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Bristow Group Announces Long-Term Contract Awards for Twelve Large Helicopters
Contracts worth in excess of $1.3 billion in revenue
HOUSTON, Sept 09, 2010 /PRNewswire via COMTEX/ -- Bristow Group Inc. (NYSE: BRS) a leading provider of helicopter services to the offshore energy industry, announced today that it has secured new contracts for work in the UK North Sea, Norway and Malaysia potentially worth in excess of $1.3 billion in revenue over the next ten years.
William E. Chiles, President and Chief Executive Officer, said "We are pleased to continue our recent successes in bringing in new business by adding these long-term contracts that strengthen our competitive position with key customers in three of our targeted growth areas."
An existing contract with the Integrated Aviation Consortium (IAC) in UK North Sea was extended through direct negotiation for a five-year term with the option to extend for an additional five years and includes the operation of six existing Sikorsky S-92 large helicopters that were initially put into service in 2008. In addition to the helicopter services, Bristow will continue to provide airport management and fixed wing services as part of this contract.
The ten year contract in Norway with Statoil reinforces our long-term commitment to the Norwegian market. The work will utilize three new Sikorsky S-92 large helicopters plus an additional back-up helicopter operating from our Bergen base beginning in January 2012. This contract is in addition to operations Bristow currently conducts for Statoil in Norway from bases in Stavanger and Hammerfest. This will increase the total Bristow helicopters in Norway to fifteen.
An award in Malaysia involves an initial minimum two year lease of three new Eurocopter EC225 large helicopters to a local operator together with the provision of technical management services on a ten year plus five year option agreement commencing in mid 2011.
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 the impact of activity levels, business performance, turnaround timing, market and industry conditions, liquidity and financial flexibility. It is important to note that the Company's 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 from those in the forward-looking statements 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 June 30, 2010 and annual report on Form 10-K for the fiscal year ended March 31, 2010. 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
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, Brazil, Mexico, Nigeria, Russia and Trinidad. For more information, visit the Company's website at http://www.bristowgroup.com/.
SOURCE: Bristow Group Inc.