10-Q 1 vtol-20240630.htm 10-Q vtol-20240630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 ________________________________________
FORM 10-Q
________________________________________ 
(Mark One)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2024
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
Bristow Group Inc.
(Exact name of registrant as specified in its charter)
Delaware 72-1455213
(State or Other Jurisdiction of
Incorporation or Organization)		 (IRS Employer
Identification No.)
3151 Briarpark Drive, Suite 700 
Houston, Texas 77042
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code:
(713) 267-7600
          None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareVTOLNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑ No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
☐☑☐☐☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No  ☑
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  ☑    No  ☐
The total number of shares of common stock (in thousands), par value $0.01 per share, outstanding as of August 2, 2024 was 28,618. The Registrant has no other class of common stock outstanding.

BRISTOW GROUP INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PART I. Financial InformationPage
Item 1.
Note 5
Note 10
Note 11
Item 2.
Item 3.
Item 4.
PART II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

PART I. FINANCIAL INFORMATION 
Item 1.     Financial Statements.
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)

Three Months Ended
June 30,		Six Months Ended
June 30,
  2024202320242023
Revenues:
Operating revenues
$352,494 $311,522 $681,850 $604,453 
Reimbursable revenues
7,255 7,861 14,993 16,952 
Total revenues359,749 319,383 696,843 621,405 
Costs and expenses:
Operating expenses246,421 240,659 493,785 467,383 
Reimbursable expenses7,212 7,680 14,903 16,671 
General and administrative expenses44,933 44,616 88,280 91,346 
Merger and integration costs— 677 — 1,116 
Depreciation and amortization expense16,848 18,292 34,017 35,737 
Total costs and expenses315,414 311,924 630,985 612,253 
Gains (losses) on disposal of assets
(224)(3,164)(337)92 
Earnings from unconsolidated affiliates651 1,279 2,070 2,316 
Operating income44,762 5,574 67,591 11,560 
Interest income2,142 1,527 4,126 2,656 
Interest expense, net(9,385)(9,871)(18,857)(20,135)
Reorganization items, net— (39)— (83)
Other, net(83)(13,037)(6,284)(16,463)
Total other income (expense), net(7,326)(21,420)(21,015)(34,025)
Income (loss) before income taxes37,436 (15,846)46,576 (22,465)
Income tax benefit (expense)(9,245)14,209 (11,753)19,303 
Net income (loss)
28,191 (1,637)34,823 (3,162)
Net loss (income) attributable to noncontrolling interests(34)— (61)3 
Net income (loss) attributable to Bristow Group Inc.
$28,157 $(1,637)$34,762 $(3,159)
Earnings (losses) per common share:
Basic$0.99 $(0.06)$1.22 $(0.11)
Diluted$0.96 $(0.06)$1.19 $(0.11)
Weighted average shares of common stock outstanding:
Basic28,476 28,058 28,404 28,021 
Diluted29,462 28,058 29,334 28,021 








See accompanying notes to condensed consolidated financial statements.
1
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited, in thousands)

Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Net income (loss)$28,191 $(1,637)$34,823 $(3,162)
Other comprehensive income (loss):
Currency translation adjustments(800)14,637 (9,383)26,382 
Pension liability adjustment(18)(1,158)303 (2,269)
Unrealized losses on cash flow hedges, net(55)(613)(3,898)(1,120)
Total other comprehensive income (loss), net of tax(873)12,866 (12,978)22,993 
Total comprehensive income27,318 11,229 21,845 19,831 
Net comprehensive loss (income) attributable to noncontrolling interests(34)— (61)3 
Total comprehensive income attributable to Bristow Group Inc.$27,284 $11,229 $21,784 $19,834 







































See accompanying notes to condensed consolidated financial statements.
2
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
June 30,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$178,561 $180,265 
Restricted cash3,274 3,397 
Accounts receivable, net of allowance of $172 and $77, respectively
239,284 234,620 
Inventories103,092 99,863 
Prepaid expenses and other current assets46,366 45,438 
Total current assets570,577 563,583 
Property and equipment, net of accumulated depreciation of $254,451 and $232,107, respectively
984,211 927,766 
Investment in unconsolidated affiliates20,501 19,890 
Right-of-use assets264,319 287,939 
Other assets137,647 138,100 
Total assets$1,977,255 $1,937,278 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$83,628 $87,885 
Accrued wages, benefits and related taxes45,535 52,685 
Income taxes payable and other accrued taxes13,953 8,176 
Deferred revenues20,054 20,334 
Accrued maintenance and repairs26,756 24,545 
Current portion of operating lease liabilities74,093 75,288 
Accrued interest and other accrued liabilities26,208 27,629 
Current maturities of long-term debt15,886 13,247 
Total current liabilities306,113 309,789 
Long-term debt, less current maturities578,321 534,823 
Other liabilities and deferred credits15,683 11,820 
Deferred taxes36,923 42,710 
Long-term operating lease liabilities191,546 214,957 
Total liabilities$1,128,586 $1,114,099 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value, 110,000 authorized; 28,617 and 28,310 outstanding, respectively
315 311 
Additional paid-in capital733,340 725,773 
Retained earnings252,730 217,968 
Treasury stock, at cost; 2,688 and 2,566 shares, respectively
(69,648)(65,722)
Accumulated other comprehensive loss(67,621)(54,643)
Total Bristow Group Inc. stockholders’ equity849,116 823,687 
Noncontrolling interests(447)(508)
Total stockholders’ equity848,669 823,179 
Total liabilities and stockholders’ equity$1,977,255 $1,937,278 



See accompanying notes to condensed consolidated financial statements.
3
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited, in thousands)

 Total Bristow Group Inc. Stockholders’ Equity  
 Common
Stock		Common
Stock
(Shares)		Additional
Paid-in
Capital		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Stockholders’
Equity
December 31, 2023$311 28,310 $725,773 $217,968 $(65,722)$(54,643)$(508)$823,179 
Share award amortization1 117 3,519 — — — — 3,520 
Share repurchases— (40)— — (1,016)— — (1,016)
Net income— — — 6,605 — — 27 6,632 
Other comprehensive loss— — — — — (12,105)— (12,105)
March 31, 2024
$312 28,387 $729,292 $224,573 $(66,738)$(66,748)$(481)$820,210 
Share award amortization3 313 4,048 — — — — 4,051 
Share repurchases— (83)— — (2,910)— — (2,910)
Net income— — — 28,157 — — 34 28,191 
Other comprehensive loss— — — — — (873)— (873)
June 30, 2024
$315 28,617 $733,340 $252,730 $(69,648)$(67,621)$(447)$848,669 


 Total Bristow Group Inc. Stockholders’ Equity 
 Common
Stock		Common
Stock
(Shares)		Additional
Paid-in
Capital		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interests		Total
Stockholders’
Equity
December 31, 2022
$306 28,009 $709,319 $224,748 $(63,009)$(84,057)$(368)$786,939 
Share award amortization— — 3,311 — — — — 3,311 
Share repurchases— (1)— — (385)— — (385)
Net loss— — — (1,522)— — (3)(1,525)
Other comprehensive income— — — — — 10,127 — 10,127 
March 31, 2023
$306 28,008 $712,630 $223,226 $(63,394)$(73,930)$(371)$798,467 
Share award amortization— 239 5,232 — — — — 5,232 
Share repurchases— (71)— — (1,974)— — (1,974)
Net loss— — (1,637)— — — (1,637)
Other comprehensive income— — — — — 12,866 — 12,866 
June 30, 2023
$306 28,176 $717,862 $221,589 $(65,368)$(61,064)$(371)$812,954 






See accompanying notes to condensed consolidated financial statements.
4
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended
June 30,
 20242023
Cash flows from operating activities:
Net income (loss)$34,823 $(3,162)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization expense41,468 43,237 
Losses (gains) on disposal of assets337 (92)
Earnings from unconsolidated affiliates(2,070)(1,979)
Deferred income taxes(5,843)(33,546)
Stock-based compensation expense7,567 8,543 
Amortization of deferred financing fees 1,511 1,368 
Amortization of deferred contract costs1,679 — 
Discount amortization on long-term debt— 473 
Increase (decrease) in cash resulting from changes in:
Accounts receivable(15,872)6,446 
Inventory, prepaid expenses and other assets(23,001)(10,840)
Accounts payable, accrued expenses and other liabilities19,745 14,377 
Net cash provided by operating activities60,344 24,825 
Cash flows from investing activities:
Capital expenditures(114,916)(43,764)
Proceeds from asset dispositions4,409 26,772 
Net cash used in investing activities(110,507)(16,992)
Cash flows from financing activities:
Proceeds from borrowings56,997 169,508 
Debt issuance costs(2,200)(2,714)
Repayments of debt(7,253)(135,564)
Purchase of treasury stock(3,926)(2,359)
Net cash provided by financing activities43,618 28,871 
Effect of exchange rate changes on cash, cash equivalents and restricted cash4,718 15,802 
Net increase (decrease) in cash, cash equivalents and restricted cash(1,827)52,506 
Cash, cash equivalents and restricted cash at beginning of period183,662 163,683 
Cash, cash equivalents and restricted cash at end of period$181,835 $216,189 
Cash paid during the period for:
Interest$20,802 $19,421 
Income taxes, net$13,328 $3,629 











See accompanying notes to condensed consolidated financial statements.
5
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities.
The condensed consolidated financial information for the three and six months ended June 30, 2024 and 2023, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Summary of Significant Accounting Policies and Other Accounting Considerations
Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation.
Reclassification — Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation.
Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders’ equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year.
Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or results of operations.
In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU applies to all public entities that are required to report segment information in accordance with Topic 280 and requires the disclosure of significant segment expenses on an annual and interim basis, incremental disclosures of measures of segment profit or loss and the identification of the Company’s chief operating decision maker. This standard will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the potential impact of the adoption of this ASU on its consolidated financial statements.
6
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 2 — REVENUES
The Company’s customers are primarily major integrated, national and independent offshore energy companies and government agencies. The Company derives its revenues primarily from aviation services generated through two types of contracts: helicopter services contracts and fixed wing services contracts. Revenues are generally recognized when the Company satisfies its performance obligations by providing aviation services to its customers in exchange for consideration.
The following table sets forth the disaggregation of operating revenues by service line for the applicable periods (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Offshore energy services$238,491 $195,194 $459,189 $376,823 
Government services79,476 87,320 161,584 169,654 
Fixed wing services31,987 26,448 55,695 52,367 
Other services2,540 2,560 5,382 5,609 
Total operating revenues$352,494 $311,522 $681,850 $604,453 
Reimbursable revenues7,255 7,861 14,993 16,952 
Total revenues$359,749 $319,383 $696,843 $621,405 
As of June 30, 2024, the Company had a deferred revenue balance of $20.1 million compared to the December 31, 2023 balance of $20.3 million. Deferred revenues are primarily generated by fixed wing services where customers pay for tickets in advance of receiving the Company’s services, advanced payments from helicopter services customers, and mobilization fees received from customers in connection with new contract commencements. During the six months ended June 30, 2024 and 2023, revenues recognized that had previously been deferred were $10.3 million and $8.0 million, respectively.
Note 3 — RELATED PARTY TRANSACTIONS
The Company owns a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. The remaining 75% voting interest and 60% economic interest in Cougar are owned by VIH Aviation Group Ltd. (“VIH”). Due to common ownership of Cougar, the Company considers VIH a related party.
The Company and VIH lease certain aircraft and facilities and from time to time purchase inventory from one another. During the three months ended June 30, 2024 and 2023, the Company made payments of $1.0 million and $1.6 million to its related parties, respectively, and also generated total revenues of $10.0 million and $9.2 million from its related parties, respectively. During the six months ended June 30, 2024 and 2023, the Company made payments of $2.1 million and $3.0 million to its related parties, respectively, and also generated total revenues of $17.2 million and $13.8 million from its related parties, respectively. During the six months ended June 30, 2023, the Company and VIH entered into resale agreements under which one S92 aircraft was sold in exchange for the purchase of another S92 aircraft in a non-monetary transaction. The exchange did not result in a gain or loss being recognized on the Company’s condensed consolidated statement of operations.
As of June 30, 2024 and December 31, 2023, accounts receivable from related parties included in accounts receivable on the condensed consolidated balance sheets were $3.6 million and $1.2 million, respectively.
7
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 4 — DEBT
Debt as of June 30, 2024 and December 31, 2023, consisted of the following (in thousands):
June 30,
2024		December 31,
2023
6.875% Senior Notes
$394,893 $394,184 
UKSAR Debt177,030 153,886 
IRCG Debt22,284 — 
Total debt594,207 548,070 
Less short-term borrowings and current maturities of long-term debt(15,886)(13,247)
Total long-term debt$578,321 $534,823 
6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, inclusive of any accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest.
As of June 30, 2024 and December 31, 2023, the Company had $5.1 million and $5.8 million, respectively, of unamortized deferred financing fees associated with the 6.875% Senior Notes.
UKSAR Debt — In January 2023, the Company entered into two thirteen-year secured equipment financings for an aggregate amount of up to £145 million with National Westminster Bank Plc as arranger, agent and security trustee (“UKSAR Debt”, formerly known as “NatWest Debt”). The credit facilities bear interest at a rate equal to the Sterling Overnight Index Average (“SONIA”) plus 2.75% per annum and mature in March 2036, with repayment due in quarterly installments.
In January 2024, the Company entered into a long-term equipment financing to upsize the UKSAR Debt by an aggregate amount of up to £55 million. The upsizing will be used to support the Company’s capital commitments related to the Second-Generation UK Search and Rescue (“UKSAR2G”) contract. The credit facility has a 15-month availability period and will fund during 2024, subject to delivery of the new search and rescue (“SAR”) configured helicopters. The credit facility bears interest at a rate equal to SONIA plus 2.75% per annum. Bristow's obligations under the additional UKSAR Debt will be secured by four new Leonardo S.p.A AW139 SAR configured helicopters. As of June 30, 2024, the Company had drawn approximately $32.7 million (£26.1 million) under this facility.
During the six months ended June 30, 2024 and 2023, the Company made principal payments of $7.3 million and $6.5 million, respectively. As of June 30, 2024 and December 31, 2023, the Company had unamortized deferred financing fees, inclusive of amounts related to the upsizing, associated with the UKSAR Debt of $9.6 million and $8.4 million, respectively.
IRCG Debt — In June 2024, the Company entered into a long-term equipment financing for an aggregate amount of up to €100.0 million with National Westminster Bank Plc as the original lender and UK Export Finance guaranteeing 80% of the facility (“IRCG Debt”, formerly known as “UKEF Debt”). The financing will be used, among other items, to support the Company’s acquisition of five new AW189 aircraft to fulfill contractual obligations with the Irish Department of Transport to provide SAR services to the Irish Coast Guard (“IRCG”). The credit facility has an availability period of up to two years followed by a five-year term. The IRCG Debt bears interest at a rate equal to the Euro Interbank Offered Rate (“EURIBOR”)
8
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
plus 1.95% per annum with repayments due in semi-annual installments following the end of the availability period. As of June 30, 2024, the Company had drawn approximately $24.3 million (€22.7 million) and had $2.0 million of unamortized deferred financing fees associated with the IRCG Debt. Furthermore, in July 2024, the second utilization date occurred, and the Company drew approximately $25.4 million (€23.3 million) under this facility.
ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) provides that amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited (“BHL”), Bristow U.S. LLC and Era Helicopters, LLC. As of June 30, 2024, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein.
As of June 30, 2024, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the six months ended June 30, 2024. Letters of credit issued under the ABL Facility in the aggregate face amount of $3.1 million were outstanding as of June 30, 2024.
Note 5 — FAIR VALUE DISCLOSURES
Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items.
The Company’s debt was measured at fair value using Level 2 inputs based on estimated current rates for similar types of arrangements using discounted cash flow analysis. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.
The carrying and fair values of the Company’s debt were as follows (in thousands):
Carrying
Amount		Level 1Level 2Level 3
June 30, 2024
LIABILITIES
6.875% Senior Notes(1)
$394,893 $— $392,111 $— 
UKSAR Debt(2)
177,030 — 195,560 — 
IRCG Debt(3)
22,284 — 22,284 — 
$594,207 $— $609,955 $— 
December 31, 2023
LIABILITIES
6.875% Senior Notes(1)
$394,184 $— $383,068 $— 
UKSAR Debt(2)
153,886 — 162,467 — 
$548,070 $— $545,535 $— 
___________________ 
(1)As of June 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the 6.875% Senior Notes were $5.1 million and $5.8 million, respectively.
(2)As of June 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the UKSAR Debt were $9.6 million and $8.4 million, respectively.
(3)The IRCG Debt was entered into in June 2024. Given the close proximity of the reporting date and entry into the financing agreements, and the variable EURIBOR attached to the IRCG Debt, the Company believes the fair value of this debt is materially the same as the carrying amount as of June 30, 2024. As of June 30, 2024, the carrying values of unamortized deferred financing fees related to the IRCG Debt were $2.0 million.
9
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 6 — DERIVATIVE FINANCIAL INSTRUMENTS
From time to time, the Company may use derivatives to partially offset its business exposure to foreign currency risks on expected future cash flows. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. The Company does not offset fair value amounts recognized for derivative instruments under master netting arrangements. The derivative agreements do not contain credit-risk-related contingent features. There are no amounts of related financial collateral received or pledged. The Company does not use any of its derivative instruments for speculative or trading purposes.
Cash Flow Hedges
The Company may use foreign exchange options or forward contracts to hedge a portion of its forecasted foreign currency denominated transactions. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions.
These foreign exchange hedge contracts, carried at fair value, have maturities of up to approximately 12 months. As of June 30, 2024 and December 31, 2023, total notional amounts of outstanding cash flow hedges were $148.8 million and $254.7 million, respectively. As of June 30, 2024, the estimated net amount of losses expected to be reclassified from accumulated other comprehensive income into earnings within the next 12 months is $2.6 million. For the six months ended June 30, 2024, there were no net gains or losses recognized in earnings relating to hedges of forecasted transactions that did not occur.
The Company’s derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivatives is based on valuation methods which project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves and foreign currency rates. The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 were as follows, presented on a gross basis (in thousands):
June 30, 2024December 31, 2023
Fair Value Asset DerivativesFair Value Liability DerivativesFair Value Asset DerivativesFair Value Liability Derivatives
Derivatives designated as hedging instruments:
Foreign exchange forward contracts$102 $2,684 $2,557 $1,200 
Note 7 — COMMITMENTS AND CONTINGENCIES
Fleet — The Company’s unfunded capital commitments as of June 30, 2024 consisted primarily of agreements to purchase helicopters and totaled $315.8 million, payable beginning in 2024.
Included in these commitments are orders to purchase eleven AW189 heavy helicopters, four AW139 medium helicopters, five AW169 light twin helicopters and five H135 light twin helicopters. The AW189 helicopters are scheduled to be delivered between 2024 and 2026; the AW139 helicopters are scheduled to be delivered in 2024; and the H135 helicopters are scheduled to be delivered between 2024 and 2025. Delivery dates for the AW169 helicopters have yet to be determined. In addition, the Company has outstanding options to purchase up to ten additional AW189 helicopters and ten additional H135 helicopters. If these options are exercised, the AW189 helicopters would be scheduled for delivery between 2026 and 2028, and the H135 helicopters would be scheduled for delivery between 2027 and 2028. The Company may, from time to time, purchase aircraft for which it has no orders.
The Company may terminate $33.8 million of its unfunded capital commitments without further liability other than aggregate liquidated damages of approximately $1.1 million.
10
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
General Litigation and Disputes
The Company operates in jurisdictions internationally where it is subject to risks that include government action to obtain additional tax revenues. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact the Company’s earnings until such time as a clear court or other ruling exists. The Company operates in jurisdictions currently where amounts may be due to governmental bodies that the Company is not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. The Company believes that payment of amounts in these instances is not probable at this time, but is reasonably possible.
In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its condensed consolidated financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs or uninsured losses, if any, would have a material effect on its business, consolidated financial position or results of operations.
Note 8 — INCOME TAXES
During the three months ended June 30, 2024 and 2023, the Company recorded an income tax expense of $9.2 million, resulting in an effective tax rate of 24.7%, and income tax benefit of $14.2 million, resulting in an effective tax rate of 89.7%, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded an income tax expense of $11.8 million, resulting in an effective tax rate of 25.2%, and income tax benefit of $19.3 million, resulting in an effective tax rate of 85.9%, respectively.
The effective tax rate during the six months ended June 30, 2024 is impacted by the Company’s global mix of earnings in the current year, adjustments to valuation allowances against future realization of losses and deductible business interest expense, partially offset by the recognition of certain deferred tax assets. The effective tax rate during the six months ended June 30, 2023 was impacted by a lower U.S. statutory rate compared to higher foreign tax rates as a result of non-U.S. earnings in certain jurisdictions, adjustments to valuation allowances against future realization of deductible business interest expense and the recognition of certain deferred tax assets.
11
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 9 — STOCKHOLDERS’ EQUITY
Accumulated Other Comprehensive Income (Loss)
The following table shows the changes in balances for accumulated other comprehensive income (loss), net of tax (in thousands):
 Currency Translation AdjustmentsPension Liability AdjustmentsUnrealized gains (losses) on cash flow hedgesTotal
Balance as of December 31, 2023$(21,601)$(34,941)$1,899 $(54,643)
Other comprehensive loss(8,267)— (4,496)(12,763)
Reclassified from accumulated other comprehensive loss— 5 625 630 
Income tax benefit— — 28 28 
Net current period other comprehensive income (loss)(8,267)5 (3,843)(12,105)
Foreign exchange rate impact(316)316 — — 
Balance as of March 31, 2024
$(30,184)$(34,620)$(1,944)$(66,748)
Other comprehensive income (loss)(823)— 609 (214)
Reclassified from accumulated other comprehensive loss— 5 (677)(672)
Income tax benefit— — 13 13 
Net current period other comprehensive income (loss)(823)5 (55)(873)
Foreign exchange rate impact23 (23)— — 
Balance as of June 30, 2024
$(30,984)$(34,638)$(1,999)$(67,621)
Note 10 — EARNINGS PER SHARE
Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share excludes options to purchase common stock and restricted stock units and awards which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Income (loss):
Net income (loss) attributable to Bristow Group Inc.$28,157 $(1,637)$34,762 $(3,159)
Shares of common stock:
Weighted average shares of common stock outstanding – basic28,476 28,058 28,404 28,021 
Net effect of dilutive stock986 — 930 — 
Weighted average shares of common stock outstanding – diluted(1)
29,462 28,058 29,334 28,021 
Earnings (losses) per common share - basic$0.99 $(0.06)$1.22 $(0.11)
Earnings (losses) per common share - diluted$0.96 $(0.06)$1.19 $(0.11)
__________________
(1)Excludes weighted average shares of common stock of 34,265 and 2,115,069 for the three months ended June 30, 2024 and 2023, respectively, and 150,114 and 1,953,633 for the six months ended June 30, 2024 and 2023, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.
12
BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 11 — SEGMENT INFORMATION
The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe, the Americas, Africa and Asia Pacific. The Europe region comprises all of the Company’s operations and affiliates in Europe, including the Dutch Caribbean, the Falkland Islands, the Netherlands, Norway and the United Kingdom (“UK”). The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Suriname, Trinidad and the U.S. Gulf of Mexico. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia.
The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Region revenues:
Europe$184,435 $178,516 $370,876 $351,524 
Americas105,603 89,975 202,618 169,159 
Africa45,210 29,798 79,462 58,506 
Asia Pacific24,501 21,094 43,887 42,216 
Total region revenues$359,749 $319,383 $696,843 $621,405 

Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Consolidated operating income:
Europe$18,667 $13,278 $33,170 $24,857 
Americas25,348 14,222 45,022 23,520 
Africa18,153 5,783 26,803 10,305 
Asia Pacific2,388 2,982 1,627 5,850 
Other(19,570)(27,527)(38,694)(53,064)
Gains (losses) on disposal of assets(224)(3,164)(337)92 
Total consolidated operating income$44,762 $5,574 $67,591 $11,560 


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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes, included elsewhere herein, as well as our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2024 (the “Annual Report on Form 10-K”). Unless the context otherwise indicates, in this MD&A, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities.
In the discussions that follow, the terms “Current Quarter” and “Preceding Quarter” refer to the three months ended June 30, 2024 and March 31, 2024, respectively, and “Current Period” and “Prior Year Period” refer to the six months ended June 30, 2024 and 2023, respectively.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management; expected actions by us and by third parties, including our customers, competitors, vendors and regulators, and other matters. Some of the forward-looking statements can be identified by the use of words such as “believes”, “belief”, “forecasts”, “expects”, “plans”, “anticipates”, “intends”, “projects”, “estimates”, “may”, “might”, “will”, “would”, “could”, “should” or other similar words; however, all statements in this Quarterly Report on Form 10-Q, other than statements of historical fact or historical financial results, are forward-looking statements.
Our forward-looking statements reflect our views and assumptions on the date we are filing this Quarterly Report on Form 10-Q regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences, include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part II, Item 1A, “Risk Factors” of this report and those discussed in other documents we file with the SEC. Accordingly, you should not put undue reliance on any forward-looking statements.
You should consider the following key factors when evaluating these forward-looking statements:
•the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers;
•our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 fleet.
•our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition;
•public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions;
•our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility;
•the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses;
•the possibility that we may be unable to maintain compliance with covenants in our financing agreements;
•global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries;
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•fluctuations in the demand for our services;
•the possibility of significant changes in foreign exchange rates and controls;
•potential effects of increased competition and the introduction of alternative modes of transportation and solutions;
•the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events);
•the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere;
•the possibility that we may be unable to re-deploy our aircraft to regions with greater demand;
•the existence of operating risks inherent in our business, including the possibility of declining safety performance;
•the possibility of changes in tax, environmental and other laws and regulations and policies, including, without limitation, actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change;
•any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions;
•the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket;
•the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates;
•general economic conditions, including interest rates or uncertainty in the capital and credit markets;
•the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue (“SAR”) contract terms or otherwise delay service or the receipt of payments under such contracts; and
•the effectiveness of our environmental, social and governance initiatives.
The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this Quarterly Report on Form 10-Q are qualified by these cautionary statements and are only made as of the date of this Quarterly Report on Form 10-Q. The forward-looking statements in this Quarterly Report on Form 10-Q should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Annual Report on Form 10-K, Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q and Part II, Item 1A, “Risk Factors” of the Company’s subsequent Quarterly Reports on Form 10-Q.
We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.
15
Overview
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, SAR, medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations.
Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Kingdom of Saudi Arabia, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK and the U.S.
Certain of our operations are subject to seasonal factors. For example, operations in the U.S. Gulf of Mexico are often at their highest levels from April to September, as daylight hours increase, and are at their lowest levels from December to February, as daylight hours decrease. Our North Sea operations also are subject to seasonality as drilling activity is lower during the winter months due to harsh weather and shorter days. See “Segment, Markets and Seasonality” in Part I, Item 1, “Business” of our Annual Report on Form 10-K for further discussion on seasonality.
Recent Developments
IRCG Debt Facility
In June 2024, the Company entered into a long-term equipment financing for an aggregate amount of up to €100.0 million with National Westminster Bank Plc as the original lender and UK Export Finance guaranteeing 80% of the facility (“IRCG Debt”, formerly known as “UKEF Debt”). The financing will be used primarily to support the Company’s acquisition of five new AW189 aircraft to service the Irish Coast Guard (“IRCG”) contract. As of July 31, 2024, the Company had drawn approximately €46.0 million under this facility.
Bristow Releases 2023 Sustainability Report
In May 2024, the Company released its 2023 Sustainability Report, which underscores its ongoing commitment to responsible growth and sustainable practices, as well as aligning with internationally recognized frameworks and standards to offer stakeholders a transparent view of the Company's efforts. The report highlights the Company’s updates to its materiality assessment, as the Company strives to ensure that its sustainability efforts remain aligned with stakeholder expectations as well as the most relevant areas of potential impact. In 2023, the Company achieved a 50% reduction in Lost Work Cases and a 39% decrease in Total Recordable Incident Rate as compared to the previous year, reaffirming its commitment to safety as its highest operational priority. The Company continues its role in the development and certification of aircraft powered by electric and hybrid propulsion technologies that will create efficiencies and reduce greenhouse gas emissions. Information on our website, including the Company’s 2023 Sustainability Report, is not incorporated by reference into this Quarterly Report on Form 10-Q.


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Fleet Information
The chart below presents the number of aircraft in our fleet and their distribution among the regions in which we operate, the number of helicopters we had on order or under construction and the percentage of operating revenues each of our regions provided for the three months ended June 30, 2024:
 Percentage
of Current
Quarter
Operating
Revenues		HelicoptersFixed WingUAS 
 HeavyMediumLight TwinLight SingleTotal
Europe51 %62 3 — 3 — 4 72 
Americas29 %21 53 11 25 — — 110 
Africa13 %4 11 3 — 1 — 19 
Asia Pacific7 %— 2 — — 11 — 13 
Total100 %87 69 14 28 12 4 214 
Aircraft not currently in fleet:
Under construction(1)
7 6 5 — — — 18 
On order(2)
5 — 5 — — — 10 
Options(3)
10 — 10 — — — 20 
______________________
(1)Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being put into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes seven AW189 heavy helicopters (of which one was delivered and is undergoing additional configuration), six AW139 medium helicopters (of which two were delivered and are undergoing additional configuration) and five H135 light-twin helicopters.
(2)On order reflects aircraft that the Company has commitments to purchase but construction has not yet begun. Includes five AW189 heavy helicopters and five AW169 light-twin helicopters.
(3)Options include ten AW189 heavy helicopters and ten H135 light-twin helicopters.
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As of June 30, 2024, the aircraft in our fleet were as follows:
 Number of Aircraft
TypeOwned
Aircraft		Leased
Aircraft		Total AircraftMax Pass.
Capacity
Avg Age (yrs)(1)
Heavy Helicopters:
S9237 29 66 19 14 
AW18917 4 21 16 8 
54 33 87 
Medium Helicopters:
AW13949 4 53 12 13 
S76 D/C++15 — 15 12 13 
AS3651 — 1 12 35 
65 4 69 
Light—Twin Engine Helicopters:
AW1094 — 4 7 17 
EC1359 1 10 6 15 
13 1 14 
Light—Single Engine Helicopters:
AS35015 — 15 4 26 
AW11913 — 13 7 18 
28 — 28 
Total Helicopters160 38 198 14 
Fixed Wing9 3 12 
Unmanned Aerial Systems (“UAS”)4 — 4 
Total Fleet
173 41 214 
______________________
(1)Reflects the average age of helicopters that are owned by the Company.
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Results of Operations
The following table presents our operating results and other statement of operations information for the Current Quarter and the Preceding Quarter (in thousands, except percentages):
Three Months Ended Favorable
(Unfavorable)
 June 30,
2024		March 31,
2024
Revenues:
Operating revenues$352,494 $329,356 $23,138 7.0 %
Reimbursable revenues7,255 7,738 (483)(6.2)%
Total revenues359,749 337,094 22,655 6.7 %
Costs and expenses:
Operating expenses
Personnel77,913 84,198 6,285 7.5 %
Repairs and maintenance69,143 65,723 (3,420)(5.2)%
Insurance6,212 6,651 439 6.6 %
Fuel22,876 21,634 (1,242)(5.7)%
Leased-in equipment25,449 26,239 790 3.0 %
Other44,828 42,919 (1,909)(4.4)%
Total operating expenses246,421 247,364 943 0.4 %
Reimbursable expenses7,212 7,691 479 6.2 %
General and administrative expenses44,933 43,347 (1,586)(3.7)%
Depreciation and amortization expense16,848 17,169 321 1.9 %
Total costs and expenses315,414 315,571 157 — %
Losses on disposal of assets(224)(113)(111)(98.2)%
Earnings from unconsolidated affiliates651 1,419 (768)(54.1)%
Operating income44,762 22,829 21,933 96.1 %
Interest income2,142 1,984 158 8.0 %
Interest expense, net(9,385)(9,472)87 0.9 %
Other, net(83)(6,201)6,118 98.7 %
Total other income (expense), net(7,326)(13,689)6,363 46.5 %
Income before income taxes37,436 9,140 28,296 nm
Income tax expense(9,245)(2,508)(6,737)nm
Net income28,191 6,632 21,559 nm
Net income attributable to noncontrolling interests(34)(27)(7)(25.9)%
Net income attributable to Bristow Group Inc.$28,157 $6,605 $21,552 nm
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Revenues by Service Line. The table below sets forth the operating revenues earned by service line for the applicable periods (in thousands):
Three Months EndedFavorable
(Unfavorable)
June 30,
2024		March 31,
2024
Offshore energy services:
Europe$99,741 $99,530 $211 0.2 %
Americas97,752 88,515 9,237 10.4 %
Africa40,998 32,653 8,345 25.6 %
Total offshore energy services$238,491 $220,698 $17,793 8.1 %
Government services79,476 82,108 (2,632)(3.2)%
Fixed wing services31,987 23,708 8,279 34.9 %
Other services2,540 2,842 (302)(10.6)%
$352,494 $329,356 $23,138 7.0 %
Current Quarter compared to Preceding Quarter
Operating revenues. Operating revenues were $23.1 million higher in the Current Quarter compared to the Preceding Quarter.
Operating revenues from offshore energy services were $17.8 million higher in the Current Quarter.
Operating revenues from offshore energy services in the Americas were $9.2 million higher in the Current Quarter primarily due to higher utilization and higher revenues of $2.9 million from Cougar Helicopters Inc. (“Cougar”), which transitioned from cash basis recognition to an accrual basis of accounting for lease payments in the Current Quarter.
Operating revenues from offshore energy services in Africa were $8.3 million higher in the Current Quarter primarily due to higher utilization and increased rates.
Operating revenues from offshore energy services in Europe were $0.2 million higher in the Current Quarter. Revenues in Norway were $2.0 million higher primarily due to higher utilization, partially offset by the weakening of the Norwegian krone (“NOK”) relative to the U.S. dollar. Revenues in the UK were $1.8 million lower primarily due to lower utilization and lower maintenance services revenues.
Operating revenues from government services were $2.6 million lower in the Current Quarter primarily due to a change in monthly standing charge (“MSC”) rates and penalties related to lower availability.
Operating revenues from fixed wing services were $8.3 million higher in the Current Quarter primarily due to higher utilization and increased rates.
Operating expenses. Operating expenses were $0.9 million lower than the Preceding Quarter. Operating personnel salaries were $6.3 million lower primarily due to seasonal personnel cost variations in Norway and an adjustment for tax equalization in Suriname. Leased-in equipment costs were $0.8 million lower primarily due to the termination of an aircraft lease in Norway. Insurance costs were $0.4 million lower in the Current Quarter. These decreases were partially offset by higher repairs and maintenance costs of $3.4 million related to higher power-by-the-hour (“PBH”) expenses from increased flight hours and higher inventory write-offs. Other operating costs were $1.9 million higher primarily due to a reclassification of subcontractor costs. Fuel costs were $1.2 million higher primarily due to increased flight hours.
General and administrative expenses. General and administrative expenses were $1.6 million higher than the Preceding Quarter primarily due to higher professional services fees, partially offset by lower personnel and insurance costs.
Earnings from unconsolidated affiliates. During the Current Quarter, the Company recognized earnings of $0.7 million from unconsolidated affiliates compared to earnings of $1.4 million in the Preceding Quarter.
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Other, net. Other expense, net of $0.1 million in the Current Quarter primarily resulted from foreign exchange losses of $0.7 million, partially offset by government grants to fixed wing services and a favorable interest adjustment to the Company’s pension liability. Other expense, net of $6.2 million in the Preceding Quarter resulted from foreign exchange losses of $6.5 million due to the significant devaluation of the Nigerian Naira (“NGN”).
Three Months EndedFavorable
(Unfavorable)
 June 30,
2024		March 31,
2024
Foreign exchange losses$(749)$(6,499)$5,750 
Pension related income257 220 37 
Other409 78 331 
Other, net$(83)$(6,201)$6,118 
Income tax expense. Income tax expense was $9.2 million in the Current Quarter compared to $2.5 million in the Preceding Quarter primarily due to the earnings mix of the Company’s global operations and changes to deferred tax valuation allowances and deferred tax assets.
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Current Period compared to Prior Year Period
The following table presents our operating results and other statement of operations information for the Current Period and Prior Year Period (in thousands, except percentages):
 Six Months Ended June 30,Favorable
(Unfavorable)
 20242023
Revenues:
Operating revenues$681,850 $604,453 $77,397 12.8 %
Reimbursable revenues14,993 16,952 (1,959)(11.6)%
Total revenues696,843 621,405 75,438 12.1 %