Bristow Group to Acquire Berry Aviation, Expanding Government Services Platform
Rhea-AI Summary
Bristow Group (NYSE:VTOL) agreed to acquire Berry Aviation from Acorn Capital Management for $105 million in cash, expected to close in Q3 2026. Berry Aviation generated about $108 million 2025 revenue, 72% from government services, and is expected to be immediately accretive to Bristow's earnings and free cash flow.
Combined with a planned exit from the Norway Offshore Energy Services business, Bristow projects a 2025 pro forma revenue mix of 54% Offshore Energy Services, 35% Government Services, 11% Other Services, versus 66%, 26%, and 8% actually reported for 2025, while remaining EBITDA-neutral on a 2025 pro forma basis.
Positive
- All-cash Berry Aviation acquisition valued at $105 million, funded with cash on hand
- Berry Aviation contributed approximately $108 million of revenue in 2025
- Pro forma 2025 revenue mix shifts to 35% Government Services from 26%
- Transaction expected to be immediately accretive to earnings and free cash flow
- Pro forma 2025 EBITDA expected to be neutral after Berry deal and Norway exit
- Adds CARB and CAMTS certifications plus UAS design capabilities to Bristow
Negative
- Bristow pursuing sale and exit of Norway Offshore Energy Services business
- Timing and structure of any Norway business sale remain uncertain and market-dependent
News Market Reaction – VTOL
In the Jun 23 session, VTOL gained 0.52%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 19 | Sustainability report | Positive | -0.6% | Release of 2025 Sustainability Report highlighting safety, AAM and ESG progress. |
| May 05 | Q1 2026 earnings | Neutral | -11.7% | Q1 2026 results with higher revenue, lower profit and affirmed guidance. |
| Apr 30 | Dividend declaration | Positive | +0.3% | Quarterly $0.125 per share cash dividend announcement and intent for regular payouts. |
| Apr 28 | Earnings call notice | Neutral | -0.1% | Scheduling of Q1 2026 earnings release and conference call for early May. |
| Apr 21 | Norway test project | Positive | -1.3% | Agreement for second Norwegian test project on low‑emission aviation using Electra aircraft. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent VTOL news has often been followed by mild to moderate downside moves, even on generally positive or neutral announcements.
Key Terms
commercial airlift review board regulatory
commission on accreditation of medical transport systems regulatory
part 135 airdrop regulatory
unmanned aerial systems technical
ebitda financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Adds Differentiated Capabilities and Long-Term Customer Relationships in Special Missions Aviation
Delivers Revenue Diversification and Accretion to Earnings and Cash Flow; Strengthens Long-Term Investment Profile
Bristow Group Announces Plans to Exit Norway Offshore Energy Services Business
Headquartered in
"The acquisition of Berry Aviation, an established special mission aviation services provider, further aligns Bristow's portfolio with key megatrends: increasing geopolitical risk, rising defense spending and the continued outsourcing of mission-critical aviation services," said Chris Bradshaw, President and Chief Executive Officer of Bristow. "Berry Aviation's deep expertise, proven technical capabilities across a range of mission-critical operations and strong customer relationships are complementary to our existing Government Services operations, better positioning Bristow to compete for long-duration government programs. While Bristow remains the premier provider of offshore energy aviation services, this transaction comes at an important time as we are evolving our business mix to include more durable, contracted revenue streams and building a more resilient and diversified platform to deliver attractive long-term growth and shareholder value. We look forward to welcoming Berry Aviation's team to Bristow and working together to build on their strong foundation."
Berry Aviation has extensive experience supporting all branches of the
Strategic and Financial Benefits of the Acquisition
- Expands Bristow's
U.S . Government Services capabilities and strengthens Government Services competitive positioning: The transaction will add differentiated capabilities, global reach, and highly coveted certifications including, but not limited to, the Commercial Airlift Review Board (CARB) certification, Commission on Accreditation of Medical Transport Systems (CAMTS) certification, Part 135 Airdrop authorization, ability to operate in GPS-denied airspace and a highly specialized workforce that maintains long-standing relationships with the government agencies it services. Berry Aviation's government customers include theU.S . Army,U.S . Air Force,U.S . Special Operations Command (SOCOM),U.S . Transportation Command (TRANSCOM) and more.
- Continues Bristow's shift in revenues mix toward Government Services: Bristow's Government Services business currently includes search and rescue (SAR) and other government aviation programs in the Dutch Caribbean, the
Falkland Islands ,Ireland ,the Netherlands , theUnited Kingdom andthe United States . Following the close of the Berry Aviation acquisition, coupled with Bristow's planned exit of its Norway Offshore Energy Services business, Bristow's revenues mix is expected to shift meaningfully towards durable, contracted government services. Taking into effect both the pending acquisition of Berry Aviation and the potential sale of Bristow's Norway Offshore Energy Services business, the Company's 2025 pro forma revenues mix would have been approximately54% Offshore Energy Services,35% Government Services and11% Other Services (compared to the actual 2025 revenues mix of66% Offshore Energy Services,26% Government Services and8% Other Services).
- Immediately accretive to Bristow's earnings and free cash flow, while bolstering Bristow's EBITDA margin profile: In 2025, Berry Aviation had total revenues of approximately
$108 million
- Positions Bristow to capture emerging unmanned and next-generation aviation opportunities: Berry Aviation's capabilities in unmanned aerial systems design and development are expected to enhance Bristow's ability to support evolving mission requirements, including lower-cost ISR options, and expand its participation in future defense aviation platforms. Berry Aviation's ODC and other service offerings are expected to provide Bristow opportunities to pursue cargo and regional air transportation opportunities through the electrification of transportation using Berry Aviation's existing business model. These new capabilities can also supplement Bristow's existing search and rescue missions.
- Creates opportunities for synergies as well as operational efficiencies: The transaction will enable cross-selling of services to government customers by leveraging the combined company's expertise, diversified fleet and global footprint. The transaction will also facilitate optimization of procurement and maintenance functions, particularly for Bristow's existing fixed-wing business in
Australia .
Leadership and Operations
Bristow expects Berry Aviation's leadership team to remain in their roles post-closing. In addition, Bristow intends to maintain a strong presence at Berry Aviation's existing facilities across its operational footprint.
Financing and Approvals
The acquisition is expected to close in the third quarter of 2026, subject to the satisfaction of certain customary closing conditions. Bristow intends to fund the transaction with cash on hand.
Exit of Norway Offshore Energy Services Business
In a separate initiative, Bristow is pursuing the sale of its Norway Offshore Energy Services business as part of its longstanding portfolio optimization strategy.
The exit is consistent with Bristow's ongoing strategy to deploy its assets in markets with attractive margin profiles and value-accretive returns on capital. Bristow remains focused on growing its Offshore Energy Services business in markets that meet its financial return parameters. Bristow expects to continue pursuing other opportunities in
The timing and structure of any sale transaction remain subject to market conditions and other considerations.
Advisors
Solomon Partners Securities, LLC is serving as financial advisor to Bristow, and Baker Botts LLP is serving as legal advisor to Bristow, in connection with its proposed acquisition of Berry Aviation. Pareto Securities AS is serving as financial advisor to Bristow, and Simonsen Vogt Wiig is serving as legal advisor to Bristow, in connection with the planned sale of its Norway Offshore Energy Services business. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Bristow.
The Company issued an investor presentation in connection with this announcement, which is available in the Events & Presentations section of Bristow's website.
About Bristow Group
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 offshore 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 government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.
Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom and the United States.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws, including statements relating to the proposed acquisition of Berry Aviation, the expected timing of its completion, expectations regarding the combined company's businesses and prospects, and all statements regarding the Company's expected exit of its Norway offshore energy business. Such forward-looking statements reflect the current views of the management of the Company with respect to future events and are subject to risks and uncertainties, both known and unknown, many of which are beyond Bristow's control. Actual results could differ materially, based on factors including, but not limited to: the timing to consummate the proposed transaction; the conditions to closing of the proposed transaction may not be satisfied or the closing of the proposed transaction otherwise does not occur; the diversion of management's time on transaction-related issues; the ultimate timing, outcome and results of integrating Berry Aviation's operations and the ultimate outcome of Bristow's operating efficiencies applied to Berry Aviation's services; the effects of the proposed transaction, including Bristow's future financial condition, results of operations, strategy and plans; expected synergies and other benefits from the proposed transaction and the ability of Bristow to realize such synergies and other benefits; and other risks and uncertainties described in Bristow's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 26, 2026, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which was filed with the SEC on May 6, 2026, recent Current Reports on Form 8-K filed by Bristow, and other SEC filings. The Company cautions investors not to place undue reliance on any forward-looking statements, and the Company does not intend to update or revise these forward-looking statements for any reason.
Contacts
Investors
Bristow Group Inc.
Jennifer Whalen
InvestorRelations@bristowgroup.com
Media
Bristow Group Inc.
GlobalCommunications@bristowgroup.com
Andrew Siegel / Lyle Weston / Maggie Carangelo
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
BristowMedia@joelefrank.com
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SOURCE Bristow Group