Bristow Signs Launch Agreement with Electra to Secure First Delivery Slot for EL9 Aircraft

Bristow (NYSE: VTOL) and Electra signed a Pre-Delivery Payment (PDP) deposit agreement on Jan. 21, 2026 that converts Bristow's prior LOI into binding delivery terms, subject to aircraft certification.

Rhea-AI Summary

Bristow (NYSE: VTOL) and Electra signed a Pre-Delivery Payment (PDP) deposit agreement on Jan. 21, 2026 that converts Bristow's prior LOI into binding delivery terms, subject to aircraft certification. The agreement secures five EL9 Ultra Short delivery slots including delivery slot one, all scheduled in the EL9's first year of production, and grants Bristow options for another 45 aircraft on the same fixed terms. The EL9 carries nine passengers or 3,000 lb cargo, has a 330 nm range (1,100 nm ferry), and 150 ft ultra-short takeoff capability.

Positive

• Secured delivery slot one for EL9, ensuring earliest-market access
• Five EL9 fixed delivery slots scheduled in first production year
• Options for 45 additional aircraft on the same fixed terms
• EL9 specs: 9 passengers or 3,000 lb cargo; 330 nm range; 1,100 nm ferry range; 150 ft takeoff

Negative

• Agreement is subject to aircraft certification, creating delivery conditionality
• Multi‑million‑dollar PDP represents a near‑term cash commitment before deliveries

Argus Jan 21 session

+3.40% close to close Open Argus

Details

News Market Reaction – VTOL

On Jan 21, the day this news came out, VTOL closed 3.40% above the previous close.

Data tracked by StockTitan Argus for the Jan 21 session.

Key Figures

Initial EL9 PDP slots: 5 aircraft Additional EL9 options: 45 aircraft Passenger capacity: 9 passengers +5 more

Initial EL9 PDP slots

5 aircraft

Binding Pre-Delivery Payment agreement for fixed delivery slots

Additional EL9 options

45 aircraft

Option rights for further EL9 orders on same terms

Passenger capacity

9 passengers

EL9 hybrid-electric aircraft seating configuration

Cargo capacity

3,000 pounds

EL9 payload capacity alternative to 9 passengers

Standard range

330 nautical miles

EL9 range with passengers or cargo

Maximum ferry range

1,100 nautical miles

EL9 maximum ferry range with IFR reserves

Takeoff/landing distance

150 feet

EL9 Ultra Short takeoff and landing requirement

Partnership duration

5 years

Length of Bristow–Electra collaboration since 2021

Historical Context

5 past events · Latest: Jan 14

5 events

1. Jan 14

   Debt refinancing

   24h Move

   +1.5%

   Upsized $500M 6.75% secured notes due 2033 to refinance 2028 debt.

2. Jan 13

   Debt offering launch

   24h Move

   -0.3%

   Announced $400M senior secured notes and plan to redeem 2028 notes.

3. Nov 04

   Q3 2025 earnings

   24h Move

   -3.4%

   Reported $386.3M revenue and raised 2025–2026 Adjusted EBITDA outlook.

4. Oct 28

   Earnings call notice

   24h Move

   +1.6%

   Scheduled Q3 2025 results release and investor conference call details.

5. Aug 28

   Investor conferences

   24h Move

   +1.1%

   Announced CEO participation in major energy and industrials conferences.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pre-delivery payment (pdp), letter of intent (loi), advanced air mobility (aam), ferry range

4 terms

pre-delivery payment (pdp) financial

"Companies sign industry-leading Pre-Delivery Payment (PDP) deposit agreement for fixed-delivery slots"

A pre-delivery payment (PDP) is an upfront deposit a buyer pays before receiving goods or services, commonly used for large or custom orders to show commitment and help the seller fund production. For investors, PDPs matter because they boost short-term cash flow, reduce a company’s financing needs and signal orders are likely to convert into revenue, though they do not guarantee final delivery or full revenue recognition until terms are met.

letter of intent (loi) financial

"converts Bristow's earlier pre-order Letter of Intent (LOI) into binding terms and conditions"

A letter of intent (LOI) is a written document that outlines the main terms and intentions of parties planning to work together or make a transaction. It serves as a preliminary agreement, indicating serious interest and helping to clarify expectations before a formal contract is signed. For investors, an LOI signals that negotiations are progressing and provides a foundation for more detailed agreements to follow.

advanced air mobility (aam) technical

"to offer turnkey advanced air mobility (AAM) service solutions"

Advanced air mobility (AAM) involves the development and deployment of innovative, often electric-powered aircraft designed to transport people or goods within urban and regional areas. It aims to make travel faster, quieter, and more efficient, similar to how ride-sharing transformed ground transportation. For investors, AAM represents a growing industry with potential for significant technological and market expansion as urban mobility needs increase.

ferry range technical

"and has a maximum ferry range of 1,100 nautical miles with IFR reserves."

Ferry range is the maximum distance a vehicle—commonly an aircraft, ship, or electric vehicle—can travel when configured to move itself only, often carrying extra fuel or batteries and no payload or passengers. For investors it signals how far a product can be moved or operated between service points without support, affecting route flexibility, operating costs and market appeal much like knowing how far a car can drive on a single tank when you need to reach the next town.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Companies sign industry-leading Pre-Delivery Payment (PDP) deposit agreement for fixed-delivery slots for five Electra EL9 Ultra Short aircraft, including the first delivery slot from Electra
• Bristow will deploy the EL9, which can take off and land in soccer field-sized spaces, to offer turnkey advanced air mobility (AAM) service solutions
• The multi-million-dollar PDP commitment deepens the Companies' longstanding partnership to deliver on the promise of Direct Aviation, a new era of accessible, point-to-point air mobility
• The PDPs for five EL9s converts Bristow's earlier pre-order Letter of Intent (LOI) into binding terms and conditions, subject to aircraft certification, aligned to the commercial aviation industry standard
• The Companies also agree on Bristow's options for another 45 aircraft on the same terms

MANASSAS, Va. and HOUSTON, Jan. 21, 2026 /PRNewswire/ -- Electra.aero, Inc. (Electra), the aerospace company pioneering Direct Aviation, and Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, signed a Pre-Delivery Payment (PDP) deposit agreement with binding terms and conditions aligned to the commercial aviation industry standard, subject to aircraft certification, securing the first delivery slot for Electra's EL9 Ultra Short hybrid-electric aircraft, capable of carrying nine passengers with baggage or 3,000 pounds of cargo for 330 nautical miles, and has a maximum ferry range of 1,100 nautical miles with IFR reserves.

By securing the earliest EL9 deliveries with its PDP agreement, Bristow confirms the Company's leadership role in shaping the future of Direct Aviation, positioning itself to offer customers unprecedented point-to-point access, dramatically reduced travel times, and entirely new opportunities for regional mobility.  

Bristow and Electra have worked together for five years, starting with a pre-order agreement in 2021. The parties have now converted their pre-order LOI into a fixed agreement for five EL9 delivery slots, all to be delivered in the EL9's first year of production. By reserving these early slots, Bristow has secured unmatched early access to an aircraft set to redefine how people and goods move.

The PDP agreement includes option rights for Bristow to another 45 aircraft at the same fixed terms.

Bristow plans to deploy the EL9 across turnkey mobility solutions for corporate customers, premier destinations and resorts, major and regional airlines, and government agencies operating essential public service routes.

With more than seven decades of experience operating complex helicopter and fixed-wing missions for corporate and government customers around the world, Bristow has a proven history of integrating next-generation aviation technologies. The EL9 Ultra Short's ability to take off and land in just 150 feet will allow Bristow to open new transportation options, strengthening airline networks and significantly reducing travel times.

"Bristow has a long and respected track record of safely operating complex missions in some of the most demanding environments on earth," said Marc Allen, CEO of Electra. "We are proud to welcome Bristow as an EL9 Launch Customer. By reserving five delivery slots in the EL9's first year of production, to include slot one, they have made a powerful statement of confidence in Electra, our EL9 aircraft, and the future of Direct Aviation. We could not imagine a stronger or more capable partner to lead the introduction of this transformative mode of advanced air mobility that will give communities, travelers, and airlines access to fast, flexible, and sustainable transportation."

"Electra's EL9 fundamentally changes what regional air mobility can be," said Dave Stepanek, Bristow Executive Vice President, Chief Transformation Officer. "Its ultra-short performance, quiet operation, and lower operating costs create opportunities that simply do not exist with today's aircraft. Securing delivery slot one and reserving delivery slots in the first year of production ensures Bristow will lead this new industry and bring advanced air mobility capabilities to our customers first. We are confident that with this order we will extend our legacy of innovation and deliver new levels of access, speed, and sustainability to our customers across the many markets we serve."

Electra's Direct Aviation model uses Ultra Short aircraft to unlock thousands of new Ultra Short access points – including fields, parking lots, and underutilized runways – bringing air travel closer to where people live, work, and play. By pairing practical infrastructure with transformative capability, Direct Aviation enables trips that were previously impractical or impossible and expands economic opportunity to communities of every size.

About Electra
Electra.aero, Inc. (Electra) is an advanced aerospace company building hybrid-electric Ultra Short airplanes that achieve unprecedented performance advantages to fly people and cargo seamlessly without airports, emissions, or noise. With the EL9 Ultra Short, Electra is pioneering Direct Aviation, the next level of connectivity that brings air travel closer to where we live, work, and play. Electra's Ultra Short technology delivers 2.5x the payload and 10x longer range with 70% lower operating costs than helicopters and eVTOLs with significantly greater safety and far less certification risk.

Electra's team includes some of the most respected and successful entrepreneurs and engineers in novel aircraft design, with over 40 prior aircraft successfully developed and/or certified. Lockheed Martin Ventures, Honeywell, and Safran are among Electra's strategic investors along with Prysm Capital, Statkraft Ventures (Norway's sovereign fund), the Virginia Innovation Partnership Corporation (VIPC), and other private investors. Electra's contracted customers include NASA, the U.S. Air Force, the U.S. Army, and the U.S. Navy, along with over 2,200 letters of intent from 60+ commercial customers, including both airlines and helicopter operators.

About Bristow Group
Bristow 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's business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. The Company's energy customers charter its helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Bristow's government customers primarily outsource SAR activities whereby the Company operates specialized helicopters and provides highly trained personnel. The Company's 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.

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 (UK) and the United States (U.S.).

Investors
Bristow Group Inc.
Jennifer Whalen
InvestorRelations@bristowgroup.com

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SOURCE Bristow Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Bristow (VTOL) announce on Jan. 21, 2026 about Electra EL9 delivery slots?

Bristow signed a PDP deposit agreement that converts its LOI into binding terms for five EL9 delivery slots, including delivery slot one, subject to aircraft certification.

How many Electra EL9 aircraft can Bristow (VTOL) acquire under the agreement?

The agreement secures five EL9 fixed delivery slots and grants Bristow options to purchase an additional 45 aircraft on the same terms.

What are the Electra EL9 performance specs Bristow (VTOL) cited?

Electra describes the EL9 as carrying 9 passengers or 3,000 lb of cargo, with a 330 nm operational range, 1,100 nm ferry range, and 150 ft ultra‑short takeoff capability.

When will Bristow (VTOL) receive the five EL9 aircraft?

The five EL9 delivery slots are reserved for the EL9's first year of production, per the PDP agreement.

Does the PDP agreement for EL9 deliveries have any conditions for Bristow (VTOL)?

Yes; the PDP agreement is subject to aircraft certification, so deliveries depend on certification milestones.