Bristow Group Inc - VTOL STOCK NEWS

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.

Bristow Group (NYSE: VTOL), a leading global helicopter operator, will attend the 28th annual Deutsche Bank Leveraged Finance Conference from October 5-7, 2020. Key executives, including President and CEO Chris Bradshaw, CFO Jennifer Whalen, and Treasurer Grant Newman, will engage in one-on-one meetings on October 6. The presentation will be accessible on Bristow's investor relations website. Bristow is recognized for its offshore oil and gas transportation and search and rescue services across key global regions.

Bristow Helicopters has secured a contract extension with the Maritime and Coastguard Agency (MCA) to deliver search and rescue (SAR) services through December 31, 2026. This extension allows Bristow to enhance its capabilities and explore new technologies for future contracts. Bristow operates a fleet of 11 AW189 and 10 S-92 SAR helicopters at 10 strategic locations across the UK, supporting approximately 25,000 incidents annually. The company employs around 360 people and aims to maintain a high standard of service as confirmed by a recent post-implementation report by QinetiQ.

Bristow Helicopters Limited has secured a contract extension with the Maritime and Coastguard Agency (MCA) to provide search and rescue services until December 31, 2026. This extension allows Bristow to introduce new capabilities to its helicopter fleet and explore beneficial technologies for future operations. Currently, Bristow operates a modern fleet of 11 AW189 and 10 S-92 aircraft from 10 bases across the UK. The company has been a key player in the SAR sector since 2013 and has successfully transitioned from military operations to a commercialized service.