FLYING SMART.
FLYING RIGHT.

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News Release

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Bristow Group Reports Strong Financial Results for the December 2007 Quarter
Revenue increased by 24% - Net earnings per share more than doubled

Bristow Group Inc. (NYSE: BRS) today reported financial results for its December 2007 quarter.

Highlights include:
For the quarter ended December 31, 2007:

  • Revenue of $261.5 million increased by 24% over the December 2006 quarter. Revenue gains occurred primarily in our Europe, West Africa and Southeast Asia business units, driven by increases in rates for helicopter services, increased demand for helicopter services from our existing customers and the addition of new aircraft.


  • Operating income of $36.7 million increased 82% from $20.2 million in the December 2006 quarter, and operating margin increased to 14.1% versus 9.6% for the December 2006 quarter. The improvements were primarily the result of higher revenue and the inclusion in the December 2007 quarter of $4.1 million of gains on disposal of assets compared to $1.0 million for the December 2006 quarter. Additionally, operating income and margin were impacted by the items discussed below.


  • Net income of $20.1 million increased 91% from $10.5 million for the December 2006 quarter. Net income for the December 2007 quarter includes the previously announced loss of $6.2 million ($0.20 per diluted share) on the sale of our Grasso Production Management ("Grasso") business in November 2007, which is presented as discontinued operations.


  • Diluted earnings per share from continuing operations almost tripled to $0.86 from $0.29 for the December 2006 quarter, while diluted earnings per share on net earnings increased to $0.66 from $0.31 for the December 2006 quarter.


  • Diluted earnings per share for the December 2007 quarter reflects the assumed conversion of the Company's Mandatory Convertible Preferred Stock, which added approximately 6.5 million to our weighted average diluted shares. However, diluted earnings per share for the December 2006 quarter was reduced by the preferred stock dividends, while the weighted-average shares outstanding did not include the assumed conversion of preferred stock into common shares. The computation was different in the December 2006 quarter because inclusion of these shares and preferred stock dividends would have had an anti-dilutive effect for that period.


  • Operating results for the December 2007 quarter included the following items:


    • An impairment charge of $1.8 million related to inventory utilized on S-61 search and rescue ("SAR") configured aircraft.


    • $2.5 million of retroactive compensation cost increases recorded within our West Africa operations resulting from the completion of union negotiations.


    • $1.5 million of retroactive rate increases with a major customer in Nigeria.

Excluding these items, operating income would have been $39.5 million, operating margin would have been 15.1%, income from continuing operations would have been $28.0 million and diluted EPS from continuing operations would have been $0.92.

For the nine months ended December 31, 2007:

  • Revenue of $752.5 million increased 20% over the same period of fiscal year 2007 due to revenue gains in most business units, driven by increases in rates for helicopter services, increased demand for helicopter services from our existing customers and the addition of new aircraft.


  • Operating income of $115.3 million increased 45% from $79.4 million for the nine months ended December 31, 2006, and operating margin increased to 15.3% versus 12.7% for the nine months ended December 31, 2006. The improvements were primarily the result of the improvement in rates. Additionally, operating income and margin were impacted by the items discussed below.


  • Net income of $76.8 million increased 64% from $46.8 million for the nine months ended December 31, 2006. Net income for the nine months ended December 31, 2007 includes the previously announced loss of $6.2 million ($0.20 per diluted share) on the sale of our Grasso business in November 2007, which is presented as discontinued operations.


  • Diluted earnings per share from continuing operations increased 57% to $2.68 from $1.71 for the nine months ended December 31, 2006 while diluted earnings per share on net earnings increased to $2.52 from $1.80 for the nine months ended December 31, 2006.


  • Diluted earnings per share for the nine months ended December 31, 2007 and 2006 reflected the assumed conversion of the Company's Mandatory Convertible Preferred Stock, which added approximately 6.5 million and 2.4 million shares, respectively, to our weighted-average diluted shares.


  • Operating results for the nine months ended December 31, 2007 included the following items:


    • An impairment charge of $1.8 million related to inventory utilized on S-61 SAR configured aircraft.


    • Reversal of $1.0 million of previously accrued SEC settlement costs.


    • Reversal of a $5.4 million accrual for sales tax contingency in Nigeria.

Excluding these items, operating income would have been $110.7 million, operating margin would have been 14.7%, income from continuing operations would have been $78.5 million and diluted EPS from continuing operations would have been $2.58.

Capital and Liquidity:

  • The December 31, 2007 consolidated balance sheet reflected $959.3 million in stockholders' investment and $607.8 million of indebtedness.


  • We had $315.3 million in cash and an undrawn $100 million revolving credit facility.


  • We generated $57.8 million of cash from operating activities, $344.8 million in net proceeds from the issuance of 7 1/2% senior notes, $23.0 million of cash from asset dispositions and $22.0 million in net cash from the sale of Grasso during the nine months ended December 31, 2007.


  • We used $288.8 million for capital expenditures -- primarily for aircraft -- and $14.6 million for the acquisitions (net of cash acquired) of Bristow Academy and Vortex during the nine months ended December 31, 2007.


  • Aircraft purchase commitments totaled $344.7 million for 28 aircraft, with options totaling $472.6 million for 34 aircraft as of December 31, 2007.

William E. Chiles, President and Chief Executive Officer of Bristow Group Inc., said, "We remain very pleased with our operational and financial performance. The delivery of new aircraft as well as rate increases in several operating regions produced strong revenues and earnings performance in the December quarter. We renegotiated and extended the last of our major contracts in Nigeria at significantly better rates during the quarter, which should result in improved operating margins for our West Africa business unit and move us closer to meeting our return on capital goal for this region. We also saw improved rates from the North Sea.

"We continued to invest in our fleet with the exercise of options on eight additional aircraft, including five large- and three medium-sized helicopters from Sikorsky and Eurocopter.

"During the quarter we also completed the sale of our Grasso Production Management business, which makes Bristow Group a pure play in helicopter transportation services principally to the offshore energy industry."

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EST (9:00 a.m. CST) on Wednesday, February 6, 2008, to review financial results for the fiscal quarter ended December 31, 2007. 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 "Q3 2008 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 the U.S.:

  • Live: Dial toll free (800) 219-6110
  • Replay: A telephone replay will be available through Friday, February 22, by dialing toll free (800) 405-2236, passcode: 11106959#

Via Telephone outside the U.S.:

  • Live: Dial (303) 262-2143
  • Replay: A telephone replay will be available through Friday, February 22, by dialing (303) 590-3000, passcode: 11106959#

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. 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, Mexico, Nigeria, Russia and Trinidad. For more information, visit the Company's website at http://www.bristowgroup.com.

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 margins, rate of return and the addition of new aircraft to our fleet. 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, 2007 and the annual report on Form 10-K for the year ended March 31, 2007. 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:
Linda McNeill, Investor Relations
(713) 267-7622

(financial tables follow)

On November 2, 2007, we sold our Grasso business, which comprised our entire Production Management Services segment. The financial results for our Production Management Services segment are classified as discontinued operations in the consolidated statements of income and balance sheets presented below. In addition to statements of income for the three and nine months ended December 31, 2007 and the same periods in the prior year, we have provided in the tables at the end of this release our consolidated statements of income for the three months ended June 30, September 30, and December 31, 2006 and March 31, June 30, September 30 and December 31, 2007 with the financial results for our Production Management Services segment classified as discontinued operations to conform to the current presentation.



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

                                       Three Months Ended   Nine Months Ended
                                          December 31,         December 31,
                                       ------------------  -------------------
                                         2006      2007      2006      2007
                                       --------- --------  --------  ---------
    Gross revenue:
      Operating revenue from non-
       affiliates                      $180,343  $222,831  $530,323  $642,598
      Operating revenue from
       affiliates                        10,701    13,633    34,411    38,588
      Reimbursable revenue from non-
       affiliates                        18,793    23,439    58,794    66,075
      Reimbursable revenue from
       affiliates                         1,172     1,617     3,390     5,218
                                       --------- --------  --------  ---------
                                        211,009   261,520   626,918   752,479
                                       --------- --------  --------  ---------
    Operating expenses:
      Direct costs                      140,867   169,704   408,977   475,416
      Reimbursable expense               20,575    24,344    62,691    68,587
      Depreciation and amortization      11,015    12,445    31,942    36,127
      General and administrative         19,355    22,373    49,662    61,018
      Gain on disposal of assets         (1,044)   (4,094)   (5,706)   (3,921)
                                       --------- --------  --------  ---------
                                        190,768   224,772   547,566   637,227
                                       --------- --------  --------  ---------
        Operating income                 20,241    36,748    79,352   115,252

    Earnings from unconsolidated
     affiliates, net of losses            2,106     3,725     5,393    11,233
    Interest income                       3,767     3,697     6,027     9,781
    Interest expense                     (2,539)   (6,684)   (8,646)  (16,135)
    Other income (expense), net          (5,226)      989   (11,319)    1,775
                                       --------- --------  --------  ---------
        Income from continuing
         operations before provision
         for income taxes and
         minority interest               18,349    38,475    70,807   121,906
    Provision for income taxes           (8,158)  (12,302)  (25,390)  (40,035)
    Minority interest                      (257)       61    (1,049)     (392)
                                       --------- --------  --------  ---------
        Income from continuing
         operations                       9,934    26,234    44,368    81,479
    Discontinued Operations:
        Income (loss) from discontinued
         operations before
         provision for income taxes         812    (1,429)    3,721       690
        Provision for income taxes on
         discontinued operations           (295)   (4,657)   (1,334)   (5,399)
                                       --------- --------  --------  ---------
        Income (loss) from discontinued
         operations                         517    (6,086)    2,387    (4,709)
                                       --------- --------  --------  ---------
        Net income                       10,451    20,148    46,755    76,770
        Preferred stock dividends        (3,150)   (3,162)   (3,471)   (9,487)
                                       --------- --------  --------  ---------
        Net income available to common
         stockholders                    $7,301   $16,986   $43,284   $67,283
                                       ========= ========  ========  =========
    Basic earnings per common share:
      Earnings from continuing
       operations                         $0.29     $0.97     $1.75     $3.03
      Earnings (loss) from
       discontinued operations             0.02     (0.26)     0.10     (0.19)
                                       --------- --------  --------  ---------
      Net earnings                        $0.31     $0.71     $1.85     $2.84
                                       ========= ========  ========  =========
    Diluted earnings per common share:
      Earnings from continuing
       operations                         $0.29     $0.86     $1.71     $2.68
      Earnings (loss) from
       discontinued operations             0.02     (0.20)     0.09     (0.16)
                                       --------- --------  --------  ---------
      Net earnings                        $0.31     $0.66     $1.80     $2.52
                                       ========= ========  ========  =========



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

                                                 March 31,       December 31,
                                                   2007              2007
                                                ----------       -----------
                  ASSETS                                         (Unaudited)
     Current assets:
       Cash and cash equivalents                  $178,268          $315,265
       Accounts receivable from non-affiliates     147,608           185,083
       Accounts receivable from affiliates          17,199            16,960
       Inventories                                 157,563           174,681
       Prepaid expenses and other                   17,387            18,154
       Current assets from discontinued
        operations                                  17,949                --
                                                ----------       -----------
         Total current assets                      535,974           710,143
     Investments in unconsolidated
      affiliates                                    46,828            53,834
     Property and equipment -- at cost:
       Land and buildings                           51,785            57,820
       Aircraft and equipment                    1,139,781         1,399,044
                                                ----------       -----------
                                                 1,191,566         1,456,864
       Less: accumulated depreciation and
        amortization                              (300,045)         (306,673)
                                                ----------       -----------
                                                   891,521         1,150,191
     Goodwill                                        6,630            15,633
     Other assets                                   10,725            30,590
     Long-term assets from discontinued
      operations                                    14,125                 -
                                                ----------       -----------
                                                $1,505,803        $1,960,391
                                                ==========       ===========
       LIABILITIES AND STOCKHOLDERS' INVESTMENT
     Current liabilities:
       Accounts payable                            $40,459           $37,997
       Accrued wages, benefits and
        related taxes                               36,390            37,021
       Income taxes payable                          3,412             8,777
       Other accrued taxes                           9,042             2,991
       Deferred revenues                            16,283            19,876
       Accrued maintenance and repairs              12,309            15,932
       Accrued Interest                              4,511             8,780
       Other accrued liabilities                    17,151            20,702
       Deferred taxes                               18,097            11,352
       Short-term borrowings and current
        maturities of long-term debt                 4,852             7,351
       Current liabilities from
        discontinued operations                      5,462                 -
                                                ----------       -----------
         Total current liabilities                 167,968           170,779
     Long-term debt, less current maturities       254,230           600,469
     Accrued pension liabilities                   113,069           107,005
     Other liabilities and deferred credits         17,345            15,024
     Deferred taxes                                 76,054           102,681
     Long-term liabilities from
      discontinued operations                           35                 -
     Minority interest                               5,445             5,099
     Commitments and contingencies
     Stockholders' investment:
       5.50% mandatory convertible
        preferred stock                            222,554           222,554
       Common stock                                    236               239
       Additional paid-in capital                  169,353           183,517
       Retained earnings                           515,589           582,872
       Accumulated other comprehensive loss        (36,075)          (29,848)
                                                ----------       -----------
                                                   871,657           959,334
                                                ----------       -----------
                                                $1,505,803        $1,960,391
                                                ==========       ===========



                     BRISTOW GROUP INC. AND SUBSIDIARIES
            CORPORATE ITEMS AFFECTING THE COMPARABILITY OF RESULTS
                   (In thousands, except per share amounts)
                                 (Unaudited)

                                    Three Months Ended December 31,
                         -----------------------------------------------------
                                    2006                       2007
                         ---------------------------  ------------------------
                                            Diluted                   Diluted
                                            Earnings                  Earnings
                         Pre-tax      Net     Per    Pre-tax     Net    Per
                         Earnings    Income  Share   Earnings   Income Share
                         --------    ------ -------- --------   ------ -------
    Continuing
     operations:
      Investigations:
        SEC (1)           $(3,000)  $(2,067) $(0.09)      $-       $-      $-
        DOJ (2)              (670)     (462)  (0.02)    (296)    (192)  (0.01)
      Tax contingency
       related items (3)        -       800    0.03        -      600    0.02
      Acquisitions and
       divestitures:
        Expense of
         previously
         deferred
         acquisition
         costs (4)         (1,889)   (1,302)  (0.06)       -        -       -
        Turbo asset
         sale (5)            (120)   (2,419)  (0.10)       -        -       -
      7 1/2% Senior Notes
       due 2017 (6)             -         -       -   (3,024)  (1,966)  (0.06)
      Foreign currency
       transaction gains
        (losses) (7)       (3,413)   (2,352)  (0.10)     963      626    0.02
      Preferred Stock (8)   2,334     1,608   (0.07)       -        -   (0.15)
                         --------    ------ -------- --------   ------ -------
          Total -
           continuing
           operations      (6,758)   (6,194)  (0.41)  (2,357)    (932)  (0.18)
    Discontinued
     operations (9)             -         -       -   (1,555)  (6,168)  (0.20)
                         --------    ------ -------- --------   ------ -------
          Total           $(6,758)  $(6,194) $(0.41) $(3,912) $(7,100) $(0.38)
                          =======    ====== ======== ========   ====== =======



                                    Nine Months Ended December 31,
                         -----------------------------------------------------
                                    2006                       2007
                         ---------------------------  ------------------------
                                             Diluted                  Diluted
                                             Earnings                 Earnings
                         Pre-tax      Net      Per    Pre-tax    Net    Per
                         Earnings    Income   Share   Earnings  Income Share
                         --------    ------  -------  --------  ------ -------
    Continuing
     operations:
      Investigations:
        SEC (1)           $(3,105)  $(2,096) $(0.08)  $1,000     $650   $0.02
        DOJ (2)            (1,542)   (1,041)  (0.04)    (784)    (510)  (0.02)
      Tax contingency
       related items (3)   (2,800)      410    0.02    5,396    4,907    0.16
      Acquisitions and
       divestitures:
        Expense of
         previously
         deferred
         acquisition
         costs (4)         (1,889)   (1,275)  (0.05)       -        -       -
        Turbo asset
         sale (5)            (120)   (2,421)  (0.09)       -        -       -
      7 1/2% Senior Notes
       due 2017 (6)             -         -       -   (6,397)  (4,158)  (0.14)
      Foreign currency
       transaction gains
        (losses) (7)       (9,555)   (6,450)  (0.25)   1,707    1,110    0.04
      Preferred Stock (8)   2,605     1,758   (0.16)       -        -   (0.66)
                         --------    ------  -------  --------  ------ -------
          Total -
           continuing
           operations     (16,406)  (11,115)  (0.65)     922    1,999   (0.60)
    Discontinued
     operations (9)             -         -       -   (1,555)  (6,168)  (0.20)
                         --------    ------  -------  --------  ------ -------
          Total          $(16,406) $(11,115) $(0.65)   $(633) $(4,169) $(0.80)
                         ========    ======  =======  ========  ====== =======


    (1)  Represents a reversal of previously accrued costs incurred in
         conjunction with the SEC investigation regarding findings from the
         internal review initiated by the Audit Committee of our board of
         directors in fiscal year 2005 of certain payments made by two of our
         affiliated entities in a foreign country.  These costs were included
         in general & administrative costs in our consolidated statements of
         income.

    (2)  Represents legal and other professional fees incurred in connection
         with a document subpoena received from the Antitrust Division of the
         Department of Justice ("DOJ") in June 2005, which related to a
         grand jury investigation of potential antitrust violations among
         providers of helicopter transportation services in the U.S. Gulf of
         Mexico focusing on activities during the period from January 1, 2000
         to June 13, 2005.  These costs are included in general &
         administrative costs in our consolidated statements of income.

    (3)  Represents $5.4 million in reversal of accrual for sales tax
         contingency during the nine months ended December 31, 2007 in Nigeria
         ($2.8 million of which was originally accrued during the nine months
         ended December 31, 2006) included in direct costs in our consolidated
         statements of income and a direct reduction in our provision for
         income taxes in our consolidated statements of income for income tax
         contingency items, which represents the remainder of the impact on
         net income and diluted earnings per share.

    (4)  Represents expense recorded in December 2006 for acquisition costs
         previously deferred in connection with an acquisition we were
         evaluating as we determined that the acquisition was no longer
         probable.  This expense is included within other income (expense),
         net in our consolidated statements of income.

    (5)  On November 30, 2006, we completed a sale of the assets of our
         aircraft engine overhaul business, Turbo, to Timken Alcor Aerospace
         Technologies, Inc. for approximately $14.6 million, including
         estimated post-closing adjustments.  The sale was effective November
         30, 2006 and resulted in a pre-tax gain of $0.1 million, which is
         included in gain on disposition of assets in our consolidated
         statements of income for the three and nine months ended December 31,
         2006.  However, the transaction resulted in additional tax expense of
         $2.5 million related to non-deductible goodwill recorded at the time
         we acquired Turbo in 2001.

    (6)  Represents the effect on interest expense, net of interest income
         from invested proceeds, resulting from the issuance of 7 A 1/2% Senior
         Notes due 2017 in June and November 2007.

    (7)  Represents foreign currency transaction gains and losses resulting
         from changes in exchange rates during the applicable periods.  The
         effects of these foreign currency transaction gains and losses were
         offset to a large extent by corresponding charges or benefits in the
         cumulative translation adjustment in stockholders' investment with no
         overall economic effect.  These amounts are included in other income
         (expense), net in our consolidated statements of income.

    (8)  Represents the effect of the preferred stock offering completed in
         September and October 2006.  The net income effect results from
         interest income earned on remaining cash proceeds generated from the
         offering.  Diluted earnings per share for the three and nine months
         ended December 31, 2007 and 2006 was reduced by the effect of the
         inclusion of weighted average shares resulting from the assumed
         conversion of the preferred stock at the conversion rate that results
         in the most dilution, partially offset by the impact of higher
         interest income.

    (9)  Represents the loss recorded, net of transaction costs and the tax
         impact of non-deductible goodwill, related to the Grasso disposition
         on November 2, 2007.



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

                                        Three Months Ended  Nine Months Ended
                                           December 31,       December 31,
                                        ------------------  -----------------
                                          2006      2007      2006      2007
                                        --------  --------  -------  --------
    Flight hours (excludes Bristow
     Academy and
      unconsolidated affiliates):
       North America                      34,742   34,658   118,499   114,552
       South and Central America           9,973   10,417    28,889    32,594
       Europe                             10,917   11,625    31,772    33,940
       West Africa                         9,733    9,824    27,795    28,609
       Southeast Asia                      3,059    4,590     9,328    11,578
       Other International                 2,641    2,120     7,119     6,844
                                        --------  --------  -------  --------
                 Consolidated total       71,065   73,234   223,402   228,117
                                        ========  ========  =======  ========

    Gross revenue:
       North America                     $57,795  $57,267  $183,667  $180,265
       South and Central America          13,173   16,476    39,322    49,463
       Europe                             73,879   95,100   218,566   271,996
       West Africa                        35,062   46,287    98,008   125,369
       Southeast Asia                     18,181   29,918    52,847    76,268
       Other International                11,462   11,874    32,601    35,375
       EH Centralized Operations           3,816    5,239    10,428    17,375
       Bristow Academy                       -      3,969       -      10,216
       Intrasegment eliminations          (2,359)  (4,647)   (8,495)  (13,887)
       Corporate                             -         37       (26)       39
                                        --------  --------  -------  --------
                 Consolidated total     $211,009 $261,520  $626,918  $752,479
                                        ========  ========  =======  ========
    Operating income (loss):
       North America                      $5,906   $6,875   $22,246   $28,458
       South and Central America           3,747    4,132    11,341    12,390
       Europe                              9,554   20,695    37,177    57,165
       West Africa                         5,838    7,019    13,019    25,308
       Southeast Asia                      3,030    6,476     8,675    15,710
       Other International                 1,642      712     6,929     4,758
       EH Centralized Operations          (2,265)  (6,404)   (6,616)  (13,930)
       Bristow Academy                       -       (130)      -        (612)
       Gain on disposal of assets          1,044    4,094     5,706     3,921
       Corporate                          (8,255)  (6,721)  (19,125)  (17,916)
                                        --------  --------  -------  --------
                 Consolidated total      $20,241  $36,748   $79,352  $115,252
                                        ========  ========  =======  ========
    Operating margin:
       North America                       10.2%    12.0%     12.1%     15.8%
       South and Central America           28.4%    25.1%     28.8%     25.1%
       Europe                              12.9%    21.8%     17.0%     21.0%
       West Africa                         16.7%    15.2%     13.3%     20.2%
       Southeast Asia                      16.7%    21.6%     16.4%     20.6%
       Other International                 14.3%     6.0%     21.3%     13.5%
       EH Centralized Operations          (59.4%) (122.2%)   (63.4%)   (80.2%)
       Bristow Academy                       N/A    (3.3%)      N/A     (6.0%)
                 Consolidated total         9.6%    14.1%     12.7%     15.3%




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

                                                 Three Months Ended
                                        --------------------------------------
                                        June 30,  Sept. 30, Dec. 31,  Mar. 31,
                                          2006      2006      2006      2007
                                        --------  --------  -------- ---------
    Gross revenue:
      Operating revenue from non-
       affiliates                       $170,886  $179,094  $180,343 $178,931
      Operating revenue from affiliates   12,079    11,631    10,701   13,759
      Reimbursable revenue from non-
       affiliates                         22,243    17,758    18,793   21,450
      Reimbursable revenue from
       affiliates                          1,072     1,146     1,172    2,537
                                        --------  --------  -------- ---------
                                         206,280   209,629   211,009  216,677
                                        --------  --------  -------- ---------
    Operating expense:
      Direct cost                        129,479   138,631   140,867  139,387
      Reimbursable expense                23,314    18,802    20,575   23,247
      Depreciation and amortization       10,236    10,691    11,015   10,517
      General and administrative          14,602    15,705    19,355   16,659
      Gain on disposal of assets            (992)   (3,670)   (1,044)  (4,909)
                                        --------  --------  -------- ---------
                                         176,639   180,159   190,768  184,901
                                        --------  --------  -------- ---------
        Operating income                  29,641    29,470    20,241   31,776

    Earnings from unconsolidated
     affiliates, net of losses            1,559     1,728     2,106     6,030
    Interest income                       1,248     1,012     3,767     2,689
    Interest expense                     (3,236)   (2,871)   (2,539)   (2,294)
    Other income (expense), net          (4,785)   (1,308)   (5,226)    2,321
                                        --------  --------  -------- ---------
        Income from continuing
         operations before provision
         for income taxes and minority
         interest                        24,427    28,031    18,349    40,522
    Provision for income taxes           (8,022)   (9,210)   (8,158)  (13,391)
    Minority interest                      (116)     (676)     (257)     (151)
                                        --------  --------  -------- ---------
        Income from continuing
         operations                      16,289    18,145     9,934    26,980

    Discontinued operations:
        Income (loss) from discontinued
         operations before provision for
         income taxes                     1,461     1,448       812       688
        Provision for income taxes on
         discontinued operations           (521)     (518)     (295)     (251)
                                        --------  --------  -------- ---------
        Income (loss) from discontinued
         operations                         940       930       517       437
        Net income                       17,229    19,075    10,451    27,417
        Preferred stock dividends             -      (321)   (3,150)   (3,162)
                                        --------  --------  -------- ---------
        Net income available to common
         stockholders                   $17,229   $18,754    $7,301   $24,255
                                        ========  ========  ======== =========
    Basic earnings per common share:
      Earnings from continuing
       operations                         $0.70     $0.76     $0.29     $1.01
      Earnings (loss) from discontinued
       operations                          0.04      0.04      0.02      0.02
                                        --------  --------  -------- ---------
      Net earnings                        $0.74     $0.80     $0.31     $1.03
                                        ========  ========  ======== =========
    Diluted earnings per common share:
      Earnings from continuing
       operations                         $0.69     $0.75     $0.29     $0.89
      Earnings (loss) from discontinued
       operations                          0.04      0.04      0.02      0.02
                                        --------  --------  -------- ---------
      Net earnings                        $0.73     $0.79     $0.31     $0.91
                                        ========  ========  ======== =========



                                                   Three Months Ended
                                             ---------------------------------
                                             June 30,    Sept. 30,   Dec. 31,
                                               2007        2007        2007
                                             ---------   ---------   ---------
    Gross revenue:
      Operating revenue from non-affiliates  $199,909    $219,858    $222,831
      Operating revenue from affiliates        11,097      13,858      13,633
      Reimbursable revenue from non-
       affiliates                              19,042      23,594      23,439
      Reimbursable revenue from affiliates      1,103       2,498       1,617
                                             ---------   ---------   ---------
                                              231,151     259,808     261,520
                                             ---------   ---------   ---------
    Operating expense:
      Direct cost                             153,088     152,624     169,704
      Reimbursable expense                     20,145      24,098      24,344
      Depreciation and amortization            11,331      12,351      12,445
      General and administrative               18,385      20,260      22,373
      Gain on disposal of assets                 (584)        757      (4,094)
                                             ---------   ---------   ---------
                                              202,365     210,090     224,772
                                             ---------   ---------   ---------
        Operating income                       28,786      49,718      36,748

    Earnings from unconsolidated
     affiliates, net of losses                  3,390       4,118       3,725
    Interest income                             2,124       3,960       3,697
    Interest expense                           (2,928)     (6,523)     (6,684)
    Other income (expense), net                   426         360         989
                                             ---------   ---------   ---------
        Income from continuing operations
         before provision for income taxes
         and minority interest                 31,798      51,633      38,475
    Provision for income taxes                 (9,439)    (18,294)    (12,302)
    Minority interest                            (449)         (4)         61
                                             ---------   ---------   ---------
        Income from continuing
         operations                            21,910      33,335      26,234

    Discontinued operations:
        Income (loss) from discontinued
         operations before provision for
         income taxes                           1,157         962      (1,429)
        Provision for income taxes on
         discontinued operations                 (395)       (347)     (4,657)
                                             ---------   ---------   ---------
        Income (loss) from discontinued
         operations                               762         615      (6,086)
                                             ---------   ---------   ---------
        Net income                             22,672      33,950      20,148
        Preferred stock dividends              (3,162)     (3,163)     (3,162)
                                             ---------   ---------   ---------
        Net income available to common
         stockholders                         $19,510     $30,787     $16,986
                                             =========   =========   =========
    Basic earnings per common share:
      Earnings from continuing operations       $0.80       $1.27       $0.97
      Earnings (loss) from discontinued
       operations                                0.03        0.03       (0.26)
                                             ---------   ---------   ---------
      Net earnings                              $0.83       $1.30       $0.71
                                             =========   =========   =========
    Diluted earnings per common share:
      Earnings from continuing operations       $0.73       $1.10       $0.86
      Earnings (loss) from discontinued
       operations                                0.02        0.02       (0.20)
                                             ---------   ---------   ---------
      Net earnings                              $0.75       $1.12       $0.66
                                             =========   =========   =========


SOURCE: Bristow Group Inc.

http://www.bristowgroup.com