Bristow Group Announces Eight New Aircraft Purchases
HOUSTON, Jan. 11 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS), a leading provider of helicopter services to the offshore energy industry, today announced the acquisition of eight new aircraft. Bristow has exercised options to acquire two S-92 and three S-76C++ helicopters from Sikorsky Aircraft Corporation, a subsidiary of United Technologies Corp. (NYSE: UTX), and three EC225 helicopters from Eurocopter, a division of EADS. The combined value of these purchases is approximately $143 million to be funded with the proceeds of previously completed financings and future operating cash flows. Bristow maintains multi-year options to purchase additional aircraft from Sikorsky and Eurocopter as market conditions require.
The S-92 and EC225 aircraft are larger helicopters capable of flying longer distances to serve oil and gas facilities in the most remote offshore locations. The S-76C++ helicopters are medium-size aircraft that provide versatility in terms of distance, passenger capacity and markets in which they can operate. Bristow expects to take delivery of all eight aircraft by the end of calendar year 2009 and deploy them in various domestic and international markets.
William E. Chiles, President and Chief Executive Officer of Bristow Group, stated, "We continue to add state-of-the-art aircraft to our fleet as a crucial component of our long-term growth strategy and fleet modernization. Market analysis shows customer demand exceeding supply for the foreseeable future, and we are committed to having the safest and most capable fleet possible to take advantage of these strong market conditions."
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Mexico, Nigeria, Russia and Trinidad. For more information, visit the Company's website at http://www.bristowgroup.com.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2007 and the annual report on Form 10-K for the year ended March 31, 2007. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.
Linda McNeill, Treasury Manager
SOURCE Bristow Group Inc.
Released January 11, 2008