Bristow Group Inc Stock Price, News & Analysis

Bristow Group Inc. (NYSE: VTOL) announced a reorganization of its executive leadership team effective April 1, 2021, aimed at enhancing strategic diversification and maintaining market leadership in search and rescue and offshore helicopter services. The changes are intended to optimize the talents of existing leaders and align resources with long-term priorities, including expansion into renewables and government services. Key appointments include David Stepanek as Executive Vice President, Sales and Chief Transformation Officer, and Samantha Willenbacher as Senior Vice President, Americas.

Bristow Group Inc. (NYSE: VTOL) has achieved the Continued Airworthiness Management Organisation (Part CAMO) certification, becoming the first helicopter operator in the UK to do so. This certification demonstrates Bristow's commitment to safety and industry leadership, with all compliance successfully completed ahead of the August 2021 deadline set by the Civil Aviation Authority. The Part CAMO certification establishes rigorous safety management and compliance monitoring systems, providing customers with assurance regarding the airworthiness of its fleet.

Bristow Group Inc. (NYSE: VTOL) has successfully closed a private offering of $400 million in 6.875% senior secured notes due 2028. The funds will be used to repay approximately $153.4 million of secured equipment term loans and $206.2 million in term loans with PK AirFinance. Additionally, the company will redeem all outstanding 7.750% Senior Notes worth $132.0 million. This transaction aims to enhance Bristow's financial position by extending debt maturities and reducing operational costs, thereby improving its credit profile.

Bristow Group (NYSE: VTOL) announced a private offering of $400 million in 6.875% senior secured notes maturing March 1, 2028. The offering, priced under Rule 144A and Regulation S, is expected to close on February 25, 2021. Proceeds will primarily repay existing loans totaling approximately $355.9 million and redeem outstanding 7.750% Senior Notes due 2022. These notes are fully guaranteed by the Company and its subsidiaries and secured by liens on certain helicopters and other assets.

Bristow Group Inc. (NYSE: VTOL) announced a private offering of $400 million in senior secured notes due 2028, subject to market conditions. The notes will be secured by first priority liens on collateral, including 93 pledged aircraft. Proceeds will be used to repay approximately $152 million of secured equipment term loans with Macquarie Bank and $203.9 million with PK AirFinance, and to redeem $132 million of 7.750% Senior Notes due 2022. The redemption is contingent upon financing transactions generating sufficient net cash proceeds.

Bristow Group (NYSE: VTOL) reported a net loss of $57.1 million for Q3 2020, translating to a loss of $1.97 per diluted share, compared to a $27.9 million loss in the prior quarter. Revenues rose to $300.3 million, driven by improved oil and gas operations. The company recognized a significant impairment loss of $51.9 million related to its investment in Cougar Helicopters. Adjusted EBITDA was $47.4 million, down from $54.2 million. Despite challenges, Bristow identified at least $50 million in annualized cost synergies from its merger with Era Group.

Bristow Group Inc. (NYSE: VTOL) will release its third quarter fiscal year 2021 financial results on February 2, 2021, after market close. A conference call is scheduled for February 3, 2021, at 10 a.m. ET. Investors can join by calling 800-458-4121 for domestic or +1 323-794-2597 for international participation, using access code 6114092. A replay of the call will be available until February 17, 2021. The investor presentation will be accessible on the company’s website on February 3, 2021.

Bristow Group reported a net loss of $27.9 million, or $0.95 per diluted share, for Q2 FY21 on revenues of $295.7 million, compared to a profit of $71.5 million in Q1 FY21. Adjusted EBITDA rose to $54.2 million from $44.3 million, despite challenging conditions in the offshore oil and gas sector. The company had $301.4 million in unrestricted cash and total liquidity of $358.6 million. Share repurchases totaled 345,327 shares at an average price of $21.93 during September.

Bristow Group Inc. (NYSE: VTOL) will release its financial results for Q2 FY2021 on November 4, 2020, after market close. A conference call is scheduled for November 5, 2020, at 10 a.m. ET. Interested investors can participate by calling 800-367-2403 (domestic) or +1 334-777-6978 (international) with access code 5314473. A replay will be offered until November 19, 2020. The investor presentation will be available on the company’s website following the call.