Fleet and Operations - For the quarter ended September 30, 2021, Bristow Group Inc. reported a total fleet of 234 aircraft, including 218 helicopters and 14 fixed-wing aircraft[114]. - The average age of the owned helicopters in the fleet is 13 years, with the oldest being the B212 at 40 years[114]. - The company operates in multiple regions including Australia, Brazil, Canada, and the U.K., providing geographic and customer diversity to mitigate risks[104]. - The company has a total of 179 operating helicopters, with 56 heavy helicopters and 79 medium helicopters in its fleet[114]. - As of September 30, 2021, Bristow had 10 S-92 U.K. SAR helicopters, with an average age of 7 years[114]. Financial Performance - Operating revenues for the current quarter were $290,120,000, an increase of $1,769,000 or 0.6% compared to the preceding quarter[119]. - Total revenues for the current quarter were $301,584,000, up by $982,000 or 0.3% from the preceding quarter[119]. - Operating income for the current quarter was $12,475,000, compared to an operating loss of $12,231,000 in the preceding quarter[119]. - Net income attributable to Bristow Group Inc. was $2,775,000, a significant improvement from a net loss of $14,197,000 in the preceding quarter[119]. - Operating revenues for the six months ended September 30, 2021, were $602.2 million, an increase of $27.4 million or 4.8% compared to $574.8 million in the same period of 2020[136]. - Operating income was $0.2 million, a significant improvement from an operating loss of $36.5 million in the prior year[150]. - The company reported a net loss attributable to Bristow Group Inc. of $11.4 million, compared to a net income of $43.6 million in the prior year[136]. Expenses and Costs - Operating expenses increased by $4,265,000 or 2.0% in the current quarter, totaling $218,768,000[119]. - Personnel costs rose by $2,341,000, primarily due to vacation accruals and labor union-related payments[125]. - Total operating expenses rose to $577.2 million, an increase of $5.7 million or 1.0% compared to $571.6 million in the prior year[136]. - The company recognized a loss on impairment of $24.8 million during the current period, compared to a loss of $36.8 million in the prior year[147]. - Operating lease expenses recognized during the three and six months ended September 30, 2021, were $27.2 million and $54.7 million, respectively[164]. Revenue Sources - The company has modified its revenue reporting by adding a government services line, which includes revenues from U.K. SAR and other government contracts[108]. - Operating revenues from oil and gas services increased by $3,896,000 or 2.1% in the current quarter[120]. - Operating revenues from oil and gas services decreased by $12.9 million, with Africa experiencing a decline of $20.5 million primarily due to the end of customer contracts and lower utilization[139]. - Operating revenues from government services increased by $20.0 million, driven by the benefits of the Merger and an increase in flight hours[141]. Cash Flow and Liquidity - Cash flows provided by operating activities were $73.2 million, compared to $35.0 million in the prior year, reflecting improved operational performance[157]. - Total liquidity as of September 30, 2021, was $287.6 million, consisting of $237.0 million in unrestricted cash and $50.6 million available under the ABL Facility[160]. - Approximately 78% of the total cash balance was held outside the U.S. as of September 30, 2021[161]. - Principal debt balance as of September 30, 2021, was $531.8 million, primarily comprised of 6.875% Senior Notes due in March 2028[163]. - Net cash used in investing activities was $4.3 million in the Current Year, a significant decrease from $168.4 million provided in the Prior Year[159]. Impact of COVID-19 - The COVID-19 pandemic has significantly impacted global economic activity, with demand for services not yet returning to pre-pandemic levels[106]. - Bristow continues to face uncertainties related to the COVID-19 pandemic, including potential impacts from virus variants on logistics and business operations[107]. Other Income and Tax - Other income, net for the current quarter was $15,330,000, significantly higher than $6,184,000 in the preceding quarter[133]. - Income tax expense for the current quarter was $14,484,000, compared to a tax benefit of $4,842,000 in the preceding quarter[134]. - Other income, net was $21.5 million, an increase from $14.6 million in the prior year, primarily due to a bankruptcy-related legal settlement and government grants[153]. Capital Expenditures and Commitments - Capital expenditures amounted to $17.3 million, with cash transferred from the sale of a subsidiary at $0.9 million, and proceeds from the sale of aircraft and equipment at $13.8 million[162]. - Unfunded capital commitments totaled $85.4 million, primarily for the purchase of helicopters scheduled for delivery from fiscal year 2023 through 2025[169].

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 FY2022 was $40 million, an increase of $10 million from $30 million in Q4 FY2021, driven by higher revenues and lower compensation expenses [9] - Revenues increased by $7 million primarily due to higher utilization in oil and gas and government services [10] - Adjusted free cash flow for the current quarter was $39 million, consistent with the average of the previous two quarters, totaling $180 million since the merger [15] Business Line Data and Key Metrics Changes - The company has reorganized its revenue reporting, adding a government services line, which now includes various government contracts [7][20] - Government services revenues showed increased activity, primarily due to higher flight hours and a small benefit from foreign exchange [21] - Oil and gas revenues decreased by $8 million due to lower utilization [14] Market Data and Key Metrics Changes - The company noted a positive outlook for offshore oil and gas activity, expecting significant increases starting next year [16] - The Caribbean triangle region of Trinidad, Guyana, and Suriname is highlighted as a bright spot for the global offshore oil and gas industry, with Bristow holding a leading market position [41] Company Strategy and Development Direction - The company is focused on strategic growth opportunities in government and military services, offshore wind farm support, and advanced air mobility [17] - The company aims to achieve at least $50 million in annual run rate savings from synergy projects following the merger [5] - Asset sales will continue but at a reduced pace compared to the previous year, as the company rationalizes its fleet [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a multiyear recovery in offshore oil and gas activity, with idle aircraft expected to return to work [50] - The company is looking to optimize expenses and improve cash flows through aircraft lease management [51] - Management believes that the second half of 2021 will show improvement compared to the first half [16][49] Other Important Information - The company repurchased approximately 1.5 million shares for $40 million, with $25 million remaining in the share repurchase authorization [6][29] - An impairment loss of $22 million was recognized related to Petroleum Air Services and certain helicopters held for sale [11] Q&A Session Summary Question: Drivers behind strong government services revenues - Management noted a reorganization in revenue reporting, highlighting increased flight hours and additional government contracts [20][21] Question: Future asset sales and revenue trajectory - Management indicated that asset sales will continue but at a slower pace, focusing on maximizing returns from their asset pool [22][25] Question: M&A market outlook - Management remains optimistic about potential consolidation opportunities in the industry, particularly in regions with overcapacity [26][27] Question: Share repurchase authorization status - Management confirmed that $50 million of the $75 million share repurchase plan has been utilized, with $25 million remaining [29] Question: Assets held for sale - Management clarified that the $7.4 million in assets held for sale consists exclusively of helicopters [30] Question: Investment in unconsolidated subsidiaries - Management confirmed that the investment includes Cougar and Lãder, with no current plans to sell [31][34] Question: Fixed-wing business in Australia - Management discussed the transition of Airnorth's fleet, expecting improved EBITDA generation post-transition [36] Question: Offshore drilling updates in Guyana and Suriname - Management highlighted ongoing prolific discoveries in Guyana and similar potential in Suriname, indicating a positive outlook for the region [39][40] Question: Margin improvement concerns - Management explained that margin contraction is primarily due to operating expenses and fuel price increases, with a focus on optimizing costs [44][45] Question: Future revenue upside potential - Management refrained from providing specific financial guidance but indicated significant upside potential through better fleet utilization [54]

Q1 FY22 Earnings Presentation August 5, 2021 | --- | --- | --- | --- | --- | |-------|------------------------------|----------------------------------------|-------|-------| | | | | | | | | Q1 FY22 Earnings Call Agenda | | | | | I. | Introduction | Crystal Gordon SVP and General Counsel | | | | | II. Operational Highlights | Chris Bradshaw President and CEO | | | | | III. Financial Review | Jennifer Whalen SVP and CFO | | | | | IV. Concluding Remarks | Chris Bradshaw President and CEO | | | | | V. Question ...

Share Repurchase and Capital Management - In June 2021, the company repurchased 933,208 shares of common stock for a total of $25.1 million, averaging $26.89 per share, with $39.9 million remaining in the $75.0 million share repurchase program[106]. - An additional 547,596 shares were repurchased in July 2021 for $14.9 million, averaging $27.24 per share, leaving $25.0 million available in the share repurchase program[107]. - A bankruptcy preference claim settlement is expected to result in a $9.0 million cash payment to be recognized in the second fiscal quarter[110]. - The principal debt balance as of June 30, 2021, was $541.6 million, primarily consisting of 6.875% Senior Notes due in March 2028[165]. - The company has unfunded capital commitments of $86.0 million for helicopter purchases, with deliveries scheduled for fiscal year 2022[170]. Financial Performance - Operating revenues for the quarter ended June 30, 2021, were $288.4 million, an increase of 2.4% from $281.5 million in the preceding quarter[121]. - Total revenues for the current quarter were $300.6 million, up 2.5% from $293.3 million in the previous quarter[121]. - Operating revenues increased by $26.8 million, or 10.3%, to $288.4 million in the Current Quarter compared to $261.5 million in the Prior Year Quarter[138]. - Total revenues rose to $300.6 million, up 11.3% from $270.2 million in the Prior Year Quarter[138]. - The company reported a net loss of $14.2 million for the current quarter, a 66.5% improvement from a net loss of $42.4 million in the preceding quarter[121]. - Total revenues for the three months ended June 30, 2021, were $300.6 million, with a net loss attributable to Bristow Group of $5.2 million[175]. Operating Expenses and Losses - Operating expenses decreased by $3.8 million to $214.5 million in the current quarter, primarily due to lower personnel and maintenance costs[127]. - The company recognized a loss on impairment of $21.9 million during the current quarter, including $16.0 million related to Petroleum Air Services[130]. - Operating expenses increased by $26.9 million, or 14.4%, to $214.5 million in the Current Quarter compared to $187.6 million in the Prior Year Quarter[138]. - General and administrative expenses were reduced by $3.2 million in the current quarter, mainly due to lower compensation and professional services fees[128]. - General and administrative expenses rose by $2.1 million in the Current Quarter, mainly due to the impact of the Merger[145]. - Merger-related costs significantly decreased to $1.7 million in the current quarter from $16.5 million in the previous quarter[128]. - Merger-related costs decreased significantly to $1.7 million in the Current Quarter from $17.4 million in the Prior Year Quarter[146]. Cash Flow and Liquidity - Operating activities generated cash flows of $36.4 million in the current quarter, a significant improvement from cash used of $6.9 million in the prior year quarter[157]. - Changes in working capital provided cash flows of $2.5 million in the current quarter, compared to cash used of $29.3 million in the prior year quarter[158]. - Cash paid for interest expense decreased to $1.2 million from $8.3 million in the prior year quarter, while cash paid for income taxes increased to $3.0 million from $2.3 million[159]. - Net cash provided by investing activities was $6.8 million in the current quarter, a decrease from $149.1 million in the prior year quarter[160]. - Net cash used in financing activities was $27.7 million in the current quarter, down from $78.2 million in the prior year quarter[160]. - As of June 30, 2021, the company had $244.7 million in unrestricted cash and $54.1 million available under its asset-backed revolving credit facility, totaling $298.8 million in liquidity[162]. - Approximately 77% of the total cash balance was held outside the U.S. as of June 30, 2021, primarily to meet the liquidity needs of non-U.S. operations[163]. Market and Service Overview - The offshore oil and gas market is highly cyclical, with demand closely tied to oil and gas prices, which fluctuate based on global economic activity and inventory levels[112]. - The company provides SAR services in the U.K. on behalf of the Maritime & Coastguard Agency and aviation services to various government agencies globally[113]. - The company diversifies earnings by leasing helicopters to operators in international markets, allowing access to new markets without significant infrastructure investment[114]. - Revenues from oil and gas services in the Americas increased by $18.1 million, primarily due to the impact of the Merger[142].

| --- | --- | --- | --- | --- | |-------|----------------------------------|-------|-------|-------| | | | | | | | | | | | | | | J.P. Morgan 2021 Energy, Power & | | | | | | | | | | | | | | | | | | | | | | | | Renewables Conference | | | | | | | | | | | | June 23, 2021 | | | | Cautionary Statement Regarding Forward-Looking Statements 2 This presentation contains "forward-looking statements." Forward-looking statements represent Bristow Group Inc.'s (the "Company") current expectations or forecasts of future ...

Exhibit 99.2 Q4 and FY21 Earnings Presentation May 27, 2021 Q4 and FY21 Earnings Call Agenda I. Introduction Crystal Gordon SVP and General Counsel II. Operational Highlights Chris Bradshaw President and CEO III. Financial Review Jennifer Whalen SVP and CFO IV. Concluding Remarks Chris Bradshaw President and CEO V. Questions & Answers 2 Cautionary Statement Regarding Forward-Looking Statements 3 This presentation contains "forward-looking statements." Forward-looking statements represent Bristow Group Inc.' ...

Bristow Group Inc. (NYSE:VTOL) Q4 2021 Results Conference Call May 27, 2021 10:00 AM ET Company Participants Crystal Gordon - SVP and General Counsel Chris Bradshaw - President and CEO Jennifer Whalen - SVP and Chief Financial Officer Conference Call Participants James West - Evercore Jason Stankowski - Clayton Partners LLC Brian Joseph - Empyrean Capital Partners John Deysher - Pinnacle Value Fund Operator Good day, and welcome to the Bristow Group Fourth Quarter and Full Fiscal Year 2021 Results Conferenc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ________________________________________ ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35701 Brist ...

Bristow Group, Inc. (BRS) Q3 2021 Earnings Conference Call February 3, 2021 8:00 AM ET Company Participants Crystal Gordon - SVP & General Counsel Christopher Bradshaw - President, CEO & Director Jennifer Whalen - SVP & CFO Conference Call Participants Jason Stankowski - Clayton Partners John Deysher - Bertolet Capital Operator Good day, and welcome to the Bristow Group Fiscal Q3 2021 Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Cry ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ FORM 10-Q ________________________________________ (Mark One) Commission File Number 001-35701 Bristow Group Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) 3151 Briarpark Drive, Suite 700 Houston, Texas 77042 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period e ...