Bristow Group Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

LEASES

LEASES

12 Months Ended

Dec. 31, 2023

The Company leases aircraft, land, hangars, buildings, fuel tanks and tower sites under operating lease agreements.

The majority of the bases from which the Company operates are leased with remaining terms between one and fifty-five years. The Company’s lease agreements are either month-to-month or non-cancelable and generally provide for fixed monthly rent payments. The Company also generally pays for insurance, taxes and maintenance expenses associated with these leases which is excluded from its lease liability and recognized as incurred.

Operating leases as of the periods reflected in the table below were as follows (in thousands):


	December 31,
	2023		2022
Operating lease right-of-use assets	$	287,939	$	240,977

Current portion of operating lease liabilities	75,288		76,261
Operating lease liabilities	214,957		165,955
Total operating lease liabilities	$	290,245	$	242,216

Operating leases for the periods reflected in the table below were as follows (in thousands, except years and percentages):


	Twelve Months Ended December 31, 2023			Nine Months Ended December 31, 2022			Twelve Months Ended March 31, 2022
Cash paid for operating leases	$	106,408		$	69,669		$	100,339
ROU assets obtained in exchange for lease obligations	$	135,650		$	107,034		$	34,185
Weighted average remaining lease term	5 years			5 years			4 years
Weighted average discount rate	6.38		%	6.09		%	6.13		%

The Company’s leases for aircraft range up to base terms of 143 months with renewal options of up to 48 months. The leases contain terms customary in transactions of this type, including provisions that allow the lessor to repossess the aircraft and require the Company to pay a stipulated amount if the Company defaults on its obligations under the agreements.

Rent expense for the periods reflected in the table below were as follows (in thousands):


	Twelve Months Ended December 31, 2023		Nine Months Ended December 31, 2022		Twelve Months Ended March 31, 2022
Rent expense under all operating leases	$	102,729	$	74,378	$	106,180
Rent expense under operating leases for aircraft	$	80,889	$	57,976	$	83,788

As of December 31, 2023, aggregate future payments under all non-cancelable operating leases that have initial or remaining terms in excess of one year, including leases for aircraft, are as follows (in thousands):


	Aircraft		Other		Total
Twelve months ended December 31,
2024	$	79,109	$	11,548	$	90,657
2025	71,167		9,419		80,586
2026	58,117		7,599		65,716
2027	36,325		5,000		41,325
2028	22,214		4,137		26,351
Thereafter	25,713		9,515		35,228
	$	292,645	$	47,218	$	339,863