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Bristow Group Announces New Contract Awards in Brazil and North Sea
Contracts total in excess of $275 million
HOUSTON, March 23, 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 won four contracts for work in Brazil and the U.K. North Sea totaling in excess of $275 million over their initial five-year terms.
William E. Chiles, President and Chief Executive Officer, said, "These four international contracts will place two of our large and two of our medium new-technology aircraft under long-term contracts with key customers. We are particularly pleased with the work in Brazil, a part of the world we have been targeting for growth."
Lider Aviacao Holding S.A., a Brazilian affiliate in which Bristow owns a 42.5% interest, was awarded three new incremental five-year contracts by Petrobras for three large helicopters commencing on or before June 30, 2010. Lider will utilize its new S-92 aircraft and lease two S-92 aircraft from Bristow.
Bristow has also successfully negotiated a new contract with BP to provide helicopter services in the southern North Sea using two S-76C++ aircraft. The five-year contract begins September 1, 2010 and includes an option to extend the term for up to another five years.
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 December 31, 2009 and annual report on Form 10-K for the fiscal year ended March 31, 2009. 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. Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, Mexico, Russia and Trinidad. For more information, visit the Company's website at http://www.bristowgroup.com/.
SOURCE: Bristow Group Inc.