Bristow Group Announces Conversion Rate for Its Mandatory Convertible Preferred Stock
HOUSTON, Sept. 14 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS), a leading provider of helicopter services to the offshore energy industry, announced today that the mandatory conversion of all outstanding shares of its mandatory convertible preferred stock will occur on September 15, 2009. Based on the average closing price of Bristow common stock over the 20 consecutive trading days ending on the third trading day prior to the conversion date of September 15, 2009 of $30.25 per share, each outstanding share of its mandatory convertible preferred stock, unless previously converted, will automatically convert into 1.418 shares of Bristow common stock. Since there are 4,600,000 shares of its mandatory convertible preferred stock outstanding as of the date hereof, Bristow will issue approximately 6,522,800 shares of its common stock upon conversion.
Bristow Group Inc. is a leading provider of helicopter services to the worldwide offshore energy industry based on number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major operations in the U.S. Gulf of Mexico and the North Sea, and operations in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, Mexico, Nigeria, Russia and Trinidad. The Company's mandatory convertible preferred stock trades on the NYSE under the symbol BRS Pr. For more information, visit the Company's website at www.bristowgroup.com.
CONTACT: Linda McNeill Bristow Group Inc. (713) 267-7622
SOURCE Bristow Group Inc.
Released September 14, 2009