,872)
Inventory, prepaid expenses and other assets(62,991)(23,001)
Accounts payable, accrued expenses and other liabilities43,579 19,745 
Net cash provided by operating activities98,436 60,344 
Cash flows from investing activities:
Capital expenditures(83,677)(114,916)
Proceeds from asset dispositions24,089 4,409 
Net cash used in investing activities(59,588)(110,507)
Cash flows from financing activities:
Proceeds from borrowings5,831 56,997 
Debt issuance costs(238)(2,200)
Repayments of debt(24,885)(7,253)
Exercise of stock options4 — 
Purchase of treasury stock(8,498)(3,926)
Net cash provided by (used in) financing activities(27,786)43,618 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,489)4,718 
Net increase (decrease) in cash, cash equivalents and restricted cash4,573 (1,827)
Cash, cash equivalents and restricted cash at beginning of period251,281 183,662 
Cash, cash equivalents and restricted cash at end of period$255,854 $181,835 
Cash paid during the period for:
Interest$24,329 $20,802 
Income taxes, net$18,806 $13,328 

See accompanying notes to condensed consolidated financial statements.
5
Table of Contents

BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities.
The condensed consolidated financial information for the three and six months ended June 30, 2025 and 2024, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. The condensed consolidated financial statements in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Summary of Significant Accounting Policies
Basis of Consolidation
The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation.
Accounting Estimates
The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders’ equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year.
Reclassification
Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or results of operations.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), requiring a footnote disclosure about specific expenses by requiring public business entities to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes purchases of inventory, employee compensation, depreciation and intangible asset amortization. The tabular disclosure would also include certain other expenses, when applicable. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027 (as amended in the FASB update in January 2025 in ASU 2025-01). The Company is evaluating the potential impact of the adoption of this ASU on its consolidated financial statements.
6
Table of Contents

Note 2. REVENUES
Revenue Recognition
The Company’s customers are primarily major integrated, national and independent offshore energy companies and government agencies. Revenues are generally recognized when the Company satisfies its performance obligations by providing aviation services to its customers in exchange for consideration. The Company disaggregates its revenues by operating segment.
Revenues by Segment. Revenues earned by each segment for the periods reflected in the table below were as follows (in thousands):
Three Months Ended June 30,Six Months Ended
June 30,
2025202420252024
Offshore Energy Services(1)
$252,810 $249,693 $492,595 $479,588 
Government Services92,499 79,578 178,442 161,750 
Other Services31,120 30,478 55,922 55,505 
Total Revenues$376,429 $359,749 $726,959 $696,843 
______________________
(1)Includes revenues of approximately $4.2 million and $5.8 million for the three and six months ended June 30, 2024, respectively, related to fixed wing revenues in Africa that were previously classified in Other Services.
Deferred revenues are primarily generated by advanced payments from offshore energy companies and government agencies and fixed wing services where customers pay for tickets in advance of receiving the Company’s service. The Company’s current deferred revenues are recorded under current liabilities, and the Company’s long-term deferred revenues are recorded in other liabilities and deferred credits on the condensed consolidated balance sheets.
The Company’s deferred revenues were as follows (in thousands):
June 30,
2025		December 31,
2024
Short-term$24,262 $15,186 
Long-term24,589 8,385 
Total deferred revenues$48,851 $23,571 
During the six months ended June 30, 2025 and 2024, revenues recognized that had previously been deferred were $8.6 million and $10.3 million, respectively. As of June 30, 2025, the Company anticipates recognizing long-term deferred revenues of approximately $4.8 million in 2026, $9.4 million in 2027, $4.4 million in 2028, $1.0 million in 2029 and $5.0 million thereafter.
Note 3. RELATED PARTY TRANSACTIONS
The Company owns a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. The remaining 75% voting interest and 60% economic interest in Cougar are owned by VIH Aviation Group Ltd. (“VIH”). Due to common ownership of Cougar, the Company considers VIH a related party.
The Company and VIH lease certain aircraft and facilities and from time to time purchase inventory from one another. Revenues from and payments to related parties for the periods reflected in the table below were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues from related parties$6,813 $10,038 $13,669 $17,159 
Payments to related parties$1,037 $1,002 $2,684 $2,088 
7
Table of Contents

As of June 30, 2025 and December 31, 2024, receivables from related parties included in accounts receivable, net on the condensed consolidated balance sheets were $1.0 million and $1.1 million, respectively.
Note 4. DEBT
Debt as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
June 30,
2025		December 31,
2024
6.875% Senior Notes
$396,314 $395,610 
UKSAR Debt195,396 200,273 
IRCG Debt113,481 93,900 
Total debt705,191 689,783 
Less current maturities of long-term debt(24,779)(18,614)
Total long-term debt$680,412 $671,169 
6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, inclusive of any accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest.
As of June 30, 2025 and December 31, 2024, the Company had $3.7 million and $4.4 million, respectively, of unamortized deferred financing fees associated with the 6.875% Senior Notes.
UKSAR Debt — During the six months ended June 30, 2025 and 2024, the Company made principal payments of $24.9 million and $7.3 million, respectively, related to its long term secured equipment financings for an aggregate amount up to £200 million with National Westminster Bank Plc as arranger, agent and security trustee (“UKSAR Debt”). Included in the 2025 principal payments were $15.3 million (£11.2 million) voluntary prepayments. As of June 30, 2025 and December 31, 2024, the Company had unamortized deferred financing fees associated with the UKSAR Debt of $8.5 million and $9.1 million, respectively.
IRCG Debt — In February 2025, the Company drew approximately $5.8 million (€5.6 million) under this facility. As of June 30, 2025 and December 31, 2024, the Company had unamortized deferred financing fees of $2.7 million and $2.8 million, respectively, associated with its long-term equipment financing for an aggregate amount of up to €100.0 million with National Westminster Bank Plc as the original lender and UK Export Finance guaranteeing 80% of the facility (“IRCG Debt”). The first principal payment due under this facility is in June 2026.
ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) provides that amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited (“BHL”), Bristow U.S. LLC and Era Helicopters, LLC. As of June 30, 2025, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein.
As of June 30, 2025, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the six months ended June 30, 2025. Letters of credit issued under the ABL Facility in the aggregate face amount of $9.4 million were outstanding as of June 30, 2025.
8
Table of Contents

Note 5. FAIR VALUE DISCLOSURES
Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items.
The Company’s debt was measured at fair value using Level 2 inputs based on estimated current rates for similar types of arrangements using discounted cash flow analysis. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.
The carrying and fair values of the Company’s debt were as follows (in thousands):
Carrying
Amount		Level 1Level 2Level 3
June 30, 2025
LIABILITIES
6.875% Senior Notes(1)
$396,314 $— $408,866 $— 
UKSAR Debt(2)
195,396 — 195,558 — 
IRCG Debt(3)
113,481 — 115,041 — 
$705,191 $— $719,465 $— 
December 31, 2024
LIABILITIES
6.875% Senior Notes(1)
$395,610 $— $397,872 $— 
UKSAR Debt(2)
200,273 — 205,545 — 
IRCG Debt(3)
93,900 — 95,912 — 
$689,783 $— $699,329 $— 
___________________ 
(1)As of June 30, 2025 and December 31, 2024, the carrying values of unamortized deferred financing fees related to the 6.875% Senior Notes were $3.7 million and $4.4 million, respectively.
(2)As of June 30, 2025 and December 31, 2024, the carrying values of unamortized deferred financing fees related to the UKSAR Debt were $8.5 million and $9.1 million, respectively.
(3)As of June 30, 2025 and December 31, 2024, the carrying value of unamortized deferred financing fees related to the IRCG Debt was $2.7 million and $2.8 million, respectively.
Note 6. DERIVATIVE FINANCIAL INSTRUMENTS
From time to time, the Company may use derivatives to partially offset its business exposure to foreign currency risks on expected future cash flows. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. The Company does not offset fair value amounts recognized for derivative instruments under master netting arrangements. The derivative agreements do not contain credit-risk-related contingent features. There are no amounts of related financial collateral received or pledged. The Company does not use any of its derivative instruments for speculative or trading purposes.
Cash Flow Hedges
The Company may use foreign exchange options or forward contracts to hedge a portion of its forecasted foreign currency denominated transactions. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions.
These foreign exchange hedge contracts, carried at fair value, have maturities of up to approximately 12 months. As of June 30, 2025 and December 31, 2024, total notional amounts of outstanding cash flow hedges were $59.2 million and $82.2 million, respectively. As of June 30, 2025, the estimated amount of net losses
9
Table of Contents

expected to be reclassified from accumulated other comprehensive income into earnings within the next 12 months is $1.1 million.
The Company’s derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivatives is based on valuation methods which project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves and foreign currency rates. The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 were as follows, presented on a gross basis (in thousands):
June 30, 2025December 31, 2024
Fair Value Asset DerivativesFair Value Liability DerivativesFair Value Asset DerivativesFair Value Liability Derivatives
Derivatives designated as hedging instruments:
Foreign exchange forward contracts$886 $1,967 $1,351 $1,871 
Note 7. COMMITMENTS AND CONTINGENCIES
Capital Commitments - Fleet
The Company’s unfunded capital commitments as of June 30, 2025 consisted primarily of agreements to purchase helicopters and totaled $128.5 million, payable beginning in 2025.
Included in these commitments are orders to purchase seven AW189 heavy helicopters and one AW139 medium helicopter. The AW139 helicopter is scheduled to be delivered in 2025, and the AW189 helicopters are scheduled to be delivered in 2025 and 2026. In addition, the Company has outstanding options to purchase up to ten additional AW189 helicopters and ten additional H135 helicopters. If these options are exercised, the AW189 helicopters would be scheduled for delivery between 2026 and 2028, and the H135 helicopters would be scheduled for delivery between 2027 and 2028. The Company may, from time to time, purchase aircraft for which it has no orders.
General Litigation and Disputes
The Company operates in jurisdictions internationally where it is subject to risks that include government action to obtain additional tax revenues. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact the Company’s earnings until such time as a clear court or other ruling exists. The Company operates in jurisdictions currently where amounts may be due to governmental bodies that the Company is not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. The Company believes that payment of amounts in these instances is not probable at this time, but is reasonably possible.
In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its condensed consolidated financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs or uninsured losses, if any, would have a material effect on its business, consolidated financial position or results of operations.
Note 8. INCOME TAXES
During the three months ended June 30, 2025 and 2024, the Company recorded an income tax expense of $20.4 million, resulting in an effective tax rate of 39.1%, and income tax expense of $9.2 million, resulting in an effective tax rate of 24.7%, respectively. During the six months ended June 30, 2025 and 2024, the Company recorded an income tax expense of $30.6 million, resulting in an effective tax rate of 34.1%, and income tax expense of $11.8 million, resulting in an effective tax rate of 25.2%, respectively.
The effective tax rate during the six months ended June 30, 2025 was impacted by the Company’s global mix of earnings in the current year and deductible business interest expense, partially offset by the recognition of certain deferred tax assets. The effective tax rate during the six months ended June 30, 2024 was impacted by
10
Table of Contents

the Company’s global mix of earnings, adjustments to valuation allowances against future realization of losses and deductible business interest expense, partially offset by the recognition of certain deferred tax assets.
In July 2025, a new tax bill referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S. As part of the new tax law, the OBBBA extends key elements of the previous Tax Cuts and Jobs Act enacted on December 22, 2017, including the 21% U.S. Federal statutory tax rate, business interest expense deduction limits, 100% bonus depreciation, domestic research cost expensing, and various expiring international provisions, with certain modifications. Pursuant to Accounting Standards Codification (“ASC”) 740 - Income Taxes, changes in tax rates and tax law are required to be recognized in the period in which the legislation is enacted. As such, the Company will continue to evaluate the impact of this legislation and will include any necessary adjustments in the Company's future filings.
Note 9. STOCKHOLDERS’ EQUITY
Share Repurchases
On February 26, 2025, the Company announced that its Board of Directors approved a new $125.0 million stock repurchase program. Purchases of the Company’s common stock under the stock repurchase program may be made in the open market, including pursuant to a Rule 10b5-1 program, by block repurchases, in private transactions (including with related parties) or otherwise, from time to time, depending on market conditions. The stock repurchase program has no expiration date and may be suspended or discontinued at any time without notice, subject to any changes in applicable law or regulations thereunder.
During the three and six months ended June 30, 2025, the Company repurchased 119,841 shares of common stock in open market transactions for gross consideration of $3.9 million, which represents an average cost per share of $32.41. As of June 30, 2025, $121.1 million remained available of the $125.0 million stock repurchase program authorized in February 2025.
Accumulated Other Comprehensive Income (Loss)
The following table shows the changes in balances for accumulated other comprehensive income (loss), net of tax (in thousands):
 Currency Translation Adjustments
Pension Liability Adjustments(1)
Unrealized gain (loss) on cash flow hedges(2)
Total
Balance as of December 31, 2024$(49,903)$(43,367)$(399)$(93,669)
Other comprehensive income11,119 — 611 11,730 
Reclassified from accumulated other comprehensive loss— 4 (93)(89)
Income tax expense— — (48)(48)
Net current period other comprehensive income (loss)11,119 4 470 11,593 
Foreign exchange rate impact1,328 (1,328)— — 
Balance as of March 31, 2025
$(37,456)$(44,691)$71 $(82,076)
Other comprehensive income (loss)22,972 — (1,524)21,448 
Reclassified from accumulated other comprehensive loss— 5 444 449 
Income tax benefit— — 311 311 
Net current period other comprehensive income (loss)22,972 5 (769)22,208 
Foreign exchange rate impact2,756 (2,756)— — 
Balance as of June 30, 2025
$(11,728)$(47,442)$(698)$(59,868)
______________________
(1)Reclassification of amounts related to pension liability adjustments included as a component of net periodic pension cost.
(2)Reclassification of amounts related to cash flow hedges included as operating expenses.
11
Table of Contents

Note 10. EARNINGS PER SHARE
The Company’s basic earnings per common share are computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the relevant period. Diluted earnings per common share of the Company are computed by dividing income available to common stockholders by the weighted average number of common shares issued and outstanding, inclusive of the effect of potentially dilutive securities (such as options to purchase common shares and restricted stock units and awards which were outstanding during the period but were anti-dilutive) through the application of the treasury method and/or the if-converted method, when applicable. The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended
June 30,
 2025202420252024
Income:
Net income attributable to Bristow Group Inc.$31,748 $28,157 $59,107 $34,762 
Shares of common stock:
Weighted average shares of common stock outstanding – basic28,824 28,476 28,746 28,404 
Net effect of dilutive stock964 986 1,080 930 
Weighted average shares of common stock outstanding – diluted(1)
29,788 29,462 29,826 29,334 
Earnings per common share - basic$1.10 $0.99 $2.06 $1.22 
Earnings per common share - diluted$1.07 $0.96 $1.98 $1.19 
__________________
(1)Excludes weighted average shares of common stock of 440,831 and 34,265 for the three months ended June 30, 2025 and 2024, respectively, and 301,988 and 150,114 for the six months ended June 30, 2025 and 2024, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.
12
Table of Contents

Note 11. SEGMENTS
The Company has three reportable segments: Offshore Energy Services, Government Services and Other Services. The Offshore Energy Services segment provides aviation services to, from and between offshore energy installations globally. The Government Services segment provides search and rescue (“SAR”) and support helicopter services to government agencies globally. The Other Services segment is primarily comprised of fixed wing services, dry-leasing of aircraft to third-party operators and part sales. Corporate includes unallocated overhead costs that are not directly associated with the Company’s reportable segments. The Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), uses segment operating income, in addition to other measures, to assess segment performance and allocate resources.
Financial information by segment for the three months ended June 30, 2025 and 2024 is summarized below (in thousands):
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended June 30, 2025
Revenues$252,810 $92,499 $31,120 $— $376,429 
Less:
Personnel55,047 27,271 6,411 — 88,729 
Repairs and maintenance48,078 13,369 3,341 — 64,788 
Insurance3,824 1,948 377 — 6,149 
Fuel12,865 2,681 4,853 — 20,399 
Leased-in equipment15,204 9,699 1,612 — 26,515 
Other segment costs43,640 21,717 6,554 — 71,911 
Total operating expenses178,658 76,685 23,148 — 278,491 
General and administrative expenses23,813 10,230 1,850 8,482 44,375 
Depreciation and amortization expense6,924 7,496 2,679 213 17,312 
Total costs and expenses209,395 94,411 27,677 8,695 340,178 
Gains on disposal of assets— — — 6,209 6,209 
Earnings from unconsolidated affiliates180 — — — 180 
Operating income (loss)$43,595 $(1,912)$3,443 $(2,486)$42,640 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended June 30, 2024
Revenues$249,693 $79,578 $30,478 $— $359,749 
Less:
Personnel49,565 22,569 5,779 — 77,913 
Repairs and maintenance52,487 13,183 3,473 — 69,143 
Insurance4,154 1,766 292 — 6,212 
Fuel15,452 2,257 5,167 — 22,876 
Leased-in equipment14,952 9,356 1,141 — 25,449 
Other segment costs35,994 9,492 6,554 — 52,040 
Total operating expenses172,604 58,623 22,406 — 253,633 
General and administrative expenses25,725 9,038 1,670 8,500 44,933 
Depreciation and amortization expense7,046 6,848 2,737 217 16,848 
Total costs and expenses205,375 74,509 26,813 8,717 315,414 
Losses on disposal of assets— — — (224)(224)
Earnings from unconsolidated affiliates651 — — — 651 
Operating income (loss)$44,969 $5,069 $3,665 $(8,941)$44,762 
13
Table of Contents

Financial information by segment for the six months ended June 30, 2025 and 2024 is summarized below (in thousands):
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Six months ended June 30, 2025
Revenues$492,595 $178,442 $55,922 $— $726,959 
Less:
Personnel111,813 51,744 12,483 — 176,040 
Repairs and maintenance94,985 24,730 6,388 — 126,103 
Insurance7,853 4,385 745 — 12,983 
Fuel25,567 4,763 8,944 — 39,274 
Leased-in equipment30,137 19,392 3,035 — 52,564 
Other segment costs81,296 34,588 12,828 — 128,712 
Total operating expenses351,651 139,602 44,423 — 535,676 
General and administrative expenses47,072 19,959 3,445 16,999 87,475 
Depreciation and amortization expense13,794 14,782 5,233 344 34,153 
Total costs and expenses412,517 174,343 53,101 17,343 657,304 
Gains on disposal of assets— — — 5,651 5,651 
Earnings from unconsolidated affiliates882 — — — 882 
Operating income (loss)$80,960 $4,099 $2,821 $(11,692)$76,188 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Six months ended June 30, 2024
Revenues$479,588 $161,750 $55,505 $— $696,843 
Less:
Personnel105,842 44,145 12,124 — 162,111 
Repairs and maintenance103,297 25,387 6,182 — 134,866 
Insurance8,543 3,747 573 — 12,863 
Fuel30,732 4,360 9,418 — 44,510 
Leased-in equipment30,506 18,861 2,321 — 51,688 
Other segment costs72,165 19,303 11,182 — 102,650 
Total operating expenses351,085 115,803 41,800 — 508,688 
General and administrative expenses50,137 17,922 3,560 16,661 88,280 
Depreciation and amortization expense14,268 13,666 5,602 481 34,017 
Total costs and expenses415,490 147,391 50,962 17,142 630,985 
Losses on disposal of assets— — — (337)(337)
Earnings from unconsolidated affiliates2,070 — — — 2,070 
Operating income (loss)$66,168 $14,359 $4,543 $(17,479)$67,591 
14
Table of Contents

Reconciliation of consolidated income (loss) before taxes for the periods reflected below were as follows:
Three Months Ended June 30,Six Months Ended
June 30,
2025202420252024
Operating income (loss):
Offshore Energy Services$43,595 $44,969 $80,960 $66,168 
Government Services(1,912)5,069 4,099 14,359 
Other Services3,443 3,665 2,821 4,543 
Corporate(2,486)(8,941)(11,692)(17,479)
Total operating income42,640 44,762 76,188 67,591 
Interest income2,039 2,142 4,157 4,126 
Interest expense, net(10,034)(9,385)(19,524)(18,857)
Other, net17,577 (83)28,965 (6,284)
Total other income (expense), net9,582 (7,326)13,598 (21,015)
Income before income taxes$52,222 $37,436 $89,786 $46,576 

Total depreciation and amortization expense by segment for the periods reflected below were as follows:
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended June 30, 2025
Depreciation and amortization expense$6,924 $7,496 $2,679 $213 $17,312 
PBH amortization(1)
3,069 452 66 — 3,587 
Total depreciation and amortization expense$9,993 $7,948 $2,745 $213 $20,899 
Three months ended June 30, 2024
Depreciation and amortization expense$7,046 $6,848 $2,737 $217 $16,848 
PBH amortization(1)
3,072 507 146 — 3,725 
Total depreciation and amortization expense$10,118 $7,355 $2,883 $217 $20,573 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Six months ended June 30, 2025
Depreciation and amortization expense$13,794 $14,782 $5,233 $344 $34,153 
PBH amortization(1)
5,949 874 170 — 6,993 
Total depreciation and amortization expense$19,743 $15,656 $5,403 $344 $41,146 
Six months ended June 30, 2024
Depreciation and amortization expense$14,268 $13,666 $5,602 $481 $34,017 
PBH amortization(1)
6,149 1,008 294 — 7,451 
Total depreciation and amortization expense$20,417 $14,674 $5,896 $481 $41,468 
(1) Included within operating expenses on the condensed consolidated statements of operations.
Capital expenditures by segment for the periods reflected below were as follows:
Three Months Ended June 30,Six Months Ended
June 30,
2025202420252024
Offshore Energy Services$5,690$20,434 $28,335$22,271 
Government Services22,62328,622 51,15888,393 
Other Services3,3041,298 4,1844,252 
Total capital expenditures$31,617$50,354 $83,677$114,916 
15
Table of Contents

Segment assets consisting of property and equipment (excluding construction in progress), net of accumulated depreciation and right of use (“ROU”) assets, are reflected below for the periods indicated:
June 30,
2025		December 31, 2024
Offshore Energy Services$597,203$596,687 
Government Services503,602433,721 
Other Services62,03362,746 
Total segment assets$1,162,838$1,093,154 
Corporate2,5533,156 
Construction-in-progress257,722244,181 
Total long-lived assets$1,423,113$1,340,491
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes, included elsewhere herein, as well as our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025 (the “Annual Report on Form 10-K”). Unless the context otherwise indicates, in this MD&A, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities.
In the discussions that follow, the terms “Current Quarter”, “Preceding Quarter” and “Prior Year Quarter” refer to the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively, and “Current Year” and “Prior Year” refer to the six months ended June 30, 2025 and 2024, respectively.
Forward-Looking Statements
This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management; expected actions by us and by third parties, including our customers, competitors, vendors and regulators, and other matters. Some of the forward-looking statements can be identified by the use of words such as “believes," “belief," “forecasts," “expects," “plans," “anticipates," “intends," “projects," “estimates," “may," “might," “will," “would," “could," “should” or other similar words; however, all statements in this Annual Report on Form 10-K, other than statements of historical fact or historical financial results, are forward-looking statements.
Our forward-looking statements reflect our views and assumptions on the date we are filing this Quarterly Report on Form 10-Q regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part II, Item 1A, “Risk Factors” of this report and those discussed in other documents we file with the SEC. Accordingly, you should not put undue reliance on any forward-looking statements.
You should consider the following key factors when evaluating these forward-looking statements:
•the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers;
•our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 fleet;
•our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition;
16
Table of Contents
•public health crises, such as pandemics and epidemics, and any related government policies and actions;
•our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility;
•the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses;
•the possibility that we may be unable to maintain compliance with covenants in our financing agreements;
•global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (“OPEC”) and other producing countries;
•fluctuations in the demand for our services;
•the possibility of significant changes in foreign exchange rates and controls;
•potential effects of increased competition and the introduction of alternative modes of transportation and solutions;
•the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events);
•the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere;
•the possibility that we may be unable to re-deploy our aircraft to regions with greater demand;
•the existence of operating risks inherent in our business, including the possibility of declining safety performance;
•labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements;
•the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change;
•any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions;
•the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket;
•the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates;
•general economic conditions, including interest rates or uncertainty in the capital and credit markets;
•disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States and other countries;
•the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue (“SAR”) contract terms or otherwise delay service or the receipt of payments under such contracts; and
•the effectiveness of our environmental, social and governance initiatives.
The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this Quarterly Report on Form 10-Q are qualified by these cautionary statements and are only made as of the date of this Quarterly Report on Form 10-Q. The forward-looking statements in this Quarterly Report on Form 10-Q should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and
17
Table of Contents
Results of Operations” of the Annual Report on Form 10-K, Part II and Part II, Item 1A, “Risk Factors” of the Company’s subsequent Quarterly Reports on Form 10-Q.
We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.
Overview
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 offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue (“SAR”), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.
Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom (“UK”) and the United States (“U.S.”).
In general, the winter months are seasonally our lowest revenue periods, with fewer daylight hours resulting in reduced flight hours. For example, operations in the U.S. Gulf of America are often at their highest levels from April to September, as daylight hours increase, and are at their lowest levels from December to February, as daylight hours decrease. See “Segments and Markets” in Part I, Item 1, “Business” of our Annual Report on Form 10-K for further discussion on seasonality.
Recent Developments
Bristow Continues Partnership with Vertical Aerospace
In June 2025, the Company and Vertical Aerospace (“Vertical”) announced an expansion of their strategic partnership to accelerate the commercial deployment of electric vertical takeoff and landing (eVTOL) aircraft, specifically the VX4. Together, the two companies plan to create a scalable, capital-light “ready-to-fly” operations platform, enabling customers to adopt eVTOL services without investing in infrastructure. The model provides certified aircraft, trained pilots, maintenance, and insurance, allowing customers to focus on sales and service while the Company and Vertical manage operations.
Bristow Releases 2024 Sustainability Report
In May 2025, the Company released its 2024 Sustainability Report, reaffirming its ongoing commitment to responsible growth and sustainable practices, as well as further aligning with internationally recognized frameworks and standards to offer stakeholders a transparent view of the Company's efforts. The report highlights the Company’s dedicated efforts to prioritize sustainable business practices, uphold safety as our highest priority, and strengthen our connections with communities where we operate and call home. Sustainability achievements highlighted in the report include: a 32% reduction in lost workdays compared to the previous year; the Company’s UK Search and Rescue (SAR) team rescued 470 individuals across 2,870 missions; expanded SAR capabilities into Ireland; and the Company’s role in the development and certification of aircraft powered by electric and hybrid propulsion technologies that will create efficiencies and reduce greenhouse gas emissions. Information on our website, including the Company’s 2024 Sustainability Report, is not incorporated by reference into this Quarterly Report on Form 10-Q.
18
Table of Contents
Fleet Information
The management of our fleet involves a careful evaluation of the expected demand for helicopter services across global markets, segments, and the types of helicopters needed to meet this demand. Heavy and medium helicopters fly longer distances and can carry heavier payloads than light helicopters and are usually equipped with sophisticated avionics permitting them to operate in more demanding weather conditions and difficult climates. Heavy and medium helicopters are most commonly used for crew changes on large offshore production facilities and drilling rigs servicing the offshore energy industry and for SAR operations.
The following table identifies the types of aircraft that comprise our fleet and the number of those aircraft in our fleet as of June 30, 2025.
 Number of Aircraft
Type
Owned
Aircraft(1)
Leased
Aircraft		Total AircraftMaximum
Passenger
Capacity
Average Age (years)(2)
Heavy Helicopters:
S9234 29 63 19 15 
AW18919 4 23 16 8 
53 33 86 
Medium Helicopters:
AW13949 5 54 12 14 
S76 D/C++13 — 13 12 13 
AS3651 — 1 12 36 
63 5 68 
Light—Twin Engine Helicopters:
AW1093 — 3 7 18 
H135/EC13511 — 11 6 9 
14 — 14 
Light—Single Engine Helicopters:
AS35012 — 12 4 26 
AW11913 — 13 7 19 
25 — 25 
Total Helicopters155 38 193 15 
Fixed Wing9 5 14 
Unmanned Aerial Systems (“UAS”)4 — 4 
Total Fleet168 43 211 
______________________
(1)Does not include certain aircraft shown in the under construction line in the fleet table below. Upon completion of additional configuration, the newly delivered aircraft will appear in the fleet table above when placed into service.
(2)Reflects the average age of helicopters that are owned by the Company.
19
Table of Contents
The table below presents the number of aircraft in our fleet as of June 30, 2025, their distribution among the segments through which we operate as a percentage of total revenues for the three months ended June 30, 2025, and the number of aircraft not yet reflected in our fleet as they were on order or under construction as of June 30, 2025.
 Percentage of
Total
Revenues		HelicoptersFixed
Wing		UAS
 HeavyMediumLight TwinLight SingleTotal
Offshore Energy Services68 %57 60 11 — 1 — 129 
Government Services25 %29 7 3 20 — 4 63 
Other Services7 %— 1 — 5 13 — 19 
Total100 %86 68 14 25 14 4 211 
Aircraft not currently in fleet:
Under construction(1)
10 4 1 — — — 15 
Options(2)
10 — 10 — — — 20 
______________________
(1)Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes ten AW189 heavy helicopters (of which three were delivered and are undergoing additional configuration), four AW139 medium helicopters (of which three were delivered and are undergoing additional configuration) and one H135 light-twin helicopter which has been delivered and is undergoing additional configuration.
(2)Options include 10 AW189 heavy helicopters and 10 H135 light-twin helicopters.
20
Table of Contents
Results of Operations for Current Quarter compared to Preceding Quarter
(in thousands, except percentages)
The following table presents our operating results and other statement of operations information for the Current Quarter and Preceding Quarter .
Three Months Ended
June 30,
2025		March 31, 2025Favorable
(Unfavorable)
Revenues:
Offshore Energy Services$252,810 $239,785 $13,025 5.4 %
Government Services92,499 85,943 6,556 7.6 %
Other Services31,120 24,802 6,318 25.5 %
Total revenues376,429 350,530 25,899 7.4 %
Operating income (loss):
Offshore Energy Services43,595 37,365 6,230 16.7 %
Government Services(1,912)6,011 (7,923)nm
Other Services3,443 (622)4,065 nm
Corporate(2,486)(9,206)6,720 73.0 %
Total operating income42,640 33,548 9,092 27.1 %
Interest income2,039 2,118 (79)(3.7)%
Interest expense, net(10,034)(9,490)(544)(5.7)%
Other, net17,577 11,388 6,189 54.3 %
Total other income (expense), net9,582 4,016 5,566 nm
Income before income taxes52,222 37,564 14,658 39.0 %
Income tax expense(20,443)(10,183)(10,260)nm
Net income31,779 27,381 4,398 16.1 %
Net income attributable to noncontrolling interests(31)(22)(9)(40.9)%
Net income attributable to Bristow Group Inc.$31,748 $27,359 $4,389 16.0 %
Operating income margins:
Offshore Energy Services17 %16 %
Government Services(2)%7 %
Other Services11 %(3)%
__________________
nm = Not Meaningful

Total Revenues by Segment
(in thousands, except percentages)
Three Months Ended
June 30,
2025		March 31,
2025		Favorable
(Unfavorable)
Offshore Energy Services:
Europe$107,625 $101,218 $6,407 6.3 %
Americas95,230 91,569 3,661 4.0 %
Africa49,955 46,998 2,957 6.3 %
Total Offshore Energy Services$252,810 $239,785 $13,025 5.4 %
Government Services92,499 85,943 6,556 7.6 %
Other Services31,120 24,802 6,318 25.5 %
$376,429 $350,530 $25,899 7.4 %
21
Table of Contents
Flight Hours by Segment
Three Months Ended
June 30,
2025		March 31,
2025		Favorable
(Unfavorable)
Offshore Energy Services:
Europe8,838 8,749 89 1.0 %
Americas10,700 10,002 698 7.0 %
Africa4,931 4,680 251 5.4 %
Total Offshore Energy Services24,469 23,431 1,038 4.4 %
Government Services4,868 3,941 927 23.5 %
Other Services3,684 3,400 284 8.4 %
33,021 30,772 2,249 7.3 %
Offshore Energy Services
Revenues from Offshore Energy Services were $13.0 million higher in the Current Quarter. Revenues in Europe were $6.4 million higher primarily due to higher utilization and favorable foreign exchange rate impacts in Norway. Revenues in the Americas were $3.7 million higher primarily due to higher utilization in the U.S. Revenues in Africa were $3.0 million higher primarily due to higher utilization and additional aircraft capacity introduced into the region. Operating income was $6.2 million higher in the Current Quarter primarily due to these higher revenues, partially offset by higher operating expenses of $5.7 million. The increase in operating expenses was primarily due to higher reimbursable expenses of $2.5 million, higher training and travel costs of $1.2 million due to an increase in pilot training for Africa and Brazil, higher subcontractor costs of $1.2 million, and higher repairs and maintenance costs of $1.2 million. The higher repairs and maintenance costs related to an increase in power-by-the-hour (“PBH”) rates, increased flight hours and the timing of repairs totaling $5.6 million, partially offset by higher vendor credits of $4.4 million. Personnel costs were $1.7 million lower due to seasonal personnel cost variations in Norway of $4.2 million and a favorable change in benefit estimates in the U.S. of $0.4 million, which were partially offset by unfavorable foreign exchange rate impacts of $2.2 million and higher headcount of $1.0 million, primarily in Brazil and Africa.
Government Services
Revenues from Government Services were $6.6 million higher in the Current Quarter primarily due to the ongoing transition of the Irish Coast Guard ("IRCG") contract and higher utilization in UKSAR. Operating loss was $1.9 million in Current Quarter compared to operating income of $6.0 million in the Preceding Quarter primarily due to higher subcontractor costs of $5.1 million and higher personnel costs of $2.8 million related to the new Government Services contracts, unfavorable foreign exchange rate impacts of $3.0 million, higher repairs and maintenance costs of $2.0 million, and higher fuel costs of $0.6 million, offsetting the increased revenues.
Other Services
Revenues from Other Services were $6.3 million higher in the Current Quarter primarily due to seasonally higher utilization in Australia of $6.0 million. Operating income was $4.1 million higher in the Current Quarter primarily due to these higher revenues, partially offset by higher operating expenses of $1.9 million due to increased activity.
Corporate
Total operating losses for Corporate were $6.7 million less than the Preceding Quarter primarily due to increased gains on disposal of assets. During the Current Quarter, the Company sold or otherwise disposed of two AW139 medium helicopters resulting in net gains of $6.2 million. During the Preceding Quarter, the Company disposed of certain non-aircraft assets, resulting in a net loss of $0.6 million.
Interest Expense, net
Interest expense, net was $0.5 million higher in the Current Quarter primarily due to the acceleration of the amortization of deferred financing costs of $0.7 million resulting from the prepayment of principal on the UKSAR Debt.
22
Table of Contents
Other, net
Other income, net of $17.6 million in the Current Quarter and $11.4 million in the Preceding Quarter primarily resulted from foreign exchange gains.
Income tax expense
Income tax expense was $20.4 million in the Current Quarter compared to $10.2 million in the Preceding Quarter. The increase in income tax expense was primarily due to the earnings mix of the Company's global operations and lower deductible business interest expenses, partially offset by the recognition of certain deferred tax assets.
Results of Operations for Current Year compared to Prior Year
(in thousands, except percentages)
The following table presents our operating results and other statement of operations information for the Current Year and Prior Year:
Six Months Ended June 30,
20252024Favorable
(Unfavorable)
Revenues:
Offshore Energy Services$492,595 $479,588 $13,007 2.7 %
Government Services178,442 161,750 16,692 10.3 %
Other Services55,922 55,505 417 0.8 %
Total revenues726,959 696,843 30,116 4.3 %
Operating income (loss):
Offshore Energy Services80,960 66,168 14,792 22.4 %
Government Services4,099 14,359 (10,260)(71.5)%
Other Services2,821 4,543 (1,722)(37.9)%
Corporate(11,692)(17,479)5,787 33.1 %
Total operating income76,188 67,591 8,597 12.7 %
Interest income4,157 4,126 31 0.8 %
Interest expense, net(19,524)(18,857)(667)(3.5)%
Other, net28,965 (6,284)35,249 nm
Total other income (expense), net13,598 (21,015)34,613 nm
Income before income taxes89,786 46,576 43,210 92.8 %
Income tax expense(30,626)(11,753)(18,873)nm
Net income59,160 34,823 24,337 69.9 %
Net income attributable to noncontrolling interests(53)(61)8 13.1 %
Net income attributable to Bristow Group Inc.$59,107 $34,762 $24,345 70.0 %
Operating income margins:
Offshore Energy Services16 %14 %
Government Services2 %9 %
Other Services5 %8 %
23
Table of Contents
Total Revenues by Segment
(in thousands, except percentages)
Six Months Ended June 30,
20252024Favorable
(Unfavorable)
Offshore Energy Services:
Europe$208,843 $213,790 $(4,947)(2.3)%
Americas186,799 186,337 462 0.2 %
Africa96,953 79,461 17,492 22.0 %
Total Offshore Energy Services$492,595 $479,588 $13,007 2.7 %
Government Services178,442 161,750 16,692 10.3 %
Other Services55,922 55,505 417 0.8 %
$726,959 $696,843 $30,116 4.3 %
Flight Hours by Segment
Six Months Ended June 30,
20252024Favorable
(Unfavorable)
Offshore Energy Services:
Europe17,587 19,314 (1,727)(8.9)%
Americas20,702 21,076 (374)(1.8)%
Africa9,611 8,277 1,334 16.1 %
Total Offshore Energy Services47,900 48,667 (767)(1.6)%
Government Services8,809 9,368 (559)(6.0)%
Other Services7,084 6,528 556 8.5 %
63,793 64,563 (770)(1.2)%
Current Year compared to Prior Year
Offshore Energy Services
Revenues from Offshore Energy Services were $13.0 million higher in the Current Year. Revenues in Africa were $17.5 million higher primarily due to higher utilization and additional aircraft capacity. Revenues in the Americas were $0.5 million higher primarily due to higher utilization in Brazil and the U.S., which was partially offset by the absence of a one-time benefit in the Prior Year related to the transition from cash basis recognition to an accrual basis of accounting in Canada and lower utilization in Trinidad. Revenues in Europe were $4.9 million lower primarily due to lower utilization and higher penalties due to aircraft availability, partially offset by higher rates and favorable foreign exchange gains. Operating income was $14.8 million higher in the Current Year primarily due to these higher revenues coupled with favorable general and administrative expenses. Overall operating expenses were in line with the Prior Year. The increase in other operating expenses of $9.1 million was primarily related to increased activity in Africa. Personnel costs were $6.0 million higher primarily due to increased headcount in Africa and higher compensation costs in Europe due to labor agreement escalations. Repairs and maintenance costs were $8.3 million lower primarily due to increased vendor credits. Fuel costs were $5.2 million lower due to lower global fuel prices and decreased flight hours.
Government Services
Revenues from Government Services were $16.7 million higher in the Current Year due to the commencement of the IRCG contract of $11.3 million and higher UKSAR revenues of $5.9 million primarily due to the commencement of the 2nd Generation UK SAR Contract (“UKSAR2G”). Operating income was $10.3 million lower due to higher expenses attributable to the commencement of new contracts in Ireland and the UK, partially offset by higher revenues. Operating expenses were $23.8 million higher primarily due to higher subcontractor costs of $12.0 million, increased personnel costs of $7.6 million and higher amortization of deferred costs of $2.0 million. Additionally, general and administrative costs and depreciation and amortization expenses were $2.0 million and $1.1 million higher, respectively, all of which were due to the ongoing transitions on the new Government Services contracts.
24
Table of Contents
Other Services
Revenues from Other Services were $0.4 million higher in the Current Year primarily due to increased charter revenues in Australia, partially offset by lower dry-lease revenues due to the conclusion of a contract. Operating income from Other Services was $1.7 million lower primarily due to higher leased-in equipment costs of $0.7 million due to two new aircraft leases and higher other operating costs related to increased seasonal activity in Australia.
Corporate
Total operating losses for Corporate were $5.8 million lower than the Prior Year primarily due to increased gains on disposal of assets. During the Current Year, the Company sold or otherwise disposed of two AW139 medium helicopters and various other assets, resulting in net gains of $5.7 million. During the Prior Year, the Company sold or otherwise disposed of assets resulting in losses of $0.3 million.
Interest Expense, net
Interest expense, net was $0.7 million higher in the Current Year primarily due to the acceleration of the amortization of deferred financing costs of $0.7 million due to the prepayment of principal on the UKSAR Debt.
Other, net
Other income, net of $29.0 million in the Current Year primarily resulted from foreign exchange gains. Other expense, net of $6.3 million in the Prior Year primarily resulted from foreign exchange losses.
Income tax expense
Income tax expense was $18.9 million higher in the Current Year primarily due to the earnings mix of the Company’s global operations and changes to deferred tax valuation allowances and deferred tax assets.
Liquidity and Capital Resources
General
As of June 30, 2025, we had $251.8 million of unrestricted cash and $64.7 million of remaining availability under our ABL Facility for total liquidity of $316.5 million. As of June 30, 2025, approximately 80% of our total cash balance was held outside the U.S. Most of our cash held outside the U.S. could be repatriated to the U.S., and any such repatriation could be subject to additional taxes. If cash held by non-U.S. operations is required for funding operations in the U.S., we may make a provision for additional taxes in connection with repatriating this cash, which is not expected to have a significant impact on our results of operations.
Summary of Cash Flows
Six Months Ended
June 30,
20252024
(in thousands)
Cash flows provided by or (used in):
Operating activities$98,436 $60,344 
Investing activities(59,588)(110,507)
Financing activities(27,786)43,618 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,489)4,718 
Net increase (decrease) in cash, cash equivalents and restricted cash$4,573 $(1,827)
Operating Activities
Operating cash flows were $38.1 million higher in the Current Year primarily due to an increase in net income and changes in deferred income taxes, partially offset by net working capital uses of cash. Working capital uses of $22.3 million in the Current Year primarily resulted from increases in inventory to support new contracts and to mitigate risks related to supply chain constraints and an increase in other assets primarily related to start-up costs for new Government Services contracts. Working capital uses of $19.1 million in the Prior Year were primarily due to an increase in accounts receivables related to the timing of payments from customers, increases in inventory to mitigate risks related to supply chain constraints and decreases in payables and accrued liabilities primarily due to the timing of payments to vendors.
25
Table of Contents
Investing Activities
During the Current Year, net cash used in investing activities was $59.6 million consisting of:
•Capital expenditures of $83.7 million primarily related to payments for aircraft, leasehold improvements and purchases of equipment, partially offset by
•Proceeds of $24.1 million from the sale of assets.
During the Prior Year, net cash used in investing activities was $110.5 million consisting of:
•Capital expenditures of $114.9 million primarily related to payments for aircraft, purchases of equipment and leasehold improvements, partially offset by
•Proceeds of $4.4 million from the sale of assets.
Financing Activities
During the Current Year, net cash used in financing activities was $27.8 million primarily consisting of:
•Net repayments of debt of $24.9 million related to the principal of secured equipment term loans, and
•Stock repurchases of $8.5 million, partially offset by
•Proceeds from borrowings of $5.8 million.
During the Prior Year, net cash provided by financing activities was $43.6 million primarily consisting of:
•Proceeds from borrowings of $57.0 million, partially offset by
•Net repayments of debt of $7.3 million,
•Stock repurchases of $3.9 million, and
•Payments on debt issuance costs of $2.2 million.
Effect of Exchange Rate Changes
The effect of exchange rate changes on cash and cash equivalents denominated in currencies other than the reporting currency are reflected in a separate line on the condensed consolidated statement of cash flows. Through our foreign operations, we are exposed to currency fluctuations, and changes in the value of the GBP relative to the U.S. dollar have the most significant impacts to the effect of exchange rate changes on our cash, cash equivalents and restricted cash.
Capital Allocation Framework
We consistently evaluate the best uses of our cash flow and aim to yield the highest value and return on capital. Our capital allocation strategy includes the following:
Balance Sheet:
•Protect and maintain strong balance sheet and liquidity position by paying down debt to a balance of approximately $500 million gross debt by the end of 2026. During the three months ended June 30, 2025, we made $15.3 million (£11.2 million) of accelerated principal payments on the UKSAR Debt, in support of this target.
•Structure leases and debt to facilitate financial flexibility.
Growth:
•Pursue high impact, high return organic growth opportunities, which currently prioritizes the completion of the new IRCG and UKSAR2G contract transitions. We are also currently upgrading the fleet with new OES configured AW189 helicopters to meet customer demand and enhance profitability.
•Assess other growth opportunities through potential mergers and acquisitions. In addition, we are pursuing various Advanced Air Mobility (AAM) opportunities.
26
Table of Contents
Shareholder Capital Returns:
•Opportunistically buy back shares using $125 million share repurchase program. During the three months ended June 30, 2025, we repurchased 119,841 shares of common stock in open market transactions for gross considerations of $3.9 million, representing an average cost per share of $32.41. As of June 30, 2025, $121.1 million remained available of the $125.0 million stock purchase program authorized in February 2025.
•Plan to initiate a quarterly cash dividend program beginning in the first quarter of 2026, with an initial dividend payment of $0.125 per share ($0.50 per share annualized).
Material Cash Requirements
Our primary sources of liquidity include unrestricted cash balances, cash flows from operations, borrowings under our ABL Facility and, from time to time, we may obtain additional liquidity through the issuance of equity or debt or other financing options or through asset sales. Our primary uses of liquidity include working capital needs to fund operations, meeting our capital commitments and growth expenditure plans (including the purchase of aircraft, property and other equipment), the payment of debt service obligations and executing on our other capital allocation targets.
As of June 30, 2025, we had no near-term debt maturities, other than the current portion of long-term debt of $24.8 million, and our total debt balance, net of deferred financing fees, was $705.2 million which was comprised of the 6.875% Senior Notes due in March 2028, the UKSAR Debt maturing in March 2036, and the IRCG Debt maturing in June 2031.
We believe that our cash flows from operations and other sources of liquidity will continue to be sufficient to meet working capital requirements, debt service obligations, capital expenditure commitments and other meeting capital allocation targets. Our long-term liquidity is dependent upon our ability to generate operating profits sufficient to meet our requirements for operations, debt service, capital expenditures and a reasonable return on investment.
Contractual Obligations and Commercial Commitments
We have various contractual obligations that are recorded as liabilities on our consolidated balance sheets. Other items, such as certain purchase commitments and other executory contracts, are not recognized as liabilities on our consolidated balance sheets.
As of June 30, 2025, we had unfunded capital commitments of $128.5 million, consisting primarily of agreements to purchase seven AW189 heavy helicopters and one AW139 medium helicopter. The AW139 helicopter is scheduled to be delivered in 2025, and the AW189 helicopters are scheduled to be delivered in 2025 and 2026. In addition, the Company has outstanding options to purchase up to ten additional AW189 helicopters and ten additional H135 helicopters. If these options are exercised, the AW189 helicopters would be scheduled for delivery between 2026 and 2028, and the H135 helicopters would be scheduled for delivery between 2027 and 2028. The Company may, from time to time, purchase aircraft for which it has no orders.
Lease Obligations
From time to time, we may, under favorable market conditions and when necessary, enter into opportunistic aircraft lease agreements in support of our global operations.
We have non-cancelable operating leases in connection with the lease of certain equipment, including leases for aircraft, land and facilities used in our operations. The related lease agreements, which range from non-cancelable to month-to-month terms, generally provide for fixed monthly rentals and can also include renewal
27
Table of Contents
options. As of June 30, 2025, aggregate undiscounted future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year were as follows (in thousands):
AircraftOtherTotal
Remaining in 2025$42,356 $6,398 $48,754 
202675,082 10,295 85,377 
202754,518 6,842 61,360 
202837,355 5,493 42,848 
202916,595 3,086 19,681 
Thereafter36,846 8,303 45,149 
$262,752 $40,417 $303,169 
Selected Financial Information on Guarantors of Securities
On February 25, 2021, the Company issued its 6.875% Senior Notes due 2028. The 6.875% Senior Notes, issued under an indenture, are fully and unconditionally guaranteed as to payment by a number of subsidiaries of the Company (collectively, the “Guarantors”). The Company is a holding company with no significant assets other than the stock of its subsidiaries. In order to meet its financial needs and obligations, the Company relies exclusively on income from dividends and other cash flow from such subsidiaries. The subsidiary guarantees provide that, in the event of a default on the 6.875% Senior Notes, the holders of the 6.875% Senior Notes may institute legal proceedings directly against the Guarantors to enforce the guarantees without first proceeding against the Company.
None of the non-Guarantor subsidiaries of the Company are under any direct obligation to pay or otherwise fund amounts due on the 6.875% Senior Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. If such subsidiaries are unable to transfer funds to the Company or Guarantors and sufficient cash or liquidity is not otherwise available, the Company or Guarantors may not be able to make principal and interest payments on their outstanding debt, including the 6.875% Senior Notes or the guarantees. The following selected financial information of the Guarantors presents a sufficient financial position of the Company to continue to fulfill its obligations under the requirements of the 6.875% Senior Notes. This selected financial information should be read in conjunction with the accompanying consolidated financial statements and notes (in thousands).
June 30, 2025
Current assets$2,392,210 
Non-current assets$2,401,410 
Current liabilities$1,720,819 
Non-current liabilities$681,268 
Six Months Ended June 30, 2025
Total revenues$380,343 
Operating income$45,460 
Net income$73,160 
Net income attributable to Bristow Group Inc.$73,083 
Critical Accounting Estimates
See Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” of the Annual Report on Form 10-K for a discussion of our critical accounting estimates. There have been no material changes to our critical accounting policies and estimates since the Annual Report on Form 10-K.
For discussion of recent accounting pronouncements and accounting changes, see Part I, Item 1, “Financial Statements”, Note 1 in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are subject to certain market risks arising from the use of financial instruments in the ordinary course of business. This risk arises primarily as a result of potential changes in the fair market value of financial
28
Table of Contents
instruments that would result from adverse fluctuations in foreign currency exchange rates, credit risk, and interest rates.
For additional information about our exposure to market risk, refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the Annual Report on Form 10-K. Our exposure to market risk has not changed materially since December 31, 2024.
Item 4. Controls and Procedures
With the participation of our Chief Executive Officer and Chief Financial Officer, management evaluated, with reasonable assurance, the effectiveness of the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.
During the quarter ended June 30, 2025, there were no changes in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION 
Item 1A. Risk Factors
For a detailed discussion of our risk factors, see Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table presents information regarding our repurchases of shares of our common stock on a monthly basis during the three months ended June 30, 2025:
Total Number of Shares Purchased(1)
Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(2)
April 1, 2025 - April 30, 2025— $— — $125,000,000 
May 1, 2025 - May 31, 202545,339 $29.97 — $125,000,000 
June 1, 2025 - June 30, 2025146,016 $31.85 119,841 $121,115,803 
___________________________
(1)Reflects 71,514 shares purchased in connection with the surrender of stock by employees to satisfy certain tax withholding obligations from stock vesting. These repurchases are not a part of our publicly announced program and do not affect our Board-approved stock repurchase program.
(2) On February 26, 2025, the Company announced that its Board of Directors approved a new $125.0 million stock repurchase program. Purchases of the Company’s common stock under the stock repurchase program may be made in the open market, including pursuant to a Rule 10b5-1 program, by block repurchases, in private transactions (including with related parties) or otherwise, from time to time, depending on market conditions. The stock repurchase program has no expiration date and may be suspended or discontinued at any time without notice, subject to any changes in applicable law or regulations thereunder.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended June 30, 2025, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
29
Table of Contents
Item 6. Exhibits
The following exhibits are filed as part of this Quarterly Report on Form 10-Q:
Exhibit
Number		Description of Exhibit
3.1
Amended and Restated Certificate of Incorporation of Era Group Inc. (incorporated herein by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 6, 2018 (File No. 001-35701)).
3.2
Certificate Of Amendment of Amended and Restated Certificate of Incorporation of Era Group Inc. (incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the SEC on June 17, 2020 (File No. 001-35701)).
3.3
Certificate Of Amendment of Amended and Restated Certificate of Incorporation of Era Group Inc. (incorporated herein by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed with the SEC on June 17, 2020 (File No. 001-35701)).
3.4
Amended and Restated Bylaws of Bristow Group Inc. (incorporated herein by reference to Exhibit 3.3 of the Company’s Current Report on Form 8-K filed with the SEC on June 17, 2020 (File No. 001-35701)).
10.1
Amendment No. 3 to Bristow Group Inc. 2021 Equity Incentive Plan (incorporated herein by reference to Appendix B to the Company’s definitive proxy statement on Schedule 14A filed with the SEC on April 21, 2025) (File No. 001-35701).
31.1*
Rule 13a-14(a) Certification by Chief Executive Officer of Registrant.
31.2*
Rule 13a-14(a) Certification by Chief Financial Officer of Registrant.
32.1**
Certification of Chief Executive Officer of Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**
Certification of Chief Financial Officer of Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema Document.
101.CALXBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFXBRL Taxonomy Extension Definition Linkbase Document.
101.LABXBRL Taxonomy Extension Label Linkbase Document.
101.PREXBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*Filed herewith.
**Furnished herewith.
30
Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
BRISTOW GROUP INC.
By:/s/ Jennifer D. Whalen
Jennifer D. Whalen
Senior Vice President,
Chief Financial Officer
 
By:/s/ Donna L. Anderson
Donna L. Anderson
Vice President,
Chief Accounting Officer
DATE: August 5, 2025
31

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com