FLYING SMART.
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News Release

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Bristow Group Inc. Reports Fiscal 2007 Second Quarter Financial Results; Earnings Up 30%

HOUSTON, Nov 07, 2006 (BUSINESS WIRE) -- Bristow Group Inc. (NYSE:BRS) today reported financial results for its fiscal 2007 second quarter and six months ended September 30, 2006.

Highlights included the following:

For the quarter ended September 30, 2006:

-- Net income of $19.1 million increased 30.3 percent versus net income for the September quarter a year ago; earnings per diluted share of $0.79 rose 27.4 percent for the same three-month period;

-- Total revenue of $224.2 million increased by 15.3 percent over the second quarter a year ago due to increased revenues in all business units driven by increased flight hours, improved pricing and additional aircraft;

-- The earnings improvement was driven primarily by increases in revenues, gains on sales of older aircraft, and earnings from affiliates, partially offset by higher maintenance and salary expenses, and an increased effective tax rate;

-- The effective tax rate of 33 percent for the second fiscal quarter was in line with expectations;

-- Diluted earnings per share were reduced $0.02 due to the increase in weighted average shares from recently completed preferred stock offering.

For the six months ended September 30, 2006:

-- Net income of $36.3 million rose 36.5 percent versus net income for the six months ended September 30, 2005; earnings per diluted share of $1.52 rose 34.5 percent over the same period;

-- Total revenue in the first half of fiscal year 2007 increased by 18.6 percent to $445.3 million; the revenue increase was driven by increased flight hours, improved pricing and additional aircraft;

-- In addition to items impacting earnings for the second quarter, six-month results were also affected by foreign currency exchange losses.

Capital and Liquidity:

-- The recent issuance of our preferred stock provided $222.7 million in net proceeds;

-- The September 30, 2006 consolidated balance sheets reflect $794.4 million in stockholders' investment and $260.5 million of indebtedness or 24.7 percent leverage;

-- Also at that time, we had $268.3 million in cash and an undrawn $100 million revolving credit facility;

-- We generated $48.7 million in cash from operations and spent $115.5 million on aircraft during the six months ended September 30, 2006;

-- Aircraft purchase commitments (including four large aircraft ordered in early October) totaled $403.0 million with options totaling $377.5 million.

William E. Chiles, president and chief executive officer of Bristow Group Inc., said, "The very robust level of offshore oil and gas activity worldwide coupled with our strategic expansion of operations in new and existing markets have put Bristow Group in a position to produce record results in fiscal 2007. Although we are pleased with our financial results to date in fiscal 2007, we expect to realize the earnings power of our investments in new aircraft when a significant portion of the aircraft we are purchasing are placed in service and contributing to our earnings in late fiscal 2008. Our strong financial results and our recently completed preferred stock offering provide us the capital to make additional investments in our growth strategy by ordering more aircraft and/or investing in business acquisitions. If the market demand remains strong, we may access the capital markets for additional funds (likely on a leveraged basis) in calendar year 2007 to fund the remaining portion of our growth plans."

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EST (9:00 a.m. CST) on Wednesday, November 8, 2006, to review financial results for the three and six months ended September 30, 2006. The conference call can be accessed as follows:

Via Webcast:

-- Visit Bristow Group's investor relations Web page at http://www.bristowgroup.com

-- Live: Click on the link for "Q2 2007 Bristow Group Inc. Earnings Conference Call"

-- Replay: A replay via webcast will be available approximately one hour after the call's completion

Via Telephone within U.S.:

-- Live: Dial toll free 800-561-2813, passcode: 69789476

-- Replay: A telephone replay will be available through December 8, 2006, by dialing toll free 888-286-8010, passcode: 21529507

Via Telephone outside the U.S.:

-- Live: Dial 617-614-3529, passcode: 69789476

-- Replay: A telephone replay will be available through December 8, 2006, by dialing 617-801-6888, passcode: 21529507

ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is a leading provider of helicopter services to the worldwide energy industry. 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, 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.

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 future results, the addition of new aircraft to our fleet, future investments and future financing transactions. 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 and six months ended September 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.

                 BRISTOW GROUP INC. AND SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME
               (In thousands, except per share amounts)
                             (Unaudited)


                            Three Months Ended     Six Months Ended
                               September 30,         September 30,
                           --------------------- ---------------------
                              2006       2005       2006       2005
                           ---------- ---------- ---------- ----------

Gross revenue:
   Operating revenue from
    non-affiliates         $ 191,341  $ 163,920  $ 373,127  $ 314,668
   Operating revenue from
    affiliates                11,631     12,791     23,710     24,277
   Reimbursable revenue
    from non-affiliates       20,091     16,912     46,216     34,340
   Reimbursable revenue
    from affiliates            1,146        782      2,218      2,057
                           ---------- ---------- ---------- ----------

                             224,209    194,405    445,271    375,342
                           ---------- ---------- ---------- ----------
Operating expenses:
   Direct costs              148,872    126,510    287,341    249,062
   Reimbursable expense       20,879     17,402     47,778     36,064
   Depreciation and
    amortization              10,737     11,200     21,020     21,507
   General and
    administrative            16,527     15,704     31,876     30,667
   Loss (gain) on disposal
    of assets                 (3,667)     1,494     (4,665)       902
                           ---------- ---------- ---------- ----------

                             193,348    172,310    383,350    338,202
                           ---------- ---------- ---------- ----------

      Operating income        30,861     22,095     61,921     37,140

Earnings from
 unconsolidated
 affiliates, net of losses     1,728        373      3,287        419
Interest income                1,069        949      2,359      1,981
Interest expense              (2,871)    (3,677)    (6,107)    (7,385)
Other income (expense),
 net                          (1,308)      (769)    (6,093)     2,013
                           ---------- ---------- ---------- ----------

      Income before
       provision for
       income taxes and
       minority interest      29,479     18,971     55,367     34,168
Provision for income taxes    (9,728)    (4,293)   (18,271)    (7,469)
Minority interest               (676)       (44)      (792)       (94)
                           ---------- ---------- ---------- ----------

   Net income                 19,075     14,634     36,304     26,605
   Preferred stock
    dividends                   (321)         -       (321)         -
                           ---------- ---------- ---------- ----------
   Net income available to
    common stockholders    $  18,754  $  14,634  $  35,983  $  26,605
                           ========== ========== ========== ==========


Earnings per common share:
  Basic                    $    0.80  $    0.63  $    1.54  $    1.14
                           ========== ========== ========== ==========
  Diluted                  $    0.79  $    0.62  $    1.52  $    1.13
                           ========== ========== ========== ==========

Weighted average common
 shares outstanding:
   Basic                      23,453     23,342     23,423     23,331
                           ========== ========== ========== ==========
   Diluted                    24,248     23,618     23,882     23,603
                           ========== ========== ========== ==========

                 BRISTOW GROUP INC. AND SUBSIDIARIES
                       SELECTED OPERATING DATA
         (In thousands, except flight hours and percentages)
                             (Unaudited)


                               Three Months Ended   Six Months Ended
                                  September 30,       September 30,
                               ------------------- -------------------
                                 2006      2005      2006      2005
                               --------- --------- --------- ---------
Flight hours (excludes
 unconsolidated affiliates):
 Helicopter Services:
  North America                  41,011    39,656    83,620    77,385
  South and Central America       9,631    10,113    18,916    19,629
  Europe                         10,685    10,263    20,855    19,994
  West Africa                     9,179     8,625    18,062    16,969
  Southeast Asia                  3,063     3,005     6,269     5,727
  Other International             2,426     1,689     4,478     3,292
                               --------- --------- --------- ---------
        Consolidated total       75,995    73,351   152,200   142,996
                               ========= ========= ========= =========


                               Three Months Ended   Six Months Ended
                                  September 30,       September 30,
                               ------------------- -------------------
                                 2006      2005      2006      2005
                               --------- --------- --------- ---------
Gross revenue:
 Helicopter Services:
  North America                $ 66,304  $ 61,254  $133,105  $113,706
  South and Central America      13,406    10,347    26,642    20,384
  Europe                         72,128    62,724   143,512   121,905
  West Africa                    31,210    26,539    62,946    52,449
  Southeast Asia                 17,626    14,688    34,665    28,496
  Other International            12,183     8,081    21,135    15,669
  EH Centralized Operations      14,727    12,522    29,132    24,922
  Intrasegment eliminations     (17,955)  (16,712)  (35,202)  (32,136)
                               --------- --------- --------- ---------
 Total Helicopter Services      209,629   179,443   415,935   345,395
 Production Management
  Services                       17,784    16,942    35,468    33,911
 Corporate                            -        16       (25)       32
 Intersegment eliminations       (3,204)   (1,996)   (6,107)   (3,996)
                               --------- --------- --------- ---------
        Consolidated total     $224,209  $194,405  $445,271  $375,342
                               ========= ========= ========= =========

Operating income:
 Helicopter Services:
  North America                $  9,173  $ 14,592  $ 20,258  $ 24,374
  South and Central America       3,289       202     6,914       615
  Europe                          8,436    10,004    17,460    16,924
  West Africa                       820     2,033     3,227     4,105
  Southeast Asia                  2,008       377     3,096     1,085
  Other International             3,328       956     4,434     2,184
  EH Centralized Operations       4,449       589     9,928      (702)
                               --------- --------- --------- ---------
 Total Helicopter Services       31,503    28,753    65,317    48,585
 Production Management
  Services                        1,394     1,238     2,808     2,559
 Gain (loss) on disposal of
  assets                          3,667    (1,494)    4,665      (902)
 Corporate                       (5,703)   (6,402)  (10,869)  (13,102)
                               --------- --------- --------- ---------
        Consolidated total     $ 30,861  $ 22,095  $ 61,921  $ 37,140
                               ========= ========= ========= =========

Operating margin:
 Helicopter Services:
  North America                    13.8%     23.8%     15.2%     21.4%
  South and Central America        24.5%      2.0%     26.0%      3.0%
  Europe                           11.7%     15.9%     12.2%     13.9%
  West Africa                       2.6%      7.7%      5.1%      7.8%
  Southeast Asia                   11.4%      2.6%      8.9%      3.8%
  Other International              27.3%     11.8%     21.0%     13.9%
  EH Centralized Operations        30.2%      4.7%     34.1%     -2.8%
 Total Helicopter Services         15.0%     16.0%     15.7%     14.1%
 Production Management
  Services                          7.8%      7.3%      7.9%      7.5%
        Consolidated total         13.8%     11.4%     13.9%      9.9%

                 BRISTOW GROUP INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS
                            (In thousands)


                                           September 30,   March 31,
                                                2006           2006
                                           ------------- -------------
                  ASSETS                    (Unaudited)
Current assets:
 Cash and cash equivalents                 $    268,275  $    122,482
 Accounts receivable from non-affiliates,
  net of allowance for doubtful accounts
  of $3.5 million and $4.6 million,
  respectively                                  158,540       144,521
 Accounts receivable from affiliates, net
  of allowance for doubtful accounts of
  $4.4 million and $4.6 million,
  respectively                                   14,594        15,884
 Inventories                                    157,966       147,860
 Prepaid expenses and other                      16,431        16,519
                                           ------------- -------------
  Total current assets                          615,806       447,266
Investments in unconsolidated affiliates         42,101        39,912
Property and equipment -- at cost:
 Land and buildings                              47,254        40,672
 Aircraft and equipment                         971,548       838,314
                                           ------------- -------------
                                              1,018,802       878,986
 Less: accumulated depreciation and
  amortization                                 (287,978)     (263,072)
                                           ------------- -------------
                                                730,824       615,914
Goodwill                                         26,807        26,837
Prepaid pension costs                            42,125        37,207
Other assets                                     11,479         9,277
                                           ------------- -------------
                                           $  1,469,142  $  1,176,413
                                           ============= =============
 LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
 Accounts payable                          $     59,930  $     41,227
 Accrued wages, benefits and related taxes       38,645        45,958
 Income taxes payable                             6,791         6,537
 Other accrued taxes                              9,481         6,471
 Deferred revenues                               12,468         9,994
 Other accrued liabilities                       34,645        31,083
 Deferred taxes                                  10,030         5,025
 Short-term borrowings and current
  maturities of long-term debt                   22,479        17,634
                                           ------------- -------------
  Total current liabilities                     194,469       163,929
Long-term debt, less current maturities         238,064       247,662
Accrued pension liabilities                     146,937       136,521
Other liabilities and deferred credits           17,620        18,016
Deferred taxes                                   72,635        68,281
Minority interest                                 4,980         4,307
Commitments and contingencies

Stockholders' investment:
 5.50% mandatory convertible preferred
  stock, $.01 par value, authorized
  4,600,000 shares; outstanding: 4,000,000
  shares; entitled on liquidation to $200
  million; net of offering costs of $6.4
  million                                       193,590             -
 Common Stock, $0.01 par value, authorized
  35,000,000 shares; outstanding:
  23,491,378 shares as of September 30 and
  23,385,473 shares as of March 31
  (exclusive of 1,281,050 treasury shares)          235           234
 Additional paid-in capital                     164,286       158,762
 Retained earnings                              483,828       447,524
 Accumulated other comprehensive loss           (47,502)      (68,823)
                                           ------------- -------------
                                                794,437       537,697
                                           ------------- -------------
                                           $  1,469,142  $  1,176,413
                                           ============= =============

SOURCE: Bristow Group Inc.

Bristow Group Inc., Houston
Investor Relations Contact:
Joe Baj, 713-267-7605