Oil-and-gas-producer (OGP) operator Bristow Group released its financial results for the quarter ending Dec. 31, 2015, on February 9. Not surprisingly, Bristow reported an OGP revenue decline of $81.2 million, or 21.2 percent from the same quarter a year ago, and net income of $3.2 million from operating revenue of $395 million, a $35 million decline from the same period a year ago. Bristow lost $47.9 million during the last nine months of 2015. Significantly, Bristow reported that it had deferred $109 million of capital expenditures, in the form of new aircraft deliveries, through January 2016, borrowed $200 million and slashed its stock dividend to improve its liquidity.
Bristow also indicated that it is working with lessors to roll off select aircraft more quickly, a move that could save $80 million by 2020, and would continue to “rationalize” its helicopter fleet, mainly through the graduated disposal of its 48 Bell 412 and 212 medium helicopters. Bristow announced that it was temporarily standing down its fleet of 16 Sikorsky S-76s based in Nigeria following an emergency water landing of an S-76C++ there on February 3 in which all passengers and crew survived. This follows the fatal crash of another Bristow S-76 there in August that killed six.
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