HOUSTON, June 12,
2024 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL)
announced today that Bristow Leasing Limited, a UK subsidiary, has
entered into a new Export Development Guarantee term-loan facility
for an aggregate amount of up to €100 million with National
Westminster Bank Plc ("NatWest") as the original lender and UK
Export Finance guaranteeing 80% of the facility (the "UKEF Debt").
The proceeds from the financing will be used to support Bristow's
capital commitments related to the next generation of search and
rescue ("SAR") operations in Ireland.
UK Export Finance is the UK's export credit agency and provides
the Export Development Guarantee product to support the working
capital and capital expenditure needs of UK exporters that meet
certain criteria.
"The proceeds from the UKEF Debt will enhance our financial
flexibility as Bristow grows its leading government services
business with the new Irish Coast
Guard contract investments," said Chris Bradshaw, Bristow's President and Chief
Executive Officer. "We would like to thank NatWest and UK Export
Finance for their confidence in Bristow and for helping facilitate
our continued success."
Bristow's obligations will be secured by five new-delivery
Leonardo AW189 SAR-configured helicopters. The UKEF Debt has a
two-year availability period followed by a five-year term and is
expected to fund during 2024, subject to delivery of the new
SAR-configured helicopters. The UKEF Debt will bear interest at a
rate equal to the Euro Interbank Offered Rate ("EURIBOR") plus
1.95% per annum.
About Bristow Group
Bristow Group Inc. (the "Company") is the leading global
provider of innovative and sustainable vertical flight solutions.
Bristow primarily provides aviation services to a broad base of
offshore energy companies and government entities. The Company's
aviation services include personnel transportation, search and
rescue "SAR", medevac, fixed-wing transportation, unmanned systems,
and ad hoc helicopter services.
Bristow currently has 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. To learn more,
visit our website at www.bristowgroup.com.
Forward-Looking Statements Disclosure
This press release contains "forward-looking statements."
Forward-looking statements represent the Company's current
expectations or forecasts of future events. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue," or other similar words. These statements are made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, reflect management's current views with respect
to future events and therefore are subject to significant risks and
uncertainties, both known and unknown. The Company's actual results
may vary materially from those anticipated in forward-looking
statements. The Company cautions investors not to place undue
reliance on any forward-looking statements. Forward-looking
statements speak only as of the date of the document in which they
are made. The Company disclaims any obligation or undertaking to
provide any updates or revisions to any forward-looking statement
to reflect any change in the Company's expectations or any change
in events, conditions or circumstances on which the forward-looking
statement is based that occur after the date hereof, except as may
be required by applicable law.
Risks that may affect forward-looking statements include, but
are not necessarily limited to, those relating to: 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;
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 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.
If one or more of the foregoing risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. You should not place undue reliance
on our forward-looking statements because the matters they describe
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond our control. Our
forward-looking statements are based on the information currently
available to us and speak only as of the date hereof. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these matters or how they may affect us. We have
included important factors in the section entitled "Risk Factors"
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2023 and our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024 which we believe over time, could
cause our actual results, performance or achievements to differ
from the anticipated results, performance or achievements that are
expressed or implied by our forward-looking statements. You should
consider all risks and uncertainties disclosed in the Annual Report
and in our filings with the United States Securities and Exchange
Commission (the "SEC"), all of which are accessible on the SEC's
website at www.sec.gov.
Investors
Bristow Group Inc.
Jennifer Whalen
InvestorRelations@bristowgroup.com
Media
Bristow Group Inc.
Adam Morgan
Adam.morgan@bristowgroup.com
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SOURCE Bristow Group