Bristow Group, Inc. · NYSE:VTOL
Bristow — Deutsche Bank 31st Annual Leveraged Finance Conference 2023
30 slides from Bristow's conference presentation, Oct 3, 2023
Slide 1: Deutsche Bank 31st Annual Leveraged Finance Conference
Deutsche Bank 31st Annual Leveraged Finance Conference October 3, 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 25 for further details (2) Reflects LTM operating revenues by region as of 6/30/2023; see slide 29 for reconciliation (3) Reflects LTM operating revenues by end market as of 6/30/2023; see slide 28 for reconciliation Operating Revenues by Region(2)Aircraft Fleet(1) O
Slide 7: Significant Presence in Key Regions
7 Significant Presence in Key Regions Global Leadership We currently have customers in: • Australia • Brazil • Canada • Chile • Dutch Caribbean • Falkland Islands • India • Ireland(2) • Mexico • The Netherlands • Nigeria • Norway • Spain • Suriname • Trinidad • United Kingdom • United States Total A
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 ~24 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: Asset Overview
15 Asset Overview (1) These represent end markets served by various helicopter asset classes; Bristow does not participate in all of these end markets Cost: $18 – $35mm Common Missions: Oil & Gas, SAR, VIP Cost: $13 – $15mm Common Missions: Oil & Gas, Firefighting, VIP, Forestry, Construction, EMS,
Slide 16: Residual Value Retention
16 Residual Value Retention Illustrative Component Costs Approximate cost of new AW139: $13 - $15 million Rotor Blades, Set of 5 $970k Main Gearbox $1.6mm Engine $1.3mm (x2) Tail Rotor Blades (Set of 4) $230k Full Landing Gear Assembly $230k Tail Gearbox $165k Helicopters have extended economic and
Slide 17: Strong Balance Sheet and Liquidity Position
17 Strong Balance Sheet and Liquidity Position $212.0 million of unrestricted cash and total liquidity of $285.3 million(1) As of June 30, 2023, the availability under the amended ABL facility was $73.3 million(2) Illustrative Annual Debt Maturity Profile(3) $13 $13 $13 $13 $13 $13 $13 $13 $13 $13 $
Slide 18: A Positive Outlook
18 A Positive Outlook (1) The outlook projections provided for 2023 and 2024 are based on estimates and are not a guarantee of future performance. Please refer to Cautionary Statement Regarding Forward-Looking Statements on slide 3, which discusses risks that could cause actual results to differ mat
Slide 19: 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 20: Stronger 2024 Expected
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 21: ESG Highlights
21 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 22: Why Invest in Bristow
22 Why Invest in Bristow Global Leader in Vertical Flight Solutions Significant Recent Wins in Stable, Long-Term, Robust Cash Flow Generating Government Contracts Strong Asset Coverage With Long-Lived Aircraft That Maintain Significant Residual Value Strong Balance Sheet and Free Cash Flow Profile I
Slide 23: Appendix
APPENDIX Carl Brady, founded Bristow’s parent company, Era Helicopters in 1948. Financial Outlook Fleet Overview Reconciliation of Adjusted EBITDA Operating Revenues and Flight Hours by Line of Service LTM Operating Revenues by Region Senior Notes Trading Performance
Slide 24: A Positive Outlook
24 A Positive Outlook (1) The outlook projections provided for 2023 and 2024 are based on estimates and are not a guarantee of future performance. Please refer to Cautionary Statement Regarding Forward-Looking Statements on slide 3, which discusses risks that could cause actual results to differ mat
Slide 25: Fleet Overview
25 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 26: 6.875% Senior Notes Trading Performance
26 6.875% Senior Notes Trading Performance September 26, 2023 Pricing Price $94.00 YTW 8.53% STW 384 Source: FactSet Market data as of September 26, 2023 0% 2% 4% 6% 8% 10% 12% Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 YTW STW
Slide 27: Reconciliation of Adjusted EBITDA
27 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 28: Operating Revenues and Flight Hours by Line of Service
28 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 29: LTM Operating Revenues by Region
29 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 30: 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 — Deutsche Bank 31st Annual Leveraged Finance Conference 2023 on 6ix