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Bristow Group Announces Renewal of Long-Term Contract Award for Two Large Helicopters in Norway
Contract potentially worth in excess of $167 million in revenue
HOUSTON, May 3, 2011 /PRNewswire via COMTEX/ -- Bristow Group Inc. (NYSE: BRS) a leading provider of helicopter services to the offshore energy industry, announced today that it has been awarded a renewal contract for work in Norway valued in excess of $167 million in revenue.
William E. Chiles, President and Chief Executive Officer, said, "Our recent success in renewing this long-term contract with a key customer reinforces our long-term commitment to the Norwegian market. It also demonstrates that customers value our differentiated service capabilities provided by our unique Target Zero programs with specific delivery focus on zero accidents, zero downtime, and zero complaints."
The existing five-year contract was extended after a bid competition for another five-year term, which commences in early 2013, with the option to extend it for an additional three periods of one year each. Bristow will provide two dedicated Sikorsky S-92 large helicopters operating from our Sola base in Stavanger, Norway beginning in March 2013.
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, 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 the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations. 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.