Bristow Announces Cost Reduction Initiatives
HOUSTON, March 23 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS)
announced today that as a result of the continuing decline in the demand for
its helicopter services primarily in the exploration and development sector,
with more limited declines in the production sector, the Company is taking the
- Capital expenditures are being carefully evaluated and prioritized;
- Management salaries have been frozen; and
- Staffing levels and compensation structures are being reviewed to
ensure that the Company is properly sized to meet customers' needs.
The Company has already made some staffing reductions in the U.S. Gulf of
Mexico, West Africa and Australia and released many of its temporary and
consulting staff. In addition, Bristow Helicopter Group Limited, the Company's
European affiliate, is starting consultations with trade union representatives
and employees in Europe regarding proposed staffing reductions. Similar
actions are expected in other business units as part of an overall plan to
reduce Bristow's work force by less than 10% to meet changing market
William E. Chiles, Bristow President and Chief Executive Officer, said,
"In response to the current global recession and ongoing energy industry
down-cycle, we are reviewing capital investments and our operations, including
staffing levels and compensation structures, to ensure that our organization
is properly positioned to continue meeting our customers' needs while
maintaining operational safety. Our main objectives are to preserve our
profitability as well as our financial flexibility and continue our focus on
the safety of our operations for the long-term benefit of all our
shareholders, customers and employees."
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is a leading provider of helicopter services to the
worldwide offshore energy industry based on the number of aircraft operated.
Through its subsidiaries, affiliates and joint ventures, the Company has major
transportation operations in the U.S. Gulf of Mexico and the North Sea, and in
most of the other major offshore oil and gas producing regions of the world,
including Alaska, Australia, Mexico, Nigeria, Norway and Trinidad. For more
information, visit the Company's website at www.bristowgroup.com.
FORWARD LOOKING STATEMENT
Statements contained in this news release that state the Company's or
management's intentions, expectations or predictions of the future are
forward-looking statements. Actual results could differ materially from those
projected in such forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially is
contained from time to time in the Company's SEC filings, including but not
limited to the Company's quarterly report on Form 10-Q for the quarter ended
December 31, 2008 and the annual report on Form 10-K for the fiscal year ended
March 31, 2008. Bristow Group Inc. disclaims any intention or obligation to
revise any forward-looking statements, including financial estimates, whether
as a result of new information, future events or otherwise.
Contact: Linda McNeill
Bristow Group Inc.
SOURCE: Bristow Group Inc.
CONTACT: Linda McNeill of Bristow Group Inc.,
Web Site: http://www.bristowgroup.com