HOUSTON, Jan. 24,
2024 /PRNewswire/ -- Bristow Group Inc. (NYSE:
VTOL) and its subsidiaries announced today that it has entered into
a new twelve-year secured equipment financing for an aggregate
amount up to £55 million with a syndicate of banks led by National
Westminster Bank Plc ("NatWest"). The proceeds from the financing
will be used to support Bristow's capital commitments related to
the 2nd generation UK search and rescue ("UKSAR2G")
contract with the Department for Transport and the Maritime &
Coastguard Agency of the United
Kingdom.
"This new credit facility further strengthens our financial
position and will support a successful transition of operations to
the new UKSAR2G contract", said Chris
Bradshaw, President and Chief Executive Officer of Bristow.
"We would like to thank our banking partners for their support of
Bristow and for helping facilitate our continued growth and
success."
Bristow's obligations will be secured by four new-delivery
AgustaWestland AW139 search and rescue ("SAR") helicopters. The
credit facility has a 15-month availability period and is expected
to fund during 2024, subject to delivery of the new SAR
helicopters. The credit facilities will bear interest at a rate
equal to the Sterling Overnight Index Average plus 2.75% per
annum.
The banking syndicate includes NatWest, Clydesdale Bank PLC
(trading as Virgin Money) and First-Citizens Bank & Trust
Company.
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, 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, 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 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. 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.
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 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 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 SAR contract terms or
otherwise delay service or the receipt of 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 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.
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 nine-month
transition period ended December 31,
2022 (the "Transition Report") and our Quarterly Report on
Form 10-Q for the quarter ended September
30, 2023 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bristow-enters-into-new-long-term-equipment-financing-for-up-to-55-million-302043612.html
SOURCE Bristow Group