Bristow Group announced substantially lower net income for the nine months ending December 31, capped by a modest loss in the most recently completed quarter. The offshore, gas and petroleum helicopter services company said net income dropped 55.7 percent, to $69.2 million, from the $156.4 million posted for the same period a year ago. Bristow announced a $1 million loss in the last quarter. However, revenues over the nine-month period increased 18 percent.
Bristow said the declining values of foreign currencies contributed to $27.3 million of the slide. The decline in oil prices also adversely affected the company, according to CEO Jonathan Baliff. “The recent rapid decline in oil prices is leading to a reduction in capital expenditures by most of our clients. We anticipated these developments in the latter half of calendar 2014 and implemented a proactive strategy to help our clients meet their cost-reduction objectives,” he said. “We are also proactively making cost and capital efficiency improvements in partnership with our OEM and lessor partners. This will allow our business model to thrive and capitalize on this environment for our clients, as we continue to execute our growth plan including the startup of the UK search-and-rescue contract in April 2015.”
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