Industry leaders look to the future with
multi-year deal
STRATFORD, Conn. and HOUSTON, April 24,
2025 /PRNewswire/ -- Sikorsky, a Lockheed Martin
company (NYSE: LMT), and Bristow Group Inc. (NYSE: VTOL), the
global leader in innovative and sustainable vertical flight
solutions, today announced a long-term agreement to provide
enhanced support for Bristow's S-92® helicopter
fleet.
This agreement deepens the decades-long collaboration between
the two companies and provides enhanced support for Bristow's more
than 60 S-92 aircraft operating in key markets around the world,
including offshore energy and search and rescue (SAR). The
long-term package extending into the next decade includes
Sikorsky's Total Assurance Program (TAP), which provides Bristow
with continued aftermarket support to operate its S-92 fleet within
a known budget, reducing the risk of unplanned costs.
"We are proud to continue our long-standing relationship with
Bristow, one of the world's leading providers of helicopter
services to the offshore energy industry," said Leon Silva, vice president of Global Commercial
and Military Systems at Sikorsky. "We are committed to providing
exceptional support to our customers and ensuring the continued
success of the S-92 helicopter, which has a lifetime availability
average of over 90% and many aircraft achieve more than 1,500
flight hours per year on average in the demanding offshore energy
industry."
"Bristow is the largest operator of the S-92 globally," said
Stu Stavley, Bristow's Chief
Operating Officer, Offshore Energy Services. "This long-term
support agreement will enable us to maintain our high level of
service to our customers, while also controlling our operational
costs and improving our overall efficiency."
The TAP package includes the following support provisions for
Bristow's global fleet:
- Power-by-the-Hour (PBH) agreement for offshore energy services
and search and rescue helicopters;
- Coverage for over 90 percent of replacement costs for parts
including airframe, drive train, gearboxes, avionics and consumable
parts;
- Enhanced global fleet support with access to Sikorsky's
worldwide network of forward stocking locations (FSL) and field
service representatives (FSR); and
- Access to Sikorsky360 customer portal, providing Bristow with
the ability to place orders, check parts status, access services
and financial information, and view aircraft data.
This agreement reflects Sikorsky's continued commitment to the
commercial market and investment in the S-92 platform, which is
well-positioned to support the increasing demands of deepwater
operations. Sikorsky recently unveiled the S-92 Phase IV main
gearbox featuring an auxiliary lubrication system that
automatically engages in the event of primary oil pressure loss,
eliminating the need for immediate landing and allowing operators
to safely reach their destination. This revolutionary solution has
been validated through more than 800 hours of rigorous testing, and
Federal Aviation Administration (FAA) certification is anticipated
in 2025.
Sikorsky also increased scheduled inspection intervals for the
S-92 helicopter and offered a one-time life extension for specific
main gearbox housings. These enhancements eliminate more than a
full year of downtime caused by inspections and allow operators to
safely keep their aircraft in service and generating revenues
longer. The earned life credit is up to 1,200 hours / 3,600
ground-air-ground cycles, representing an additional 12 to 18
months for an average S-92 offshore oil operator and more than 24
months for others.
For additional information, visit our website:
https://www.lockheedmartin.com/s92
Forward-Looking Statements Disclosure
This press
release contains "forward-looking statements." Forward-looking
statements represent Bristow Group Inc.'s ("Bristow") 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 include statements
regarding the expected benefits of the fleet support and training
agreements disclosed herein. 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. Bristow's actual
results may vary materially from those anticipated in
forward-looking statements. Bristow 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. Bristow disclaims any obligation
or undertaking to provide any updates or revisions to any
forward-looking statement to reflect any change in Bristow'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 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.
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 Bristow's Annual Report on Form 10-K for the year ended
December 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.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving
innovation and advancing scientific discovery. Our all-domain
mission solutions and 21st Century Security vision accelerate the
delivery of transformative technologies to ensure those we serve
always stay ahead of ready. More information at
lockheedmartin.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. Our
aviation services include personnel transportation, search and
rescue ("SAR"), medevac, fixed wing transportation, unmanned
systems and ad-hoc helicopter services. Our business is comprised
of three operating segments: Offshore Energy Services, Government
Services and Other 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 government customers primarily outsource
SAR activities whereby we operate specialized helicopters and
provide highly trained personnel. Our other services include fixed
wing transportation services through a regional airline and
dry-leasing aircraft to third-party operators in support of other
industries and geographic markets.
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 United
Kingdom ("UK") and the United
States ("U.S."). More information at bristowgroup.com.
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SOURCE Bristow Group
