BRISTOW GROUP REPORTS SECOND QUARTER 2023 RESULTS

• Total revenues of $319.4 million in Q2 2023 compared to $302.0 million in Q1 2023
• Net loss of $1.6 million, or $0.06 per diluted share, in Q2 2023 compared to net loss of $1.5 million, or $0.05 per diluted share, in Q1 2023
• EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses was $39.0 million in Q2 2023 compared to $28.9 million in Q1 2023
• Announced as the preferred bidder for the €670 million search and rescue contract for the Irish Coast Guard and expect to finalize the contract soon
• Reaffirmed 2023 outlook and issued 2024 financial outlook

HOUSTON, Aug. 2, 2023 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL) today reported net loss attributable to the Company of $1.6 million, or $0.06 per diluted share, for its quarter ended June 30, 2023 (the "Current Quarter") on operating revenues of $311.5 million compared to net loss attributable to the Company of $1.5 million, or $0.05 per diluted share, for the quarter ended March 31, 2023 (the "Preceding Quarter") on operating revenues of $292.9 million.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $12.3 million in the Current Quarter compared to $21.1 million in the Preceding Quarter. EBITDA adjusted to exclude special items, gains or losses on asset dispositions and foreign exchange losses was $39.0 million in the Current Quarter compared to $28.9 million in the Preceding Quarter. The following table provides a reconciliation of net loss to EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or losses on asset dispositions and foreign exchange losses (in thousands, unaudited). See "Non-GAAP Financial Measures" for further information on the use of non-GAAP financial measures used herein.

"The 35% sequential quarter improvement in Adjusted EBITDA, excluding asset dispositions and foreign exchange losses, is evidence of the building momentum for Bristow's business in 2023," said Chris Bradshaw, President and CEO of Bristow Group. "We continue to believe the Company's financial performance in the second half of the year will be significantly higher than the first half of this year, setting up positively for stronger financial results in 2024, as highlighted by our recently issued Adjusted EBITDA guidance of $190 - $220 million for next year."

Sequential Quarter Results

Operating revenues in the Current Quarter were $18.6 million higher compared to the Preceding Quarter. Operating revenues from offshore energy services were $13.6 million higher primarily due to higher utilization and higher lease payments received from Cougar Helicopters Inc. Operating revenues from government services were $5.0 million higher in the Current Quarter primarily due to the strengthening of the British pound sterling ("GBP") relative to the U.S. dollar ("USD") and higher utilization. Operating revenues from fixed wing services were $0.5 million higher in the Current Quarter primarily due to higher utilization. Operating revenues from other services were $0.5 million lower in the Current Quarter primarily due to lower dry-lease revenues.

Operating expenses were $13.9 million higher in the Current Quarter primarily due to higher repairs and maintenance costs, other operating costs, and a non-cash, nonrecurring write-off related to amounts from legacy insurance policies, partially offset by lower fuel costs.

General and administrative expenses were $2.1 million lower primarily due to lower professional services fees.

During the Current Quarter, the Company sold or otherwise disposed of three helicopters and other assets, resulting in a net loss of $3.2 million. During the Preceding Quarter, the Company sold or otherwise disposed of three helicopters and other assets, resulting in a net gain of $3.3 million.

Other expense, net of $13.0 million in the Current Quarter primarily resulted from foreign exchange losses of $13.0 million. Other expense, net of $3.4 million in the Preceding Quarter primarily resulted from foreign exchange losses of $4.1 million, partially offset by a favorable interest adjustment to the Company's pension liability.

Income tax benefit was $9.1 million higher in the Current Quarter primarily due to the earnings mix of the Company's global operations and changes to deferred tax valuation allowances and assets.

Liquidity and Capital Allocation

As of June 30, 2023, the Company had $212.0 million of unrestricted cash and $73.3 million of remaining availability under its amended asset-based revolving credit facility (the "ABL Facility") for total liquidity of $285.3 million. Borrowings under the amended ABL Facility are subject to certain conditions and requirements.

In the Current Quarter, purchases of property and equipment were $12.2 million, of which $2.5 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $3.3 million. In the Preceding Quarter, purchases of property and equipment were $31.5 million, of which $3.0 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $23.4 million. See Adjusted Free Cash Flow Reconciliation for a reconciliation of Adjusted Free Cash Flow.

2023 Outlook (Affirmed) and Recently Issued 2024 Outlook

Please refer to the paragraph entitled "Forward Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow's guidance. The following guidance also contains the non-GAAP financial measure of Adjusted EBITDA. Please read the section entitled "Non-GAAP Financial Measures" for further information.

Select financial targets for the calendar years 2023 and 2024 are as follows (in USD, millions):

Conference Call

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, August 3, 2023, to review the results for the second quarter ended June 30, 2023. The conference call can be accessed using the following link:

Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL2Q23.cfm

Replay

A replay will be available through August 24, 2023 by using the link above. A replay will also be available on the Company's website at www.bristowgroup.com shortly after the call and will be accessible through August 24, 2023. The accompanying investor presentation will be available on August 3, 2023, on Bristow's website at www.bristowgroup.com.

For additional information concerning Bristow, contact Jennifer Whalen at [email protected], (713) 369-4636 or visit Bristow Group's website at https://ir.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, India, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S.

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 and, for the avoidance of doubt, include all statements herein regarding the Company's financial targets for Calendar Year 2023 and 2024 and operational outlook. 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 Year 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; 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 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.