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Bristow Announces Critical Strategic And Leadership Changes For A Competitive And Profitable Future
"Bristow is fortunate to have the proven resources and significant bench strength to operate effectively given these changes," said
The New Bristow
- Cost efficiencies, including reducing corporate general and administrative (G&A) costs to approximately 12% of revenues, while also implementing Lean processes and improving productivity;
- Portfolio and fleet optimization, combined with original equipment manufacturers (OEMs) cost recoveries and capex reduction to improve liquidity and reduce debt;
- Revenue growth through contract wins in Bristow's primary hubs with a focus on delivering greater efficiencies to its core oil and gas clients. Bristow plans to bid on approximately 30-40 contracts this fiscal year, many of which are currently held by competitors.
Bristow anticipates that in 12 to 24 months, the company will have higher quality revenue, which includes the
Immediate Leadership Changes
The structural change into two primary hubs is expected to generate significant cost savings, in part through lower G&A costs. Consequently, Bristow is announcing a number of leadership changes.
Corbett and Phillips will be supported by a team of leaders with proven track records throughout the industry. They will ensure the delivery of safe, reliable and efficient services to Bristow clients in each of the regions.
As part of this new structure,
The announced structural changes also include reducing the corporate group targeting government work, and moving oversight of commercial development, government and operational functions to the leaders in these geographic hubs. These structural changes also include the elimination of several other corporate positions.
"I would like to thank Chip, Chet, Bill and our other departing global employees for their contributions that made Bristow a better company," said Baliff. "I wish them the best in their future endeavors."
"Significant change in a challenging environment is never easy," Baliff said, "but Bristow's willingness to make tough decisions has enabled us to operate in an environment where some others have not. I am confident that the changes we are making today will allow us to strengthen our business through these difficult times and position us to compete successfully and grow our business over the longer term."
Management will conduct a conference call starting at
Bristow Group'sinvestor relations Web page at www.bristowgroup.com
- Live: Click on the link for "Bristow Group Special Conference Call"
- Replay: A replay via webcast will be available approximately one hour after the call's completion and will be accessible for approximately 90 days
Via Telephone within the U.S.:
- Live: Dial toll free 1-877-404-9648
- Replay: A telephone replay will be available through
June 23, 2017, and may be accessed by calling toll free 1-877-660-6853, passcode: 13664228#
Via Telephone outside the U.S.:
- Live: Dial 1-412-902-0030
- Replay: A telephone replay will be available through
June 23, 2017, and may be accessed by calling 1-201-612-7415, passcode: 13664228#
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements contained in this news release that state the company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward looking statements include statements regarding earnings guidance, expected contract revenue, capital deployment strategy, operational and capital performance, expected cost management activities, deployment strategy, operational and capital performance, expected cost management activities, expected capital expenditure deferrals, shareholder return, liquidity, market and industry conditions. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Risk and uncertainties include without limitation: fluctuations in the demand for our services; fluctuations in worldwide prices of and supply and demand for oil and natural gas; fluctuations in levels of oil and natural gas production, exploration and development activities; the impact of competition; actions by clients and suppliers; the risk of reductions in spending on industrial aviation services by governmental agencies; changes in tax and other laws and regulations; changes in foreign exchange rates and controls; risks associated with international operations; operating risks inherent in our business, including the possibility of declining safety performance; general economic conditions including the capital and credit markets; our ability to obtain financing; the risk of grounding of segments of our fleet for extended period of time of indefinitely; our ability to re-deploy our aircraft to regions with greater demand; our ability to acquire additional aircraft and dispose of older aircraft through sales into the aftermarket; the possibility that we do not achieve the anticipated benefit of our fleet investment program; availability of employees; and political instability, war or acts of terrorism in any of the countries where we operate. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's
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