0001193125-16-603320.txt : 201605260001193125-16-603320.hdr.sgml : 2016052620160526094837ACCESSION NUMBER:0001193125-16-603320CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:50CONFORMED PERIOD OF REPORT:20160526ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20160526DATE AS OF CHANGE:20160526

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:Bristow Group IncCENTRAL INDEX KEY:0000073887STANDARD INDUSTRIAL CLASSIFICATION:AIR TRANSPORTATION, NONSCHEDULED [4522]IRS NUMBER:720679819STATE OF INCORPORATION:DEFISCAL YEAR END:0331

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-31617FILM NUMBER:161676497

BUSINESS ADDRESS:STREET 1:2103 CITY WEST BLVD.STREET 2:4TH FLOORCITY:HOUSTONSTATE:TXZIP:77042BUSINESS PHONE:7132677600

MAIL ADDRESS:STREET 1:2103 CITY WEST BLVD.STREET 2:4TH FLOORCITY:HOUSTONSTATE:TXZIP:77042

FORMER COMPANY:FORMER CONFORMED NAME:OFFSHORE LOGISTICS INCDATE OF NAME CHANGE:19920703

8-K1d136484d8k.htm8-K

8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuantto Section13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 26, 2016

Bristow Group Inc.

(Exact name of registrant as specified in its charter)

Delaware001-3161772-0679819

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

2103 City West Blvd.,

4th Floor

Houston, Texas

77042

(Address of principal executive offices)(Zip Code)

Registrants telephone number, including area code: (713)267-7600

Former Name or Former Address, if Changed Since Last Report: NONE

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of thefollowing provisions (seeGeneral Instruction A.2. below):

Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item7.01.Regulation FD Disclosure.

On May 26, 2016, Bristow Group Inc. posted the Fourth Quarter FY2016 EarningsPresentation to its website at www.bristowgroup.com. This presentation is attached hereto as Exhibit 99.1.

The information in this Item 7.01,including Exhibit 99.1, is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Accordingly, the information contained inExhibit 99.1 will not be incorporated by reference into any registration statement or other document filed by Bristow Group Inc. pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in suchfiling.

Item9.01.Financial Statements and Exhibits

(d) Exhibits

Exhibit
Number

Description of Exhibit

99.1Fourth Quarter FY2016 Earnings Presentation posted on May 26, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersignedhereunto duly authorized.

BRISTOW GROUP INC.

Date: May 26, 2016

By:

/s/ Brian J. Allman

Brian J. Allman

Vice President, Chief Accounting Officer

EX-99.12d136484dex991.htmEX-99.1

EX-99.1

Fourthquarter FY16 earnings presentation Bristow Group Inc.May 26, 2016 Exhibit 99.1

2 Forward-looking statements Statements contained in this presentation that state the Companys or managements intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements.These forward-looking statements include statements regardingearnings guidance and earnings growth, expected contract revenue, capital deployment strategy, operational and capital performance, impact of new contracts, costreduction initiatives, capex deferral, shareholder return, liquidity,market and industry conditions. It is important to note that the Companys actual results could differ materially from those projected in suchforward-looking statements. Risks and uncertainties include,without limitation: fluctuations in the demand for our services; fluctuations in worldwide prices of and supply and demand for oil and natural gas; fluctuations in levels of oil and natural gas production, exploration and development activities; the impact of competition; actions by clientsand suppliers; the risk of reductions in spending on helicopter servicesby governmental agencies; changes in tax and other laws and regulations;changes in foreign exchange rates and controls; risks associated with international operations; operating risks inherent in our business, including the possibility of declining safety performance; general economic conditions including the capital and credit markets; our ability to obtainfinancing; the risk of grounding of segments of our fleet for extendedperiods of time or indefinitely; our ability to re-deploy our aircraft to regions with greater demand; our ability to acquire additional aircraft and dispose of older aircraft through sales into the aftermarket; the possibility that we do not achieve the anticipated benefit of ourfleet investment and Operational Excellence programs; availability ofemployees with the necessary skills; and political instability, war or acts of terrorism in any of the countries in which we operate. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements iscontained from time to time in the Companys SEC filings, includingbut not limited to the Companys annual report on Form 10-K for the fiscal year ended March 31, 2015 and quarterly report on Form 10-Q for the three months ended December 31, 2015. Bristow Group Inc. disclaims any intention or obligation to revise anyforward-looking statements, including financial estimates, whether asa result of new information, future events or otherwise.

Executivesummary and safety review

4 Q4 FY16 operational safety review 1) AAR includes commercial operations for Bristow Group and consolidated affiliates, Eastern Airways and Airnorth2) FY13 AAR of 0.96 amended to include confirmed NAIB accident classification for 5N-BFF accident in October 2012 3) TRIR beginning in FY15 includes consolidated commercial operations, corporate, Bristow Academy, Eastern Airways, and Airnorthemployees Total Recordable Injury Rate 3 (TRIR) per 200,000 man hours (cumulative) Heightened focus not only on safety compliance but also safety performance in light of FY16 accidents Comprehensive external review of operations, maintenance and training in all regions to be accomplished by 1QFY17 . . . . . . Which forms our Global Safety Improvement Plan and Target Zero for FY17 HeliOffshore is delivering tools and information, (such as the new HUMS manual) to improve frontline operational safety Air Accident Rate 1 (AAR) per 100,000 flight hours (fiscal year) 2 0.53 0.53 1.44 0.00 0.00 1.04 FY11 FY12 FY13 FY14 FY15 FY16 0.42 0.27 0.31 0.26 0.23 0.37 FY11 FY12 FY13 FY14 FY15 FY16

5 Improving liquidity through strong operating cash flow and lower capital spend Total liquidity $299 $360 Cost reductions and capital efficiency initiatives improve liquidity as market remains difficult Execution of three AW139 sale-leasebacks improves liquidity and demonstrates market confidence in aircraft values Declining FY17 capex requirements as U.K. SAR implementation completes and discussions with OEMs continue 167 255 132 105 100 150 200 250 300 350 400 Q3 FY16 Q4 FY16 Undrawn borrowing capacity Cash

6 We are in control of our future with improvements to safety and financial strength underway Continued cash flow optimization through capital deferral, prior dividend reduction, and working capital management Execution of successful FY16 cost cutting initiatives that continue into FY17 to make Bristow more competitive Global opportunities for new contracts and market share gains are being pursued evidenced by several recent wins FY17 action plan Financial covenants Amended bank covenants in order to provide financial flexibility through the oil and gas downturn Replaced existing leverage ratio with senior secured leverage ratio (as of March 31, 2016, leverage ratio was 2.58x (max 4.25x)) Replaced existing interest coverage ratio with current ratio (as of March 31, 2016, current ratio was 1.99x (min 1.0x))

7 H225 fleet action On Friday April 29, 2016, during a flight returning from an offshore platform in Norway, an accident occurred involving another operators H225 Both the U.K. CAA and the Norway CAA issued safety directives requiring operators to suspend all operations of H225 aircraft, excluding those on search and rescue missions. Bristow took the added precaution of voluntarily suspending global operations of H225s Bristow currently is not flying a total of 20 H225s globally: 13 H225 helicopters in the U.K., 1 H225 in Norway (4 SAR H225s remain operational in Norway) and 6 H225 aircraft in Australia (3 LIMSAR H225 remain operational in Australia) Bristow has increased utilization of other in-region aircraft including our 76 S-92 aircraft and has moved, or is moving, available aircraft to minimize or eliminate the impact to our clients It is too early to determine the positive or negative financial impact

8 Successful diversification provides timely revenue and reduces the impact of the oil and gas downturn 96% 2% 88% 9% 3% Operating revenue by business line 2% 76% 13% 11% Successful diversification with non-oil and gas revenue up to ~24% this year, compared to ~4% in FY14 Nine of ten U.K. SAR bases operational with total remaining capital of $165 million (including aircraft) Fixed wing businesses contributed ~$43 million of EBITDAR in FY16 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 FY14 FY15 FY16 U.K. SAR Fixed wing Oil and gas

9 FY17 guidance 1) FY17 guidance assumes FX rates as of March 31, 2016 2) EBITDAR excludes corporate overhead allocations and is consistent with financial reportingAs market conditions remain highly dynamic, our FY17 guidance focuses on our most stable revenue streams and fixed costs FY17 guidance as of March 31, 2016 U.K. SAR Revenue ~$205M - $230M G&A expense ~$195M - $215M EBITDAR ~$95M - $115M Depreciation expense ~$110M - $130M Eastern Revenue ~$120M - $135M Rent expense ~$215M - $225M EBITDAR 2 ~$15M - $20M Interest expense ~$35M - $45M Airnorth Revenue ~$70M - $85M Non-aircraft capex ~$50M annually EBITDAR 2 ~$15M - $20M 1 2

10 Addressing challenges to emerge with strength Primary focus remains on improving safety performance and reinforcing Target Zero programs Efforts to improve liquidity and financial flexibility have been successful, evidenced by 20% sequential improvement in liquidity and amendment of bank covenants Global opportunities for new contracts and market share gains are being pursued evidenced by several recent wins Continuing successful FY16 financial improvement initiatives through the FY17 action plan: Company-wide productivity gains to improve our competitiveness Other identified measures to maintain margins include efficiencies with our OEM and other partners including further capex deferral

Operational highlights

12 Q4 FY16 highlights Adjusted EBITDAR Operating revenue $419 $375 $395 $375 $0 $100 $200 $300 $400 $500 $126 $87 $117 $87 30.2% 23.1% 29.6% 23.1% 0% 10% 20% 30% 40% 50% 60% $0 $20 $40 $60 $80 $100 $120 $140

13 Europe Caspian United Kingdom United Kingdom Norway Norway Turkmenistan Turkmenistan Operating revenue Falkland Islands Falkland Islands Adjusted EBITDAR $55 $62 11.5% $66 $62 30.9% 29.9% 34.3% 29.9% 0% 10% 20% 30% 40% 50% 60% $0 $10 $20 $30 $40 $50 $60 $70 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 $179 $207 15.3% $192 $207 $0 $50 $100 $150 $200 $250 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16

14 $ in millions GAP SAR U.K. SAR Total Operating revenue $42.7 $134.5 $177.2 Adjusted EBITDAR 17.9 82.7 100.6 LACE (on contract) 4 14 18 LACE rate $10.7 $9.6 $9.8 Total U.K. SAR - FY16 U.K. SAR U.K. SAR ramp-up progressing with two additional bases opened during the quarter, bringing the total to nine of ten operational (including two GAP SAR bases) Tenth and final base expected to begin operations in Q1 FY18 Total remaining U.K. SAR capex of ~$165 million (including ~$115 million for remaining eight AW189s) U.K. SAR start up continues to benefit from synergies and efficiencies gained from global oil and gas business 1) LACE count based on aircraft types specified in original contract 1

15 Africa Nigeria Nigeria Egypt Egypt Operating revenue Adjusted EBITDAR $80 $47 $62 $47 $0 $20 $40 $60 $80 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 $39 $7 $18 $7 48.6% 14.9% 29.4% 14.9% 0% 10% 20% 30% 40% 50% 60% $0 $10 $20 $30 $40 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16

16 Americas United States United States Canada Canada Brazil Brazil Trinidad Trinidad Operating revenue Guyana Guyana Adjusted EBITDAR $85 $65 $72 $65 $0 $20 $40 $60 $80 $100 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 $35 $16 $36 $16 40.8% 25.1% 49.8% 25.1% 0% 20% 40% 60% 80% 100% $0 $10 $20 $30 $40 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16

17 Lder update Lder adjusted EBITDAR Petrobras has followed the U.K. / Norway directive and suspended all H225 flights (seven on contract) Lder does not have any H225s in its fleet Minimal calendar year 2016 committed capex helps bolster liquidity Cost cutting and liquidity preservation measures continue 71 119 111 86 19 0 20 40 60 80 100 120 140 CY12 CY13 CY14 CY15 Q1 CY16

18 Asia Pacific Russia Russia Australia Australia Malaysia Malaysia Operating revenue Adjusted EBITDAR $20 $15 $17 $15 29.2% 26.6% 24.6% 26.6% 0% 10% 20% 30% 40% $0 $5 $10 $15 $20 $25 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 $69 $58 $67 $58 $0 $20 $40 $60 $80 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16

Appendix

20 Organizational chart - as of March 31, 2016 Business Unit (% of current periodoperating revenue)Corporate Region ( # of aircraft ) Joint Venture (#of aircraft) Key Operated Aircraft Bristow owned and/or operated 343 aircraft as of March 31, 2016 Affiliated Aircraft Bristow affiliates and joint ventures operated 120 aircraft as of March 31, 2016 * Includes corporate and other Bristow Europe Caspian 50% Africa 15% Americas 18% Asia Pacific 17% BRS Academy / Other 0%* U.K. 87 Norway 21 Nigeria 50 U.S. GoM 56 Canada 8 Australia 39 Brazil 6 Egypt 0 Russia 7 Tanzania 1 Trinidad 7 Turkmenistan 1 Florida 48 Nevada 3 U.K. 2 Lder 75 PAS 45 Guyana 4 Falklands 3

21 Next Generation Aircraft Mature Aircraft Fair market value of our owned fleet is ~$2.1 billion and leased fleet is ~$1.7 billion Medium capacity 12-15 passengersLarge capacity 16-25 passengersType Capacity Engine Cons Unconsl Total Large Helicopters AW189 16 Twin turbine 5 - 5 H225 19 Twin turbine 27 - 27 Mil Mi 8 20 Twin turbine 7 - 7 Sikorsky S-92 19 Twin turbine 76 11 87 115 11 126 LACE 115 Medium Helicopters AW139 12 Twin turbine 27 2 29 Bell 212 12 Twin turbine - 14 14 Bell 412 13 Twin turbine 17 17 34 H155 13 Twin turbine 1 - 1 Sikorsky S-76C/C++ 12 Twin turbine 48 32 80 93 65 158 LACE 41 Fleet as of March 31, 2016

22 Mature Aircraft 1) LACE does not include held for sale, training helicopters and fixed wingNext Generation AircraftSmall capacity 4-7 passengersTraining capacity 2-6 passengersFleet as of March 31, 2016 (continued) Type Capacity Engine Cons Unconsl Total Small Helicopters AS 350BB 4 Turbine - 1 1 Bell 206B 4 Turbine 1 2 3 Bell 206 L Series 6 Turbine 5 6 11 Bell 407 6 Turbine 27 - 27 BK-117 7 Twin turbine 2 - 2 H135 6 Twin turbine - 3 3 35 12 47 LACE 7 Training Helicopters 53 - 53 Fixed Wing 47 32 79 Total 343 120 463 TOTAL LACE (Large Aircraft Equivalent) 1 162

23 Small Medium Large Total Leased LACE Total LACE % Leased Europe Caspian - 5 36 41 39 76 51% Africa - - 3 3 3 19 16% Americas 1 13 5 19 12 40 29% Asia Pacific 2 2 8 12 10 27 35% Total 3 20 52 75 63 162 39% Of the 113 aircraft currently leased in our fleet, 75 are commercial (63 LACE), 22 are training and 16 fixed wing 63 LACE aircraft represent approximately 39% of our commercial fleet Our goal is for commercial fleet operating leases to account for approximately 35% of our LACE Leased aircraft as of March 31, 2016 1) The percentage of LACE leased is calculated by taking the total LACE for leased aircraft divided by the total LACE for all aircraft weoperate, including both owned and leased aircraft. 1Leased aircraft detail

24 * Includes writeoffs, lease returns, and commencements Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Fleet Count Beginning 371 365 359 360 Delivered Large 1 1 4 1 Medium 1 - - - Total Delivered 2 1 4 1 Removed Sales (6) (4) (1) (1) Other* (2) (3) (2) (18) Total Removed (8) (7) (3) (19) 365 359 360 342 Fleet changes Consolidated fleet changes and aircraft sales # of aircraft sold Cash received* Q1 FY16 9 9.3 $ Q2 FY16 4 3.0 $ Q3 FY16 1 1.2 $ Q4 FY16 5 0.7 $ Total 19 14.2 $ * Amounts stated in millions

25 Small Medium Large Training Fixed wing Total Europe Caspian - 5 36 - 11 52 Africa - - 3 - 2 5 Americas 1 13 5 - - 19 Asia Pacific 2 2 8 - 3 15 Academy - - - 22 - 22 Total 3 20 52 22 16 113 Leased aircraft in consolidated fleet Small Medium Large Training Fixed wing Total Europe Caspian - 1 - - - 1 Africa 5 4 - - 1 10 Americas 4 7 - - - 11 Asia Pacific - - - - - - Academy - - - - - - Total 9 12 - - 1 22 Held for sale aircraft in consolidated fleet Held for sale and leased fleet by region

26 Operating revenue, LACE and LACE rate by region 4 1) $ in millions 2) LACE rate is annualized 3) $ in millions per LACE 4) Excludes Bristow Academy, Airnorth and Eastern Airways 149 158 158 166 162 $7.89 $8.35 $9.34 $9.33 $8.85 $- $2 $4 $6 $8 $10 $12 140 150 160 170 180 FY12 FY13 FY14 FY15 Q4 FY16 LACE LACE Rate ($ in millions) FY16 op revenue 1 LACE LACE Rate 2,3,4 Europe Caspian $699 76 $9.26 Africa 249 19 12.95 Americas 282 40 7.02 Asia Pacific 197 27 7.30 Total $1,434 162 $8.85 as of March 31, 2016 Operating revenue, LACE, and LACE rate by region

27 Historical LACE by region Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Europe Caspian 48 46 52 56 58 60 60 57 62 68 70 72 Africa 23 23 21 21 21 22 23 24 24 24 22 21 Americas 48 46 53 52 51 48 48 47 47 45 46 45 Asia Pacific 29 28 28 30 30 30 34 30 31 29 31 29 Consolidated 147 142 154 158 161 160 165 158 163 166 168 166 Q1 Q2 Q3 Q4 Europe Caspian 74 76 76 76 Africa 22 20 19 19 Americas 41 41 41 40 Asia Pacific 27 27 26 27 Consolidated 164 163 163 162 FY13 FY14 FY15 LACE FY16

28 Historical LACE rate by region 1) $ in millions 2) LACE rate is annualized Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Europe Caspian $10.49 $10.94 $9.69 $9.10 $9.59 $9.92 $10.27 $10.82 $10.55 $9.74 $9.37 $8.95 Africa 11.54 11.70 13.06 13.28 14.26 13.95 13.25 13.34 14.10 14.11 15.86 15.81 Americas 6.10 6.38 5.82 6.06 6.37 7.31 7.14 7.26 7.38 7.58 7.54 7.72 Asia Pacific 6.91 7.49 7.64 7.23 7.37 6.48 5.50 6.42 7.14 7.55 7.36 7.93 Consolidated $8.55 $8.95 $8.49 $8.35 $8.78 $9.07 $8.97 $9.34 $9.55 $9.43 $9.33 $9.33 Q1 Q2 Q3 Europe Caspian $9.16 $9.08 $8.97 $9.26 Africa 14.42 14.47 14.05 12.95 Americas 7.41 7.17 7.06 7.02 Asia Pacific 7.91 7.70 7.87 7.30 Consolidated $9.25 $9.06 $8.95 $8.85 FY13 FY14 FY15 LACE Rate 1,2 FY16

29 Order and options book as of March 31, 2016 # Helicopter Class Delivery Date Location 2 Large June-16 Europe Caspian 2 Large September-16 Europe Caspian 2 Large September-17 Europe Caspian 2 Large March-18 Europe Caspian 8 U.K. SAR CONFIGURED ORDER BOOK # Helicopter Class Delivery Date Location 6 Medium September-16 Africa 4 Medium December-16 Africa 2 Large June-17 TBD 1 Large June-17 Europe Caspian 1 Large September-17 TBD 1 Large December-17 TBD 2 Large June-18 TBD 1 Large September-18 TBD 1 Large December-18 TBD 2 Large June-19 TBD 1 Large September-19 TBD 1 Large December-19 TBD 2 Large June-20 TBD 1 Large September-20 TBD 2 Large December-20 TBD 28 ORDER BOOK # Helicopter Class Delivery Date 1 Large June-17 2 Large September-17 1 Medium September-17 3 Large December-17 3 Medium December-17 2 Medium March-18 1 Large June-18 1 Large September-18 14 OPTIONS BOOK

30 Bristow Value Added (BVA) BVA is computed by subtracting a capital charge (10.5%) for the use of gross invested capital from after tax operating cash flow. GCF Return % is based on trailing twelve months after tax operating cash flows (GrossCash Flow) over average quarterly gross invested capital (Gross Operating Assets). Refer to the appendix for additional details. 29.3 9.7 18.5 19.2 (6.9) 13.2% 12.8% 12.5% 12.5% 11.6% 0% 5% 10% 15% (15) (5) 5 15 25 35 45 55 65 75 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16

31 NOTE: The gray shaded area represents the range of FMV with and without the impact of leased aircraft (upper range includes leased aircraft andrelated NPV of lease payments; lower range excludes FMV of leasedaircraft as well as the NPV of lease payments). The company derives market value from observable market data if available and may require utilization of estimates, applications of significant judgment and reliance upon valuation specialists and third party analysts reports. Whenusing third party reports, the market value is as of the date of suchreport and is not updated to reflect factors that may impact the valuation since the date of such report, including fluctuations in foreign currency exchange rates, oil and gas prices, and the balance of supply and demand. There is no assurance that market value ofan asset represents the amount that the Company could obtain from an unaffiliated third party in an arms length sale of the asset, the fleet, or the Company. Net asset FMV 42.49 18.46 51.07 $10 $20 $30 $40 $50 $60 $70 $80 $90 Book value of equity per share Average stock price Net asset FMV per share excl leases

32 Net asset FMV reconciliation as of March 31, 2016 (in millions) Including leases Excluding leases (+) FMV of aircraft $2,132 $2,132 (+) FMV of leased aircraft 1,704 - (+) NBV of PPE without aircraft623 623 (+) Working capital 200 200 (-) LT debt (1,078) (1,078) (-) Leased imputed debt(578) - (-) Pension liability (70) (70) Net asset FMV $2,933 $1,807 # of common shares 35.4 35.4 Net asset FMV per share$82.90 $51.07 March 31, 2016

33 Adjusted EBITDAR margin trend by region Adjusted EBITDAR excludes special items and asset dispositions and margin is calculated by taking adjusted EBITDAR divided by operatingrevenue Q1Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Europe Caspian 32.0% 34.4% 39.2% 35.8% 35.4% 30.4% 35.3% 35.6% 37.8% 35.0% Africa 31.5% 26.5% 35.0% 32.0% 31.4% 34.1% 30.1% 31.7% 36.6% 33.3% Americas 28.5% 28.3% 38.0% 40.0% 33.9% 42.5% 35.7% 37.4% 38.4% 38.1% Asia Pacific 34.1% 36.6% 34.2% 28.7% 33.3% 25.0% 23.3% 17.4% 28.3% 23.8% Consolidated 26.3% 26.1% 31.5% 29.4% 28.3% 28.5% 28.7% 27.0% 30.4% 28.6% Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Europe Caspian 34.1% 33.5% 32.8% 30.9% 32.9% 32.0% 32.5% 34.3% 29.9% 32.1% Africa 25.9% 30.7% 34.5% 48.6% 34.7% 29.4% 31.3% 29.4% 14.9% 27.2% Americas 44.7% 31.5% 37.6% 40.8% 38.7% 41.8% 10.0% 49.8% 25.1% 32.0% Asia Pacific 23.5% 22.7% 24.5% 29.2% 25.2% 22.8% 22.7% 24.6% 26.6% 24.0% Consolidated 29.2% 25.4% 25.3% 30.2% 27.4% 27.5% 22.1% 29.6% 23.1% 25.6% FY16 FY14 FY13 FY15

34 Adjusted EBITDAR reconciliation Adjusted EBITDAR excludes special items and asset dispositions ($ in millions) Q1 Q2 Q3 Q4 FY13 Q1 Q2 Q3 Q4 FY14 Net income 24 $ 30 $ 37 $ 40 $ 132 $ 27 $ 110 $ 19 $ 32 $ 188 $ Income tax expense 6 8 8 13 35 8 41 3 6 57 Interest expense 9 9 15 10 42 20 9 7 8 45 Gain on disposal of assets 5 1 (7) (7) (8) 2 3 (4) (0) 1 Depreciation and amortization 21 23 25 27 96 23 24 24 26 96 Special items 2 (2) 15 2 16 - (102) 24 20 (59) Adjusted EBITDA Subtotal 68 70 92 85 314 79 85 72 92 328 Rental expense 16 15 18 18 67 23 23 28 31 106 Adjusted EBITDAR 84 $ 85 $ 109 $ 103 $ 381 $ 102 $ 109 $ 101 $ 123 $ 434 $ ($ in millions) Q1 Q2 Q3 Q4 FY15 Q1 Q2 Q3 Q4 FY16 Net income 45 $ 28 $ 0 $ 16 $ 89 $ (2) $ (46) $ 4 $ (33) $ (77) $ Income tax expense 12 6 1 4 23 3 (3) 10 (12) (2) Interest expense 7 8 7 8 30 8 7 10 10 35 Gain on disposal of assets (1) (0) 26 10 36 8 14 2 7 31 Depreciation and amortization 25 28 24 37 114 37 37 32 30 137 Special items 6 7 5 1 17 13 28 7 33 82 Adjusted EBITDA Subtotal 95 77 63 75 309 67 38 65 35 206 Rental expense 33 35 46 50 165 54 54 52 51 212 Adjusted EBITDAR 128 $ 112 $ 109 $ 125 $ 474 $ 121 $ 93 $ 117 $ 87 $ 417 $ Fiscal year ended, 3/31/2013 3/31/2014 3/31/2015 Fiscal year ended, 3/31/2016

35 Bristow Value Added (BVA) Sample calculation for Q4 FY16 and Q4 FY15 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF (GOA x 10.5% 2 ) Bristow Value Added calculation for Q4 FY16 $(6.9) = $92.8 1 ($3,799* x 2.625% 2 ) Bristow Value Added calculation for Q4 FY15 $29.3 = $128.0 1 ($3,759* x 2.625% 2 ) 1) Reconciliation for these items follows right after this slide 2) Quarterly capital charge of 2.625% is based on annual capital charge of 10.5%(in millions)Adjusted gross operating assets reconciliationQ4 FY15 Q4 FY16 Total assets 3,231 $ 3,265 $ Accumulated depreciation 509 540 Capitalized operating leases 623 564 Cash and cash equivalents (104) (104) Investment in unconsolidated entities (216) (195) Goodwill (76) (30) Intangibles (18) (8) Assets held for sale: net(58) (44) Assets held for sale: gross84 117 Adj. for gains & losses on assets sales 102 2 Accounts payable(84) (97) Accrued maintenance and repairs(23) (22) Other accrued taxes(13) (8) Accrued wages, benefits and related taxes(82) (59) Other accrued liabilities (139) (78) Income taxes payable(8) (27) Deferred revenue(37) (24) ST deferred taxes(18) (2) LT deferred taxes(166) (172) Adjusted gross operating assets before Lder 3,506 $ 3,617 $ Adjusted gross operating assets - Lder proportional 253 181 Adjusted gross operating assets after Lder 3,759 $ 3,799 $ (in millions) Gross cash flow reconciliation Q4 FY15 Q4 FY16 Net income 15 $ (25) $ Depreciation and amortization 37 57 Interest expense 8 10 Interest income (0) (0) Rent 50 51 Other income/expense-net (0) (3) Gain/loss on asset sale 10 7 Special items 1 6 Tax effect from special items (5) (5) Earnings (losses) from unconsolidated affiliates, net 2 (2) Non-controlling interests 1 (8) Gross cash flow before Lder $119 88 $ Gross cash flow - Lder proportional 9 4 Gross cash flow after Lder $128 $93

36 Lder Bristow Value Added (BVA) Sample calculation for Q4 FY16 and Q4 FY15 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF (GOA x 10.5% 2 ) Bristow Value Added calculation for Q4 FY16 $(0.3) = $4.5 1 ($181* x 2.625% 2 ) Bristow Value Added calculation for Q4 FY15 $2.4 = $9.0 1 ($253* x 2.625% 2 ) 1) Reconciliation for these items follows right after this slide 2) Quarterly capital charge of 2.625% is based on annual capital charge of 10.5%($ in millions)Gross cash flow reconciliationQ4 FY15 Q4 FY16 Net income (loss) ($0) $30 Depreciation and amortization 3 2 Rent 7 7 Interest expense 2 3.5 Interest income 2 (0.7) FX (gains) losses 16 (2) Other income/expense-net (12) (19) Special Adjustment- remove Lider tax per income stmt. 5 (4) Earnings (losses) from unconsolidated affiliates, net (0) Non-controlling Interests 0 - Gross cash flow $22 $16 Special item outside of Lder - add Bristow tax calc. (1) (6) Gross cash flow $21 $10 Lder proportional consolidation - GCF $9 $4 ($ in millions) Adjusted gross operating assets reconciliation Q4 FY15 Q4 FY16 Total assets $588 $525 Cash and cash equivalents (69) (149) Accumulated depreciation 76 54 Capitalized operating leases 136 149 Investments & escrow deposits (42) (40) Intangibles (5) (3) Intangibles, amortization 4 3 Other, non operating assets (23) (40) Accounts payable (24) (23) Other payables (4) (10) Other accrued taxes (8) (6) Accrued wages, benefits and related taxes (15) (9) Income taxes payable (6) (9) Deferred revenue (5) (9) Adjusted gross operating assets $604 $433 Lder proportional consolidation GOA $253 $181

37 Lder's adjusted EBITDAR reconciliation Adjusted EBITDAR excludes special items and asset dispositions ($ in millions) Q1 CY15 Q2 CY15 Q3 CY15 Q4 CY15 Q1 CY16 Gross revenue $80 $83 $74 $63 $62 (-) Revenue deductions (5) (5) (5) (4) (3) Net operating revenue76 78 69 59 59 (-) Cost of products and services (56) (59) (52) (46) (46) Gross profit 19 19 17 13 13 (-) Selling and administrative expenses (6) (6) (5) (6) (4) (+) Equity income of associates(1) 1 (1) 0 1 (+) Other operating income/expenses- 0 1 1 0 Operating result 13 15 12 9 9 (+) Depreciation and amortization3 3 2 2 2 EBITDA 16 17 14 11 11 Leasing costs 6 7 7 7 8 Adjusted EBITDAR $22 $24 $21 $18 $19

38 GAAP reconciliation 1) See information about special items in the earnings release for Q4 FY16 2) These amounts are presented after applying the appropriate tax effect to each item and dividing by the weighted average shares outstanding duringthe related period to calculate the earnings per shareimpact 20162015 2016 2015 Adjusted EBITDAR $86,645 $126,330 $417,363 $473,824 Gain (loss) on disposal of assets (6,837) (10,255) (30,693) (35,849) Special items 1 (33,311) (925) (82,063) (17,132) Depreciation and amortization (29,959) (37,129) (136,812) (114,293) Rent expense (51,345) (49,928) (211,840) (164,767) Interest expense (10,183) (7,895) (35,186) (30,310) Provision for income taxes 11,582 (4,390) 2,082 (22,766) Net income ($33,408) $15,808 ($77,149) $88,707 Adjusted net income $4,716 $31,804 $51,308 $133,963 Gain (loss) on disposal of assets 2 (3,659) (8,087) (22,028) (28,528) Special items 1,2 (26,312) (8,640) (101,722) (21,135) Net income (loss) attributable to Bristow Group ($25,255) $15,077 ($72,442) $84,300 Adjusted diluted earnings per share $0.13 $0.91 $1.45 $3.77 Gain (loss) on disposal of assets 2 (0.10) (0.23) (0.62) (0.80) Special items 1,2 (0.74) (0.25) (2.92) (0.59) Diluted earnings (loss) per share ($0.72) $0.43 ($2.12) $2.37 Three months ended March 31, 12 months ended March 31, (In thousands, except per share amounts)

39 Bank financial covenants $ in millions March 31, 2016 Term loan $336 Term loan credit facility 200 Revolving credit facility144 Covenant PV of leases604 Letters of credit (secured)1 Total covenant debt$1,285 TTM Adj EBITDAR $417 Non-cash stock comp expense 21 Cash proceeds from assets sales (max: $20M)17 Non-cash FX impact20 Other adjustments22 TTM Covenant EBITDAR$498 Senior secured leverage ratio actual 2.58x Senior secured leverage ratio maximum 4.25x Senior secured leverage ratio $ in millions March 31, 2016 Total current assets $593 Less: assets HFS (44) Revolver availability less $25M230 Total covenant current assets$780 Total current liabilities $393 Less: Term loan maturity in current assets - Total covenant current liabilities$393 Covenent current ratio actual 1.99x Covenent current ratio minimum 1.00x Current ratio

40 Adjusted EBITDAR excludes gains and losses on dispositions of assets Total leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of March 31, 2016 1,140.9 $ 1,503.3$ 2,644.2 $ 43.1% Adjust for: Unfunded pension liability 70.1 70.1 NPV of lease obligations @ 6% 578.3 578.3 Letters of credit 11.7 11.7 Adjusted 1,801.0 $ (d)1,503.3 $ 3,304 $ 54.5% Calculation of debt to adjusted EBITDAR multiple TTM Adjusted EBITDAR 1 : Q4 FY16 417.4 $ (e)= (d) / (e) 4.32:1

41 Lder leverage reconciliation (in millions) Mar-15 Mar-16 Total book debt 300 $ 265 $ NPV of leases 41 62 Total adjusted debt341 327 TTM adjusted EBITDAR 104 $ 83 $ Adjusted debt / TTM adj. EBITDAR 3.3x 4.0x

42 Capital expenditures

43 Aircraft capital commitments and options

44 Total commitments

45 Total commitments (2)

46 Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4 th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com Contact us

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