Bristow Group Reports Third Quarter 2025 Results

Core Insights - Bristow Group Inc. reported a net income of $51.5 million, or $1.72 per diluted share, for Q3 2025, an increase from $31.7 million, or $1.07 per diluted share, in Q2 2025, on total revenues of $386.3 million compared to $376.4 million in the previous quarter [1][7]. Financial Performance - Total revenues for Q3 2025 were $386.3 million, up from $376.4 million in Q2 2025, marking a 2.6% increase [7][24]. - Operating income for Q3 2025 was $50.5 million, compared to $42.6 million in Q2 2025 [3][24]. - Adjusted EBITDA for Q3 2025 was $67.1 million, an increase from $60.7 million in Q2 2025 [7][24]. - The company updated its 2025 Adjusted EBITDA outlook to a range of $240 million to $250 million and for 2026 to a range of $295 million to $325 million [7][13]. Segment Performance - Offshore Energy Services revenues decreased by $2.4 million in Q3 2025, primarily due to lower utilization in Europe and Africa, while revenues in the Americas increased by $5.7 million [5][25]. - Government Services revenues increased by $8.4 million in Q3 2025, driven by the transition of the Irish Coast Guard contract [6][8]. - Other Services revenues rose by $3.8 million in Q3 2025, mainly due to higher activity in Australia [9][28]. Cost and Expenses - Total operating expenses for Q3 2025 were $283.1 million, slightly higher than $278.5 million in Q2 2025 [24]. - Personnel costs increased by $9.9 million in Q3 2025, primarily due to the absence of seasonal personnel cost benefits in Norway and higher benefits costs in Europe and the U.S. [5][24]. - Repairs and maintenance costs decreased by $9.3 million in Q3 2025, attributed to higher vendor credits [24]. Capital Allocation and Liquidity - The company made $24.8 million in accelerated principal payments on its UKSAR Debt facility during the current quarter [15]. - As of September 30, 2025, Bristow had $245.5 million in unrestricted cash and $67.9 million available under its asset-based revolving credit facility, totaling $313.4 million in liquidity [17][30].