Bristow Group, Inc. · NYSE:VTOL
Bristow — Barclays CEO Energy Power Conference 2023
27 slides from Bristow's conference presentation, Sep 6, 2023
Slide 1: Barclays CEO Energy Power Conference
Barclays CEO Energy Power Conference September 6, 2023 Exhibit 99.1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 Cautionary Statement Regarding Forward-Looking Statements This presentation 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
Slide 3: Non-GAAP Financial Measures Reconciliation
3 Non-GAAP Financial Measures Reconciliation In addition to financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP measures including EBITDA, Adjusted EBITDA, Net Debt, Free Cash Flow and Adjusted Free Cash
Slide 4: Safety Note
4 Safety Note Bristow is a founding member of HeliOffshore, an industry association focused on safety, now with over 130 members from all regions of the world Safety is Bristow’s #1 core value and highest operational priority Robust safety management system (SMS) With third-party accreditation resul
Slide 5: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
5 Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Global Employees 3,256 Total 839 Pilots 846 Mechanics Headquartered in Houston, TX Lines of Services: 4 Offshore Energy Services Government Services Fixed Wing Services Other Services Publicly Traded on NYSE (VTOL) Pre
Slide 6: Aircraft and Revenue Mix
6 (1) As of 6/30/2023. See slide 21 for further details (2) Reflects LTM operating revenues by region as of 6/30/2023; see slide 26 for reconciliation (3) Reflects LTM operating revenues by end market as of 6/30/2023; see slide 25 for reconciliation Operating Revenues by Region(2)Aircraft Fleet(1) O
Slide 7: Recent Highlights
7 Recent Highlights The 10-year, approximately €670 million contract expected to commence in October 2024 will provide for day and night-time operations of four helicopter bases and will be a significant addition to Bristow’s Government Services offering. The contract was signed on August 22, 2023.
Slide 8: Offshore Energy Services
8 Offshore Energy Services We provide aviation services to a broad base of offshore energy companies 64% Percent of Operating Revenues O&G Revenues by Type ~20% Drilling Support ~80% Production Support Typical O&G Revenues Structure ~35% FHR ~65% MSC Offshore energy revenues primarily from transport
Slide 9: Multi-year Growth in Upstream Offshore Energy Spending
9 $0 $100 $200 $300 $400 $500 $600 $700 1 9 8 0 1 9 8 1 1 9 8 2 1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7 1 9 8 8 1 9 8 9 1 9 9 0 1 9 9 1 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0
Slide 10: Strengthening Offshore Market Dynamics
10 Source: Evercore ISI, July 2023 Strengthening Offshore Market Dynamics Worldwide Average Working Floaters Ultra-Deepwater Utilization “Assuming all contracted floaters are renewed and no additional retirements, the worldwide fleet is forecasted to grow by 10% over the next 36 months.” 80 100 120
Slide 11: Tightening Asset Market in Offshore Helicopters
11 “Super-medium offshore types are at near-full utilisation, order books for these aircraft are very thin and new orders will take 18 months (at least) to build. Requirements for additional heavy / super-medium aircraft can therefore only be met by use of inactive S92s. The ability to reactivate AO
Slide 12: Government Services
12 Government Services We provide Search and Rescue (SAR), personnel transportation and other aviation services to various government agencies globally 26% Percent of Operating Revenues Government SAR Revenues Structure 85% MSC 15% FHR Over The Past ~18 Months Country/Client Contract Status UKSAR2G/
Slide 13: An Effective Transition Plan
13 An Effective Transition Plan Investing capital to ensure a successful transition of operations to the new £1.6 billion UKSAR2G contract Significant Addition to Bristow’s Government Services Offering The newly awarded 10-year, approximately €670 million contract will provide for day and night-time
Slide 14: Government SAR – A Timeline of Investment & Returns
14 Government SAR – A Timeline of Investment & Returns UKSAR-H Tender Investment Period Base Contract Option Period Cash Yield 2024 2025 2026 2027-2032 2033-20382022 2023 UKSAR2G IRCG DCCG NLSAR Falklands Acquisition Retender Contracts Time
Slide 15: A Positive Outlook
15 A Positive Outlook (1) The outlook projections provided for 2023 and 2024 are based on the Company’s current estimates, using information available at this point in time, and are not a guarantee of future performance. Please refer to Cautionary Statement Regarding Forward-Looking Statements on sl
Slide 16: Building Momentum Throughout 2023
Q1 Q2 Q3 Q4 4x S92 2x AW139 Contract ended in Guyana on 12/31/22 1x S92 Contract began late Q2 in U.S. GOM 6x AW139 Contracts begin in Brazil 1x S92 1x AW139 Contracts begin in U.S. GOM 4x SAR S92 Contract begins in Norway late Q3, full quarter impact in Q4 The first quarter of the calendar year is
Slide 17: Full Year Impact Expected to Contribute to Stronger 2024
Full Year Impact of contracts noted on the previous slide is expected to contribute to a stronger 2024 Attractive Rates new and renewing contracts expected to be at more favorable rates compared to expiring contracts Higher Flight Hours from short-term campaigns and offshore energy exploration antic
Slide 18: ESG Highlights
18 ESG Highlights Environmental Social Governance Calculated our Baseline Scope 1 and 2 Emissions in 2021 and 2022 ISO 140001 certification in our Brazil and U.K. operations, as well as U.S. Corporate Completed Sustainable Aviation Fuel (SAF) flights in the U.K Transitioning towards electric ground
Slide 19: Why Invest in Bristow
19 Why Invest in Bristow Global Leader in Vertical Flight Solutions Significant Recent Wins in Stable, Long-Term, Robust Cash Flow Generating Government Contracts Attractive Growth Opportunities Strong Balance Sheet and Free Cash Flow Profile Improving Market Fundamentals Supporting Positive Multi-
Slide 20: Appendix
APPENDIX Carl Brady, founded Bristow’s parent company, Era Helicopters in 1948. Financial Outlook Fleet Overview Strong Balance Sheet and Liquidity Position Reconciliation of Adjusted EBITDA Operating Revenues and Flight Hours by Line of Service LTM Operating Revenues by Region
Slide 21: A Positive Outlook
21 A Positive Outlook (1) The outlook projections provided for 2023 and 2024 are based on the Company’s current estimates, using information available at this point in time, and are not a guarantee of future performance. Please refer to Cautionary Statement Regarding Forward-Looking Statements on sl
Slide 22: Fleet Overview
22 Fleet Overview NUMBER OF AIRCRAFT(1) TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT AVERAGE AGE (YEARS)(2) Heavy Helicopters: S92 38 29 67 14 AW189 17 4 21 7 S61 2 1 3 52 57 34 91 Medium Helicopters: AW139 49 4 53 12 S76 D/C++ 17 — 17 12 AS365 1 — 1 33 67 4 71 Light—Twin Engine Helicopters: A
Slide 23: Strong Balance Sheet and Liquidity Position
23 Strong Balance Sheet and Liquidity Position (1) Balances reflected as of 6/30/2023 (2) As of 6/30/2023, the ABL facility had $3.2 million in letters of credit drawn against it (3) Principal balance Actual Amount Rate Maturity ($mm, as of 6/30/2023) Cash $ 216 ABL Facility ($85mm)(2) — S+200 bps M
Slide 24: Reconciliation of Adjusted EBITDA
24 Reconciliation of Adjusted EBITDA (2) Other special items include professional services fees that are not related to ongoing business operations and other nonrecurring costs Three Months Ended (1) Special items include the following: June 30, 2023 March 31, 2023 December 31, 2022 September 30, 20
Slide 25: Operating Revenues and Flight Hours by Line of Service
25 Operating Revenues and Flight Hours by Line of Service Three Months Ended June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 LTM Operating revenues ($000s) Offshore energy services: Europe $ 87,331 $ 85,291 $ 87,321 $ 87,867 $ 347,810 Americas 80,884 70,982 87,164 88,015 327,045 Af
Slide 26: LTM Operating Revenues by Region
26 LTM Operating Revenues by Region Three Months Ended (in millions) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 LTM Revenues Europe $ 170.7 $ 164.4 $ 160.9 $ 153.7 $ 649.7 Americas 89.9 79.1 96.0 97.4 362.4 Africa 29.9 28.4 27.4 25.3 111.0 Asia Pacific 21.0 21.0 20.0 22.9 84.9
Slide 27: Contact Us
Contact Us Bristow Group Inc. (NYSE: VTOL) 3151 Briarpark Drive Suite 700 Houston, TX 77042 InvestorRelations@bristowgroup.com www.bristowgroup.com/investors
Bristow Group — Barclays CEO Energy Power Conference 2023 on 6ix