Exhibit 99.1
PRESS RELEASE

BRISTOW GROUP REPORTS
SECOND QUARTER 2023 RESULTS

Houston, Texas
August 2, 2023
Total revenues of $319.4 million in Q2 2023 compared to $302.0 million in Q1 2023
Net loss of $1.6 million, or $0.06 per diluted share, in Q2 2023 compared to net loss of $1.5 million, or $0.05 per diluted share, in Q1 2023
EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses was $39.0 million in Q2 2023 compared to $28.9 million in Q1 2023
Announced as the preferred bidder for the €670 million search and rescue contract for the Irish Coast Guard and expect to finalize the contract soon
Reaffirmed 2023 outlook and issued 2024 financial outlook

FOR IMMEDIATE RELEASE — Bristow Group Inc. (NYSE: VTOL) today reported net loss attributable to the Company of $1.6 million, or $0.06 per diluted share, for its quarter ended June 30, 2023 (the “Current Quarter”) on operating revenues of $311.5 million compared to net loss attributable to the Company of $1.5 million, or $0.05 per diluted share, for the quarter ended March 31, 2023 (the “Preceding Quarter”) on operating revenues of $292.9 million.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $12.3 million in the Current Quarter compared to $21.1 million in the Preceding Quarter. EBITDA adjusted to exclude special items, gains or losses on asset dispositions and foreign exchange losses was $39.0 million in the Current Quarter compared to $28.9 million in the Preceding Quarter. The following table provides a reconciliation of net loss to EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or losses on asset dispositions and foreign exchange losses (in thousands, unaudited). See “Non-GAAP Financial Measures” for further information on the use of non-GAAP financial measures used herein.
Three Months Ended,
June 30, 2023March 31, 2023
Net loss$(1,637)$(1,525)
Depreciation and amortization expense18,292 17,445 
Interest expense, net9,871 10,264 
Income tax benefit(14,209)(5,094)
EBITDA$12,317 $21,090 
Special items:
PBH amortization3,697 3,803 
Merger and integration costs677 439 
Reorganization items, net39 44 
Non-cash insurance adjustment3,977 — 
Other special items(1)
2,097 2,700 
$10,487 $6,986 
Adjusted EBITDA$22,804 $28,076 
(Gains) losses on disposal of assets3,164 (3,256)
Foreign exchange losses
13,021 4,103 
Adjusted EBITDA excluding asset dispositions and foreign exchange$38,989 $28,923 
(1) Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs.
1



“The 35% sequential quarter improvement in Adjusted EBITDA, excluding asset dispositions and foreign exchange losses, is evidence of the building momentum for Bristow’s business in 2023,” said Chris Bradshaw, President and CEO of Bristow Group. “We continue to believe the Company’s financial performance in the second half of the year will be significantly higher than the first half of this year, setting up positively for stronger financial results in 2024, as highlighted by our recently issued Adjusted EBITDA guidance of $190 - $220 million for next year.”
Sequential Quarter Results
Operating revenues in the Current Quarter were $18.6 million higher compared to the Preceding Quarter. Operating revenues from offshore energy services were $13.6 million higher primarily due to higher utilization and higher lease payments received from Cougar Helicopters Inc. Operating revenues from government services were $5.0 million higher in the Current Quarter primarily due to the strengthening of the British pound sterling (“GBP”) relative to the U.S. dollar (“USD”) and higher utilization. Operating revenues from fixed wing services were $0.5 million higher in the Current Quarter primarily due to higher utilization. Operating revenues from other services were $0.5 million lower in the Current Quarter primarily due to lower dry-lease revenues.
Operating expenses were $13.9 million higher in the Current Quarter primarily due to higher repairs and maintenance costs, other operating costs, and a non-cash, nonrecurring write-off related to amounts from legacy insurance policies, partially offset by lower fuel costs.
General and administrative expenses were $2.1 million lower primarily due to lower professional services fees.
During the Current Quarter, the Company sold or otherwise disposed of three helicopters and other assets, resulting in a net loss of $3.2 million. During the Preceding Quarter, the Company sold or otherwise disposed of three helicopters and other assets, resulting in a net gain of $3.3 million.
Other expense, net of $13.0 million in the Current Quarter primarily resulted from foreign exchange losses of $13.0 million. Other expense, net of $3.4 million in the Preceding Quarter primarily resulted from foreign exchange losses of $4.1 million, partially offset by a favorable interest adjustment to the Company’s pension liability.
Income tax benefit was $9.1 million higher in the Current Quarter primarily due to the earnings mix of the Company’s global operations and changes to deferred tax valuation allowances and assets.
Liquidity and Capital Allocation
As of June 30, 2023, the Company had $212.0 million of unrestricted cash and $73.3 million of remaining availability under its amended asset-based revolving credit facility (the “ABL Facility”) for total liquidity of $285.3 million. Borrowings under the amended ABL Facility are subject to certain conditions and requirements.
In the Current Quarter, purchases of property and equipment were $12.2 million, of which $2.5 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $3.3 million. In the Preceding Quarter, purchases of property and equipment were $31.5 million, of which $3.0 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $23.4 million. See Adjusted Free Cash Flow Reconciliation for a reconciliation of Adjusted Free Cash Flow.
2


2023 Outlook (Affirmed) and Recently Issued 2024 Outlook
Please refer to the paragraph entitled "Forward Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow’s guidance. The following guidance also contains the non-GAAP financial measure of Adjusted EBITDA. Please read the section entitled “Non-GAAP Financial Measures” for further information.
Select financial targets for the calendar years 2023 and 2024 are as follows (in USD, millions):
2023E2024E
Operating revenues:
Offshore energy services$755 - $830$850 - $970
Government services$340 - $355$340 - $365
Fixed wing services$95 - $110$95 - $115
Other services$10 - $15$10 - $15
Total operating revenues$1,200 - $1,310$1,295 - $1,465
Adjusted EBITDA(1), excluding asset dispositions and foreign exchange losses (gains)
$150 - $170$190 - $220
Cash interest~$40~$40
Cash taxes$20 - $25$20 - $25
Maintenance capital expenditures$20 - $25$15 - $20
____________________
(1) The average GBP/USD exchange rate assumptions used for 2023 and 2024 financial outlook were 1.26 and 1.27, respectively. For illustrative purposes, each £0.01 movement in the GBP/USD exchange rate would impact Adjusted EBITDA by approximately +/-$1.5 million.
Conference Call
Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, August 3, 2023, to review the results for the second quarter ended June 30, 2023. The conference call can be accessed using the following link:
Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL2Q23.cfm
Replay
A replay will be available through August 24, 2023 by using the link above. A replay will also be available on the Company’s website at www.bristowgroup.com shortly after the call and will be accessible through August 24, 2023. The accompanying investor presentation will be available on August 3, 2023, on Bristow’s website at www.bristowgroup.com.
For additional information concerning Bristow, contact Jennifer Whalen at InvestorRelations@bristowgroup.com, (713) 369-4636 or visit Bristow Group’s website at https://ir.bristowgroup.com/.
About Bristow Group
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. The Company’s aviation services include personnel transportation, search and rescue (“SAR”), medevac, fixed wing transportation, unmanned systems, and ad-hoc helicopter services.
Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S.
3


Forward-Looking Statements Disclosure
This press release contains “forward-looking statements.” Forward-looking statements represent Bristow Group Inc.’s (the “Company”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,” or “continue,” or other similar words and, for the avoidance of doubt, include all statements herein regarding the Company’s financial targets for Calendar Year 2023 and 2024 and operational outlook. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect management’s current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. The Company’s actual results may vary materially from those anticipated in forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements. Forward-looking statements (including the Company’s financial targets for Calendar Year 2023 and 2024 and operational outlook) speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof, except as may be required by applicable law.

Risks that may affect forward-looking statements include, but are not necessarily limited to, those relating to: 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; 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 that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; the possibility of significant changes in foreign exchange rates and controls; 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 the 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; 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 where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue (“SAR”) contract terms or otherwise delay service or the receipt of 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.

If one or more of the foregoing risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. We have included important factors in the section entitled “Risk Factors” in the Company’s Transition Report on Form 10-KT for the year ended December 31, 2022 (the “Transition Report”) which we believe over time, could cause our actual results, performance or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in our filings with the United States Securities and Exchange Commission (the “SEC”), all of which are accessible on the SEC’s website at www.sec.gov.
4



BRISTOW GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)

Three Months EndedFavorable/ (Unfavorable)
 June 30, 2023March 31, 2023
Revenues:
Operating revenues$311,522 $292,931 $18,591 
Reimbursable revenues7,861 9,091 (1,230)
Total revenues319,383 302,022 17,361 
Costs and expenses:
Operating expenses240,659 226,724 (13,935)
Reimbursable expenses7,680 8,991 1,311 
General and administrative expenses44,616 46,730 2,114 
Merger and integration costs677 439 (238)
Depreciation and amortization expense18,292 17,445 (847)
Total costs and expenses311,924 300,329 (11,595)
Gains (losses) on disposal of assets(3,164)3,256 (6,420)
Earnings from unconsolidated affiliates1,279 1,037 242 
Operating income5,574 5,986 (412)
Interest income1,527 1,129 398 
Interest expense, net(9,871)(10,264)393 
Reorganization items, net(39)(44)
Other, net(13,037)(3,426)(9,611)
Total other income (expense), net(21,420)(12,605)(8,815)
Loss before income taxes(15,846)(6,619)(9,227)
Income tax benefit14,209 5,094 9,115 
Net loss(1,637)(1,525)(112)
Net loss attributable to noncontrolling interests— (3)
Net loss attributable to Bristow Group Inc.$(1,637)$(1,522)$(115)
Basic losses per common share$(0.06)$(0.05)
Diluted losses per common share$(0.06)$(0.05)
Weighted average common shares outstanding, basic28,058 27,983 
Weighted average common shares outstanding, diluted28,058 27,983 
EBITDA $12,317 $21,090 $(8,773)
Adjusted EBITDA$22,804 $28,076 $(5,272)
Adjusted EBITDA excluding asset dispositions and foreign exchange$38,989 $28,923 $10,066 
5


BRISTOW GROUP INC.
OPERATING REVENUES BY LINE OF SERVICE
(unaudited, in thousands)
Three Months Ended
June 30,
2023
March 31, 2023
Offshore energy services:
Europe$87,331 $85,291 
Americas80,884 70,982 
Africa26,979 25,356 
Total offshore energy services195,194 181,629 
Government services87,320 82,334 
Fixed wing services26,448 25,919 
Other 2,560 3,049 
$311,522 $292,931 


FLIGHT HOURS BY LINE OF SERVICE
(unaudited)
Three Months Ended
June 30,
2023
March 31, 2023
Offshore energy services:
Europe10,532 10,298 
Americas8,676 8,129 
Africa3,241 2,905 
Total offshore energy services22,449 21,332 
Government services5,008 3,944 
Fixed wing services2,691 2,533 
30,148 27,809 



6



BRISTOW GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

June 30,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents$216,189 $163,683 
Accounts receivable, net204,265 215,131 
Inventories90,597 81,886 
Prepaid expenses and other current assets26,726 32,425 
Total current assets537,777 493,125 
Property and equipment, net900,798 915,251 
Investment in unconsolidated affiliates17,111 17,000 
Right-of-use assets287,016 240,977 
Other assets153,251 145,648 
Total assets$1,895,953 $1,812,001 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$79,682 $89,610 
Accrued liabilities200,924 184,324 
Short-term borrowings and current maturities of long-term debt13,211 11,656 
Total current liabilities293,817 285,590 
Long-term debt, less current maturities539,636 499,765 
Deferred taxes14,770 48,633 
Long-term operating lease liabilities216,913 165,955 
Deferred credits and other liabilities17,863 25,119 
Total liabilities1,082,999 1,025,062 
Stockholders’ equity:
Common stock306 306 
Additional paid-in capital717,862 709,319 
Retained earnings221,589 224,748 
Treasury stock, at cost(65,368)(63,009)
Accumulated other comprehensive loss(61,064)(84,057)
Total Bristow Group Inc. stockholders’ equity813,325 787,307 
Noncontrolling interests(371)(368)
Total stockholders’ equity812,954 786,939 
Total liabilities stockholders’ equity$1,895,953 $1,812,001 

7


Non-GAAP Financial Measures
The Company’s management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) (including the notes), included in the Company's filings with the SEC and posted on the Company's website. EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occurred during the reported period, as noted below. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
There are two main ways in which foreign currency fluctuations impact Bristow’s reported financials. The first is primarily non-cash foreign exchange gains (losses) that are reported in the Other Income line on the Income Statement. These are related to the revaluation of balance sheet items, typically do not impact cash flows, and thus are excluded in the Adjusted EBITDA presentation. The second is through impacts to certain revenue and expense items, which impact the Company’s cash flows. The primary exposure is the GBP/USD exchange rate.
The Company is unable to provide a reconciliation of forecasted Adjusted EBITDA for 2023 and 2024 included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of forecasted Adjusted EBITDA to net income (GAAP) for 2023 or 2024.
The following tables provide a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands, unaudited).

Three Months Ended
June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
LTM
Net income (loss)$(1,637)$(1,525)$(6,931)$16,501 $6,408 
Depreciation and amortization expense18,292 17,445 17,000 16,051 68,788 
Interest expense, net9,871 10,264 10,457 10,008 40,600 
Income tax expense (benefit)(14,209)(5,094)(853)116 (20,040)
EBITDA$12,317 $21,090 $19,673 $42,676 $95,756 
Special items (1)
10,487 6,986 5,683 4,797 27,953 
Adjusted EBITDA$22,804 $28,076 $25,356 $47,473 $123,709 
(Gains) losses on disposals of assets, net3,164 (3,256)1,747 (3,368)(1,713)
Foreign exchange (gains) losses13,021 4,103 9,243 (10,199)16,168 
Adjusted EBITDA excluding asset dispositions and foreign exchange$38,989 $28,923 $36,346 $33,906 $138,164 





8


(1) Special items include the following:
Three Months Ended
(1)  Special items include the following:
June 30,
2023
March 31, 2023December 31,
2022
September 30,
2022
LTM
PBH amortization$3,697 $3,803 $3,700 $3,238 $14,438 
Merger and integration costs677 439 335 291 1,742 
Reorganization items, net39 44 21 29 133 
Non-cash insurance adjustment3,977 — — — 3,977 
Other special items (2)
2,097 2,700 1,627 1,239 7,663 
$10,487 $6,986 $5,683 $4,797 $27,953 
______________________ 
(2) Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs.

Reconciliation of Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow represents the Company’s net cash provided by operating activities less maintenance capital expenditures. In prior periods, the Company’s Free Cash Flow was calculated as net cash provided by (used in) operating activities plus proceeds from disposition of property and equipment less purchases of property and equipment. Management believes that the change in the Company’s free cash flow calculation, as presented herein, better represents the Company’s cash flow available for discretionary purposes, including growth capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to a PBH maintenance agreement buy-in, reorganization items, costs associated with recent mergers, acquisitions and ongoing integration efforts, as well as other special items which include nonrecurring professional services fees and other nonrecurring costs or costs that are not related to continuing business operations. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company’s ability to generate cash from the business. The GAAP measure most directly comparable to Free Cash Flow and Adjusted Free Cash Flow is net cash provided by operating activities. Since neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP, they should not be used as an indicator of, or an alternative to, net cash provided by operating activities. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies.
The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (in thousands, unaudited).
Three Months Ended
June 30,
2023
March 31, 2023December 31,
2022
September 30,
2022
LTM
Net cash provided by (used in) operating activities$18,210 $6,615 $(18,484)$(17,570)$(11,229)
Less: Maintenance capital expenditures(2,533)(2,952)(1,911)(4,481)(11,877)
Free Cash Flow$15,677 $3,663 $(20,395)$(22,051)$(23,106)
Plus: PBH buy-in costs— — 24,179 31,236 55,415 
Plus: Merger and integration costs488 571 275 255 1,589 
Plus: Reorganization items, net58 20 28 51 157 
Plus: Other special items1,650 1,509 1,877 1,033 6,069 
Adjusted Free Cash Flow$17,873 $5,763 $5,964 $10,524 $40,124 
__________________________ 
(1)  Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs
9


BRISTOW GROUP INC.
FLEET COUNT
(unaudited)
 Number of Aircraft
TypeOwned
Aircraft
Leased
Aircraft
Total
Aircraft
Max Pass.
Capacity
Average Age (years)(1)
Heavy Helicopters:
S9238 29 67 19 14 
AW18917 21 16 
S6119 52 
57 34 91 
Medium Helicopters:
AW13949 53 12 12 
S76 D/C++17 — 17 12 12 
AS365— 12 33 
67 71 
Light—Twin Engine Helicopters:
AW109— 16 
EC13510 14 
13 14 
Light—Single Engine Helicopters:
AS35015 — 15 25 
AW11913 — 13 17 
28 — 28 
Total Helicopters165 39 204 14 
Fixed Wing13 
Unmanned Aerial Systems (“UAS”)— 
Total Fleet177 44 221 
______________________
(1)Reflects the average age of helicopters that are owned.

The chart below presents the number of aircraft in our fleet and their distribution among the regions in which we operate as of June 30, 2023 and the percentage of operating revenue that each of our regions provided during the Current Quarter (unaudited).
 Percentage
of Current
Quarter
Operating
Revenue
 Fixed WingUAS 
 HeavyMediumLight TwinLight SingleTotal
Europe56 %63 — — 77 
Americas28 %24 50 11 25 — — 110 
Africa%12 — — 21 
Asia Pacific%— — — 11 — 13 
Total100 %91 71 14 28 13 221 




10