00015252212022FYFALSEApril, 1, 2022http://fasb.org/us-gaap/2022#AssetImpairmentChargesP1Y11P1Yhttp://fasb.org/us-gaap/2022#CostsAndExpenseshttp://fasb.org/us-gaap/2022#CostsAndExpenseshttp://fasb.org/us-gaap/2022#CostsAndExpenseshttp://fasb.org/us-gaap/2022#CostsAndExpenseshttp://fasb.org/us-gaap/2022#CostsAndExpenseshttp://fasb.org/us-gaap/2022#CostsAndExpenses00015252212022-04-012022-12-3100015252212022-06-30iso4217:USD00015252212023-03-02xbrli:shares0001525221us-gaap:ServiceMember2022-04-012022-12-310001525221us-gaap:ServiceMember2021-04-012022-03-310001525221us-gaap:ServiceMember2020-04-012021-03-310001525221vtol:ReimbursableMember2022-04-012022-12-310001525221vtol:ReimbursableMember2021-04-012022-03-310001525221vtol:ReimbursableMember2020-04-012021-03-3100015252212021-04-012022-03-3100015252212020-04-012021-03-31iso4217:USDxbrli:shares00015252212022-12-3100015252212022-03-3100015252212020-03-310001525221us-gaap:CommonStockMember2020-03-310001525221us-gaap:AdditionalPaidInCapitalMember2020-03-310001525221us-gaap:RetainedEarningsMember2020-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001525221us-gaap:TreasuryStockMember2020-03-310001525221us-gaap:NoncontrollingInterestMember2020-03-310001525221us-gaap:RetainedEarningsMember2021-04-012022-03-310001525221us-gaap:CommonStockMember2021-04-012022-03-310001525221us-gaap:CommonStockMember2020-04-012021-03-310001525221us-gaap:AdditionalPaidInCapitalMember2020-04-012021-03-310001525221us-gaap:RetainedEarningsMember2020-04-012021-03-310001525221us-gaap:TreasuryStockMember2020-04-012021-03-310001525221us-gaap:NoncontrollingInterestMember2020-04-012021-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012021-03-3100015252212021-03-310001525221us-gaap:CommonStockMember2021-03-310001525221us-gaap:AdditionalPaidInCapitalMember2021-03-310001525221us-gaap:RetainedEarningsMember2021-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001525221us-gaap:TreasuryStockMember2021-03-310001525221us-gaap:NoncontrollingInterestMember2021-03-310001525221us-gaap:AdditionalPaidInCapitalMember2021-04-012022-03-310001525221us-gaap:TreasuryStockMember2021-04-012022-03-310001525221us-gaap:NoncontrollingInterestMember2021-04-012022-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012022-03-310001525221us-gaap:CommonStockMember2022-03-310001525221us-gaap:AdditionalPaidInCapitalMember2022-03-310001525221us-gaap:RetainedEarningsMember2022-03-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001525221us-gaap:TreasuryStockMember2022-03-310001525221us-gaap:NoncontrollingInterestMember2022-03-310001525221us-gaap:CommonStockMember2022-04-012022-12-310001525221us-gaap:AdditionalPaidInCapitalMember2022-04-012022-12-310001525221us-gaap:TreasuryStockMember2022-04-012022-12-310001525221us-gaap:NoncontrollingInterestMember2022-04-012022-12-310001525221us-gaap:RetainedEarningsMember2022-04-012022-12-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-12-310001525221us-gaap:CommonStockMember2022-12-310001525221us-gaap:AdditionalPaidInCapitalMember2022-12-310001525221us-gaap:RetainedEarningsMember2022-12-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001525221us-gaap:TreasuryStockMember2022-12-310001525221us-gaap:NoncontrollingInterestMember2022-12-310001525221us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-04-012022-12-310001525221us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2021-04-012022-03-310001525221us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2020-04-012021-03-310001525221vtol:EraMergerMember2022-04-012022-12-310001525221vtol:EraMergerMember2021-04-012022-03-310001525221vtol:EraMergerMember2020-04-012021-03-310001525221us-gaap:InventoryValuationReserveMember2022-03-310001525221us-gaap:InventoryValuationReserveMember2021-03-310001525221us-gaap:InventoryValuationReserveMember2022-04-012022-12-310001525221us-gaap:InventoryValuationReserveMember2021-04-012022-03-310001525221us-gaap:InventoryValuationReserveMember2022-12-310001525221srt:MinimumMembervtol:AircraftMember2022-12-31xbrli:pure0001525221srt:MaximumMembervtol:AircraftMember2022-12-310001525221vtol:AircraftMember2022-04-012022-12-310001525221vtol:AircraftAccessoriesAndSparesMembersrt:MinimumMember2022-04-012022-12-310001525221vtol:AircraftAccessoriesAndSparesMembersrt:MaximumMember2022-04-012022-12-310001525221us-gaap:BuildingMember2022-12-310001525221us-gaap:BuildingMember2022-04-012022-12-310001525221us-gaap:LeaseholdImprovementsMember2022-04-012022-12-310001525221us-gaap:PropertyPlantAndEquipmentOtherTypesMembersrt:MinimumMember2022-04-012022-12-310001525221us-gaap:PropertyPlantAndEquipmentOtherTypesMembersrt:MaximumMember2022-04-012022-12-310001525221vtol:U.K.SARCustomerContractMember2021-03-310001525221vtol:PBHMember2021-03-310001525221vtol:U.K.SARCustomerContractMember2021-04-012022-03-310001525221vtol:PBHMember2021-04-012022-03-310001525221vtol:U.K.SARCustomerContractMember2022-03-310001525221vtol:PBHMember2022-03-310001525221vtol:U.K.SARCustomerContractMember2022-04-012022-12-310001525221vtol:PBHMember2022-04-012022-12-310001525221vtol:U.K.SARCustomerContractMember2022-12-310001525221vtol:PBHMember2022-12-3100015252212021-04-012021-12-310001525221vtol:BritishInternationalHelicopterServicesLimitedMember2022-08-022022-08-020001525221vtol:BritishInternationalHelicopterServicesLimitedMember2022-08-02vtol:customerContract0001525221vtol:FormerBristowStockholdersMembervtol:CombinedCompanyCommonStockMember2020-06-110001525221vtol:EraCommonStockholdersMembervtol:CombinedCompanyCommonStockMember2020-06-1100015252212020-06-11vtol:aircraft0001525221us-gaap:CommonStockMembervtol:EraGroupInc.Member2020-06-112020-06-110001525221vtol:EraGroupInc.Membervtol:SharebasedPaymentArrangementAcceleratedAwardsMember2020-06-112020-06-110001525221vtol:EraGroupInc.Membervtol:SharebasedPaymentArrangementExchangedAwardsMember2020-06-112020-06-110001525221vtol:EraGroupInc.Member2020-06-112020-06-110001525221vtol:EraGroupInc.Member2021-04-012021-12-310001525221vtol:LiderMember2020-06-012020-06-300001525221vtol:AircraftMember2022-12-310001525221vtol:AircraftMember2022-03-310001525221us-gaap:LandAndBuildingMember2022-12-310001525221us-gaap:LandAndBuildingMember2022-03-310001525221us-gaap:PropertyPlantAndEquipmentOtherTypesMember2022-12-310001525221us-gaap:PropertyPlantAndEquipmentOtherTypesMember2022-03-31vtol:agreementvtol:contract0001525221us-gaap:OilAndGasServiceMembersrt:MinimumMember2022-04-012022-12-310001525221us-gaap:OilAndGasServiceMembersrt:MaximumMember2022-04-012022-12-310001525221vtol:GovernmentServicesMember2022-04-012022-12-310001525221srt:MaximumMember2022-04-012022-12-310001525221srt:MinimumMember2022-04-012022-12-310001525221us-gaap:OilAndGasServiceMember2022-04-012022-12-310001525221us-gaap:OilAndGasServiceMember2021-04-012022-03-310001525221us-gaap:OilAndGasServiceMember2020-04-012021-03-310001525221vtol:GovernmentServicesMember2021-04-012022-03-310001525221vtol:GovernmentServicesMember2020-04-012021-03-310001525221vtol:FixedWingServicesMember2022-04-012022-12-310001525221vtol:FixedWingServicesMember2021-04-012022-03-310001525221vtol:FixedWingServicesMember2020-04-012021-03-310001525221vtol:OtherServicesMember2022-04-012022-12-310001525221vtol:OtherServicesMember2021-04-012022-03-310001525221vtol:OtherServicesMember2020-04-012021-03-310001525221us-gaap:RevenueFromContractWithCustomerMember2022-12-310001525221us-gaap:RevenueFromContractWithCustomerMember2022-03-3100015252212023-01-012022-12-3100015252212024-01-012022-12-31vtol:affiliates0001525221vtol:BNASHoldingsCompanyLimitedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembervtol:BristowHelicoptersLimitedMember2022-04-012022-12-310001525221vtol:BNASHoldingsCompanyLimitedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembervtol:EuropeanUnionEUNationalMember2022-04-012022-12-310001525221vtol:BristowNorwayASMember2022-04-012022-12-310001525221vtol:BristowAviationHoldingsLimitedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-12-310001525221vtol:BristowAviationHoldingsLimitedMembervtol:ImpigraAviationHoldingsLimitedMember2022-04-012022-12-310001525221vtol:BristowEUHoldcoBVMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembervtol:BristowHelicoptersLimitedMember2022-04-012022-12-310001525221vtol:BristowEUHoldcoBVMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembervtol:EuropeanUnionEUNationalMember2022-04-012022-12-310001525221vtol:BristowHelicoptersNigeriaLtdMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-12-310001525221vtol:YII5668EnergyMembervtol:NigerianEmployeesMember2022-12-310001525221vtol:BristowHelicoptersNigeriaLtdMembervtol:YII5668EnergyMember2022-04-012022-12-310001525221vtol:BristowHelicoptersNigeriaLtdMembervtol:EmployeeTrustFundMember2022-04-012022-12-310001525221vtol:ImpigraAviationHoldingsLimitedMembervtol:BritishEmployeesMember2022-04-012022-12-310001525221vtol:BristowAviationHoldingsLimitedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembervtol:ImpigraAviationHoldingsLimitedMember2022-04-012022-12-310001525221vtol:PanAfricanAirlinesNigeriaLtdMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-04-012022-12-310001525221vtol:BristowAviationHoldingsLimitedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001525221vtol:BristowAviationHoldingsLimitedMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-03-310001525221us-gaap:UnsecuredDebtMembervtol:VIEDebtMember2022-12-3100015252211996-01-012022-12-310001525221vtol:CougarMember2022-12-310001525221vtol:CougarMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001525221vtol:CougarMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310001525221vtol:CougarMember2020-04-012021-03-310001525221vtol:PetroleumAirServicesMember2022-12-310001525221vtol:PetroleumAirServicesMember2021-04-012022-03-310001525221vtol:PetroleumAirServicesMember2022-03-310001525221vtol:LiderMember2020-04-012021-03-310001525221vtol:CougarMember2022-04-012022-12-310001525221vtol:CougarMember2021-04-012022-03-310001525221vtol:CougarMember2020-04-012021-03-310001525221vtol:CougarMember2022-12-310001525221vtol:CougarMember2022-03-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2022-12-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2022-03-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMember2022-12-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMember2022-03-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2021-02-280001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2021-02-012021-02-2800015252212021-02-012021-02-280001525221us-gaap:SeniorNotesMembervtol:SevenPointSevenFiveSeniorNotesDueDecemberTwentyTwentyTwoMember2022-12-310001525221us-gaap:SeniorNotesMembervtol:SevenPointSevenFiveSeniorNotesDueDecemberTwentyTwentyTwoMember2021-02-012021-02-280001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2022-04-012022-12-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMember2021-04-012022-03-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMember2016-11-112016-11-11vtol:loan0001525221us-gaap:SecuredDebtMembervtol:LombardDebtMember2016-11-110001525221us-gaap:SecuredDebtMembervtol:LombardDebtMember2022-04-012022-12-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMember2021-04-012022-03-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMember2020-04-012021-03-310001525221vtol:AssetBackedRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-12-310001525221vtol:AssetBackedRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-03-310001525221vtol:AssetBackedRevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2022-12-310001525221vtol:AssetBackedRevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2022-03-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:SeniorNotesMembervtol:SixPointEightSevenFivePercentSeniorNotesDueMarchTwentyTwentyEightMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:SecuredDebtMembervtol:LombardDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001525221us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-12-310001525221us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001525221us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001525221us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001525221us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001525221us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001525221us-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001525221vtol:AircraftMember2022-12-310001525221vtol:Aw189HeavyHelicoptersMember2022-12-31vtol:helicopter0001525221vtol:AW139MediumHelicoptersMember2022-12-310001525221vtol:Aw169LightTwinHelicoptersMember2022-12-3100015252212021-07-310001525221srt:MinimumMembervtol:BaseMember2022-12-310001525221srt:MaximumMembervtol:BaseMember2022-12-310001525221vtol:AllOperatingLeaseArrangementsMember2022-04-012022-12-310001525221vtol:AllOperatingLeaseArrangementsMember2021-04-012022-03-310001525221vtol:AllOperatingLeaseArrangementsMember2020-04-012021-03-310001525221vtol:AircraftTypeLeaseArrangementMember2022-04-012022-12-310001525221vtol:AircraftTypeLeaseArrangementMember2021-04-012022-03-310001525221vtol:AircraftTypeLeaseArrangementMember2020-04-012021-03-310001525221vtol:AircraftTypeLeaseArrangementMember2022-12-310001525221vtol:OtherOperatingLeaseArrangementMember2022-12-310001525221vtol:ForeignTaxCreditCarryforwardExpiring2023Member2022-12-310001525221vtol:ForeignTaxCreditCarryforwardExpiring2024Member2022-12-310001525221vtol:ForeignTaxCreditCarryforwardExpiringAfter2025Member2022-12-310001525221us-gaap:DomesticCountryMember2022-12-310001525221us-gaap:StateAndLocalJurisdictionMember2022-12-310001525221vtol:DeferredTaxAssetExpiration20232031Member2022-12-310001525221vtol:DeferredTaxAssetExpirationIndefiniteMemberus-gaap:ForeignCountryMember2022-12-310001525221vtol:DeferredTaxAssetExpirationIndefiniteMemberus-gaap:StateAndLocalJurisdictionMember2022-12-310001525221vtol:DeferredTaxAssetExpiration20232040Memberus-gaap:StateAndLocalJurisdictionMember2022-12-310001525221vtol:DeferredTaxAssetExpirationIndefiniteMember2022-12-310001525221vtol:ValuationAllowanceByDeferredTaxAssetForeignMember2022-12-310001525221vtol:ValuationAllowanceByDeferredTaxAssetStateMember2022-12-310001525221vtol:ValuationAllowanceByDeferredTaxAssetInterestExpenseLimitationMember2022-12-310001525221vtol:ValuationAllowanceByDeferredTaxAssetForeignTaxCreditsMember2022-12-310001525221vtol:ValuationAllowanceByDeferredTaxAssetOtherMember2022-12-310001525221vtol:ValuationAllowanceByDeferredTaxAssetForeignMember2022-03-310001525221vtol:ValuationAllowanceByDeferredTaxAssetStateMember2022-03-310001525221vtol:ValuationAllowanceByDeferredTaxAssetInterestExpenseLimitationMember2022-03-310001525221vtol:ValuationAllowanceByDeferredTaxAssetForeignTaxCreditsMember2022-03-310001525221us-gaap:ForeignCountryMember2022-04-012022-12-310001525221vtol:A2021EquityIncentivePlanMemberus-gaap:CommonStockMember2021-08-310001525221vtol:A2021EquityIncentivePlanMember2022-12-310001525221us-gaap:RestrictedStockMember2022-03-310001525221us-gaap:RestrictedStockMember2022-04-012022-12-310001525221us-gaap:RestrictedStockMember2022-12-310001525221us-gaap:EmployeeStockOptionMember2022-04-012022-12-310001525221us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-12-310001525221vtol:CashReturnOnInvestedCapitalAwardMember2022-04-012022-12-310001525221vtol:PerformanceRestrictedStockMember2022-04-012022-12-310001525221us-gaap:DefinedBenefitPlanEquitySecuritiesMember2022-12-310001525221us-gaap:DefinedBenefitPlanEquitySecuritiesMember2022-03-310001525221us-gaap:DefinedBenefitPlanDebtSecurityMember2022-12-310001525221us-gaap:DefinedBenefitPlanDebtSecurityMember2022-03-310001525221us-gaap:DefinedBenefitPlanRealEstateMember2022-12-310001525221us-gaap:DefinedBenefitPlanRealEstateMember2022-03-310001525221vtol:DefinedBenefitPlanOtherAssetsMember2022-12-310001525221vtol:DefinedBenefitPlanOtherAssetsMember2022-03-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2022-12-310001525221us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel1Member2022-12-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanEquitySecuritiesNonUKMember2022-12-310001525221vtol:DefinedBenefitPlanEquitySecuritiesNonUKMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221vtol:DefinedBenefitPlanEquitySecuritiesNonUKMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221vtol:DefinedBenefitPlanEquitySecuritiesNonUKMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMember2022-12-310001525221us-gaap:FairValueInputsLevel2Membervtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMember2022-12-310001525221us-gaap:FairValueInputsLevel3Membervtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMember2022-12-310001525221vtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanPlanAssetsLiquidCreditMember2022-12-310001525221vtol:DefinedBenefitPlanPlanAssetsLiquidCreditMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221vtol:DefinedBenefitPlanPlanAssetsLiquidCreditMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221vtol:DefinedBenefitPlanPlanAssetsLiquidCreditMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanAlternativesMember2022-12-310001525221vtol:DefinedBenefitPlanAlternativesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221vtol:DefinedBenefitPlanAlternativesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221vtol:DefinedBenefitPlanAlternativesMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanDiversifiedGrowthFundMember2022-12-310001525221vtol:DefinedBenefitPlanDiversifiedGrowthFundMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221vtol:DefinedBenefitPlanDiversifiedGrowthFundMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221vtol:DefinedBenefitPlanDiversifiedGrowthFundMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2022-12-310001525221us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310001525221us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310001525221us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanInsurancePoliciesMember2022-12-310001525221vtol:DefinedBenefitPlanInsurancePoliciesMemberus-gaap:FairValueInputsLevel2Member2022-12-310001525221vtol:DefinedBenefitPlanInsurancePoliciesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001525221vtol:DefinedBenefitPlanInsurancePoliciesMemberus-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueInputsLevel1Member2022-12-310001525221us-gaap:FairValueInputsLevel2Member2022-12-310001525221us-gaap:FairValueInputsLevel3Member2022-12-310001525221us-gaap:FairValueInputsLevel12And3Member2022-12-310001525221us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-12-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2022-03-310001525221us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel1Member2022-03-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221vtol:DefinedBenefitPlanEquitySecuritiesUKMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanEquitySecuritiesNonUKMember2022-03-310001525221vtol:DefinedBenefitPlanEquitySecuritiesNonUKMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221vtol:DefinedBenefitPlanEquitySecuritiesNonUKMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221vtol:DefinedBenefitPlanEquitySecuritiesNonUKMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMember2022-03-310001525221us-gaap:FairValueInputsLevel2Membervtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMember2022-03-310001525221us-gaap:FairValueInputsLevel3Membervtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMember2022-03-310001525221vtol:DefinedBenefitPlanInsuranceLinkedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanPlanAssetsLiquidCreditMember2022-03-310001525221vtol:DefinedBenefitPlanPlanAssetsLiquidCreditMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221vtol:DefinedBenefitPlanPlanAssetsLiquidCreditMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221vtol:DefinedBenefitPlanPlanAssetsLiquidCreditMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanAlternativesMember2022-03-310001525221vtol:DefinedBenefitPlanAlternativesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221vtol:DefinedBenefitPlanAlternativesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221vtol:DefinedBenefitPlanAlternativesMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanDiversifiedGrowthFundMember2022-03-310001525221vtol:DefinedBenefitPlanDiversifiedGrowthFundMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221vtol:DefinedBenefitPlanDiversifiedGrowthFundMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221vtol:DefinedBenefitPlanDiversifiedGrowthFundMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2022-03-310001525221us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2022-03-310001525221us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-03-310001525221us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Membervtol:DefinedBenefitPlanInsurancePoliciesMember2022-03-310001525221vtol:DefinedBenefitPlanInsurancePoliciesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001525221vtol:DefinedBenefitPlanInsurancePoliciesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001525221vtol:DefinedBenefitPlanInsurancePoliciesMemberus-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueInputsLevel1Member2022-03-310001525221us-gaap:FairValueInputsLevel2Member2022-03-310001525221us-gaap:FairValueInputsLevel3Member2022-03-310001525221us-gaap:FairValueInputsLevel12And3Member2022-03-310001525221us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-03-3100015252212020-09-3000015252212022-08-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-12-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-12-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-12-310001525221us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-12-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012022-03-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012022-03-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012022-03-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2022-04-012022-12-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-12-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-12-310001525221us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001525221us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001525221us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-3100015252212022-10-012022-12-31vtol:segmentvtol:region0001525221us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembervtol:CustomerAMember2022-04-012022-12-310001525221us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembervtol:CustomerAMember2021-04-012022-03-310001525221us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembervtol:CustomerAMember2020-04-012021-03-310001525221us-gaap:SalesRevenueNetMembervtol:CustomerBMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-12-310001525221us-gaap:SalesRevenueNetMembervtol:CustomerBMemberus-gaap:CustomerConcentrationRiskMember2021-04-012022-03-310001525221us-gaap:SalesRevenueNetMembervtol:CustomerBMemberus-gaap:CustomerConcentrationRiskMember2020-04-012021-03-310001525221vtol:CustomerCMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-12-310001525221vtol:CustomerCMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-04-012022-03-310001525221vtol:CustomerCMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-04-012021-03-310001525221vtol:Top3CustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-12-310001525221vtol:Top3CustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-04-012022-03-310001525221vtol:Top3CustomersMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-04-012021-03-310001525221srt:EuropeMembersrt:ReportableGeographicalComponentsMember2022-04-012022-12-310001525221srt:EuropeMembersrt:ReportableGeographicalComponentsMember2021-04-012022-03-310001525221srt:EuropeMembersrt:ReportableGeographicalComponentsMember2020-04-012021-03-310001525221srt:AmericasMembersrt:ReportableGeographicalComponentsMember2022-04-012022-12-310001525221srt:AmericasMembersrt:ReportableGeographicalComponentsMember2021-04-012022-03-310001525221srt:AmericasMembersrt:ReportableGeographicalComponentsMember2020-04-012021-03-310001525221srt:AsiaPacificMembersrt:ReportableGeographicalComponentsMember2022-04-012022-12-310001525221srt:AsiaPacificMembersrt:ReportableGeographicalComponentsMember2021-04-012022-03-310001525221srt:AsiaPacificMembersrt:ReportableGeographicalComponentsMember2020-04-012021-03-310001525221srt:AfricaMembersrt:ReportableGeographicalComponentsMember2022-04-012022-12-310001525221srt:AfricaMembersrt:ReportableGeographicalComponentsMember2021-04-012022-03-310001525221srt:AfricaMembersrt:ReportableGeographicalComponentsMember2020-04-012021-03-310001525221us-gaap:CorporateNonSegmentMember2022-04-012022-12-310001525221us-gaap:CorporateNonSegmentMember2021-04-012022-03-310001525221us-gaap:CorporateNonSegmentMember2020-04-012021-03-310001525221srt:EuropeMembersrt:ReportableGeographicalComponentsMember2022-12-310001525221srt:EuropeMembersrt:ReportableGeographicalComponentsMember2022-03-310001525221srt:AmericasMembersrt:ReportableGeographicalComponentsMember2022-12-310001525221srt:AmericasMembersrt:ReportableGeographicalComponentsMember2022-03-310001525221srt:AsiaPacificMembersrt:ReportableGeographicalComponentsMember2022-12-310001525221srt:AsiaPacificMembersrt:ReportableGeographicalComponentsMember2022-03-310001525221srt:AfricaMembersrt:ReportableGeographicalComponentsMember2022-12-310001525221srt:AfricaMembersrt:ReportableGeographicalComponentsMember2022-03-310001525221us-gaap:CorporateNonSegmentMember2022-12-310001525221us-gaap:CorporateNonSegmentMember2022-03-310001525221country:GB2022-04-012022-12-310001525221country:GB2021-04-012022-03-310001525221country:GB2020-04-012021-03-310001525221country:NO2022-04-012022-12-310001525221country:NO2021-04-012022-03-310001525221country:NO2020-04-012021-03-310001525221country:US2022-04-012022-12-310001525221country:US2021-04-012022-03-310001525221country:US2020-04-012021-03-310001525221vtol:OtherCountriesMember2022-04-012022-12-310001525221vtol:OtherCountriesMember2021-04-012022-03-310001525221vtol:OtherCountriesMember2020-04-012021-03-310001525221country:GB2022-12-310001525221country:GB2022-03-310001525221country:NO2022-12-310001525221country:NO2022-03-310001525221country:US2022-12-310001525221country:US2022-03-310001525221vtol:OtherCountriesMember2022-12-310001525221vtol:OtherCountriesMember2022-03-3100015252212021-12-310001525221us-gaap:ForeignLineOfCreditMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2023-01-012023-01-31vtol:debt_instrument0001525221us-gaap:ForeignLineOfCreditMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2023-01-31iso4217:GBP0001525221us-gaap:ForeignLineOfCreditMemberus-gaap:SubsequentEventMembervtol:SterlingOvernightIndexAverageMemberus-gaap:LineOfCreditMember2023-01-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 ________________________________________
FORM 10-KT
________________________________________ 
ANNUAL REPORT
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     March 31, 2022         to     December 31, 2022  
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
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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes      No
Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ¨ Yes      No
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 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
The aggregate market value of the voting stock of the registrant held by non-affiliates as of June 30, 2022 was $553,942,958. The total number of shares of common stock, par value $0.01 per share, outstanding as of March 2, 2023 was 28,012,406. The Registrant has no other class of common stock outstanding.


Table of Contents
BRISTOW GROUP INC.
FORM 10-KT
TABLE OF CONTENTS
PART I
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
PART II
Item 5.


Table of Contents
Item 6.
Item 7.
49
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
60
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV


Table of Contents
Item 15.
Item 16.



Table of Contents
FORWARD-LOOKING STATEMENTS
This Transition Report on Form 10-KT includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 Transition Report on Form 10-KT, 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 Transition Report on Form 10-KT regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties 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 Transition Report on Form 10-KT, and in particular, the risks discussed in Part I, 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:
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;
public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions;
any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions;
our inability to execute our business strategy for diversification efforts related to government services, offshore wind, and advanced air mobility;
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;
the possibility that we may be unable to maintain compliance with covenants in our financing agreements;
the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates;
potential effects of increased competition and the introduction of alternative modes of transportation and solutions;
the possibility that we may be unable to re-deploy our aircraft to regions with greater demand;
the possibility of changes in tax and other laws and regulations and policies, including, without limitation, actions of governments that impact oil and gas operations or favor renewable energy projects;
the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket;
general economic conditions, including the capital and credit markets;
the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events);
the existence of operating risks inherent in our business, including the possibility of declining safety performance;
1

Table of Contents
the possibility of political instability, war or acts of terrorism in any of the countries where we operate;
the possibility that reductions in spending on aviation services by governmental agencies could lead to modifications of our search and rescue (“SAR”) contract terms with governments, our contracts with the Bureau of Safety and Environmental Enforcement ("BSEE") or delays in receiving payments under such contracts;
the effectiveness of our environmental, social and governance initiatives;
the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; and
our reliance on a limited number of helicopter manufacturers and suppliers.
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 Transition Report on Form 10-KT are qualified by these cautionary statements and are only made as of the date of this Transition Report. The forward-looking statements in this Transition Report on Form 10-KT 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 Results of Operations” of this Transition Report on Form 10-KT.
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.
2

Table of Contents
PART I
ITEM 1.BUSINESS
Unless the context indicates otherwise, the terms “we,” “our,” “ours,” “us” and the “Company” refer to Bristow Group Inc. and its consolidated subsidiaries. Bristow Group Inc. was incorporated in 1999 in Delaware. References herein to “Old Bristow” refer to the entity formerly known as Bristow Group Inc. and now known as Bristow Holdings U.S. Inc., together with its subsidiaries prior to the consummation of the merger between Era Group, Inc. and Bristow Group Inc. on June 11, 2020 (the “Merger”). References herein to “Era” refer to the entity formerly known as Era Group Inc. and which was renamed to Bristow Group Inc. in connection with the consummation of the Merger. See Note 2 to our Consolidated Financial Statements for further information on the Merger. Our common stock, par value $0.01 per share (the “Common Stock”), is traded on the New York Stock Exchange (“NYSE”) under the symbol “VTOL”. Bristow Group’s principal executive office is located at 3151 Briarpark Drive, Suite 700, Houston, Texas 77042, and our telephone number is (713) 267-7600. Our website address is www.bristowgroup.com. The reference to our website is not intended to incorporate the information on the website into this Transition Report on Form 10-KT.
General    
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide 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 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 core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity which helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Guyana, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom (“U.K.”) and the United States (“U.S.”).
In certain countries that limit foreign ownership of aviation companies and where we believe it is beneficial to access the local market for aviation support, we conduct our operations through subsidiaries, strategic alliances with foreign partners or through joint ventures with local shareholders. These arrangements, that combine a local ownership interest with Bristow’s experience in providing aviation services to the offshore energy industry, have allowed us to expand operations while diversifying risk.
Change in Fiscal Year End
In August 2022, our Board of Directors (the “Board”) approved a change in the fiscal year end of the Company from March 31st to December 31st. As a result of this change, we are filing this Transition Report on Form 10-KT for the nine-month transition period ended December 31, 2022. The change in fiscal year end is applied on a prospective basis and does not adjust operating results for prior periods. References to our previous fiscal years mean the fiscal years ending on March 31st. The Company’s fiscal year 2023 commenced on January 1, 2023. References herein to “Transition Period” refer to the nine-month period ended December 31, 2022.
Segment, Markets and Seasonality
Aviation services, the single segment in which we conduct our business, is deployed from four regions: Europe, Americas, Africa and Asia Pacific. The current principal markets for our aviation services are in Australia, Brazil, the Dutch Caribbean, the Falkland Islands, the Netherlands, Nigeria, Norway, Suriname, Trinidad, the U.K and the U.S. Gulf of Mexico. In addition, we currently have customers in Canada, Chile, Guyana, India, Mexico and Spain.
Global demand for helicopters in support of offshore energy services is affected by offshore exploration and production. The activity levels are affected by prevailing and anticipated oil and gas prices and price volatility, all of which influence capital spending decisions by our customers. Historically, the prices for oil and gas and, consequently, the level of activity in the offshore energy industry, have been volatile and subject to a variety of factors beyond our control, including but not limited to customer assessments of offshore drilling prospects compared with land-based opportunities, including oil sands and shale
3

Table of Contents
formations; customer assessments of cost, geological opportunity and political stability in host countries; worldwide supply of and demand for oil and natural gas; the price and availability of alternative fuels; the ability of the Organization of Petroleum Exporting Countries (“OPEC”) to set and maintain production levels and pricing; the level of production of non-OPEC countries; the relative exchange rates for the U.S. dollar; and various U.S. and international government policies regarding exploration and development of oil and gas reserves.
Today, we generate a majority of our operating revenues from contracts supporting our energy customers’ offshore production operations, which have long-term transportation requirements. Production activities are typically less cyclical than exploration and development activities. Production platforms remain in place over the long-term and are relatively unaffected by economic cycles, as the marginal cost of operation is low. The remainder of our offshore energy revenues primarily come from transporting personnel to, from and between offshore drilling rigs. Deepwater activity continues to be a significant segment of the global offshore energy markets and typically involves significant capital investment and multi-year development plans. Such projects are generally underwritten by the energy companies using relatively conservative assumptions relating to oil and gas prices.
Global demand for helicopters in support of government services, such as SAR, is subject to a nation’s willingness to outsource such services and capital spending decisions.
For the nine months ended December 31, 2022, approximately 66% of our total operating revenues were derived from offshore energy services, including emergency response services, provided to customers primarily engaged in offshore exploration, development and production activities. Accordingly, our results of operations are, to a large extent, tied to the level of offshore exploration, development and production activity by energy companies. In the nine months ended December 31, 2022, approximately 24% of our total operating revenues were derived from government services, and approximately 10% were derived from fixed wing and other services.
Europe
We are one of the largest providers of aviation services in the North Sea, where there are harsh weather conditions and geographically concentrated offshore facilities. Our North Sea operations are subject to seasonality as drilling activity is lower during the winter months due to harsh weather and shorter days. Our customers in this region are primarily international, independent and major integrated energy companies.
U.K. Markets. We provide offshore aviation services to a number of energy companies operating in the U.K. region of the North Sea. We also provide emergency response services through the U.K. SAR contract (“UKSAR”) with the Department of Transport (“DfT”) servicing the public sector SAR needs for all of the U.K. on behalf of the Maritime and Coastguard Agency (the “MCA”), and together with the Dft, (the “Department”), an executive agency of the Department for Transport in the U.K. In July 2022, we were awarded a £1.6 billion, 10-year contract for the Second-Generation Search and Rescue Aviation ("UKSAR2G", and together with UKSAR, the “U.K. SAR Contract”) program by the MCA and will transition to the new contract beginning September 30, 2024 through December 31, 2026. We also own a controlling stake in the Humberside Airport in Kirmington, United Kingdom (the “Humberside Airport”) where we conduct certain of our SAR operations. Additionally, upon the completion of our acquisition of British International Helicopter Services Limited ("BIH") on August 2, 2022, we integrated BIH into our U.K. operations which includes SAR and support helicopter services for the U.K. Ministry of Defence (“MOD”) with operations in the Falkland Islands and delivering Fleet Operational Sea Training (“FOST”) helicopter support for the Royal Navy in the U.K.
Norway. We provide offshore aviation services to a number of energy companies operating in the Norwegian North Sea.
Netherlands. In November 2022, we commenced operations on the 10-year government SAR helicopter contract for the Netherlands Defense Materiel Organization (“DMO”). Beyond responding to emergencies, the SAR teams tasked by the Joint Rescue Coordination Centre in Den Helder will also support the Netherlands Coastguard with other duties, such as the aftermath of disasters, incidents, and transporting the Maritime Incident Response Group.
4

Table of Contents
Americas
We are one of the largest providers of vertical flight services in North America and in a number of Latin American countries. Our operations in the U.S. are subject to seasonality where fewer hours of daylight in the winter months may result in fewer flight hours.
U.S. Markets. We are one of the largest providers of aviation services in the U.S. Gulf of Mexico, which is a major offshore energy exploration, development and production region and one of the largest offshore energy aviation markets in the world. Our customer base in the U.S. Gulf of Mexico consists primarily of international, independent and major integrated energy companies and the U.S. government. In general, the months of December through February in the U.S. Gulf of Mexico have more days of adverse weather conditions than the other months of the year. Additionally, June through November is tropical storm season in the U.S. Gulf of Mexico. During a tropical storm, we are unable to operate in the area of the storm, however, flight activity may increase immediately before and after a storm due to the evacuation and return of offshore workers.
Brazil. Brazil has one of the largest deepwater offshore exploration, development and production areas in the world. We currently operate from a network of bases strategically located in Brazil providing aviation services to offshore platforms.
The Dutch Caribbean. In 2022, we were awarded a government contract to provide SAR services in the Dutch Antilles.
Trinidad. For over a century, Trinidad has had considerable energy exploration activity on land and in shallow waters. We provide offshore aviation services to our customers in the region.
Latin America, Other. In addition to our operations in Brazil, we operate helicopters in Guyana and Suriname. We also lease helicopters and provide technical support to air operators in Chile and Mexico.
Canada. We own a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), a major offshore helicopter services provider in Canada. Cougar’s operations are primarily focused on serving the offshore energy industry off Canada’s Atlantic coast and in the Arctic.
Africa
Nigeria. We provide aviation services to the offshore energy industry in Nigeria where the market place for our services is predominantly concentrated in the oil rich shallow waters of the Niger Delta area and in support of deepwater exploration. We also provide fixed wing services in the Africa region offering end-to-end transportation services principally for energy industry customers. Operations in Nigeria are subject to seasonality as the Harmattan, a dry and dusty trade wind, blows between the end of December and the middle of February. At times when the heavy amount of dust in the air severely limits visibility, our aircraft are unable to operate.
Egypt. We own a 25% interest in Petroleum Air Services (“PAS”), an Egyptian corporation that provides helicopter and fixed wing transportation to the offshore energy industry as well as spare fixed wing capacity chartered to tourism operators in Egypt.
Asia Pacific
Australia. We own a regional fixed wing operator (“Airnorth”), based in Darwin, North Territory, Australia, focused on providing both charter and scheduled services targeting the energy and mining industries in Northern and Western Australia as well as international services to Dili, Timor-Leste.
India. We lease helicopters and provide technical support to an operator serving the offshore energy industry and other aviation markets in India.
5

Table of Contents
Equipment and Services
We own and operate three classes of helicopters:
Heavy helicopters, which have twin engines, typical passenger capacity of 16 to 19, and approximately 500 mile range, are primarily used in support of the deepwater offshore energy industry, frequently in harsh environments or in areas with long distances from shore, such as those in the U.S. Gulf of Mexico, Brazil and the North Sea. Heavy helicopters are also used to support SAR operations.
Medium helicopters, which have twin engines, typical passenger capacity of 12, and approximately 450 mile range, are primarily used to support the offshore energy industry, SAR operations, utility services and corporate uses, among other missions.
Light helicopters, which may have single or twin engines, typical passenger capacity of four to seven, and approximately 300-325 mile range, are used to support a wide range of activities, including the offshore energy industry, utility services and corporate uses, among other missions.
The following table identifies the types of aircraft that comprise our fleet and the number of those aircraft in our fleet as of December 31, 2022.
Number of Aircraft
TypeOwned
Aircraft
Leased
Aircraft
Consolidated AircraftMaximum
Passenger
Capacity
Average Age (years)(1)
Heavy Helicopters:
S9238 29 67 19 13 
AW18918 21 16 
S6119 51 
58 33 91 
Medium Helicopters:
AW13949 53 12 12 
S76 D/C++/C+22 — 22 12 13 
AS365— 12 33 
72 76 
Light—Twin Engine Helicopters:
AW109— 16 
EC13510 13 
13 14 
Light—Single Engine Helicopters:
AS35015 — 15 24 
AW11913 — 13 16 
28 — 28 
Total Helicopters171 38 209 14 
Fixed Wing14 
Unmanned Aerial Vehicles (“UAV”)
Total Fleet181 46 227 
______________________
(1)Reflects the average age of helicopters that are owned.

6

Table of Contents
The chart below presents the number of aircraft in our fleet as of December 31, 2022, and their distribution among the regions in which we operate, the number of helicopters we had on order and the percentage of operating revenues for each of our regions provided for the nine months ended December 31, 2022.
 Percentage of
Operating
Revenues
HelicoptersUAVFixed
Wing
 
 HeavyMediumLight TwinLight Single
Total  (1)
Europe53 %62 — — 77 
Americas31 %25 51 13 25 — — 114 
Asia Pacific%— — — — 12 14 
Africa%15 — — 22 
Total100 %91 76 14 28 14 227 
Aircraft not currently in fleet:
On order— — — — 
Under construction— — — — — 
_____________ 
(1)Includes 46 leased aircraft as follows:
 Leased Aircraft in Consolidated Fleet
 HelicoptersUAVFixed Wing 
 HeavyMediumLight TwinLight SingleTotal
Europe28 — — — 31 
Americas— — — — 
Asia Pacific— — — — — 
Africa— — — 
Total33 — 46 

The management of our fleet involves a careful evaluation of the expected demand for helicopter services across global markets and the types of helicopters needed to meet this demand. As offshore energy exploration, development and production moves to deeper water, more heavy and medium helicopters and newer technology helicopters may be required. Heavy and medium helicopters fly longer distances at higher speeds 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. See “Item 2. Properties” in this Transition Report on Form 10-KT for discussion on our bases and operating facilities.
Aviation Operating Certificates
Globally, we provide and operate aircraft under contracts using an Air Operator’s Certificate (“AOC”), typically issued by the relevant country’s applicable regulatory agency. In certain markets, local regulations may require us to partner with another operator, through an alliance or joint venture, who maintains an AOC compliant with the local regulatory requirements. For operating contracts, we are required to provide a complete support package including flight crews, helicopter maintenance and management of flight operations. When we lease helicopters to other operators, our customers generally handle the operational support, although in a few instances we do provide technical support, personnel and/or training.
As of December 31, 2022, we had aircraft in 17 different countries under 11 AOCs.
Customers and Contractual Arrangements
Our principal customers in the markets in which we operate are offshore energy companies and government agencies. During the nine months ended December 31, 2022, our top ten customers accounted for approximately 61% of operating revenues, and the combined revenues from the three largest customers accounted for 34% of our operating revenues.
7

Table of Contents
We contract the majority of our helicopters primarily through master service agreements, subscription agreements, day-to-day contract arrangements, fixed-term noncancellable contracts and dry-leases. Master service agreements and subscription agreements typically require a fixed monthly fee plus incremental payments based on flight hours flown. These agreements have fixed terms ranging from one month to ten years and generally may, depending on the contract, be cancelled with or without penalty upon 30-365 days’ notice and may also include escalation provisions allowing annual rate increases. Customarily, these contracts do not commit our customers to acquire specific amounts of services or minimum flight hours and permit our customers to decrease the number of helicopters under contract with a corresponding decrease in the fixed monthly payments without penalty. Day-to-day charter arrangements require either a rate for each hour flown with a minimum number of hours to be charged or a daily fixed fee plus an hourly rate based on hours flown.
Our fixed wing services are generally provided through scheduled charter service or regular public transport service. We also provide services to customers on an “ad hoc” basis, which usually entails a shorter notice period and shorter contract duration. Regular public transport service is provided through established daily or weekly flight schedules and is based upon individual ticket sales to customers.
Our leasing customers are typically other helicopter operators that operate our helicopters under their AOCs and retain the operating risk. Leases generally run from one to five years and may contain early cancellation provisions. Under these leases, we may provide only the equipment or provide additional services such as logistical and maintenance support, training services and flight and maintenance crews.
Competitive Conditions
The aviation services industry is highly competitive throughout the world. Customers tend to rely heavily on existing relationships and seek operators with established safety records and knowledge of the operating environment. In most instances, customers charter aircraft on the basis of competitive bidding, and typically an operator must have an acceptable safety record, demonstrated reliability and suitable equipment to bid for work. Upon bidders meeting these criteria, customers typically make their final choice based on operational experience, helicopter preference, aircraft availability, the quality and location of operating bases, customer service, professional reputation and price. Incumbent operators typically have a competitive advantage in the bidding process based on their relationship with the customer, knowledge of the site characteristics and existing facilities to support the operations. In addition, while not the predominant practice, customers may also fulfill their needs by establishing their own flight departments or by facilitating the entry of a new operator in the regions where we operate.
Globally, our primary competitors are CHC Group LLC, NHV Group, Omni Helicopters International, S.A. and PHI, Inc. (“PHI”). We may also face competition from a number of smaller operators which vary by region.
Environmental, Social and Governance
Bristow’s vision is to lead the world in innovative and sustainable vertical flight solutions, and we are committed to leading responsibly. Along with our commitment to safe and reliable operations, we have a sustainability program that focuses on environmental responsibility through daily practices as further described in the following sections. Our Environmental, Social, and Governance Committee of the Board of Directors (the “ESG Committee”) oversees our sustainability initiatives, which include, but are not limited to, prioritizing efforts to reduce our environmental footprint, increasing transparency for our stakeholders, and ensuring our social responsibility program continues to provide value for our employees and the community.
Bristow seeks to play a positive role in the communities where we operate by conducting our operations in a way that respects the environment and surrounding communities. Through Bristow Uplift, our social responsibility program, we invest resources and partner with local communities, charities, and non-profit organizations to develop, support and implement targeted and sustainable social responsibility initiatives with the goal of building strong community relationships that will have a positive impact on our communities and create long-term value for our business.
Environmental Initiatives — Bristow was one of the first vertical lift operators in the U.K. to obtain International Organization for Standards (“ISO”) 14001 certification, which certifies that our U.K. operations have an environmental management system in place that monitors, manages, and delivers continuous improvement to systems and procedures at our bases of operations. Our Brazil operations also passed an ISO 14001 audit continuing their certification that was initially
8

Table of Contents
obtained in 2018 and as of 2022, our corporate office had also obtained an ISO 14001 certification. We also have undertaken proactive measures to reduce aircraft emissions and reduce the environmental impact of our operations by monitoring operational practices to reduce our time running the aircraft on the ground, utilizing a fleet of efficient and regularly maintained aircraft supported by current technologies, such as flight planning software for payload management, and by partnering with our customers to maximize seat utilization, thus reducing the number of flights required. We are actively developing a forward-looking strategy to improve the efficiency of our fleet and help make sure it is aligned with customer contract terms. On the ground, we initiated the process of replacing inefficient, older support vehicles with electric vehicles (EVs) where available. Additionally, we encourage and assist our engine manufacturers, aircraft manufacturers, our customers and other stakeholders to be early and leading adopters of sustainable aviation fuels (“SAF”) as we encourage wider availability of these alternative fuels by our fuel suppliers. We have successfully flown limited sets of SAF-powered flights for our energy and SAR businesses in the the North Sea. We have also partnered with manufacturers to assist with the development of electric vertical takeoff and landing and short takeoff and landing aircraft, collectively known as Advanced Air Mobility (“AAM”). AAM is a new aviation system that is primarily powered by hybrid and/or electric propulsion systems and is expected to help reduce emissions when it begins to replace certain classes of aircraft.
Bristow Uplift — The Bristow Uplift charitable pillars are organized into five categories: Education, the Underserved, Health and Wellness, Diversity, and Sustainability. Through the Bristow Uplift program, we seek to make positive impacts in our local communities through social investment in these five categories. Bristow also matches certain employee donations to philanthropic organizations around the world. Through these efforts, we support building strong community relationships through the causes that are most important to our employees, ultimately creating long-term value for our business.
Human Rights — Through our Code of Business Integrity (“COBI”), we have committed to upholding the principles of the United Nations Universal Declaration of Human Rights and standards such as nondiscriminatory treatment, voluntary employment, freedom of association, minimum wage, anti-harassment, prohibiting forced or child labor, and maintaining a healthy and safe work environment. We have adopted an Antislavery and Human Trafficking Policy that is applicable to our employees. The policy prohibits any use of slavery or human trafficking in Bristow’s supply chain, and as a condition of doing business with Bristow, we require all suppliers of aircraft, parts, and components to agree to comply with the Antislavery and Human Trafficking Policy and our broader COBI.
Safety, Industry Hazards and Insurance
The safety of our passengers and the maintenance of a safe working environment for our employees is our number one core value and highest operational priority. Aviation services are potentially hazardous and may result in incidents or accidents. Challenges to safe operations include unanticipated adverse weather conditions, fires, human factors, and mechanical failures that may result in death or injury to personnel, damage to equipment, and other environmental or property damage. We are also subject to regulation by OSHA and comparable state agencies, whose purpose is to protect the health and safety of workers. Failure to comply with these agencies’ requirements can lead to the imposition of penalties.
Technology and Standards — Bristow’s fleet is configured with the latest safety equipment, including Traffic Collision Avoidance Systems (TCAS), Enhanced Ground Proximity Warning Systems (EGPWS) or Helicopter Terrain Awareness and Warning Systems (HTAWS), Automatic Dependent Surveillance- Broadcast (ABS-B), Helicopter Flight Data Monitoring Systems (HFDM), Health and Usage Monitoring Systems (HUMS), satellite communication and flight following systems, and forward facing tail cameras. Bristow maintains a globally aligned safety information system called BeSAFE across our Offshore Energy and Government Services businesses. The Corporate Environmental Management System (“EMS”) obtained ISO14001:2015 certification during the year.
9

Table of Contents
Systems and Processes — Our safety, legal, and compliance departments oversee our adherence with government regulations, customer safety requirements and safety standards within our organization, the standardization of our base operating procedures and the proper training of our employees. A key to maintaining our strong safety record is developing and retaining highly qualified, experienced, and well-trained employees. We conduct extensive safety training on an ongoing basis and develop, implement, monitor, and continuously improve our safety management system to proactively manage risk and support the physical safety and mental wellness of our employees. Additionally, we have implemented supporting safety programs that include, among many other features, (i) transition and recurrent training using full-motion flight simulators and other flight training devices, (ii) a Federal Aviation Administration (“FAA”) approved flight data monitoring program (“FDM”) and (iii) health and usage monitoring systems (“HUMS”), which automatically monitor and report on vibrations and other anomalies on key components of certain helicopters in our fleet.
Culture — We have a strong safety culture committed to zero accidents and zero harm. Our safety culture and the implementation of our safety program, “Target Zero” is modeled and owned by each employee and led by our President and Chief Executive Officer, who is responsible for setting the tone at the top. Under COBI, all employees are empowered, and actively encouraged by management, to challenge unsafe acts and conditions, including by exercising his or her “STOP WORK” authority, and participate in safety improvements by the Company. This culture is further exemplified by our status as a founding member of HeliOffshore, an organization dedicated to collaboration across the offshore helicopter industry to improve safety around the world.
Human Capital Management
With over seven decades of operations, we are one of the largest and longest-serving helicopter operators in the world, with a reputation for operational excellence. Our employees are some of the most highly regarded experts in vertical flight solutions. We strive to prepare our employees for success through training, competitive benefits packages, and career development. Our success depends on our ability to attract and retain our pilots and mechanics. The competition for pilots and mechanics is competitive, and we compete with major Part 121 air carriers and the emergency air medical industry to attract and retain such talent. We believe the best way to attract and retain top talent is to invest in our people through creating safe work environments, employee training and multi-level engagement to support their success. We seek qualified candidates who are aligned with our commitment to safety and other core values of integrity, passion, teamwork and progress. Our areas of focus for human capital management are:
Health and Safety — Safety is our number one core value and highest operational priority. Our pilots, maintenance technicians and support personnel are committed to our mission to provide safe, efficient and reliable aviation services. We initiated our industry-leading safety program, Target Zero, and are one of the founding members of HeliOffshore, an organization dedicated to collaboration across the offshore helicopter industry to improve safety around the world.
We believe in keeping everyone safe and well, which includes doing our part to safeguard our physical and mental well-being. We currently have global resources in place to support mental health including an employee well-being portal that provides information and support channels for navigating stress and access to counseling and mental health professionals for all our employees around the world.
Training and Development — We are committed to elevating our employees. All of our employees are required to take periodic trainings that promote the commitment to our core values: safety, integrity, passion, teamwork and progress. Our pilots and mechanics are required to take the latest trainings to ensure they are equipped to operate our aircraft with the best knowledge and experience. Our licensed professionals are afforded the opportunity for continuing education in their fields of expertise.
Diversity and Inclusion — We are committed to attracting and retaining high-performing employees through a diverse talent base and evaluating and promoting throughout our organization based on skills and performance. This is reinforced through our policy under our COBI to provide equal opportunity for everyone in recruiting, hiring, developing, promoting and compensating without regard to race, color, religion, sex, sexual orientation, national origin, citizenship, age, marital status, veteran status or disability. Further, we have taken various steps to support our commitment to diversity including requiring all employees to undertake annual unconscious bias and inclusivity training and working to expand our diverse talent pool. Our workforce is represented by approximately 41 nationalities globally, approximately 23% of our U.S. employees are veterans
10

Table of Contents
and approximately 19% of our workforce are women, with 37% serving in management level roles and with half of our executive management team represented by women. In addition, our workforce includes racial and ethnic diversity across our global operations.
Compensation and Benefits — We offer competitive market-based compensation and benefits for the markets in which we operate. Competitive programs are critical to the well-being of our employees and their families, as well as retention and business continuity. Global benefit offerings include major medical, life, retirement/pension, employee well-being support akin to employee assistance programs in addition to local offerings that vary by country market.
As of December 31, 2022, we employed 3,138 individuals, including 808 pilots and 804 mechanics. We consider our relations with our employees to be good.
As of December 31, 2022, approximately 56% of our employees were covered by union or other collective bargaining agreements. Negotiations over annual salary or other labor matters could result in higher personnel or other costs or increased operational restrictions or disruptions. Furthermore, a failure to reach an agreement on certain key issues could result in strikes, lockouts or other work stoppages.
11

Table of Contents
The following table sets forth our main employee groups and status of the collective bargaining agreements:
CountryEmployee Group  Representatives  Status of Agreement  Approximate Number of
Employees Covered
by Agreement as of December 31, 2022
AustraliaAirnorth Pilots  Airnorth Pilots  Agreement expired in June 2006. Currently rolled over annually  40
BrazilBrazil PilotsNational Aeronaut Union (SNA)Agreement expired in November 202268
BrazilBrazil Engineers and Employees in Rio de Janeiro (administrative and management)Employee’s Union of the Air Service of Rio de Janeiro (SIMARJ)Agreement expires in November 202362
BrazilBrazil Employees Air Service in Cabo Frio Airport
(admin, general maintenance, ground support, management)
National Union of Air Service Employees (SNAV)Agreement expires in November 202362
NigeriaNigeria Junior and Senior StaffNational Union of Air Transport Employee (NUATE)s; Air Transport Services Senior Staff Association of Nigeria (ATSSSAN)
Agreements expire in March 2024
17
NigeriaNigeria Pilots and EngineersNigerian Association of Airline Pilots and EngineersAgreement expires in November 202467
NorwayBristow Norway Engineers  Bristow Norge Teknisk Forening (BNTF)  Agreement expires in September 2023  123
NorwayBristow Norway Pilots  Bristow Norway Rygerforening (BNF)  Agreement expires in September 2024  159
NorwayBristow Norway AdministrationBristow Norway Teknisk Adminitrativ Forening (BNTAF) Agreement expires in September 202344
NorwayBristow Norway RescuemenBristow Norway Redningsmenn (BNR)Agreement expires in September 202414
NorwayBristow Norway Traffic OpsBristow Norway Operations (BNO)Agreement expired in April 202240
TrinidadTrinidad Fitters and Handlers  Oilfield Workers’ Trade Union (OWTU)  Agreement expired in May 2022  31
U.K.U.K. Pilots, and Technical Crew  British Airline Pilots Association (BALPA)  Agreement expires in March 2023  343
U.K.U.K. Engineers and Staff  UNITE  Agreement expires in March 2025  518
U.K.Humberside Airport StaffUNITE/UnisonAgreement expires in May 2023121
12

Table of Contents
Government Regulation
Regulatory Matters
Globally, our operations are subject to significant regulations and international treaties and conventions. These regulations apply in jurisdictions where we operate our equipment or where the equipment is registered or operated. Our results of operations and financial condition are dependent upon our ability to maintain compliance with all such applicable laws, regulations, treaties and conventions.
United Kingdom
Our operations in the U.K. are subject to the Civil Aviation Act 1982 and other similar English statutes and regulations. We carry persons and property in our aircraft pursuant to an operating license and route license issued by the Civil Aviation Authority (the “CAA”). The holder of an operating license must meet the criteria of Regulation (EC) 1008/2008, as amended and incorporated into U.K. law by the Operation of Air Services (Amendment etc.) (EU Exit) Regulations. These criteria include, inter alia, an air carrier’s financial fitness, the adequacy of its insurance, and the fitness of the persons who will manage the air carrier. To operate under our route license, the company through which we conduct operations in the U.K., our subsidiary Bristow Helicopters Limited (“BHL”), must be majority owned and controlled by U.K. nationals.
The CAA regulates our U.K. flight operations and exercises jurisdiction over personnel, aircraft, ground facilities and certain technical aspects of those operations. The CAA often imposes improved safety standards. Under the Licensing of Air Carriers Regulations 1992, it is unlawful to operate any aircraft for hire within the U.K. unless such aircraft are approved by the CAA. Changes in U.K. statutes or regulations, administrative requirements or their interpretation may have a material adverse effect on our business or financial condition or on our ability to continue operations in the U.K.
We are subject to the U.K. Bribery Act, which creates criminal offenses for bribery and failing to prevent bribery. We must also abide by the Corporate Criminal Offense rules for failure to prevent the facilitation of tax evasion pursuant to the Criminal Finances Act 2017, which imposes criminal liability on a company where it has failed to prevent the criminal facilitation of tax evasion by a person associated with us.
We are obligated to comply with U.K. and Export Controls and Economic Sanctions regulations that may restrict the export of designated items to certain persons or destinations. A variety of penalties, both criminal and civil, may be imposed for breaches of these regulations.
Norway
Our operations in Norway are subject to E.U. statutes and regulations, as Norway is a member of the European Economic Area (EEA) and signatory to the European Common Aviation Area Agreement (ECAA). We carry persons and property in our aircraft pursuant to an operating license issued by the Norwegian Civil Aviation Authority. The holder of an operating license must meet the ownership and control requirements criteria of Regulation (EC) 1008/2008, as amended and incorporated into Norwegian law. The company through which we conduct operations in Norway must be majority owned and controlled by E.U. nationals.
United States
As a certified air carrier, our U.S. operations are subject to regulations under the Federal Aviation Act, regulations of the Department of Transportation (“DOT”) and other laws. We carry persons and property in our helicopters under an Air Taxi Certificate granted by the FAA. The FAA regulates our U.S. flight operations and, in this respect, exercises jurisdiction over personnel, aircraft, ground facilities and certain technical aspects of our operations. The DOT can review our economic fitness to continue our operations at any time or a substantial change occurs to our management, ownership or capital structure, among other things. The National Transportation Safety Board is authorized to investigate any aircraft accidents and to recommend improved safety standards. Our U.S. operations are also subject to the Federal Communications Act of 1934, because we use radio facilities in our operations.
Under the Federal Aviation Act, it is unlawful to operate certain aircraft for hire within the U.S. unless such aircraft are registered with the FAA and the FAA has issued an operating certificate to the operator. As a general rule, aircraft may be registered under the Federal Aviation Act only if the aircraft are owned or controlled by one or more citizens of the U.S. An
13

Table of Contents
operating certificate may be granted only to a citizen of the U.S. For purposes of these requirements, a corporation is deemed to be a citizen of the U.S. if no less than 75% of its voting interests are owned or controlled by U.S. citizens, its president is a U.S. citizen, two-thirds or more of the directors are U.S. citizens and it is under the actual control of U.S. citizens. If persons other than U.S. citizens should come to own or control more than 25% of our voting interest or if any of the other requirements are not met, we have been advised that our aircraft could be subject to deregistration under the Federal Aviation Act, and we might lose our ability to operate within the U.S. Deregistration of our aircraft for any reason, including foreign ownership in excess of permitted levels, would have a material adverse effect on our ability to conduct certain operations within our Americas region operations. Therefore, our organizational documents provide for the automatic reduction of voting rights of shares of our outstanding voting capital stock owned or controlled by non-U.S. citizens, to the extent necessary to comply with these requirements. As of December 31, 2022, we believe that non-U.S. citizens owned less than 25% of our outstanding common stock. Given the limited trading of our common stock, our foreign ownership may fluctuate on each trading day, which may result in the reduction of voting rights of shares held by non-U.S. citizens in excess of the 25% threshold pursuant to our organizational documents.
We are subject to the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”), which prohibits us and those acting on our behalf from making payments to foreign officials for the purpose of obtaining or keeping business or receiving preferential treatment.
We are subject to regulations imposed by the U.S. Treasury Department’s Office of Foreign Assets Control and other U.S. laws and regulations that prohibit dealings with sanctioned countries, sanctioned entities and sanctioned persons.
We are subject to the International Traffic in Arms Regulations (“ITAR”), which controls the export and import of defense-related articles, services and technical data. ITAR dictates that information and material pertaining to defense and military-related technologies may only be shared with U.S. persons or organizations unless authorization is first received from the U.S. State Department or a special exemption applies. We are also subject to the Export Administration Regulations (the “EAR”), which control the export of commercial and “dual-use” goods. Persons or organizations subject to U.S. jurisdiction may incur heavy fines if they violate the ITAR or the EAR.
Brazil
In Brazil, an operator must be licensed by the National Agency for Civil Aviation. Any change in the licensing requirements could affect the licenses of Bristow Taxi Aéreo S.A (“Bristow Brazil”). Our ability to operate our helicopter business in Brazil is dependent on our ability to maintain the licenses and AOC of our operating entity, Bristow Brazil.
Nigeria
We are subject to state and local laws and regulations governing our services. Our operations in Nigeria are also subject to the Nigerian Oil & Gas Industry Content Development Act (the “Nigerian Act”), which requires that in the award of offshore energy contracts in the upstream sector, priority shall be given to Nigerian indigenous companies and Nigerian content such as local ownership in equipment/infrastructure, development and promotion of Nigerian personnel, shall be an important criteria in the evaluation process. Additionally, the Nigerian Act allows the monitoring board to penalize companies that do not meet these local content requirements up to 5% of the value of the contract.
Environmental Regulation
Our business is subject to international and U.S. federal, state and local laws and regulations relating to environmental protection and occupational safety and health. We are highly dependent on the offshore energy industry, which is also subject to such laws and regulations, including those that govern the discharge of oil and pollutants into navigable waters. Certain of our business operations, including the operation and maintenance of aircraft, require that we use, store and dispose of materials that are subject to environmental regulations. Failure to comply with these environmental laws and regulations may result in the imposition of administrative, civil and criminal penalties, regulatory enforcement actions in the form of injunctions and cease-and-desist orders, and civil claims arising out of a pollution event. Certain environmental laws and regulations may expose us to strict, joint and several liability relating to releases of hazardous materials or contamination conditions regardless of whether we were responsible, even if our operations were in compliance with all applicable laws and regulations at the time they were conducted. In addition, the operations of our customers in the offshore energy exploration, development and production
14

Table of Contents
industry are regulated by environmental laws and regulations that may restrict their activities and may result in reduced demand for our services. To date, such laws and regulations have not had a material adverse effect on our business, financial condition and results of operations.
These laws include the federal Water Pollution Control Act, also known as the Clean Water Act, which imposes restrictions on the discharge of pollutants to the navigable waters of the U.S. In addition, because our operations generate and, in some cases, involve the transportation of hazardous wastes, we are subject to the federal Resource Conservation and Recovery Act, which regulates the use, generation, transportation, treatment, storage and disposal of certain hazardous and non-hazardous wastes. Under the Comprehensive Environmental Response, Compensation and Liability Act (referred to as CERCLA or the “Superfund” law), and certain comparable state laws, strict, joint and several liability can be imposed without regard to fault or the legality of the original conduct on certain classes of persons that contributed to the release of a hazardous substance into the environment. These persons can include the current and former owner and operator of a contaminated site where a hazardous substance release occurred and any company that transported, disposed of or arranged for the transport or disposal of hazardous substances, even from inactive operations or closed facilities, in connection with such contaminated sites. In addition, neighboring landowners or other third parties may file claims for personal injury, property damage and recovery of response cost. We own, lease, and operate properties and facilities that, in some cases, have been used for industrial activities for many years. Hazardous substances, wastes, or hydrocarbons may have been released on or under the properties owned or leased by us, or on or under other locations where such substances have been taken for disposal. In addition, some of these properties have been operated by third parties or by previous owners whose treatment, storage and disposal or release of such substances was not under our control. These properties and the substances and wastes disposed or released on them may be subject to CERCLA and analogous state laws. Under such laws, we could be required to remove previously disposed substances and wastes, remediate contaminated property, or perform remedial activities to prevent future contamination.
We believe that our operations are currently in material compliance with all applicable environmental laws and regulations. We do not expect that, to comply with environmental laws and regulations, we will be required to make capital expenditures in the near future that are material to our financial position or operations; however, given the longer-term trend of more expansive and stringent environmental laws and regulations, we cannot predict the ultimate cost of complying with these laws and regulations. There can be no assurance, however, that any future laws, regulations or requirements, or that any discharge or emission of pollutants by us (or our customers) will not have a material adverse effect on our business, financial position or our results of operations.
Other
We are subject to state and local laws and regulations including, but not limited to, significant state regulations for our emergency response services. In addition, our operations in other markets are subject to local governmental regulations that may limit foreign ownership of aviation companies. Because of these local regulations, we conduct some of our operations through entities in which citizens of such countries own a majority interest and we hold a noncontrolling interest, or under contracts which provide that we operate assets for the local companies and conduct their flight operations. Changes in local laws, regulations or administrative requirements or their interpretation may have a material adverse effect on our business or financial condition or on our ability to continue operations in these areas.
15

Table of Contents
INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Officers of Bristow Group serve at the pleasure of the Board of Directors. The name, age and offices held by each of the executive officers of Bristow Group as of March 2, 2023 were as follows:
NameAgePosition
Christopher Bradshaw46President and Chief Executive Officer
Alan Corbett65
Chief Operating Officer, Government Services
Elizabeth Matthews53Senior Vice President, General Counsel, Head of Government Affairs, and Corporate Secretary
Stuart Stavley50Chief Operating Officer, Offshore Energy Services
David Stepanek57Executive Vice President, Chief Transformation Officer
Jennifer Whalen49Senior Vice President, Chief Financial Officer
Richard Tatum45Vice President, Chief Accounting Officer
Christopher Bradshaw has served as President and Chief Executive Officer of the Company, currently known as Bristow Group Inc. and formerly known as Era Group Inc., since 2014. Mr. Bradshaw has been a Director of the Company since February 2015. He served as Chief Financial Officer of Era Group Inc. from October 2012 to September 2015. From 2009 until 2012, Mr. Bradshaw served as Managing Partner and Chief Financial Officer of U.S. Capital Advisors LLC, an independent financial advisory firm. Prior to co-founding U.S. Capital Advisors LLC, he was an energy investment banker at UBS Securities LLC, Morgan Stanley & Co., and PaineWebber Incorporated. Mr. Bradshaw serves on the board of directors of The National Ocean Industries Association (NOIA) and HeliOffshore. He graduated cum laude from Dartmouth College with a degree in Economics and Government.
Alan Corbett has served as our Chief Operating Officer, Government Services since February 2023. In this role, Mr. Corbett is responsible for overseeing all of Bristow’s Government Services activity, including existing operations, new business, and emerging markets for areas such as Bristow’s growing market share in the Search and Rescue sector, as well as Airnorth and Humberside airport. Previously, Mr. Corbett served as Senior Vice President for Europe, Africa, Middle East, Asia and Australia and Search and Rescue from June 2020 to February 2023. Mr. Corbett had served in a similar role at Old Bristow from June 2018 to June 2020. He previously served as Old Bristow’s Vice President, EAMEA from June 2017 to June 2018. Before that, he served as Old Bristow’s Region Director of the Europe Caspian Region from April 2015 to June 2017 and Region Director of the Europe Business Unit (EBU) from August 2014 to March 2015. Old Bristow filed for Chapter 11 bankruptcy protection in May 2019 in order to reorganize and emerged from bankruptcy in October 2019. Prior to joining Old Bristow in August 2014, Mr. Corbett worked since 1985 in a number of management positions with Baker Hughes Incorporated, including vice president positions in the Middle East, Asia Pacific and Africa, most recently serving as Vice President, Sub Sahara Africa.
Elizabeth Matthews has served as our Senior Vice President, General Counsel, Head of Government Affairs, and Corporate Secretary since December 2022. In this role, Ms. Matthews is responsible for legal, compliance, government affairs, insurance, risk management, and contract review and management. Ms. Matthews has over 25 years of legal experience providing counsel across several different industries. Her broad legal expertise includes commercial, corporate, M&A, litigation, intellectual property, and compliance. Previously, she served as the Deputy Managing Director, Executive Vice President and General Counsel at TotalEnergies in the U.S., since 2013. Prior to TotalEnergies, Ms. Matthews spent 11 years in various legal positions at Chevron Corporation, as well as six years in private practice. She graduated cum laude from Yale University with a Bachelor of Arts in Humanities and History and received her Juris Doctor from Harvard Law School.
Stuart Stavley has served as our Chief Operating Officer, Offshore Energy Services since February 2023. In this role, Mr. Stavley has oversight of the Company’s offshore energy operations in all the regions where the Company operates around the world. In addition, Mr. Stavley has global oversight for operational shared services, which includes Safety, Standards, Supply Chain, and Fleet Management functions, among others. Mr. Stavley served as Senior Vice President, Global Fleet Management for the Company from June 2020 to February 2023. He previously served as Senior Vice President, Operations and Fleet Management for Era from 2014 to June 2020. Mr. Stavley served in numerous other positions since joining Era in 1993, including serving as Senior Vice President, Fleet Management from October 2012 to October 2014, as Vice President, Fleet Management from October 2010 to October 2012, as Director of Technical Services from September 2008 to October
16

Table of Contents
2010, as Director of Maintenance from September 2005 to 2008, as Chief Inspector and as Field Aviation Maintenance Technician.
David Stepanek has served as our Executive Vice President, Chief Transformation Officer since April 2021. In this role, Mr. Stepanek has responsibility for the transformation of the Company’s business mix through strategic diversification into new markets. Mr. Stepanek served as our Executive Vice President, Chief Operating Officer from June 2020 until March 2021. He previously served as Senior Vice President, Business Development of Era when he joined Era in January 2020. From 2010 through 2019, Mr. Stepanek held positions within PHI, Inc., most recently having served as President, PHI Americas. Before that, he served as PHI, Inc. Chief Commercial Officer. PHI filed for Chapter 11 bankruptcy protection in March 2019 in order to reorganize and emerged from bankruptcy in September 2019. Before joining PHI in 2010, Mr. Stepanek held a variety of leadership positions at Era. After four years’ service in the U.S. Marine Corps as a heavy lift helicopter avionics technician, Mr. Stepanek moved to Sikorsky as an avionics technician and field service representative; he was subsequently promoted and contributed to the sales and product development of the S76 and S92 aircraft, amongst other roles.
Jennifer Whalen has served as our Senior Vice President, Chief Financial Officer since June 2020. In this role, Ms. Whalen is responsible for company accounting, financial reporting, investor relations, strategy and M&A, tax, information technology and other financial aspects of the Company. Previously, she served as the Senior Vice President, Chief Financial Officer of Era since February 2018. Ms. Whalen served as Era’s Vice President and Chief Accounting Officer from August 2013 until her appointment as Vice President, Acting Chief Financial Officer in June 2017. Ms. Whalen joined Era as Controller in April 2012. From August 2007 to March 2012, she served in several capacities at nLIGHT Photonics Corporation, a supplier of high-performance lasers, including as Director of Accounting. Prior to these roles, she served as the Manager of Accounting at InFocus Corporation for over two years. After serving in the U.S. military, Ms. Whalen started her career in public accounting in the assurance practice group at PricewaterhouseCoopers for approximately five years. She received a B.S. in Accounting from Alabama A&M University and a master’s degree in Accounting from the University of Southern California.
Richard Tatum has served as our Vice President, Chief Accounting Officer since November 2021. Mr. Tatum is the principal accounting officer responsible for the Company’s accounting operations, financial reporting, and other financial aspects of the Company. Mr. Tatum previously served at Pacific Drilling as Senior Vice President, Chief Accounting Officer from August 2017 until its merger with Noble Corporation in April 2021. He served at Pacific Drilling as Vice President, Controller from March 2014 to July 2017, and as Director of Financial Reporting from October 2010 to February 2014. From February 2009 to August 2010, Richard was the Director Financial Reporting at Frontier Drilling USA, Inc. He began his career as an auditor with Grant Thornton LLP, where he held a variety of roles with increasing responsibilities, his most recent position being a Manager in Grant Thornton’s National Professional Standards Group. He has a bachelor’s degree in Business Administration and a master’s degree in Professional Accounting from the University of Texas at Austin and is a Certified Public Accountant.

Where You Can Find More Information
We are required to file annual, quarterly and current reports, proxy statements and other information with the U.S. Securities and Exchange Commission (“SEC”). Unless otherwise stated herein, these filings are not deemed to be incorporated by reference in this report. All of our filings with the SEC will be available once filed, free of charge, on our website, including our Transition Report on Form 10-KT, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements on Form DEF-14A and any amendments to those reports. These reports and amendments will be available on our website as soon as reasonably practicable after we electronically file the reports or amendments with the SEC. The reference to our website is not intended to incorporate the information on the website into this Transition Report on Form 10-KT. These reports and filings are also available on the SEC's website at www.sec.gov. In addition, our Corporate Governance Guidelines and other policies, and the Board of Directors’ Audit Committee, Compensation Committee and Environmental, Social and Governance Committee charters are available, free of charge, on our website or in print for stockholders.
17

Table of Contents
ITEM 1A.RISK FACTORS
Our business, results of operations, financial condition, liquidity, cash flow and prospects may be materially and adversely affected by numerous risks and uncertainties. Although it is not possible to predict or identify all such risks and uncertainties, they may include, but are not limited to, the risks and uncertainties described below. These risks and uncertainties represent some of the more critical risk factors that affect us, in addition to the other information that has been provided in this Transition Report on Form 10-KT. Our business operations or actual results could also be similarly impacted by additional risks and uncertainties that are not currently known to us or that we currently deem immaterial to our operations.
Risks Related to Our Business
inherent risks related to our operations, some of which may not be covered by our insurance;
failure to maintain standards of acceptable safety performance;
diversification efforts into other aviation services may prove unsuccessful;
foreign exchange risks and controls may affect our financial position and results of operations;
collective bargaining or union agreements covering a majority of our employees will be renegotiated in fiscal year 2023;
a concentration of certain helicopter models in our fleet could materially adversely affect our business, financial condition and results of operations should any problems specific to these particular models occur;
the market value of our helicopter fleet is dependent on a number of external factors;
inflation may continue to adversely affect us by increasing costs beyond what we can recover through price increases and limit our ability to enter into future traditional debt financing;
a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopter and fixed wing aircraft and supplier cost increases;
failure to attract, train and retain skilled personnel;
failure to effectively manage acquisitions, divestitures, investments, joint ventures and other portfolio actions could adversely impact our operating results and any future acquisitions may underperform;
inadequate or unfavorable sources of capital funding;
failure to effectively and timely address the energy transition;
dependence on a small number of helicopter manufacturers and lessors;
disruptions in the political, regulatory, economic, and social environments of the countries in which we operate could adversely affect our financial condition, results of operations and cash flows;
the level of activity in the North Sea and the U.S. Gulf of Mexico;
exposure to credit risk of our counterparties;
failure to dispose of aircraft through sales into the aftermarket;
ability to grow in core markets and expand into new business lines and international markets;
our operations are subject to weather-related and seasonal fluctuations;
our operations, including significant operations in the U.S. Gulf of Mexico, may be adversely impacted by weather conditions; and
the impact of public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies.
Risks Related to Our Customers and Contracts
a focus by our customers on cost-saving measures rather than quality of service;
our industry is highly competitive and cyclical, with intense price competition;
we depend on a small number of customers for a significant portion of our revenues;
18

Table of Contents
our contracts often can be terminated or downsized by our customers without penalty;
our U.K. SAR contract can be terminated and is subject to certain other rights of the DfT;
reductions in spending on aviation services by governmental agencies could lead to modifications of contract terms or delays in receiving payments;
our fixed operating expenses and long-term contracts with customers could adversely affect our business under certain circumstances; and
consolidation of and asset sales by, our customer base could reduce demand for our services and our revenues.
Risks Related to the Offshore Energy Industry
the demand for our services is substantially dependent on the level of offshore energy exploration, development and production activity;
the possibility of political instability, war or acts of terrorism in any of the countries where we operate;
unconventional crude oil and natural gas sources and improved economics of producing natural gas and oil from such sources have exerted and could continue to exert downward pricing pressures; and
any significant development impacting deepwater drilling in the U.S. Gulf of Mexico.
Risks Related to Legal, Tax and Regulatory Matters
cybersecurity breaches or business system disruptions may adversely affect our business;
we operate in many international areas through entities that we do not control and are subject to government regulation that limits foreign ownership of aircraft companies in favor of domestic ownership;
increasing complexity and costs incurred to comply with new local content regulation;
environmental regulations and liabilities;
U.S. and foreign social, political, regulatory and economic conditions as well as changes in tariffs, trade agreements or other trade restrictions imposed by the U.S. government;
legal compliance risks, including anti-corruption statutes;
impact of increasing privacy and data obligations;
actions taken by governmental agencies in the jurisdictions in which we operate; and
changes in effective tax rates, taxation of our foreign subsidiaries or adverse outcomes resulting from examination of our tax returns.
Risks Related to Our Common Stock and Corporate Structure
our stock price may fluctuate significantly;
securities analyst coverage or lack of coverage may have a negative impact on our stock price;
provisions in our amended and restated certificate of incorporation, amended and restated bylaws and Delaware law may discourage, delay or prevent a change of control of our business or changes in our management;
regulations limit foreign ownership of our business, which could reduce the price of our common stock and cause owners of our common stock who are not U.S. persons to lose their voting rights; and
our certificate of incorporation includes a forum selection clause, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us.
General Risks
service interruptions, data corruption, cyberattacks or network security breaches;
failure to attract and retain qualified personnel;
adverse results of legal proceedings;
19

Table of Contents
material weaknesses in or failure to maintain an effective system of internal controls;
failure to develop or implement new technologies; and
increasing attention to environmental, social and governance matters.
Risks Related to Our Business
Our operations involve a degree of inherent risk, some of which may not be covered by our insurance and may increase our operating costs or adversely affect our liquidity.
The operation of helicopters and fixed wing aircraft inherently involves a substantial degree of risk. Hazards such as harsh weather and marine conditions, mechanical failures, facility fires, spare parts damage, pandemic outbreaks, human error, crashes and collisions are inherent risks in our business and may result in personal injury, loss of life, damage to property and equipment, suspension or reduction of operations, reduced number of flight hours, the grounding of the aircraft involved in the incident or an entire fleet of the same aircraft type, or insufficient ground facilities or spare parts to support operations. In addition to any loss of property or life, our revenues, profitability and margins could be materially affected by an accident or asset damage.
We, or third parties operating our aircraft, may experience accidents or damage to our assets in the future. These risks could endanger the safety of both our own and our customers’ personnel, equipment, cargo and other property, as well as the environment. If any of these incidents were to occur with equipment or other assets that we need to operate or lease to third parties, we could experience loss of revenues, termination of charter contracts, higher insurance rates and damage to our reputation and customer relationships. In addition, to the extent an accident occurs with aircraft we operate or to assets supporting operations, we could be held liable for resulting damages.
Certain models of aircraft that we operate, or have operated in the past, have also experienced accidents while operated by third parties. If other operators experience accidents with aircraft models that we operate or lease, obligating us to take such aircraft out of service until the cause of the accident is rectified, we could lose revenues and customers. In addition, safety issues experienced by a particular model of aircraft could result in customers refusing to use that particular aircraft model or a regulatory body grounding that particular aircraft model. The value of the aircraft model might also be permanently reduced in the market if the model were to be considered less desirable for future service and the inventory for such aircraft may be impaired, leading to impairment and similar changes.
We attempt to protect ourselves against financial losses and damage by carrying insurance, including hull and liability, general liability, workers’ compensation, employers’ liability, auto liability and property and casualty insurance. Our insurance coverage is subject to deductibles and maximum coverage amounts, and we do not carry insurance against all types of losses, including business interruption. We cannot assure you that our existing coverage will be sufficient to protect against all losses, that we will be able to maintain our existing coverage in the future or that the premiums will not increase substantially. We also carry insurance for war risk, expropriation and confiscation of the aircraft we use in certain of our international operations. Future terrorist activity, risks of war, accidents, extreme weather events, or other events could increase our insurance premiums. The loss of any insurance coverage, inadequate coverage from our liability insurance, the payment of significant deductibles or substantial increases in future premiums could have a material adverse effect on our business, financial condition and results of operations.
Failure to maintain standards of acceptable safety performance may have an adverse impact on our ability to attract and retain customers and could adversely impact our reputation, operations and financial performance.
Our customers consider safety and reliability as two of the primary attributes when selecting a provider of air transportation services. If we fail to maintain standards of safety and reliability that are satisfactory to our customers, our ability to retain current customers and attract new customers may be adversely affected.
Accidents or disasters could impact customer or passenger confidence in a particular fleet type, we or the air transportation services industry as a whole and could lead to a reduction in customer contracts, particularly if such accidents or disasters were due to a safety fault in a type of aircraft used in our fleet. In addition, the loss of aircraft as a result of accidents could cause significant adverse publicity and the interruption of air services to our customers, which could adversely impact our reputation, operations and financial results.
20

Table of Contents
Our diversification efforts into other aviation services may prove unsuccessful.
Our business has traditionally been significantly dependent upon the level of offshore energy exploration, development and production activity. Although we, through the Merger and organic growth initiatives, continue to diversify into other aviation services, including SAR services, and we believe that additional government services contracts, prospective offshore wind projects and advanced air mobility present attractive growth and diversification opportunities, the effect of any downturn in the offshore energy industry would nevertheless negatively impact our financial results in future periods. While diversification into other aviation services is intended over the long term to grow the business, offset the cyclical nature of the underlying offshore energy business and transition our customer base away from traditional offshore energy activities, we cannot be certain that benefits associated with those other lines of business will be realized at any point or that the costs of entry into such other lines of business, including non-economic costs such as management focus on such new lines of business instead of or in addition to our core business, won’t ultimately exceed the benefit derived from these businesses.
Foreign exchange risks and controls may affect our financial position and results of operations.
Through our operations outside the U.S., we are exposed to foreign currency fluctuations and exchange rate risks. A portion of the services we provide outside the U.S. generate revenues in foreign currencies with the associated expenses incurred in U.S. dollars. In such cases, a strengthening U.S. dollar adversely affects the profitability of providing such services, and therefore could have an adverse effect on our financial condition and results of operations. A strong U.S. dollar may also reduce the demand for our services that are provided under U.S. dollar-denominated contracts in foreign countries.
Because we maintain our financial statements in U.S. dollars, our financial results are vulnerable to fluctuations in the exchange rate between the U.S. dollar and foreign currencies, such as the British pound sterling, Australian dollar, euro, Norwegian krone and Nigerian naira. In preparing our financial statements, we must convert all non-U.S. dollar results to U.S. dollars. The effect of foreign currency translation impacts our results of operations as a result of the translation of non-U.S. dollar results and is reflected as a component of stockholders’ investment, while the revaluation of certain monetary foreign currency transactions is credited or charged to income and reflected in other income (expense), net.
We also operate in countries with foreign exchange controls including Brazil and Nigeria. These controls may limit our ability to repatriate funds from our international operations and unconsolidated affiliates or otherwise convert local currencies into U.S. dollars. These limitations could adversely affect our ability to access cash from these operations. As of December 31, 2022, approximately 40% of our total cash balance was held outside the U.S.
A shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopter and fixed wing aircraft and supplier cost increases, particularly as a result of supply chain and logistics disruptions that began during the COVID-19 pandemic and the resulting inflationary environment, has adversely affected us and could continue to adversely affect us.
In connection with the required maintenance and repairs performed on our aircraft in order for them to stay fully operational and available for use in our operations, there are a limited number of suppliers, vendors and OEMs we are able to fly on (such as Leonardo Spa, Sikorsky Commercial Inc., Pratt and Whitney and General Electric Aviation Inc.) for the supply and overhaul of components fitted to our aircraft. These vendors have historically worked at or near full capacity supporting the aircraft production lines and the maintenance requirements of various government and civilian aircraft operators that may also operate at or near capacity in certain industries, including operators such as us who support the energy industry. Such conditions can result in backlogs in manufacturing schedules and some parts being in limited supply from time to time, which could have an adverse impact upon our ability to maintain and repair our aircraft. Additionally, such suppliers have been and may continue to be impacted by supply chain and logistics disruptions that began during the COVID-19 pandemic, which disruptions have resulted in delays in parts delivery for our aircraft and increased costs for such parts. For example, we have experienced delays in the delivery of parts for our S92 fleet, which comprises 30% of our total fleet. To the extent that these suppliers also supply parts for aircraft used by governments in military operations, parts delivery for our aircraft may be further delayed in favor of those deliveries. Because of the limited number of alternative suppliers, vendors and OEMs (and in certain cases, the lack thereof), any such supply chain disruptions could adversely impact our ability to perform timely maintenance and repairs or perform such maintenance and repairs economically. Our inability to perform timely maintenance and repairs, or perform such maintenance and repairs economically, may result in our aircraft being underutilized, which could have an adverse impact on our operating results and financial condition. Furthermore, our operations in remote locations, where
21

Table of Contents
delivery of these components and parts could take a significant period of time, may also impact our ability to maintain and repair our aircraft. While every effort is made to mitigate such impact, we expect this to pose a risk to our operating results. Additionally, supplier cost increases for critical aircraft components and parts as a result of the current inflationary environment also pose a risk to our operating results. As certain of our contracts are long-term in nature, cost increases may not be able to be passed on to our customers until the contracts are up for renewal.
Additionally, operation of a global fleet of aircraft requires us to carry spare parts inventory across our global operations to perform scheduled and unscheduled maintenance activity. Changes in the aircraft model types of our fleet or the timing of exits from model types can result in inventory levels in excess of those required to support the fleet over the remaining life of the fleet. Additionally, other parts may become obsolete or dormant given changes in use of parts on aircraft and maintenance needs. These fleet changes or other external factors can result in impairment of inventory balances where we expect that excess, dormant or obsolete inventory will not recover its carrying value through sales to third parties or disposal.
Collective bargaining or union agreements covering a majority of our employees will be renegotiated in fiscal year 2023; labor problems, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements could adversely affect us.
Many of our employees are represented under collective bargaining or union agreements, some of which have expired or will expire in one year or less. During fiscal year ended 2023, we expect to enter renegotiation discussions relating to a majority of expiring collective bargaining or union agreements covering approximately 56% of our employees. There can be no assurance that we will be able to negotiate the terms of any expired or expiring agreement on terms that are acceptable to us. Although we consider our relations with our employees to be generally satisfactory, we may experience strikes, work stoppages or other slowdowns by the affected workers. Furthermore, our employees who are not covered under a collective bargaining agreement may become subject to labor organizing efforts. If our unionized workers engage in an extended strike, work stoppage or other slowdown, other employees elect to become unionized, existing labor agreements are renegotiated or future labor agreements contain terms that are unfavorable to us, we could experience a significant disruption of our operations or higher ongoing labor costs, which could adversely affect our business, financial condition and results of operations.
A decline in market demand for specific helicopter models in our fleet could materially adversely affect our business, financial condition and results of operations should any problems specific to these particular models occur.
If the market demand for helicopter models in our fleet declines, if such models experience technical difficulties or if such models are involved in operational incidents, it could cause a diminution in value of the affected models or the inability to provide services with such model without significant expense or at all. In addition, the bankruptcy or shutdown of a helicopter operator or lessor with a large fleet of such helicopter models may result in an oversupply of such models being made available to the market, which could reduce the rates earned by, and/or the value of, such helicopter models. A significant decline in value of such models that is other than temporary could result in an impairment to the carrying value of our helicopter fleet. The occurrence of any of these events could materially adversely affect our business, financial condition or results of operations.
The market value of our helicopter fleet is dependent on a number of external factors.
The fair market value of each of our helicopters is dependent upon a variety of factors, including:
general economic and market conditions and, in particular, those affecting the offshore energy industry, including the price of offshore energy and the level of offshore energy exploration, development and production;
the number of comparable helicopters servicing the market;
the types and sizes of comparable helicopters available for sale or lease;
historical issues with helicopters of the same model;
the specific age and attributes of the helicopter;
demand for the helicopter in different industries;
the level of support provided by manufacturers; and
changes in regulation or competition from other air transport companies and other modes of transportation.
Due to the surplus of particular models of aircraft in the market, such as the S92, the fair market value of certain of our helicopters has declined in recent periods and may decline further in the future. A decline in helicopter values could result in
22

Table of Contents
asset impairment charges, breaches of loan covenants or lower proceeds upon helicopter sales, any of which could have a material adverse effect on our business, financial condition and results of operations.
Inflation may continue to adversely affect us by increasing costs beyond what we can recover through price increases and limit our ability to enter into future traditional debt financing.
Inflation has adversely affected us by increasing costs of critical components, aircraft and equipment, labor, and other services we may rely on, and continued inflationary pressures could prevent us from operating at capacity, decreasing our revenues or having an adverse effect on our profitability. In addition, inflation is often, and has recently been, accompanied by higher interest rates. Such higher interest rates may affect our ability to enter into future traditional debt financing, as high inflation may result in an increase in cost to borrow.
Our business requires employees with significant technical skills; therefore, we would be adversely affected if it were unable to employ sufficient numbers of qualified employees to maintain its operations.
Our success depends on our ability to attract and retain skilled personnel, specifically our pilots and mechanics. The competition for pilots and mechanics is fiercely competitive, and we compete with major Part 121 air carriers and the emergency air medical industry to attract and retain such talent.
Additionally, many of our customers require pilots with very high levels of flight experience. The market for these experienced and highly-trained personnel is competitive and may become more competitive. Accordingly, we cannot assure you that we will be successful in our efforts to attract and retain such personnel. Some of our pilots, mechanics and other personnel, as well as those of our competitors, are members of military reserves who have been, or could be, called to active duty. If significant numbers of such personnel are called to active duty, it could reduce the supply of such workers and likely increase our labor costs. Further, the addition of new aircraft types to our fleet or a sudden change in demand for a specific aircraft type, as happened with the Sikorsky S92 aircraft type in response to the H225 grounding, may require us to retain additional pilots, mechanics and other flight-related personnel.
In order to support our business, we may require additional capital in the future that may not be available to us.
Our business is capital intensive, and to the extent we do not generate sufficient cash from operations, we will need to raise additional funds to, among other things, purchase new equipment and maintain currently owned equipment. Adequate sources of capital funding may not be available when needed, or may not be available on favorable terms. If we raise additional debt financing, we will incur additional interest expense and the terms of such debt may be at less favorable rates than existing debt and could require the pledge of additional assets as security or subject us to financial and/or operating covenants that affect our ability to conduct our business. The issuance of additional equity or equity-linked capital could have the effect of diluting current stockholders. If funding is insufficient at any time in the future, we may be unable to acquire additional aircraft, take advantage of business opportunities, fund operating losses or respond to competitive pressures, any of which could harm our business, financial condition and results of operations. See discussion of our capital commitments in “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources—Contractual Obligations and Capital Commitments.”
Failure to effectively manage acquisitions, divestitures, investments, joint ventures and other portfolio actions could adversely impact our operating results and any future acquisitions may underperform.
We continuously evaluate the acquisition or disposition of operating businesses and assets and may in the future undertake one or more of such transactions. Any such transaction could be material to our business and could take any number of forms, including mergers, joint ventures and the purchase of equity interests. The consideration for such acquisitive transactions may include, among other things, cash, common stock or equity interests in us or our subsidiaries, or a contribution of equipment to obtain equity interests, and in conjunction with a transaction we might incur additional indebtedness. We also routinely evaluate the benefits of disposing of certain of our assets.
These transactions may present significant risks such as insufficient revenues to offset liabilities assumed, potential loss of significant revenues and income streams, increased or unexpected expenses, inadequate return of capital, costs associated with additional regulatory or compliance issues, risks relating to retaining key employees, customers and supply and vendor relationships of acquired businesses, the triggering of certain covenants in our debt agreements (including accelerated
23

Table of Contents
repayment), risks relating to the integration of operations, workforce and technology, managing tax and foreign exchange exposure, transaction-related litigation and unidentified issues not discovered in due diligence. Further, as we look to diversify into new markets, such as offshore wind and advanced air mobility, acquisitions of assets operating in such sectors could present risks related to operating new lines of business or in new geographies. In addition, such transactions could distract management from current operations. As a result of the risks inherent in such transactions, we cannot guarantee that any such transaction will ultimately result in the realization of its anticipated benefits or that it will not have a material adverse effect on our business, financial condition and results of operations. If we were to complete such an acquisition, disposition, investment or other strategic transaction, we may require additional debt or equity financing that could result in a significant increase in our amount of debt and our debt service obligations or the number of outstanding shares of our common stock, thereby diluting holders of our common stock outstanding prior to such acquisition.
Failure to effectively and timely address the energy transition or adequately implement and communicate our environmental, social and governance initiatives could adversely affect our business, results of operations and cash flows.
Our long-term success depends on our ability to effectively address the energy transition and adequately implement our environmental, social and governance initiatives, which will require, among other things, reducing emissions and the environmental impact of our existing operations, integrating electric aircraft and ground support vehicles, adapting to potentially changing government requirements and customer preferences, as well as engaging with our customers to develop solutions to decarbonize offshore energy operations. If the energy transition landscape changes faster than anticipated or in a manner that we do not anticipate, demand for our services could be adversely affected. Furthermore, if we fail or are perceived to not effectively implement an energy transition strategy or our environmental, social and governance initiatives, or if investors or financial institutions shift funding away from companies in fossil fuel-related industries, our access to capital or the market for our securities could be negatively impacted. Additionally, we may experience diminished reputation or sentiment, an inability to attract and retain talent and/or a loss of customers or vendors.
Our dependence on a small number of helicopter manufacturers and lessors poses a significant risk to our business and prospects, including when we seek to grow our business.
We contract with a small number of manufacturers and lessors for most of our aircraft expansion, replacement and leasing needs. If any of the manufacturers face production delays due to, for example, natural disasters, pandemics, labor strikes or availability of skilled labor, we may experience a significant delay in the delivery of previously ordered aircraft. During these periods, we may not be able to obtain orders for additional aircraft with acceptable pricing, delivery dates or other terms. Also, we have operating leases for a portion of our helicopters. The number of companies that provide leasing for helicopters is limited. If any of these leasing companies face financial setbacks, we may experience delays or restrictions in our ability to lease aircraft.
Delivery delays or our inability to obtain acceptable aircraft orders or lease aircraft have from time to time adversely affected, and could adversely affect in the future, our revenues and profitability and could jeopardize our ability to meet the demands of our customers and grow our business.
Disruptions in the political, regulatory, economic, and social environments of the countries in which we operate could adversely affect our financial condition, results of operations and cash flows.
During the nine months ended December 31, 2022, we generated revenues in 17 countries across the world. Our non-U.S. operations accounted for approximately 83% and 82% of our consolidated operating revenues in the nine months ended December 31, 2022 and 2021, respectively. Instability and unforeseen changes in any of the markets in which we operate could result in business disruptions that may have an adverse effect on the demand for our products and services or our financial condition, results of operations or cash flows.
These factors include, but are not limited to, the following:
uncertain or volatile political, social and economic conditions;
exposure to expropriation, nationalization, deprivation or confiscation of our assets or the assets of our customers, or other governmental actions;
social unrest, acts of terrorism, war or other armed conflict;
24

Table of Contents
public health crises and other catastrophic events, such as the COVID-19 pandemic;
confiscatory taxation or other adverse tax policies;
theft of, or lack of sufficient legal protection for, proprietary technology and other intellectual property;
deprivation of contract rights;
trade and economic sanctions or other restrictions imposed by the U.K. the United States or other regions or countries that could restrict or curtail our ability to operate in certain markets;
unexpected changes in legal and regulatory requirements, including changes in interpretation or enforcement of existing laws;
restrictions on the repatriation of income or capital;
currency exchange controls;
inflation; and
currency exchange, rate fluctuations and devaluations.
For example, there has been continuing political and social unrest in Nigeria, where we derived 8% and 6% of our operating revenues during the nine months ended December 31, 2022 and 2021, respectively. Future unrest or legislation in Nigeria or our other operating regions could adversely affect our business, financial condition and results of operations in those regions. We cannot predict whether any of these events will continue to occur in Nigeria or occur elsewhere in the future.
In addition, our operations in Nigeria are subject to the Nigerian Offshore Energy Industry Content Development Act, 2010 (the “Nigerian Content Development Act”). The Nigerian Content Development Act requires that our customers select service providers having greater “local content” in the respective region. Further, the local authorities in this jurisdiction monitor compliance with the Local Content Acts and can penalize companies that do not meet local content requirements.
Additionally, due to the COVID-19 pandemic, markets in regions of the world where we operate, such as Nigeria, contracted significantly and such markets have generally rebounded and may continue to rebound at a slower pace than the United States.
We are highly dependent upon the level of activity in the North Sea and the U.S. Gulf of Mexico, which are mature exploration and production regions.
For the nine months ended December 31, 2022 and 2021 approximately 43% and 47% respectively, of our operating revenues were derived from aviation services provided to offshore energy customers operating in the North Sea and the U.S. Gulf of Mexico. The North Sea and the U.S. Gulf of Mexico are mature exploration and production regions that have undergone substantial seismic survey, exploration and production activity for many years. Because a large number of offshore energy properties in these regions have already been drilled, additional prospects of sufficient size and quality that make economic sense especially in a depressed commodity price environment could be more difficult to identify. The ability of our customers to produce sufficient quantities to support the costs of exploration in different basins could impact the level of future activity in these regions. In the future, production may decline to the point that such properties are no longer economic to operate, in which case, our services with respect to such properties would no longer be needed. Offshore energy companies may not identify sufficient additional drilling sites to replace those that become depleted. In addition, the U.S. government’s exercise of authority under the Outer Continental Shelf Lands Act, as amended, to restrict the availability of offshore energy leases together with the U.K. government’s exercise of authority could adversely impact exploration and production activity in the U.S. Gulf of Mexico and the North Sea, respectively. Further, actions of the Biden administration could negatively impact offshore energy operations in the U.S. in and favor of renewable energy projects.
If activity in offshore energy exploration, development and production in either the U.S. Gulf of Mexico or the North Sea materially declines, our business, financial condition and results of operations could be materially and adversely affected. We cannot predict the levels of activity in these areas.
We are exposed to credit risk of our counterparties.
25

Table of Contents
We are exposed to credit risk, which depends on the ability of our counterparties to fulfill their obligations to us. We manage credit risk by entering into arrangements with established counterparties and through the establishment of credit policies and limits, which are applied in the selection of counterparties.
Credit risk arises from the potential for counterparties to default on their contractual obligations. We monitor our concentration risk with counterparties on an ongoing basis. The carrying amount of financial assets represents the maximum credit exposure for financial assets.
Credit risk also arises on our trade receivables when a customer cannot meet its obligation to us. To mitigate trade credit risk, we have developed credit policies that include the review, approval and monitoring of new customers, annual credit evaluations and credit limits. There can be no assurance that our risk mitigation strategies will be effective and that credit risk will not adversely affect our financial condition and results of operations.
In addition, the majority of our customers are engaged in offshore energy production, exploration and development. For the nine months ended December 31, 2022, we generated approximately 66% of our consolidated operating revenues from offshore energy operations. This concentration could impact our overall exposure to credit risk because changes in economic, regulatory and industry conditions that adversely affect the offshore energy industry could affect the credit worthiness of many of our customers. We generally do not require and do not have the leverage to obtain letters of credit or other collateral to support our trade receivables. Accordingly, a downturn in the economic condition of the offshore energy industry could adversely impact our ability to collect our receivables and thus impact our business, financial condition and results of operations.
Our failure to dispose of aircraft through sales into the aftermarket could continue to adversely affect us.
The management of our global aircraft fleet involves a careful evaluation of the expected demand for our services across global markets, including the type of aircraft needed to meet this demand. As offshore energy drilling and production globally moves to deeper water, additional medium and heavy aircraft and newer technology aircraft may be required. As older aircraft models come off of current contracts and are replaced by new aircraft, our management evaluates our future needs for these aircraft models and ultimately the ability to recover our remaining investments in these aircraft through sales into the aftermarket. We depreciate our aircraft over their expected useful life to the expected salvage value to be received for the aircraft at the end of that life. However, depending on the market for an aircraft type when we seek to sell an aircraft or anticipate disposing of an aircraft, we may record gains or losses on aircraft sales or impairment. In certain instances where a cash return can be made on newer aircraft in excess of the expected return available through the provision of our services, we may sell newer aircraft. The number of aircraft sales and the amount of gains and losses recorded on these sales depends on a wide variety of factors and is inherently unpredictable. A significant return of aircraft to leasing companies by us or our competitors into an already oversupplied market could undermine our ability to dispose of our aircraft and could have a material adverse effect on our business, financial condition and results of operations.
Our future growth depends on our ability to grow in core markets and expand into new business lines and additional international markets.
Our future growth will depend on our ability to grow in our core markets and expand into new business lines, such as offshore wind and advanced air mobility, and additional international markets. Expansion of our business depends on our ability to operate in these other markets.
Expansion of our business may be adversely affected by:
local regulations restricting foreign ownership of helicopter operators;
requirements to award contracts to local operators;
the number and location of new drilling concessions granted by foreign governments; and
our ability to integrate new models of aircraft into our fleet and operate new lines of business to support our diversification initiatives.
If we are unable to continue to operate, establish new lines of business, or retain contracts in international markets, our operations may not grow and our future business, financial condition and results of operations may be adversely affected.
26

Table of Contents
Our operations are subject to weather-related and seasonal fluctuations. In particular, our operations in the Gulf of Mexico have experienced an increase in frequency and severity of hurricanes, which may continue to adversely affect our costs, the well-being of our employees and ability to operate.
Certain of our operations are subject to harsh weather conditions and seasonal factors. Poor visibility, high wind, heavy precipitation, sandstorms, hurricanes and volcanic ash can affect the operation of helicopters and fixed wing aircraft and result in a reduced number of flight hours. A significant portion of our operating revenues and profits related to offshore energy exploration, development and production activity is dependent on actual flight hours, and a substantial portion of our operating expenses is fixed. Thus, prolonged periods of harsh weather can have a material adverse effect on our business, financial condition and results of operations.
In addition, there is increasing concern over the risks of climate change, and related severe weather patterns, which presents short-term and increasing long-term risks to us. The physical risks of climate change include rising average global temperatures, rising sea levels and an increase in the frequency and severity of extreme weather events and natural disasters, including floods, wildfires, hurricanes and tornadoes. Climate change and natural disasters have the potential to disrupt our and our clients’ businesses, could affect the operation of helicopters and fixed wing aircraft and result in a reduced number of flight hours, which may have a material adverse effect on our business, financial condition and results of operations.
The fall and winter months in the Northern hemisphere have fewer hours of daylight, particularly in the North Sea, and flight hours are generally lower at these times, typically resulting in a reduction in operating revenues during those months. Although some of our helicopters are equipped to fly at night, we generally do not do so except in SAR operations. In addition, drilling activity in the North Sea is less active during the winter months than the rest of the year. Anticipation of harsh weather during this period causes many offshore energy companies to limit activity during the winter months. Accordingly, our reduced ability to operate in harsh weather conditions and darkness may have a material adverse effect on our business, financial condition and results of operations.
The Harmattan, a dry and dusty West African trade wind, blows in Nigeria between the end of December and the middle of February. The heavy amount of dust in the air can severely limit visibility and block the sun for several days, similar to a heavy fog. We are unable to operate aircraft during these harsh conditions.
In the U.S. Gulf of Mexico, the months of December through March typically have more days of harsh weather conditions than the other months of the year. Heavy fog during those months often limits visibility and flight activity. In addition, in the U.S. Gulf of Mexico, operations may continue to be impacted by hurricanes and tropical storms from June through November. The U.S. Gulf of Mexico experienced several significant hurricanes in 2022, 2021, and 2020, which some weather analysts believe is consistent with a period of greater hurricane activity. During a tropical storm, hurricane or cyclone, we are unable to operate in the area of the storm. However, flight activity may increase immediately before and after a storm due to the evacuation and return of offshore workers. In addition, as a significant portion of our facilities are located along the coast of these regions, extreme weather may continue to cause substantial damage to our property in these locations, including possibly aircraft. For example, in August 2021, we experienced a prolonged displacement of operations and incurred costs related to the temporary relocation of our operations in Louisiana following damage to our aircraft and facilities as a result of Hurricane Ida. Additionally, we incur costs in evacuating our aircraft, personnel and equipment prior to tropical storms, hurricanes and cyclones.
Consequently, flight hours may be lower during these periods, resulting in reduced operating revenues, which may have a material adverse effect on our business, financial condition and results of operations.
We face risks related to actual or threatened health epidemics, including COVID-19, or other major health crises, which could significantly disrupt our business.
Our business could be impacted adversely by the effects of public health epidemics, pandemics (such as COVID-19) or other major health crises (which are referred to collectively for purposes of this paragraph as public health crises). Actual or threatened public health crises may have a number of adverse impacts, including volatility in the global economy, impacts to our customers’ business operations, or significant disruptions in the markets we serve, caused by a variety of factors such as quarantines, closures, or other government-imposed restrictions, any of which could adversely impact our business, operations, financial condition and operating results.
27

Table of Contents
For example, the COVID-19 pandemic caused a significant and swift reduction in global economic activity during 2020, which significantly weakened demand for offshore energy, and in turn, the demand for our services. Other effects of the pandemic included, and may continue to include, significant volatility and disruption of the global financial markets; supply chain disruptions and inflationary pressure; employee impacts from illness; community response measures; and temporary closures of the facilities of our customers and suppliers. While the prices of and demand for crude oil have recovered from the lows seen in the initial stages of the pandemic, the extent to which our operating and financial results will continue to be affected will depend on various factors beyond our control, such as the emergence of new variants and strains of the virus and the success of actions to contain such variants, or treat its impact, such as the availability and acceptance of vaccines. Although we have not experienced any significant disruptions as a result of any new COVID-19 variants, the COVID-19 pandemic may materially adversely affect our operating and financial results in a manner that is not currently known to us or that we do not currently consider to present significant risks to our operations.
Risks Related to Our Customers and Contracts
A focus by our customers on cost-saving measures rather than quality of service, which is how we differentiate ourselves from competition, could reduce the demand for our services.
Historically, we had the ability to secure profitable contracts by providing superior quality as compared to our competitors. However, offshore energy companies are continually seeking to implement measures aimed at greater cost savings, including efforts to accept lesser quality services, to otherwise improve cost efficiencies with respect to air transportation services, or to provide other alternatives for transportation, such as boats. For example, these companies may reduce staffing levels on both old and new installations by using new technology to permit unmanned installations, may reduce the frequency of transportation of employees by increasing the length of shifts offshore, may change other aspects of how our services are scheduled and may consider other alternatives to our services to achieve cost savings. In addition, these companies could initiate their own helicopter, airplane or other transportation alternatives. The continued implementation of these kinds of measures could reduce the demand or pricing for our services and have a material adverse effect on our business, financial condition and results of operations.
Our industry is highly competitive and cyclical, with intense price competition.
The helicopter and fixed wing businesses are highly competitive throughout the world. Chartering of such aircraft is often done on the basis of competitive bidding among those providers having the necessary equipment, operational experience and resources. Factors that affect competition in our industry include price, quality of service, operational experience, record of safety, quality and type of equipment, aircraft availability, customer relationship and professional reputation. Additionally, certain of our competitors have undercut us by reducing rates to levels not acceptable to us.
Our industry has historically been cyclical and is affected by the volatility of offshore energy price levels. There have been periods of high demand for our services, followed by periods of low demand for our services. Changes in commodity prices can have a significant effect on demand for our services, and periods of low activity intensify price competition in the industry and often result in lower utilization rates for our aircraft, including potentially being idle for long periods of time.
We have several significant competitors in the North Sea, Nigeria, the U.S. Gulf of Mexico and Brazil, and a number of smaller local competitors in other markets. Certain of our customers have the capability to perform their own air transportation operations or give business to our competitors should they elect to do so, which has a limiting effect on our rates.
As a result of significant competition, we must continue to provide safe, reliable and efficient service and we must continue to evolve our technology or we will lose market share, which could have a material adverse effect on our business, financial condition and results of operations due to the loss of a significant number of our customers or termination of a significant number of our contracts.
We depend on a small number of customers for a significant portion of our revenues.
We derive a significant amount of our revenues from our U.K. SAR Contract, as well as from a small number of offshore energy companies. Our loss of one of these significant customers, if not offset by sales to new or other existing customers, could have a material adverse effect on our business, financial condition and results of operations. See discussion of our customers and contractual arrangements in the “Business” section of this Transition Report on Form 10-KT.
28

Table of Contents
Our contracts often can be terminated or downsized by our customers without penalty.
Many of our fixed-term contracts contain provisions permitting early termination by the customer at their convenience, generally without penalty, and with limited notice requirements. In addition, many of our contracts permit our customers to decrease the number of aircraft under contract with a corresponding decrease in the fixed monthly payments without penalty. As a result, you should not place undue reliance on the strength of our customer contracts or the terms of those contracts.
Our U.K. SAR contract can be terminated at will and is subject to certain other rights of the DfT.
Our U.K. SAR contract, which accounted for approximately 20% of our revenues for the nine months ended December 31, 2022, allows the DfT to cancel the contract for any reason upon notice and payment of a specified cancellation fee based on the number of bases reduced as a result of the exercise and the timing of the exercise. Prior to any cancellation or termination of the contract, the DfT may also invite tenders to award a contract for the SAR services we provide to a replacement contractor.
Additionally, the U.K. SAR contract grants the DfT the option to require us to transfer to the DfT, at termination or expiration, either the lease or the ownership of some or all of the helicopters and ground facilities that service the U.K. SAR contract. The DfT may alternatively require that we or the owner, as the case may be, transfer the lease or ownership of the helicopters and ground facilities to any replacement service provider. If the DfT wishes to transfer ownership, it must pay a specified option exercise fee based on the value of the helicopters. If the DfT wishes to transfer the lease, it does not have to pay an option exercise fee. We currently lease a significant number of the aircraft to service the U.K. SAR contract. Although we are entitled to some compensation for termination or early expiration if we are not at fault for a breach of the agreement, termination or early expiration of the U.K. SAR contract would result in a significant loss of expected revenues. Additionally, we do not have the right to cause the transfer of the ground facilities supporting the U.K. SAR contract to the replacement service provider. If alternative long-term uses were not identified for these facilities, we could incur recurring fixed expenses for these non-revenues producing assets if we were unable to sell them to a replacement contractor or other party in the event the U.K. SAR contract is terminated.
Our customers may shift risk to us.
We give to and receive from our customers indemnities relating to damages caused or sustained by us in connection with our operations. Our customers often seek to capitalize on their market leverage by shifting responsibility for risk. In difficult markets, we may be obliged to accept greater risk to win new business, retain renewing business or could result in us losing business if we are not prepared to take such risks. To the extent that we accept such additional risk, and seek to insure against it, if possible, our insurance premiums could rise. If we cannot insure against such risks or otherwise choose not to do so, we could be exposed to catastrophic losses in the event such risks are realized.
Reductions in spending on aviation services by governmental agencies could lead to modifications of contract terms or delays in receiving payments, which could adversely impact our business, financial condition and results of operations.
Our Government Services contracts, accounted for approximately 24% of our revenues for the nine months ended December 31, 2022.
Governmental agencies receive funding through budget appropriations, which are determined through the political process, and as a result, funding for the agencies with which we do business may fluctuate. In recent years, there has been increased Congressional scrutiny of discretionary program spending by the U.S. government in light of concerns over the size of the national debt and lawmakers have discussed the need to cut or impose caps on discretionary spending, which could result in budget cuts to federal agencies to which we provide services. If any agencies experience reductions in their budgets or if a government changes its spending or service priorities, it may substantially reduce or cease using our services, which could have a material adverse effect on our business, financial condition and results of operations. In addition, a prolonged shutdown of the federal government would, in turn, cause a shutdown of these agencies which could have an adverse effect on our business and results of operations.
Further, any reductions in the budgets of governmental agencies for spending on aviation services, implementation of cost saving measures by governmental agencies, imposed modifications of contract terms or delays in collecting receivables
29

Table of Contents
owed to us by our governmental agency customers could have an adverse effect on our business, financial condition and results of operations.
In addition, there are inherent risks in contracting with governmental agencies. Applicable laws and regulations in the countries in which we operate may enable our governmental agency customers to (i) terminate contracts for convenience, (ii) reduce, modify or cancel contracts or subcontracts if requirements or budgetary constraints change or (iii) require contractors to assume more risk under the terms of the contracts. Any of these events could have an adverse effect on our business, financial condition and results of operations.
Our fixed operating expenses and long-term contracts with customers could adversely affect our business under certain circumstances.
Our profitability is directly related to demand for our services. Because of the significant expenses related to aircraft financing and leasing, crew wages and benefits and insurance and maintenance programs, a substantial portion of our operating expenses are fixed and must be paid even when aircraft are not actively servicing customers and thereby generating revenues. A decrease in our revenues could therefore result in a disproportionate decrease in our earnings, as a substantial portion of our operating expense would remain unchanged. Similarly, the discontinuation of any rebates, discounts or preferential financing terms offered to us by manufacturers, lenders or lessors could have the effect of increasing our related expenses, and without a corresponding increase in our revenues, could negatively impact our results of operations.
Certain of our long-term aircraft services contracts contain price escalation terms and conditions. Although supplier costs, fuel costs, insurance costs and other cost increases are typically passed through to our customers through rate increases where possible, these escalations may not be sufficient to enable us to recoup increased costs in full and we may not be able to realize the full benefit of contract price escalations during a market downturn. There can be no assurance that we will be able to estimate costs accurately or recover increased costs by passing these costs on to our customers. We may not be successful in identifying or securing cost escalations for other costs that may escalate during the applicable customer contract term. In the event that we are unable to fully recover material costs that escalate during the terms of our customer contracts, the profitability of our customer contracts and our business, financial condition and results of operations could be materially and negatively affected.
Significant disruptions in the supply of aircraft fuel could have an adverse impact on our operating results and financial condition.
Aircraft fuel is critical to our operations. The timely and adequate supply of fuel to meet operational demand depends on the continued availability of reliable fuel supply sources as well as related service and delivery infrastructure. Although we have some ability to cover short-term fuel supply and infrastructure disruptions at some major demand locations, it depends significantly on the continued performance of our vendors and service providers to maintain supply integrity. Consequently, we can neither predict nor guarantee the continued timely availability of aircraft fuel throughout our operations. To the extent our vendors and service providers are not able to maintain fuel supply integrity, such disruption to our aircraft fuel supply could have an adverse impact on our operating results and financial condition.
Additionally, the market price of fuel has historically fluctuated substantially and continues to be volatile due to a multitude of unpredictable factors, including global crude oil prices, fuel supply and demand, natural disasters, and fuel production and transportation infrastructure. Fuel prices are also impacted by indirect factors, such as geopolitical events, economic growth indicators, fiscal/monetary policies, fuel tax policies, changes in regulations, environmental concerns and financial investments in energy markets. Changes in these factors can potentially drive rapid changes in fuel prices in short periods of time.
Given the highly competitive nature of our industry, we may not be able to in the future, increase our rates sufficiently to offset the full impact of increases in fuel prices, especially if these increases are significant, rapid and sustained. Further, any such rate increase may not be sustainable, may reduce the general demand for our services and may also eventually impact our operations, strategic growth and investment plans for the future.
30

Table of Contents
We may not be able to renew or replace expiring contracts or obtain new contracts on terms that are as favorable to us.
Our ability to renew or replace expiring contracts or obtain new contracts, and the terms of any such contracts will depend on various factors, including market conditions and the specific needs of our customers. Given the highly competitive and historically cyclical nature of our industry, we may not be able to renew or replace the contracts or may be required to renew or replace expiring contracts or obtain new contracts at rates that are below, and potentially substantially below, existing rates, or that have terms that are less favorable to us than our existing contracts. Further, newer, more technologically advanced aircraft may be more desirable, and the presence of those aircraft in our fleet and those of our competitors may decrease the demand for other aircraft in our fleet and decrease the resale value of those other aircraft. This could adversely affect our financial condition, results of operations and cash flows.
Consolidation of and asset sales by our customer base could materially adversely affect demand for our services and reduce our revenues.
Many of our customers are international, independent and major integrated offshore energy exploration, development and production companies and offshore energy companies. In recent years, these companies have undergone substantial consolidation and engaged in sales of specific assets. Additional consolidation and asset sales are possible. Consolidation shrinks our customer base. In the event one of our customers combines with, or sells assets to, a company that is using the services of one of our competitors, the combined or successor company could decide to use the services of that competitor or another provider. Further, merger activity among both major and independent oil and natural gas companies affects exploration, development and production activity, as the consolidated companies often put projects on hold while integrating operations or cancel projects deemed too small in context of a larger business or use cost savings to reduce debts.
Consumer preferences for alternative fuels, as part of the global energy transition, may lead to reduced demand for our services.
The increasing penetration of renewable energy into the energy supply mix, the increased production of electric-powered vehicles and improvements in energy storage, as well as changes in consumer preferences, including increased consumer demand for alternative fuels, energy sources and electric-powered vehicles, may affect the demand for oil and natural gas and drilling services. This evolving transition of the global energy system from fossil-based systems of energy production and consumption to more renewable energy sources, commonly referred to as the energy transition, could have a material adverse impact on our results of operations, financial position and cash flows. As a result of changes in consumer preferences and uncertainty regarding the pace of the energy transition and expected impacts on oil and natural gas demand, there have been changes in the budgets of offshore energy companies in connection with the move away from oil and natural gas exploration and production, which could result in reduced capital spending by our customers and in turn reduced demand for our services.
Risks Related to the Offshore Energy Industry
The demand for our services is substantially dependent on the level of offshore energy exploration, development and production activity.
We provide helicopter and fixed wing services to companies engaged in offshore energy exploration, development and production activities. As a result, demand for our services, as well as our revenues and our profitability, are substantially dependent on the worldwide levels of activity in offshore energy exploration, development and production. These activity levels are principally affected by trends in, and expectations regarding, oil and natural gas prices, as well as the capital expenditure budgets of offshore energy companies and shifts in technology for energy exploration, development and production. We cannot predict future exploration, development and production activity or offshore energy price movements. Historically, the prices for oil and gas and activity levels have been volatile and are subject to factors beyond our control, such as:
the supply of and demand for offshore energy and market expectations for such supply and demand;
actions of OPEC+ to control prices or change production levels;
increased supply of offshore energy resulting from onshore hydraulic fracturing activity and shale development;
general economic conditions, both worldwide and in particular regions;
governmental regulation;
the price and availability of alternative fuels;
31

Table of Contents
weather conditions, including the impact of hurricanes and other weather-related phenomena;
advances in exploration, development and production technology, including in connection with the extraction of unconventional oil and natural gas resources;
technology developments impacting energy consumption;
the changing environmental and social landscape, including in respect of the energy transition;
the policies of various governments regarding exploration and development of their offshore energy reserves; and
the worldwide political environment, including the armed conflict in Ukraine and associated economic sanctions on Russia, Nigeria or other geographic areas, or further acts of terrorism in the U.K., U.S. or elsewhere.
Even though offshore energy prices recovered in 2022 and 2023 to date, developments or changes relating to the factors above could adversely affect the long-term outlook for offshore energy exploration, development and production activities.
The continued threat of terrorism and the impact of military and other action, including escalating tensions between Russia and Ukraine and the potential destabilizing effect such conflict may pose for the European continent or the global oil and natural gas markets could materially adversely affect us.
The occurrence or threat of terrorist attacks in the countries in which we operate, anti-terrorist efforts and other armed conflicts involving the United States or other countries in which we operate could adversely affect our financial condition, results of operations and cash flows. For example, on February 24, 2022, Russia launched a large-scale invasion of Ukraine that has led to significant armed hostilities, and sustained conflict and disruption in the region is anticipated. As a result, the United States, the United Kingdom, the member states of the European Union and other public and private actors have levied severe sanctions on Russia. The geopolitical and macroeconomic consequences of this invasion and associated sanctions cannot be predicted, and such events, and any further hostilities in Ukraine or elsewhere, could severely impact the world economy on top of the already significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, as well as trade disputes or trade barriers. As the situation continues to evolve, the resulting political instability and societal disruption could reduce overall demand for oil and natural gas, potentially putting downward pressure on demand for our services and causing a reduction in our revenues. Oil and natural gas‑related facilities could be direct targets of terrorist attacks, and our operations could be adversely impacted if infrastructure integral to our customers’ operations is destroyed or damaged. Costs for insurance and other security may increase as a result of these threats, and some insurance coverage may become more difficult to obtain, if available at all.
Any significant development impacting deepwater drilling in the U.S. Gulf of Mexico could materially adversely affect us.
We are highly dependent on offshore energy activities in the U.S. Gulf of Mexico, which is subject to stringent regulation, particularly in the aftermath of the sinking of the Deepwater Horizon, including with respect to financial assurance requirements, inspection programs, environmental protection and workplace health safety by BSEE, the U.S. Bureau of Ocean Energy Management, the U.S. Occupational Safety and Health Administration and other regulatory agencies. These agencies may revise existing, or impose new, safety and environmental guidelines and regulations for drilling in the U.S. Gulf of Mexico and other geographic regions, the result of which may increase the costs and regulatory burden of exploration, development and production, reduce the area of operations for offshore energy activities and result in permitting delays. It is difficult to predict the likelihood, nature or extent, or ultimate impact of any new or revised guidelines, regulations or legislation that may be implemented, including in response to the Biden administration’s executive orders and policies. A prolonged suspension of drilling activity or permitting delays in the U.S. Gulf of Mexico and other geographic locations in which we operate, new regulations and/or increased liability for companies operating in the offshore energy sector, whether or not caused by a new incident in any region, could result in reduced demand for our services and could have a material adverse effect on our business, financial condition and results of operations.
Risks Related to Legal, Tax and Regulatory Matters
We have experienced cybersecurity incidents in the past, and cybersecurity breaches or business system disruptions may adversely affect our business in the future.
We rely on our information technology infrastructure and management information systems to operate and record almost every aspect of our business. This may include confidential or personal information belonging to us, our employees,
32

Table of Contents
customers, suppliers, or others. Similar to other companies, our systems and networks, and those of third parties with whom we do business, may be subject to cybersecurity breaches caused by, among other things, illegal hacking, insider threats, computer viruses, phishing, malware, ransomware, or acts of vandalism or terrorism, or those perpetrated by criminals or nation-state actors. Furthermore, we may also experience increased cybersecurity risk due to some of our personnel working remotely. We have experienced cyber incidents in the past, although none have been material or had a material adverse effect on our business or financial condition. We may experience additional cybersecurity incidents and security breaches in the future. In addition to our own systems and networks, we use third-party service providers to process certain data or information on our behalf. Due to applicable laws and regulations, we may be held responsible for cybersecurity incidents attributed to our service providers to the extent it relates to information we share with them. Although we seek to require that these service providers implement and maintain reasonable security measures, we cannot control third parties and cannot guarantee that a security breach will not occur in their systems or networks.
Despite our efforts to continually refine our procedures, educate our employees, and implement tools and security measures to protect against such cybersecurity risks, there can be no assurance that these measures will prevent unauthorized access or detect every type of attempt or attack. Our potential future upgrades, refinements, tools and measures may not be completely effective or result in the anticipated improvements, if at all, and may cause disruptions in our business operations. In addition, a cyberattack or security breach could go undetected for an extended period of time, and the ensuing investigation of the incident would take time to complete. During that period, we would not necessarily know the impact to our systems or networks, costs and actions required to fully remediate the effects of any such cyberattack or security breach and our initial remediation efforts may not be successful, and the errors or actions could be repeated before they are fully contained and remediated. A breach or failure of our systems or networks, critical third-party systems on which we rely, or those of our customers or vendors, could result in an interruption in our operations, disruption to certain systems that are used to operate our aircraft or other assets, unplanned capital expenditures, unauthorized publication of our confidential business or proprietary information, unauthorized release of customer, employee or third party data, theft or misappropriation of funds, violation of privacy or other laws, and exposure to litigation or indemnity claims including resulting from customer-imposed cybersecurity controls or other related contractual obligations. There could also be increased costs to detect, prevent, respond, or recover from cybersecurity incidents. Any such breach, or our delay or failure to make adequate or timely disclosures to the public, regulatory or law enforcement agencies or affected individuals following such an event, could have a material adverse effect on our business, reputation, financial position, results of operations and cash flows, and cause reputational damage.
We operate in many international areas through entities that we do not control and are subject to government regulation that limits foreign ownership of aircraft companies in favor of domestic ownership.
We conduct many of our international operations through entities in which we have a noncontrolling interest or through strategic alliances with foreign partners. For example, we have acquired interests in, or in some cases have lease and service agreements with, entities that operate aircraft in Canada and Egypt. We provide engineering and administrative support to certain of these entities. We derive lease revenues, service revenues, equity earnings and dividend income from these entities. For the nine months ended December 31, 2022, we received approximately $23.6 million, of revenues from the provision of aircraft and other services to unconsolidated affiliates. As a result of not owning a majority interest or maintaining voting control of our unconsolidated affiliates, we do not have the ability to control their policies, management or affairs. The interests of persons who control these entities or partners may differ from ours and may cause such entities to take actions that are not in our best interest. Certain of our co-owners of these entities have the right to require us to purchase their interest, in which case we would need to find a qualifying person to hold the interest. See “Item 1. Business – Government Regulation” for additional information. If we are unable to maintain our relationships with our partners in these entities, we could lose our ability to operate in these areas, potentially resulting in a material adverse effect on our business, financial condition and results of operations. Additionally, an operational incident involving one of the entities over which we do not have operational control may nevertheless cause us reputational harm.
We are subject to governmental regulation that limits foreign ownership of aircraft companies in favor of domestic ownership. Based on regulations in various markets in which we operate, the use of our local AOCs may be halted and we may lose our ability to operate within these countries if certain levels of local ownership are not maintained. The inability to utilize our local AOCs for any reason, including foreign ownership in excess of permitted levels, could have a material adverse effect on our ability to conduct operations within these markets and our overall financial condition. We cannot assure you that there
33

Table of Contents
will be no changes in aviation laws, regulations or administrative requirements or the interpretations or applications thereof that could restrict or prohibit our ability to operate in certain regions or that would cause the cost of operating in the region uneconomical. Any such restriction or prohibition on our ability to operate in non-U.S. jurisdictions or any significant increase in cost operating in such jurisdictions as a result of changes in law and regulation or otherwise may have a material adverse effect on our business, financial condition and results of operations.
Environmental regulations and liabilities may increase our costs and adversely affect our business.
Our operations are subject to U.S. federal, state and local and foreign environmental laws and regulations governing the protection of the environment and health and safety that impose limitations on the discharge of pollutants into the environment and establish standards for the treatment, storage, recycling and disposal of toxic and hazardous wastes. The nature of our business requires that we use, store and dispose of materials that are subject to environmental regulation. The longer-term trend of more expansive and stringent environmental legislation and regulations is expected to continue, which makes it challenging to predict the cost or impact on our future operations. Liabilities associated with environmental matters could have a material adverse effect on our business, financial condition and results of operations. Under certain environmental laws, we could be exposed to strict, joint and several liability for cleanup costs and other damages relating to releases of hazardous materials or contamination, regardless of whether we were responsible for the release or contamination, and even if our operations were lawful at the time or in accordance with industry standards. Additionally, any failure by us to comply with applicable environmental laws and regulations may result in governmental authorities taking action against us that could adversely impact our operations and financial condition, including the:
issuance of administrative, civil and criminal penalties;
denial or revocation of permits or other authorizations;
imposition of limitations on our operations; and
performance of site investigatory, remedial or other corrective actions.
In certain instances, citizen groups also have the ability to bring legal proceedings against us regarding our compliance with certain environmental laws, or to challenge our ability to receive permits that we need to operate.
In February 2021, the Biden administration rejoined the Paris Agreement. In addition, in September 2021, President Biden publicly announced the Global Methane Pledge, a pact that aims to reduce global methane emissions at least 30% below 2020 levels by 2030. Since its formal launch at the United Nations Climate Change Conference (COP26), over 100 countries have joined the pledge. Most recently, at the 27th conference of parties, President Biden announced the Environmental Protection Agency’s (“EPA”) proposed standards to reduce methane emissions from existing offshore energy sources, and agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a market for low methane-intensity natural gas. Additionally, in August 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “IRA”). Among other things, the IRA includes a methane emissions reduction program. Additionally, while the pause on new oil and natural gas leases on public lands and offshore waters has been lifted subject to certain limitations, the impacts of these and other future orders or legislation or regulation remain unclear at this time and could have an impact on our customers, and in turn have negative effect on our business, financial conditions, results of operations, and cash flows.
Additional changes in environmental laws or regulations, including laws relating to the emission of carbon dioxide and other greenhouse gases or other climate change concerns, could require us to devote capital or other resources to comply with those laws and regulations. These changes could also subject us to additional costs and restrictions, including increased fuel costs. In addition, such changes in laws or regulations could increase costs of compliance and doing business for our customers and thereby decrease the demand for our services. Because our business depends on the level of activity in the offshore energy industry, existing or future laws, regulations, treaties or international agreements related to greenhouse gases and climate change, including incentives to conserve energy or use alternative energy sources, could have a negative impact on our business if such laws, regulations, treaties or international agreements reduce the worldwide demand for offshore energy or limit drilling opportunities.
Our results could be impacted by U.S. and foreign social, political, regulatory and economic conditions as well as by changes in tariffs, trade agreements or other trade restrictions imposed by the U.S. government.
34

Table of Contents
Changes in U.S. political, regulatory and economic conditions or laws and policies governing foreign trade (including the U.S. trade agreements and U.S. tariff policies), travel to and from the U.S., immigration, manufacturing, development and investment in the territories and countries in which we operate, and any negative sentiments or retaliatory actions towards the U.S. as a result of such changes, could adversely affect the industry as a whole, which could adversely affect our business, financial position, results of operations, cash flows and growth prospects.
The Trump administration, along with Congress, created significant uncertainty about the future relationship between the U.S. and other countries with respect to the trade policies, treaties, taxes, government regulations and tariffs that would be applicable. It is unclear what changes, if any, might be considered or implemented and what response to any such changes may be by the governments of other countries. These changes have created significant uncertainty about the future relationship between the U.S. and China, as well as other countries, including with respect to the trade policies, treaties, government regulations and tariffs that could apply to trade between the U.S. and other nations. Changes in these policies may have a material adverse effect on our business, financial position, results of operations, cash flows and growth prospects.
We are subject to legal compliance risks, including anti-corruption statutes, the violation of which may materially adversely affect our business, financial condition and results of operations.
As a global business, we are subject to complex laws and regulations in the U.S. and other countries in which we operate. These laws and regulations relate to a number of aspects of our business, including import and export controls, the payment of taxes, employment and labor relations, fair competition, data privacy protections, securities regulation, anti-money laundering, anti-corruption, economic sanctions and other regulatory requirements affecting trade and investment. Compliance with these laws and regulations may involve significant costs or require changes in our business practices that result in reduced revenues and profitability. A failure to comply could also result in significant fines, damages and other criminal sanctions against us, our officers, employees, joint venture partners or strategic partners, prohibitions or additional requirements on the conduct of our business and damage to our reputation. Further, we could be charged with wrongdoing for any violation of such laws and regulations by our agents, local partners or joint ventures, even though such parties may not be subject to the applicable statutes or may not operate under our control. Failure by us or one of our agents, joint ventures or strategic partners to comply with applicable export and trade practice laws could result in civil or criminal penalties and suspension or termination of export privileges. Certain violations of law could also result in suspension of or debarment from government contracts. We incur additional legal compliance costs associated with our global regulations and the changes in laws or regulations and related interpretations and other guidance could result in higher expenses and payments. Uncertainty relating to such laws or regulations, including how they affect a business or how we are required to comply with the laws, may also affect how we conduct our operations and structure our investments and could limit our ability to enforce our rights.
In many foreign countries, particularly those with developing economies, it may be customary for others to engage in business practices that are prohibited by laws such as the FCPA, the U.K. Bribery Act, the BCCA in Brazil, an anti-bribery law that is similar to the FCPA and the U.K. Bribery Act, or other similar laws. Although we have implemented policies and procedures designed to ensure compliance with these laws, there can be no assurance that all of our employees, contractors, agents and business partners will not take action in violation of our internal policies or applicable law and any such violation could have a material adverse effect on our business, financial condition and results of operations.
Our business is subject to complex and evolving U.S. and foreign laws and regulations regarding privacy and data protection.
The regulatory environment surrounding data privacy and protection is constantly evolving and can be subject to significant change. Laws and regulations governing data privacy and the unauthorized disclosure of confidential information, including the European Union General Data Protection Regulation (the “GDPR”), pose increasingly complex compliance challenges and potentially elevate our costs. The U.K. may enact data privacy laws similar to the GDPR following Brexit, in order to maintain harmony with GDPR requirements, but this is not yet settled. Any failure, or perceived failure, by us to comply with applicable data protection laws could result in proceedings or actions against us by governmental entities or others, subject us to significant fines, penalties, judgments and negative publicity, require us to change our business practices and increase the costs and complexity of compliance, which could adversely affect our business.
35

Table of Contents
Actions taken by governmental agencies, such as the Department of Commerce, the Department of Transportation and the FAA, and similar agencies in the other jurisdictions in which we operate, could increase our costs and prohibit or reduce our ability to operate successfully.
Our industry is regulated by various laws and regulations in the jurisdictions in which we operate. The scope of such regulation includes infrastructure and operational issues relating to helicopters, maintenance, spare parts and route flying rights as well as safety and security requirements. We cannot fully anticipate all changes that might be made to the laws and regulations to which we are subject or the possible impact of such changes. These changes could subject us to additional costs and restrictions.
U.S. Our operations are highly regulated by several U.S. government regulatory agencies. For example, as a certified air carrier, we are subject to regulations promulgated by the DOT and the FAA. The FAA regulates our flight operations and imposes requirements with respect to personnel, aircraft, ground facilities and other aspects of our operations, including:
certification and reporting requirements;
inspections;
maintenance standards;
permitted areas of operation;
aircraft equipment and modification requirements;
personnel training standards; and
maintenance of personnel and aircraft records.
The DOT can review our economic fitness to continue our operations, among other things. The Department of Commerce, through its International Traffic in Arms Regulations (“ITAR”), regulates our imports and exports of aircraft (through leases and sales) as well as parts sales to international customers and the use of certain regulated technology in domestic and international airspace. If we fail to comply with these laws and regulations, or if these agencies develop concerns over our operations, we could face administrative, civil and/or criminal penalties. In addition, we may become subject to regulatory actions that could suspend, curtail or significantly modify our operations. A suspension or substantial curtailment of our operations or any substantial modification of our current operations may have a material adverse effect on our business, financial condition and results of operations.
Other Countries and Regulations. Our operations in other jurisdictions, including the U.K., Nigeria and Brazil, are regulated to various degrees by the governments of such jurisdictions and must be conducted in compliance with those regulations and, where applicable, in accordance with our air service licenses and AOCs. Such regulations may require us to obtain a license to operate in that country, favor local companies or require operating permits that can only be obtained by locally registered companies and often impose other nationality requirements. In such cases, we partner with local persons, but there is no assurance regarding which foreign governmental regulations may be applicable to our helicopter operations in the future and whether we would be able to comply with them.
The revocation of any of the licenses discussed above or the termination of any of our relationships with local parties could have a material adverse effect on our business, financial condition and results of operations.
Changes in effective tax rates, taxation of our foreign subsidiaries or adverse outcomes resulting from examination of our tax returns could adversely affect our business, financial condition and results of operations.
Our future effective tax rates could be adversely affected by changes in tax laws, both domestically and internationally, or the interpretation or application thereof. From time to time, the U.S. Congress and foreign, state and local governments consider legislation that could increase our effective tax rate or the effective tax rates of our consolidated affiliates. President Biden has previously provided informal guidance on certain tax law changes that he would support, including raising the rate on both domestic and foreign income. In addition, he recently signed into law the IRA, which, among other things, imposes a new 15% corporate alternative minimum tax on book income, which could adversely affect our profitability if it were to apply to us. We cannot determine whether, or in what form, other future tax legislation will ultimately be enacted or what impact any such legislation could have on our profitability.
36

Table of Contents
Our future effective tax rates could also be adversely affected by changes in the valuation of our deferred tax assets and liabilities, changes in the mix of earnings in countries with differing statutory tax rates, the ultimate repatriation of earnings from foreign subsidiaries to the U.S., or by changes in tax treaties, regulations, accounting principles or interpretations thereof in one or more countries in which we operate. In addition, we are subject to the potential examination of our income tax returns by the Internal Revenue Service (the “IRS”) and other tax authorities where we file tax returns. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. There can be no assurance that such examinations will not have a material adverse effect on our business, financial condition and results of operations.
In addition, the IRA imposes a 1% excise tax on net repurchases of shares after December 31, 2022. The imposition of the excise tax on repurchases of common stock may increase our cost of making repurchases and may cause our management and/or board of directors to reduce the number of shares repurchased pursuant to our share repurchase program. We continue to evaluate the impact of this legislation.
Risks Related to Our Common Stock and Corporate Structure
Our stock price may fluctuate significantly.
The trading price of our common stock may be volatile and subject to wide price fluctuations in response to various factors, including:
market conditions in the broader stock market;
commodity prices, including offshore energy prices and the perceived level of offshore energy activities;
actual or anticipated fluctuations in our and our competitors’ quarterly financial condition and results of operations;
introduction of new equipment or services by us or our competitors;
grounding of all or a portion of our fleet;
issuance of new or changed securities analysts’ reports or recommendations or a lack of coverage by securities analysts;
policies of investors, including pension funds, to divest investments in the offshore energy sector based on their environmental and social considerations;
sales, or anticipated sales, of large blocks of our common stock;
business or asset acquisitions or dispositions;
additions or departures of key personnel;
regulatory or political developments, including those related to budget appropriations;
litigation or governmental investigations;
a negative shift in sentiment toward the offshore energy industry;
technical factors in the public trading market for our stock that may produce price movements that may or may not comport with macro, industry or company-specific fundamentals, including, without limitation, the sentiment of retail investors (including as may be expressed on financial trading and other social media sites), the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our common stock and any related hedging and other technical trading factors; and
changing economic conditions.
The market for our common stock has historically experienced and may continue to experience significant price and volume fluctuations similar to those experienced by the broader stock market in recent years.
Generally, the fluctuations experienced by the broader stock market have affected the market prices of securities issued by many companies for reasons unrelated to their operating performance and may adversely affect the price of our common stock. In addition, our announcements of our quarterly operating results, changes in general conditions in the economy or the
37

Table of Contents
financial markets and other developments affecting us, our affiliates or our competitors could cause the market price of our common stock to fluctuate substantially.
Securities analyst coverage or lack of coverage may have a negative impact on our stock price. If securities analysts or industry analysts downgrade our common stock, publish negative research or reports or fail to publish reports about our business, the price and trading volume of our common stock could decline.
The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us, our business and our market. If one or more analysts adversely change their recommendation regarding our common stock or our competitors’ stock, our share price would likely decline. If one or more analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets which in turn could cause our share price or trading volume to decline. Moreover, if one or more analysts covering our business downgrade our common stock or drop coverage, or if our operating results do not meet their expectations, our stock price could decline.
Provisions in our amended and restated certificate of incorporation, amended and restated bylaws and Delaware law may discourage, delay or prevent a change of control of our business or changes in our management.
Our amended and restated certificate of incorporation (“certificate of incorporation”) and amended and restated bylaws (“bylaws”) include certain provisions that could have the effect of discouraging, delaying or preventing a change of control of our business or changes in our management. Such provisions include, among other things:
restrictions on the ability of our stockholders to fill a vacancy on the Board;
restrictions related to the ability of non-U.S. citizens owning our common stock;
our ability to issue preferred stock with terms that the Board may determine, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;
the absence of cumulative voting in the election of directors, which may limit the ability of minority stockholders to elect directors; and
advance notice requirements for stockholder proposals and nominations, which may discourage or deter a potential acquirer from soliciting proxies to elect a particular slate of directors or otherwise attempting to obtain control of us.
These provisions in our certificate of incorporation and bylaws may discourage, delay or prevent a transaction involving a change in control of our business that is in the best interest of our stockholders. Even in the absence of a takeover attempt, the existence of these provisions may materially adversely affect the prevailing market price of our common stock if they are viewed as discouraging future takeover attempts.
Regulations limit foreign ownership of our business, which could reduce the price of our common stock and cause owners of our common stock who are not U.S. persons to lose their voting rights.
Our certificate of incorporation provides that persons or entities that are not “citizens of the U.S.” (as defined in the Federal Aviation Act of 1958, as amended (the “Federal Aviation Act”)) shall not collectively own or control more than 25% of the voting power of our outstanding capital stock (the “Permitted Foreign Ownership Percentage”) and that, if at any time persons that are not citizens of the U.S. nevertheless collectively own or control more than the Permitted Foreign Ownership Percentage, the voting rights of our outstanding voting capital stock in excess of the Permitted Foreign Ownership Percentage owned by stockholders who are not citizens of the U.S. shall automatically be reduced. These voting rights will be reduced pro rata among the holders of voting shares who are not citizens of the U.S. to equal the Permitted Foreign Ownership Percentage based on the number of votes to which the underlying voting securities are entitled. Shares held by persons who are not U.S. citizens may lose their associated voting rights and be redeemed as a result of these provisions. Accordingly, in the event of any vote by our stockholders, the voting rights of shares held by non-U.S. citizens would be reduced pursuant to our organizational documents if such ownership remains above 25% of our total outstanding common stock at the time of such vote. These restrictions may also have a material adverse impact on the liquidity or market value of our common stock because stockholders may be unable to transfer our common stock to persons who are not citizens of the U.S. and because persons who are not U.S. citizens may be unable or unwilling to hold shares of our common stock the voting rights of which have been reduced.
38

Table of Contents
Our certificate of incorporation includes a forum selection clause, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us.
Our certificate of incorporation requires that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of our business, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employee of ours to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or (iv) any action asserting a claim governed by the internal affairs doctrine.
Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and consented to the foregoing provisions. This forum selection provision in our certificate of incorporation may limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us, which may discourage such lawsuits against us. It is also possible that, notwithstanding the forum selection clause included in our certificate of incorporation, a court could rule that such a provision is inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, in which case we may incur additional costs associated with resolving such matters in other jurisdictions.
General Risks
We are increasingly dependent on information technology, and if we are unable to protect against service interruptions, data corruption, cyberattacks or network security breaches, our operations could be disrupted and our business could be negatively impacted.
Our business is increasingly dependent upon information technology networks and systems to process, transmit and store electronic and financial information, to capture knowledge of our business, and to communicate within our business and with customers, suppliers, partners and other stakeholders. These information technology systems, some of which are managed by third parties, may be susceptible to damage, disruptions or shutdowns due to failures during the process of upgrading or replacing software, databases or components thereof, power outages, hardware failures, computer viruses, cyberattacks, telecommunication failures, user errors or catastrophic events. Our information technology systems are becoming increasingly integrated on a global basis, so damage, disruption or shutdown to the system could result in a more widespread impact. If our information technology systems suffer severe damage, disruption or shutdown, and our business continuity plans do not effectively resolve the issues in a timely manner, we could experience business disruptions and transaction errors causing a material adverse effect on our business, financial condition and results of operations.
Covenants in our debt agreements may restrict the manner in which we can operate our business.
The indenture governing the 6.875% Senior Notes limits, among other things, our ability and the ability of our restricted subsidiaries to:
borrow money or issue guarantees;
pay dividends, redeem capital stock or make certain other restricted payments;
incur liens to secure indebtedness;
make certain investments;
sell certain assets;
enter into transactions with our affiliates; or
merge with another entity or sell substantially all of our assets.
If we fail to comply with these and other covenants, we would be in default under the National Westminster Facilities and the ABL Facility (together, our “Credit Facilities”) and the indenture governing the 6.875% Senior Notes, and the principal and accrued interest on our outstanding indebtedness may become due and payable. In addition, our Credit Facilities and other debt agreements contain, and our future debt agreements may contain, similar and additional affirmative and negative covenants. Our Credit Facilities and the 6.875% Senior Notes are secured by many of our assets (including most of our helicopters), and such assets may not be available to secure additional financings. As a result, our ability to respond to changes in business and economic conditions and to obtain additional financing, if needed, may be significantly restricted, and we may be prevented from engaging in transactions that might otherwise be considered beneficial to us.
39

Table of Contents
Our debt agreements, including our Credit Facilities and the indentures governing the 6.875% Senior Notes, also require us or certain of our subsidiaries, and our future credit facilities may require us or certain of our subsidiaries, to observe certain covenants. Our ability to observe certain of those covenants can be affected by events beyond our control, and we cannot assure you that we will be able to observe these covenants in the future. The breach of any of these covenants could result in a default under our other debt agreements. Upon the occurrence of an event of default under our Credit Facilities, any future credit facilities or the indenture governing the 6.875% Senior Notes, our creditors could elect to declare some or all amounts outstanding thereunder, including accrued interest or other obligations, to be immediately due and payable. There can be no assurance that our assets would be sufficient to repay all of our indebtedness in full.
The agreements governing certain of our indebtedness, including our Credit Facilities and the indenture governing the 6.875% Senior Notes contain cross-default provisions. Under these provisions, a default under one agreement governing our indebtedness may constitute a default under our other debt agreements.
Our failure to attract and retain qualified personnel could have an adverse effect on us.
Loss of the services of key management personnel at our corporate and regional headquarters without being able to attract personnel of equal ability could have a material adverse effect upon us. Further, Title 49—Transportation of the United States Code of Federal Regulations and other statutes require our President, two-thirds of the Board and other managing officers be U.S. citizens. Our failure to attract and retain qualified executive personnel or for such executive personnel to work well together or as effective leaders in their respective areas of responsibility could have a material adverse effect on our current business and future growth.
Adverse results of legal proceedings could materially and adversely affect our business, financial condition and results of operations.
We are currently subject to and may in the future be subject to legal proceedings and claims that arise out of the ordinary conduct of our business. Results of legal proceedings cannot be predicted with certainty. Irrespective of merit, litigation may be both lengthy and disruptive to our operations and could cause significant expenditure and diversion of management attention. We may face significant monetary damages or injunctive relief against us that could materially adversely affect a portion of our business operations or materially and adversely affect our business, financial condition and results of operations should we not prevail in certain matters.
If we identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.
Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock.
Failure to develop or implement new technologies could affect our results of operations.
Many of the aircraft that we operate are characterized by changing technology, introductions and enhancements of models of aircraft and services and shifting customer demands, including technology preferences. Our future growth and financial performance will depend in part upon our ability to develop, market and integrate new services and to accommodate the latest technological advances and customer preferences. In addition, the introduction of new technologies or services that compete with our services could result in our revenues decreasing over time. If we are unable to upgrade our operations or fleet with the latest technological advances in a timely manner, or at all, our business, financial condition and results of operations could suffer.
40

Table of Contents
Increasing attention to environmental, social and governance matters may impact our business, financial results or stock price.
In recent years, increasing attention has been given to corporate activities related to environmental, social and governance (“ESG”) matters in public discourse and the investment community. A number of advocacy groups, both domestically and internationally, have campaigned for governmental and private action to promote change at public companies related to ESG matters, including through the investment and voting practices of investment advisers, proxy advisory firms, public pension funds, universities and other members of the investing community. These activities include increasing attention and demands for action related to climate change, promoting the use of substitutes to fossil fuel products and encouraging the divestment of companies in the offshore energy industry. These activities are especially relevant to us in light of our participation in the energy industry and therefore could reduce demand for our services, reduce our profits, increase the potential for investigations and litigation and thereby increase our costs, impair our brand and have negative impacts on the price of our common stock and access to capital markets. The adoption and expansion of ESG-related legislation and regulation may also result in increased capital expenditures and compliance, operational and other costs to us.
In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings systems for evaluating companies on their approach to ESG matters. These ratings are used by some investors to inform their investment and voting decisions. Unfavorable ESG ratings may lead to increased negative investor sentiment toward us and our industry and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital.
Our public disclosures on sustainability and other ESG initiatives include our goals or expectations with respect to those matters. There can be no assurance that we will be able to accomplish our announced goals related to our ESG program, as statements regarding our ESG goals reflect our current plans and aspirations and are not guarantees that we will be able to achieve them within the timelines we announce or at all. Further, our initiatives and goals may not be favored by certain stakeholders and could impact the attraction and retention of investors, customers and employees. Efforts to achieve our initiatives and goals, including collecting, measuring and reporting ESG information and metrics, involve numerous operational, reputational, financial, legal and other risks and may result in additional costs or delays, and as a result may have a negative impact on us, including our brand, reputation and stock price.
Negative publicity relating to our business or the industry as a whole may adversely impact us.
Media coverage and public statements that insinuate improper actions by us, our unconsolidated affiliates or other companies in our industry, regardless of their factual accuracy or truthfulness, may result in negative publicity, litigation or governmental investigations by regulators. Specifically, accidents involving any aircraft operated by us or a third-party operator could cause substantial adverse publicity affecting us specifically or our industry generally and could lead to the perception that our aircraft are not safe or reliable.
Addressing negative publicity and any resulting litigation or investigations may distract management, increase costs and divert resources. Negative publicity may have an adverse impact on our reputation, the morale of our employees and the willingness of passengers to fly on our aircraft and those of our competitors, which could adversely affect our business, financial condition and results of operations.
ITEM 1B.UNRESOLVED STAFF COMMENTS
None.
ITEM 2.PROPERTIES
Our executive offices are located in Houston, Texas. We also maintain offices and operating facilities in all operating regions and residential locations near our operating bases which are primarily used for housing pilots and staff supporting those operations. The majority of the bases from which we operate are leased, with remaining terms of between one and fifty-six years.
Our principal physical properties are aircraft, which are more fully described in Item 1, - “Business - Equipment and Services” in this Transition Report on Form 10-KT.
41

Table of Contents
Bases
Bristow maintains operating bases strategically located across all regions allowing us to provide point to point transportation and operational support services to our customers. As of December 31, 2022, we operated out of 45 bases globally.
 Number of Bases
Europe:
Netherlands2
Norway5
U.K.3
U.K. SAR12
Americas
Brazil4
Latin America - Other(1)
4
U.S. Gulf of Mexico10
Africa
Nigeria4
Asia Pacific
Australia1
Total45
________________________
(1) Includes bases in the Dutch Caribbean, Guyana, Suriname and Trinidad.
ITEM 3.LEGAL PROCEEDINGS
In the normal course of business, we become 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 our potential exposure to these matters and has recorded reserves in our financial statements related thereto as appropriate. It is possible that a change in our estimates related to these exposures could occur, but we do not expect any such changes in estimated costs would have a material effect on our consolidated financial position or results of operations.
Other Matters
Although infrequent, aircraft accidents have occurred in the past, and the related losses and liability claims have been covered by insurance subject to various risk retention factors. Bristow is also a defendant in certain claims and litigation arising out of operations in the normal course of business. In the opinion of management, uninsured losses, if any, will not be material to Bristow’s financial position, results of operations or cash flows.
ITEM 4.MINE SAFETY DISCLOSURES
Not applicable.
42

Table of Contents
PART II
ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information for Common Stock
Our Common Stock is listed on the NYSE under the trading symbol “VTOL.” On March 2, 2023, the closing price per share of our Common Stock as reported on the NYSE was $28.20.
Holders of Record
As of March 2, 2023, there were 370 holders of record of our Common Stock.
Dividend Policy
We have not declared or paid any cash dividends on our Common Stock. We do not expect to pay any cash dividends in the foreseeable future.
Company Purchases of Equity Securities
The following table presents information regarding our repurchases of shares of our Common Stock on a monthly basis during the last quarter of the Transition Period ended December 31, 2022:
Total Number of Shares RepurchasedAverage Price Paid Per
Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Value of Shares that May Yet be Purchased Under the Plans or Programs
October 1, 2022 - October 31, 2022— $— — $40,000,000 
November 1, 2022 - November 30, 2022— $— — $40,000,000 
December 1, 2022 - December 31, 2022— $— — $40,000,000 
In August 2022, the Board of Directors of Bristow approved a new $40.0 million stock repurchase program, and terminated the prior program, under which $15.0 million remained available of the original $75.0 million authorized. 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.
43

Table of Contents
Performance Graph
    The following graph shows a comparison from December 31, 2017 through December 31, 2022 of the cumulative total return for our Common Stock, the Standard & Poor’s 500 Stock Index (“S&P 500 Index”), the Standard & Poor’s Oil & Gas Equipment Select Industry Index and our peer group. The graph assumes that $100 was invested at the market close on December 31, 2017.
vtol-20221231_g1.jpg
In 2020, we changed our peer group to include Air Transport Services Group Inc., Allegiant Travel Company, Atlas Air Worldwide Holdings Inc., Core Laboratories NV, Forum Energy Technologies Inc., Helix Energy Solutions Group Inc., Kirby Corporation, Matson Inc., MRC Global Inc., Newpark Resources Inc., Oceaneering International Inc., Oil States International Inc., SkyWest Inc., Spirit Airlines Inc. and Transocean Ltd. based on their industry and similar market capitalization.
Our former peer group included Air Transport Services Group Inc., Allegiant Travel Company, Atlas Air Worldwide Holdings Inc., Basic Energy Services Inc., CARBO Ceramics Inc., Hornbeck Offshore Services Inc., Key Energy Services Inc., Newpark Resources, Inc., SEACOR Holdings Inc. and Tidewater Inc. The decision to change our peer group was primarily due to the delisting of certain companies that made up our former peer group as a result of Chapter 11 proceedings, private equity purchases, market consolidations involving some of the former peer group companies.
This performance graph shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of Bristow Group under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
44

Table of Contents
ITEM 6.RESERVED

ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is a discussion and analysis of our financial condition and results of operations for the nine months ended December 31, 2022 and 2021. This discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes and the other financial information included elsewhere in this Transition Report on Form 10-KT. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under “Item 1.A. Risk Factors” and elsewhere in this Transition Report on Form 10-KT, our actual results may differ materially from those anticipated in these forward-looking statements.
A discussion of the financial condition and results of operations for the periods prior to the fiscal year transition, for the twelve months ended March 31, 2022 and 2021, can be found in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K, filed with the SEC on May 31, 2022.
Overview
We are the leading global provider of innovative and sustainable vertical flight solutions, primarily providing aviation services to a broad base of offshore energy companies and government agencies. Our helicopters are primarily used to transport personnel to, from and between offshore energy installations. In the nine months ended December 31, 2022 and 2021, approximately 66% and 67%, respectively, of our total operating revenues were derived from offshore energy services while approximately 24% and 24%, respectively, were derived from government services primarily consisting of public sector SAR services in the U.K., and approximately 10% and 9%, respectively, were derived from fixed wing and other services.
We conduct our business out of one segment, aviation services, and serve customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Guyana, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and U.S.
Recent Developments
Entry into Long-Term Equipment Financing
In January 2023, Bristow entered into two thirteen-year secured equipment financings for an aggregate amount up to £145 million with National Westminster Bank Plc (“NatWest”). The proceeds from the financings (“NatWest Debt”) were used to refinance the indebtedness of the previous equipment financing facilities with Lombard North Central Plc (“Lombard Debt”), refinance the aircraft financed thereby, and provide additional financing to support Bristow's obligations under its SAR contracts in the U.K. The credit facilities were funded on January 27, 2023, for approximately £138 million. The credit facilities have thirteen-year terms with repayment due in quarterly installments commencing March 31, 2023. The credit facilities bear interest at a rate equal to the Sterling Overnight Index Average (“SONIA”) plus 2.75% per annum. Bristow's obligations will be secured by ten search and rescue (SAR) helicopters.
Agreement to Purchase AW139s for UKSAR2G
In October 2022, Bristow entered into an agreement to purchase six new AW139 medium helicopters for approximately $106 million. The new aircraft are expected to be delivered in 2024 and will be used to support the UKSAR2G contract awarded to Bristow in July 2022.
Commencement of Government SAR Operations
In November 2022, Bristow launched its SAR helicopter services for the Netherlands Coast Guard. The 10-year government SAR helicopter contract was awarded by the Netherlands Defense Materiel Organization to provide SAR helicopter capacity with dedicated SAR equipped AW189 helicopters at the Den Helder and Midden Zeeland Airports. Bristow also began SAR operations in the Dutch Caribbean on behalf of the Dutch Caribbean Coast Guard in October 2022.
45

Table of Contents
Market Outlook
Government services, especially the public SAR market, is continuing to evolve, and we believe further outsourcing of public SAR services and other government contract work will become available to the private sector in the future, although the timing of these opportunities is uncertain. The duration of these contracts generally lasts for ten or more years with options for renewal. Privatization of aviation services historically operated by the public sector depend heavily on governmental agencies receiving funding through budget appropriation, and the desire to outsource such services. As government agencies in various countries begin to see the advantages of outsourcing public SAR services, other opportunities such as firefighting, surveying, training, maintenance and emergency response services could become available. In the past year, we have commenced operations under two new SAR contracts and acquired a small but strategically important business to enhance our government services offering. We expect the full year impact of these recent contract commencements to have positive impacts on our financial results, though a continued strengthening of the U.S. dollar relative to local currencies in fiscal year 2023, particularly the British pound sterling, could offset a portion of the benefits we expect to derive from the expected increased activity. For further commentary on our foreign exchange risk, see “Item 1.A. Risk Factors - Foreign exchange risks and controls may affect our financial position and results of operations” and “Item 7A. Quantitative and Qualitative Disclosures About Market Risk - Foreign Currency Risk.” We believe that we are well positioned to continue to serve the market as more opportunities arise.
The offshore energy market is highly cyclical with demand linked to the price of oil and gas. The prices of oil and gas are critical factors in our customers’ investment and spending decisions. The price of crude oil had been range-bound for a number of years and then the COVID-19 pandemic further devastated the global oil and gas industry, which negatively impacted the cash flows of our customers and has led them to reduce capital and operational expenditures from prior levels, including reductions related to offshore exploration, development and production activities. More recently, oil and gas prices have shown signs of recovery, and we believe a multi-year growth cycle is underway. Given our sector’s late cycle exposure and the lag effect involving new projects, we expect the benefits of increased activity to become evident in our financial results in the coming years. A tighter equipment market, constrained global labor force, and inflationary cost pressures are expected to drive meaningful rate increases for our business.
The reopening of borders in Australia has shown positive signs of recovery to our fixed wing line of service. Such increases in activity are expected to continue in the following year, however, pilot shortages will remain a challenge to our fixed wing business.
Components of Revenues and Expenses
We derive our revenues primarily from operating equipment, and our profits depend on our cost of capital, the acquisition costs of assets, our operating costs and our reputation. A majority of our revenues are generated through two types of contracts: helicopter services and fixed wing services. Revenues are recognized when control of the identified distinct goods or services has been transferred to the customer, the transaction price is determined and allocated to the satisfied performance obligations and we have determined that collection has occurred or is probable of occurring. Cost reimbursements from customers are recorded as reimbursable revenues with the related reimbursed cost recorded as reimbursable expense on our consolidated statements of operations.
Operating revenues recorded under our offshore energy line of service are primarily generated from offshore energy exploration, development and production activities with fixed-term contracts generally ranging between one to five years, subject to provisions permitting early termination by customers. Customers are invoiced on a monthly basis with payment terms of 30 to 60 days. Revenues are typically earned through a combination of fixed monthly fees plus an incremental charge based on flight hours flown. Ad hoc revenues are typically earned through either a combination of a daily fixed fee plus a charge based on hours flown or an hourly rate with a minimum number of hours to be charged daily.
Our customers for SAR services include both the offshore energy industry, where our revenues are primarily dependent on our customers’ operating expenditures, and governmental agencies, where our revenues are dependent on a country’s desire to privatize SAR and enter into long-term contracts. Operating revenues for these emergency response services are earned through a fixed monthly fee plus an incremental charge for flight hours flown, and charter revenues are typically earned through an hourly rate with a minimum number of hours to be charged daily.
We derive revenues from our fixed wing line of service by providing transportation services through passenger transport and charter services, with ticket sales recorded under deferred revenues on our consolidated balance sheets. Revenues are
46

Table of Contents
recognized over time at the earlier of the period in which the service is provided or the period in which the right to travel expires; this is determined by the terms and conditions of the ticket. For scheduled charter services, our contracts typically include variable rates based on the number of passengers, flights or flight hours. These agreements may also include a monthly standing charge; however, this is much less common as compared to helicopter contracts. Both chartered and scheduled airline services revenues are recognized net of passenger taxes and discounts.
Our policy of expensing all helicopter repair costs as incurred may result in operating expenses varying substantially when compared with a prior year or prior quarter if a disproportionate number of repairs, refurbishments or overhauls are undertaken. This variation can be exacerbated by the timing of entering or exiting third-party power-by-the-hour (“PBH”) programs and the timing of vendor credits.
For helicopters that we lease to third parties under arrangements whereby the customer assumes operational responsibility, we often provide technical parts support, but generally we incur no other material operating costs. In most instances, our leases require customers to procure adequate insurance, but we purchase contingent hull and liability coverage to mitigate the risk of a customer’s coverage failing to respond. In some instances, we provide training and other services to support our lease customers.
The aggregate cost of our operations depends primarily on the size and asset mix of the fleet. Our operating expenses are grouped into the following categories:
personnel (includes wages, benefits, payroll taxes and savings plans);
repairs and maintenance (primarily routine activities and hourly charges for PBH maintenance contracts that cover helicopter refurbishments and engine and major component overhauls that are performed in accordance with planned maintenance programs);
insurance (including the cost of hull and liability insurance premiums and loss deductibles);
fuel;
leased-in equipment (includes the cost of leasing helicopters and equipment); and
other (primarily base expenses, property, sales and use taxes, communication costs, freight expenses, and other).
Lines of Service
Offshore Energy. The offshore energy market is highly cyclical with demand heavily correlated to the price of oil and gas, which tends to fluctuate depending on many factors, including global economic activity, levels of inventory and overall demand. In addition to the price of oil and gas, the availability of acreage and local tax incentives or disincentives and requirements for maintaining interests in leases affect activity levels in the offshore energy industry. Price levels for oil and gas by themselves can cause additional fluctuations by inducing changes in consumer behavior. The three main regions where we offer offshore energy transportation services are Europe, the Americas and Africa.
Government Services. Since 2015, we have been providing SAR services in the U.K. on behalf of the MCA and support helicopter services such as training, troop movement and SAR for the MOD. In 2022, we began providing SAR services to the Netherlands and the Dutch Caribbean. Additionally, we provide aviation services to various other government agencies globally.
Fixed Wing Services. Our fixed wing services are currently operating in Australia and Nigeria, providing regular passenger transport (scheduled airline service with individual ticket sales) and charter services.
47

Table of Contents
Other Activities and Services. In order to diversify sources of our earnings and cash flow, we deploy a number of helicopters in support of other industries and activities, one of which includes entering into lease arrangements for our helicopters with operators primarily located in international markets such as Chile, India, Mexico and Spain. The helicopters are contracted to non-governmental local helicopter operators, which often prefer to lease helicopters rather than purchase them. Leasing affords us the opportunity to access new markets without significant infrastructure investment and generally without ongoing operating risk, as well as countries where we are not eligible to own and control our own operating certificate. Revenues derived from offshore energy services outside of our three major operating regions and other aviation services not included in the three lines of service noted above are also reflected in this line of service.
48

Table of Contents
Results of Operations
The following table presents our operating results for the applicable periods, (in thousands, except percentages):
Nine Months Ended
December 31,
Favorable
(Unfavorable)
20222021
Revenues:(Unaudited)
Operating revenues$897,880 $863,480 $34,400 4.0 %
Reimbursable revenues24,689 34,324 (9,635)(28.1)%
Total revenues922,569 897,804 24,765 2.8 %
Costs and expenses:
Operating expenses
Personnel220,172 228,182 8,010 3.5 %
Repairs and maintenance199,754 187,930 (11,824)(6.3)%
Insurance13,308 18,940 5,632 29.7 %
Fuel85,902 53,639 (32,263)(60.1)%
Leased-in equipment71,923 78,167 6,244 8.0 %
Other99,632 88,288 (11,344)(12.8)%
Total operating expenses690,691 655,146 (35,545)(5.4)%
Reimbursable expenses24,179 33,863 9,684 28.6 %
General and administrative expenses123,041 117,419 (5,622)(4.8)%
Merger and integration costs994 2,416 1,422 58.9 %
Restructuring costs— 985 985 nm
Depreciation and amortization expense49,587 58,062 8,475 14.6 %
Total costs and expenses888,492 867,891 (20,601)(2.4)%
Loss on impairment(5,187)(24,835)19,648 79.1 %
Gain (loss) on disposal of assets(480)1,388 (1,868)nm
Earnings (losses) from unconsolidated affiliates, net1,461 (1,413)2,874 nm
Operating income29,871 5,053 24,818 nm
Interest income1,651 144 1,507 nm
Interest expense, net(30,707)(31,280)573 1.8 %
Loss on extinguishment of debt— (124)124 nm
Reorganization items, net(99)(578)479 82.9 %
Loss on sale of subsidiaries— (2,002)2,002 nm
Other, net20,363 25,483 (5,120)(20.1)%
Total other income (expense), net(8,792)(8,357)(435)(5.2)%
Income (loss) before income taxes21,079 (3,304)24,383 nm
Income tax expense(7,494)(8,034)540 6.7 %
Net income (loss)13,585 (11,338)24,923 nm
Net income attributable to noncontrolling interests(57)(141)84 59.6 %
Net income (loss) attributable to Bristow Group Inc.$13,528 $(11,479)$25,007 nm

49

Table of Contents
Revenues by Service Line. The table below sets forth the operating revenues earned by service line for the applicable periods (in thousands, except percentages):
Nine Months Ended
December 31,
Favorable
(Unfavorable)
20222021
Offshore energy:
Europe$265,241 $281,598 $(16,357)(5.8)%
Americas259,844 251,233 8,611 3.4 %
Africa65,676 45,568 20,108 44.1 %
Total offshore energy services590,761 578,399 12,362 2.1 %
Government services217,028 206,619 10,409 5.0 %
Fixed wing services 79,952 68,566 11,386 16.6 %
Other services10,139 9,896 243 2.5 %
$897,880 $863,480 $34,400 4.0 %
Operating Revenues. Operating revenues were $34.4 million higher in the nine months ended December 31, 2022 (the "Current Period”) compared to the nine months ended December 31, 2021 (the "Prior Year Period").
Operating revenues from offshore energy services were $12.4 million higher in the Current Period.
Operating revenues from offshore energy services in the Africa region were $20.1 million higher primarily due to higher utilization.
Operating revenues from offshore energy services in the Americas region were $8.6 million higher in the Current Period primarily due to higher utilization in Suriname, Brazil and Guyana of $6.6 million, $6.3 million and $5.2 million, respectively, higher fuel revenues of $4.8 million and higher lease payments received from Cougar, which are recognized on a cash basis, of $1.6 million. These increases were partially offset by lower utilization in Trinidad and GOM of $13.9 million and $1.7 million, respectively, and $0.3 million due to the sale of the Company’s business in Colombia in the Prior Year Period.
Operating revenues from offshore energy services in the Europe region were $16.4 million lower in the Current Period. Revenues in Norway were $10.9 million lower primarily due to the weakening of the Norwegian krone relative to the U.S. dollar of $11.0 million and lower utilization of $8.6 million, partially offset by higher fuel revenues of $8.7 million. Revenues in the U.K. were $5.5 million lower primarily due to the weakening of the British pound sterling (“GBP”) relative to the U.S. dollar of $14.4 million, partially offset by higher fuel revenues of $5.9 million and higher utilization of $3.0 million.
Operating revenues from government services were $10.4 million higher in the Current Period primarily due to higher revenues related to the commencement of new contracts in the Falkland Islands, the Dutch Caribbean and the Netherlands of $9.3 million, $4.9 million and $3.2 million, respectively. These increases were partially offset by lower revenues in U.K. SAR of $7.2 million due to the weakening of the GBP relative to the U.S. dollar of $25.1 million, partially offset by higher activity of $16.4 million and fuel revenues of $1.5 million.
Operating revenues from fixed wing services were $11.4 million higher in the Current Period primarily due to higher utilization.
Operating revenues from other services were $0.2 million higher in the Current Period.
Operating Expenses. Operating expenses were $35.5 million higher in the Current Period. Fuel expense was $32.3 million higher primarily due to higher global fuel prices and increased flight hours. Repairs and maintenance costs were $11.8 million higher primarily due to higher PBH expenses related to an increase in activity and flight hour rates including the impacts of the new government SAR contracts, partially offset by the timing of repairs. Other operating costs were $11.3 million higher in the Current Period primarily due to higher costs associated with new contracts of $12.3 million, higher training and travel costs of $4.3 million and higher freight cost of $0.7 million, partially offset by foreign currency hedging contract gains of $6.0 million.
50

Table of Contents
These increases were partially offset by lower personnel costs of $8.0 million primarily due to favorable foreign exchange rate impacts in the Europe region. Leased-in equipment costs were $6.2 million lower due to aircraft lease returns. Insurance costs were $5.6 million lower primarily due to lower insurance deductibles and a decrease in premium rates following annual policy renewals.
General and Administrative Expenses. General and administrative expenses were $5.6 million higher primarily due to higher compensation costs, travel costs and professional services fees.
Merger and Integration costs. Merger and integration costs, which primarily consist of professional services fees and severance costs, were $1.4 million lower in the Current Period.
Restructuring Costs. During the Prior Year Period, restructuring costs were $1.0 million primarily due to severance costs.
Depreciation and Amortization Expense. Depreciation and amortization expenses were $8.5 million