Slide 1: Fourth quarter FY16 earnings presentation
Exhibit 99.1 Fourth quarter FY16 earnings presentation Bristow Group Inc. May 26, 2016
Slide 2: Forward-looking statements
Forward-looking statements Statements contained in this presentation that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding earnings guidance and earn
Slide 3: Executive summary and safety review
Executive summary and safety review
Slide 4: Q4 FY16 operational safety review
Q4 FY16 operational safety review • Heightened focus not only on safety Air Accident Rate (AAR) per 100,000 1 compliance but also safety flight hours (fiscal year) performance in light of FY16 accidents 1.44 2 1.04 Comprehensive external review of operations, maintenance and 0.53 0.53 training in al
Slide 5: Improving liquidity through strong operating cash flow and lower capital spend
Improving liquidity through strong operating cash flow and lower capital spend • Cost reductions and capital Total liquidity efficiency initiatives improve 400 liquidity as market remains $360 difficult 350 • Execution of three AW139 $299 105 300 sale-leasebacks improves liquidity and demonstrates 2
Slide 6: We are in control of our future with improvements to safety and financial strength
We are in control of our future with improvements to safety and financial strength underway • Continued cash flow optimization through capital deferral, prior dividend reduction, and working capital management FY17 action • Execution of successful FY16 cost cutting initiatives that plan continue int
Slide 7: H225 fleet action
H225 fleet action • On Friday April 29, 2016, during a flight returning from an offshore platform in Norway, an accident occurred involving another operator’s H225 • Both the U.K. CAA and the Norway CAA issued safety directives requiring operators to suspend all operations of H225 aircraft, excludin
Slide 8: Successful diversification provides timely revenue and reduces the impact of the oil and gas downturn
Successful diversification provides timely revenue and reduces the impact of the oil and gas downturn Operating revenue by business line • Successful diversification with 2,000 U.K. SAR Fixed wing Oil and gas non-oil and gas revenue up to 1,800 ~24% this year, compared to 3% 1,600 9% ~4% in FY14 2%
Slide 9: FY17 guidance
FY17 guidance FY17 guidance as of March 31, 20161 Revenue ~$205M - $230M G&A expense ~$195M - $215M U.K. SAR 2 EBITDAR ~$95M - $115M Depreciation expense ~$110M - $130M Revenue ~$120M - $135M Rent expense ~$215M - $225M Eastern 2 EBITDAR ~$15M - $20M Interest expense ~$35M - $45M Revenue ~$70M - $85
Slide 10: Addressing challenges to emerge with strength
Addressing challenges to emerge with strength • Primary focus remains on improving safety performance and reinforcing Target Zero programs • Efforts to improve liquidity and financial flexibility have been successful, evidenced by 20% sequential improvement in liquidity and amendment of bank covenan
Slide 11: Operational highlights
Operational highlights
Slide 12: Q4 FY16 highlights
Q4 FY16 highlights Operating revenue Adjusted EBITDAR $500 $140 60% $120 $126 50% $400 $117 $100 40% $300 $80 $87 $87 30% $419 $60 30.2% 29.6% $200 $375 $395 $375 23.1% 23.1% 20% $40 $100 $20 10% $0 $0 0% 12
Slide 13: Europe Caspian
Europe Caspian $250 Operating revenue $200 $207 $207 $192 $179 $150 $100 Norway $50 $0 United Q4 FY15 Q4 FY16 15.3% Q3 FY16 Q4 FY16 Kingdom Adjusted EBITDAR $70 60% Turkmenistan $60 $66 $62 $62 50% $50 $55 Falkland 40% $40 Islands 34.3% 30% $30 30.9% 29.9% 29.9% 20% $20 $10 10% $0 0% 11.5% Q4 FY15 Q
Slide 14: U.K. SAR
U.K. SAR • U.K. SAR ramp-up progressing with two additional bases opened during the quarter, bringing the total to nine of ten operational (including two GAP SAR bases) • Tenth and final base expected to begin operations in Q1 FY18 • Total remaining U.K. SAR capex of ~$165 million (including ~$115 m
Slide 15: Africa
Africa Operating revenue $80 $80 $60 $62 Egypt $40 $47 $47 $20 Nigeria $0 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 Adjusted EBITDAR 60% $40 48.6% 50% $30 40% 29.4% $39 30% $20 14.9% $18 14.9% 20% $10 10% $7 $7 $0 0% Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 15
Slide 16: Americas
Americas Operating revenue $100 $80 $85 $72 $60 $65 $65 $40 Canada $20 $0 United Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 States Adjusted EBITDAR Trinidad $40 100% Guyana $35 $36 80% $30 60% Brazil $20 49.8% 40% 40.8% $16 $16 $10 25.1% 25.1% 20% $0 0% Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 16
Slide 17: Líder update
Líder update Líder adjusted EBITDAR • Petrobras has followed the U.K. / 140 Norway directive and suspended 120 all H225 flights (seven on contract) 100 80 • Líder does not have any H225s in 60 119 111 its fleet 40 71 86 • Minimal calendar year 2016 20 19 0 committed capex helps bolster CY12 CY13 CY1
Slide 18: Asia Pacific
Asia Pacific Operating revenue $80 $60 $69 $67 $58 $58 Russia $40 $20 $0 Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 $25 Adjusted EBITDAR 40% Malaysia $20 30% 29.2% $15 26.6% 24.6% 26.6% 20% Australia $10 $20 $15 $17 $15 10% $5 $0 0% Q4 FY15 Q4 FY16 Q3 FY16 Q4 FY16 18
Slide 19: Appendix
Appendix
Slide 20: Organizational chart - as of March 31, 2016
Organizational chart - as of March 31, 2016 Bristow Europe BRS Academy Africa Americas Asia Pacific Caspian / Other 15% 18% 17% 50% 0%* U.K. – 87 Nigeria – 50 U.S. GoM – 56 Australia – 39 Florida – 48 Norway – 21 Tanzania – 1 Canada – 8 Russia – 7 Nevada – 3 Falklands – 3 Brazil – 6 U.K. – 2 Egypt –
Slide 21: Fleet – as of March 31, 2016
Fleet – as of March 31, 2016 Large capacity 16-25 passengers Type Capacity Engine Cons Unconsl Total Large Helicopters AW189 16 Twin turbine 5 - 5 H225 19 Twin turbine 27 - 27 Mil Mi 8 20 Twin turbine 7 - 7 Sikorsky S-92 19 Twin turbine 76 11 87 115 11 126 LACE 115 Medium capacity 12-15 passengers M
Slide 22: Fleet – as of March 31, 2016 (continued)
Fleet – as of March 31, 2016 (continued) Small capacity 4-7 passengers Type Capacity Engine Cons Unconsl Total Small Helicopters AS 350BB 4 Turbine - 1 1 Bell 206B 4 Turbine 1 2 3 Bell 206 L Series 6 Turbine 5 6 11 Bell 407 6 Turbine 27 - 27 BK-117 7 Twin turbine 2 - 2 H135 6 Twin turbine - 3 3 35 1
Slide 23: Leased aircraft detail
Leased aircraft detail Leased aircraft as of March 31, 2016 Small Medium Large Total Leased LACE Total LACE % Leased Europe Caspian - 5 36 41 39 76 51% Africa - - 3 3 3 19 16% Americas 1 13 5 19 12 40 29% Asia Pacific 2 2 8 12 10 27 35% 1 Total 3 20 52 75 63 162 39% • Of the 113 aircraft currently l
Slide 24: Consolidated fleet changes and aircraft sales
Consolidated fleet changes and aircraft sales Fleet changes Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Fleet Count Beginning 371 365 359 360 Delivered Large 1 1 4 1 Medium 1 - - - # of aircraft Cash Total Delivered 2 1 4 1 sold received* Q1 FY16 9 $ 9.3 Removed Q2 FY16 4 $ 3.0 Sales (6) (4) (1) (1) Q3 FY16 1 $
Slide 25: Held for sale and leased fleet by region
Held for sale and leased fleet by region Held for sale aircraft in consolidated fleet Small Medium Large Training Fixed wing Total Europe Caspian - 1 - - - 1 Africa 5 4 - - 1 10 Americas 4 7 - - - 11 Asia Pacific - - - - - - Academy - - - - - - Total 9 12 - - 1 22 Leased aircraft in consolidated fle
Slide 26: Operating revenue, LACE and LACE rate by region
Operating revenue, LACE and LACE rate by region 180 LACE LACE Rate ($ in millions) $12 $9.34 $9.33 $10 Operating revenue, LACE, and LACE rate by region $8.85 $8.35 as of March 31, 2016 170 $7.89 1 2,3,4 FY16 op revenue LACE LACE Rate $8 Europe Caspian $699 76 $9.26 160 $6 Africa 249 19 12.95 America
Slide 27: Historical LACE by region
Historical LACE by region LACE FY13 FY14 FY15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Europe Caspian 48 46 52 56 58 60 60 57 62 68 70 72 Africa 23 23 21 21 21 22 23 24 24 24 22 21 Americas 48 46 53 52 51 48 48 47 47 45 46 45 Asia Pacific 29 28 28 30 30 30 34 30 31 29 31 29 Consolidated 147 142 154 158 1
Slide 28: Historical LACE rate by region
Historical LACE rate by region LACE Rate1,2 FY13 FY14 FY15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Europe Caspian $10.49 $10.94 $9.69 $9.10 $9.59 $9.92 $10.27 $10.82 $10.55 $9.74 $9.37 $8.95 Africa 11.54 11.70 13.06 13.28 14.26 13.95 13.25 13.34 14.10 14.11 15.86 15.81 Americas 6.10 6.38 5.82 6.06 6.37
Slide 29: Order and options book as of March 31, 2016
Order and options book as of March 31, 2016 ORDER BOOK OPTIONS BOOK Helicopter Helicopter # Class Delivery Date Location # Class Delivery Date 6 Medium September-16 Africa 1 Large June-17 4 Medium December-16 Africa 2 Large September-17 2 Large June-17 TBD 1 Medium September-17 1 Large June-17 Europ
Slide 30: Bristow Value Added (BVA)
Bristow Value Added (BVA) 75 15% 65 55 13.2% 12.8% 12.5% 12.5% 45 11.6% 10% 35 29.3 25 18.5 19.2 15 9.7 5% 5 (6.9) (5) Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 (15) 0% BVA is computed by subtracting a capital charge (10.5%) for the use of gross invested capital from after tax operating cash flow. GCF
Slide 31: Net asset FMV
Net asset FMV Book value of equity per share $90 Average stock price Net asset FMV per share excl leases $80 $70 $60 $50 51.07 42.49 $40 $30 $20 18.46 $10 NOTE: The gray shaded area represents the range of FMV with and without the impact of leased aircraft (upper range includes leased aircraft and r
Slide 32: Net asset FMV reconciliation as of March 31, 2016
Net asset FMV reconciliation as of March 31, 2016 March 31, 2016 (in millions) Including leases Excluding leases (+) FMV of aircraft $2,132 $2,132 (+) FMV of leased aircraft 1,704 - (+) NBV of PPE without aircraft 623 623 (+) Working capital 200 200 (-) LT debt (1,078) (1,078) (-) Leased imputed deb
Slide 33: Adjusted EBITDAR margin trend by region
Adjusted EBITDAR margin trend by region FY13 FY14 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Europe Caspian 32.0% 34.4% 39.2% 35.8% 35.4% 30.4% 35.3% 35.6% 37.8% 35.0% Africa 31.5% 26.5% 35.0% 32.0% 31.4% 34.1% 30.1% 31.7% 36.6% 33.3% Americas 28.5% 28.3% 38.0% 40.0% 33.9% 42.5% 35.7% 37.4% 38.4% 3
Slide 34: Adjusted EBITDAR reconciliation
Adjusted EBITDAR reconciliation Fiscal year ended, 3/31/2013 3/31/2014 ($ in millions) Q1 Q2 Q3 Q4 FY13 Q1 Q2 Q3 Q4 FY14 Net income $ 24 $ 30 $ 37 $ 40 $ 132 $ 27 $ 110 $ 19 $ 32 $ 188 Income tax expense 6 8 8 13 35 8 41 3 6 57 Interest expense 9 9 15 10 42 20 9 7 8 45 Gain on disposal of assets 5 1
Slide 35: Bristow Value Added (BVA) sample calculation
Bristow Value Added (BVA) Sample calculation for Q4 FY16 and Q4 FY15 Bristow Value Added = Gross Cash Flow – (Gross Operating Assets X Capital Charge) 2 BVA = GCF – (GOA x 10.5% ) Bristow Value Added calculation for Q4 FY16 1 2 $(6.9) = $92.8 – ($3,799* x 2.625% ) (in millions) Bristow Value Added c
Slide 36: Líder Bristow Value Added (BVA)
Líder Bristow Value Added (BVA) Sample calculation for Q4 FY16 and Q4 FY15 Bristow Value Added = Gross Cash Flow – (Gross Operating Assets X Capital Charge) 2 BVA = GCF – (GOA x 10.5% ) Bristow Value Added calculation for Q4 FY16 1 2 $(0.3) = $4.5 – ($181* x 2.625% ) Bristow Value Added calculation
Slide 37: Líder's adjusted EBITDAR reconciliation
Líder's adjusted EBITDAR reconciliation ($ in millions) Q1 CY15 Q2 CY15 Q3 CY15 Q4 CY15 Q1 CY16 Gross revenue $80 $83 $74 $63 $62 (-) Revenue deductions (5) (5) (5) (4) (3) Net operating revenue 76 78 69 59 59 (-) Cost of products and services (56) (59) (52) (46) (46) Gross profit 19 19 17 13 13 (-)
Slide 38: GAAP reconciliation
GAAP reconciliation Three months ended 12 months ended March 31, March 31, 2016 2015 2016 2015 (In thousands, except per share amounts) Adjusted EBITDAR $86,645 $126,330 $417,363 $473,824 Gain (loss) on disposal of assets (6,837) (10,255) (30,693) (35,849) Special items1 (33,311) (925) (82,063) (17,
Slide 39: Bank financial covenants
Bank financial covenants Senior secured leverage ratio Current ratio $ in millions March 31, 2016 $ in millions March 31, 2016 Term loan $336 Total current assets $593 Term loan credit facility 200 Less: assets HFS (44) Revolving credit facility 144 Revolver availability less $25M 230 Covenant PV of
Slide 40: Total leverage reconciliation
Total leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of March 31, 2016 $ 1,140.9 $ 1,503.3 $ 2,644.2 43.1% Adjust for: Unfunded pension liability 70.1 70.1 NPV of lease obligations @ 6% 578.3 578.3 Letters of credit 11.7 11.7 Adjusted $ 1,
Slide 41: Líder leverage reconciliation
Líder leverage reconciliation (in millions) Mar-15 Mar-16 Total book debt $ 300 $ 265 NPV of leases 41 62 Total adjusted debt 341 327 TTM adjusted EBITDAR $ 104 $ 83 Adjusted debt / TTM adj. EBITDAR 3.3x 4.0x 41
Slide 42: Capital expenditures
Capital expenditures During fiscal years 2016, 2015 and2014, we made capital expenditures as follows: Fiscal Year Ended March 31, 2016 2015 2014 Number of aircraft delivered Medium. 1 6 8 Large 3 10 1 SAR aucraft 4 $ 2 NC IRE OY so se sseromreeeSeioerasncierseioomesaeior $ 21 21 Capital expenditures
Slide 43: Aircraft capital commitments and options
Aircraft capital commitments and options 43
Slide 44: Total commitments
Total commitments The following table summarizes our significant contractual obligations and other commercial commitments on an undiscounted basis as of March 31, 2016 and the future periods in which such obligations are expected to be settled in cash. In addition, the table reflects the timing of p
Slide 45: Total commitments (2)
Total commitments (2 {2 Excludes unamortized discount of $0.3 millionon the TermLoan. Interest payments for variable intarest debt are based on interest rates as of March 31,2016. Represents separate opersting leases for aircraft, During fiscal year 2016, we entered into five newsircraft operating l
Slide 46: Contact us
Contact us Bristow Group Inc. (NYSE: BRS) th 2103 City West Blvd., 4 Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com 46