HOUSTON, June 20,
2023 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL),
the global leader in innovative and sustainable vertical flight
solutions, today announced financial guidance for 2024 including an
operating revenues range of approximately $1.30-$1.47
billion, an increase of 10% compared to 2023 guidance and an
Adjusted EBITDA range of approximately $190-$220 million,
an increase of 25% compared to 2023 guidance.
Operating
revenues (in USD, millions)
|
2022A
|
2023E
|
2024E
|
Offshore energy
services
|
$780
|
$755 - $830
|
$850 - $970
|
Government
services
|
$283
|
$340 - $355
|
$340 - $365
|
Fixed wing
services
|
$96
|
$95 - $110
|
$95 - $115
|
Other
services
|
$13
|
$10 - $15
|
$10 - $15
|
Total operating
revenues
|
$1,173
|
$1,200 -
$1,310
|
$1,295 -
$1,465
|
Adjusted EBITDA,
excluding asset dispositions and foreign exchange losses
(gains)
|
$137
|
$150 -
$170
|
$190 -
$220
|
Bristow's President and Chief Executive Officer Chris Bradshaw is scheduled to present at the
2023 J.P. Morgan Energy, Power & Renewables Conference on
Wednesday, June 21, 2023, at
4:30 p.m. ET and participate in
investor meetings throughout the day.
The accompanying investor presentation, inclusive of 2024
financial guidance, can be found by clicking this link or on the
investor section of Bristow's website at www.bristowgroup.com.
About Bristow Group
Bristow Group Inc. 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, Guyana, India, Mexico, the
Netherlands, Nigeria,
Norway, Spain, Suriname, Trinidad, the United
Kingdom ("U.K.") and the United
States ("U.S."). To learn more, visit our website at
www.bristowgroup.com.
Forward Looking Statements
This press release contains "forward-looking statements."
Forward-looking statements represent Bristow Group Inc.'s (the
"Company") 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 and, for the avoidance of doubt,
include all statements herein regarding the Company's financial
targets for Calendar Years 2023 and 2024 and operational outlook.
These forward-looking statements include statements regarding
expectations with respect to the Irish Coast Guard Aviation Service
contract and related procurement process. 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 (including the Company's financial
targets for Calendar Years 2023 and 2024 and operational outlook)
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:
public health crises, such as pandemics (including COVID-19) and
epidemics, and any related government policies and actions; any
failure to effectively manage, and receive anticipated returns
from, acquisitions, divestitures, investments, joint ventures and
other portfolio actions; our inability to execute our business
strategy for diversification efforts related to, government
services, offshore wind, and advanced air mobility; 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; 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 that we may impair our long-lived assets and other
assets, including inventory, property and equipment and investments
in unconsolidated affiliates; 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 we may be
unable to re-deploy our aircraft to regions with greater demand;
the possibility of changes in tax and other laws and regulations
and policies, including, without limitation, actions of the
governments that impact oil and gas operations or favor renewable
energy projects; the possibility that we may be unable to dispose
of older aircraft through sales into the aftermarket; general
economic conditions, including the capital and credit markets; the
possibility that portions of our fleet may be grounded for extended
periods of time or indefinitely (including due to severe weather
events); the existence of operating risks inherent in our business,
including the possibility of declining safety performance; the
possibility of political instability, war or acts of terrorism in
any of the countries where we operate; 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., our contracts with the Bureau of
Safety and Environmental Enforcement ("BSEE") or delays in
receiving payments under such contracts; the effectiveness of our
environmental, social and governance initiatives; the impact of
supply chain disruptions and inflation and our ability to recoup
rising costs in the rates we charge to our customers; and our
reliance on a limited number of helicopter manufacturers and
suppliers. 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 Transition Report on Form 10-KT for the year ended
December 31, 2022 (the "Transition
Report") 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 Transition 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.
In addition to financial results calculated in accordance with
U.S. generally accepted accounting principles ("GAAP"), this press
release includes certain non-GAAP measures such as Adjusted EBITDA.
These measures, have limitations, and are provided in addition to,
and not as an alternative for, and should be read in conjunction
with, the information contained in our financial statements
prepared in accordance with GAAP (including the notes), included in
our filings with the SEC and posted on our website.
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