Bristow Group Announces Preferred Dividend and Mandatory Conversion of Preferred Stock
HOUSTON, Aug. 24 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS)
a leading provider of helicopter services to the offshore energy industry,
announced today that its Board of Directors has declared a quarterly dividend
of $0.6875 per share of mandatory convertible preferred stock issued and
outstanding at the close of business on September 1, 2009 (the "Record Date"),
which will be payable on September 15, 2009 to stockholders of record at the
close of business on the Record Date. There are 4,600,000 shares of Bristow's
mandatory convertible preferred stock issued and outstanding.
Additionally, each share of the mandatory convertible preferred stock,
unless previously converted, will automatically convert on September 15, 2009,
into shares of Bristow's common stock. The conversion rate will be 1.4180 if
the average closing price per share of Bristow's common stock over the 20
trading day period ending on the third trading day prior to the conversion
date is less than or equal to $35.26, 1.1576 if the average closing price is
equal to or greater than $43.19, and between 1.4180 and 1.1576 if the average
closing price is between $35.26 and $43.19, in each case subject to
Bristow Group Inc. is a leading provider of helicopter services to the
worldwide offshore energy industry based on number of aircraft operated.
Through its subsidiaries, affiliates and joint ventures, the Company has major
operations in the U.S. Gulf of Mexico and the North Sea, and operations in
most of the other major offshore oil and gas producing regions of the world,
including Alaska, Australia, Brazil, Mexico, Nigeria, Russia and Trinidad.
The Company's mandatory convertible preferred stock trades on the NYSE under
the symbol BRS Pr. For more information, visit the Company's website at
SOURCE Bristow Group Inc.
Linda McNeill of Bristow Group Inc.,
Web Site: http://www.bristowgroup.com