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Bristow Group Inc. Announces Contract Award and Aircraft Purchase
HOUSTON--(BUSINESS WIRE)--Oct. 5, 2006--Bristow Group Inc. (NYSE:BRS), a leading provider of helicopter transportation services and production management services to the offshore energy industry, announced today that it has received an award of an amendment and extension of its existing contract in the North Sea with Integrated Aviation Consortium (IAC) for the provision of helicopter transportation services to offshore facilities both East and West of the Shetland Islands. The final contract, which has been extended until June 2010, will call for the provision of five new Sikorsky S-92 helicopters to be delivered in the second half of calendar 2007 to replace the six AS332L Super Puma helicopters currently under contract.
Bristow also announced that it had exercised options under its Helicopter Sales Agreement with Sikorsky Aircraft Corporation to purchase four additional S-92 helicopters. These four plus one of the two S-92's ordered in May 2006 will be used to fulfill the IAC contract requirements. The remaining S-92 ordered in May 2006 is being deployed to operations for a major operator offshore Norway. In addition, we reached an agreement with Sikorsky to extend the remaining September 30, 2006 option we have for an additional S-92 deliverable in calendar 2007 to December 31, 2006.
William E. Chiles, President and Chief Executive Officer said, "This award is an important step in our growth strategy and further implements our ongoing fleet expansion program. We are adding five new state of the art Sikorsky S-92 large aircraft to our fleet while making the Super Pumas currently under contract available for re-deployment on other opportunities in our worldwide operations. We will continue to consider if and when to exercise our options for nine additional large and 24 medium aircraft based on market demand."
Bristow Group Inc. is the leading provider of helicopter transportation 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, China, Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. The Company's Common Stock trades on the New York Stock Exchange under the symbol BRS.
Statements contained in this 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 intended use of aircraft and expected delivery dates. 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 three months ended June 30, 2006 and the annual report on Form 10-K for the year ended March 31, 2006. 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.
CONTACT: Bristow Group Inc., Houston Investor Relations: Joe Baj, 713-267-7605 Fax: 713-267-7620 firstname.lastname@example.org SOURCE: Bristow Group Inc.