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News Release

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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 following actions:

  • 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 conditions.

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.
(713) 267-7622

SOURCE: Bristow Group Inc.

CONTACT: Linda McNeill of Bristow Group Inc.,
+1-713-267-7622
Web Site: http://www.bristowgroup.com