Bristow Group, Inc. · NYSE:VTOL
Bristow — J.P. Morgan Energy, Power & Renewables Conference 2023
31 slides from Bristow's conference presentation, Jun 20, 2023
Slide 1: J.P. Morgan Energy, Power & Renewables Conference
J.P. Morgan Energy, Power & Renewables Conference June 21, 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 As of 3/31/2023 Global Employees 3,217 Total 820 Pilots 821 Mechanics Headquartered in Houston, TX Lines of Services: 4 Offshore Energy Services Government Services Fixed Wing Services Other Services Publicly Traded on
Slide 6: Aircraft and Revenue Mix
6 (1) As of 3/31/2023. See slide 21 for further details (2) Reflects LTM operating revenues by region as of 3/31/2023; see slide 30 for reconciliation (3) Reflects LTM operating revenues by end market as of 3/31/2023; see slide 29 for reconciliation Operating Revenues by Region(2)Aircraft Fleet(1) O
Slide 7: Offshore Energy Services
7 Offshore Energy Services We provide aviation services to a broad base of offshore energy companies 65% 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 8: Government Services
8 Government Services We provide Search and Rescue (SAR), personnel transportation and other aviation services to various government agencies globally 25% Percent of Operating Revenues Government SAR Revenues Structure 85% MSC 15% FHR Over The Past ~18 Months Country/Client Contract Status UKSAR2G/
Slide 9: Significant Presence in Key Regions
9 Significant Presence in Key Regions GLOBAL LEADERSHIP We currently have customers in: PERCENTAGE AND NUMBER OF AIRCRAFT BY REGION(1) 49% Americas 34% Europe 11% Africa 6% Asia Pacific 111 13 24 78 Total Aircraft 226 11 15 28 44 3 2 69 6 2 24 2 11 6 3 Bristow Headquarters Operating Presence Dry Lea
Slide 10: Multi-year Growth in Upstream Offshore Energy Spending
10 $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 11: Strengthening Offshore Market Dynamics
11 Source: Evercore ISI, May 2023 Strengthening Offshore Market Dynamics Worldwide Average Working Floaters Ultra-Deepwater Utilization The ultra-deepwater marketed utilization is at its highest level since May 2015 (more than seven years) Higher day rates are indicative of a tightening offshore equ
Slide 12: Tightening Asset Market in Offshore Helicopters
12 “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 13: A Positive Outlook
13 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 14: Building Momentum Throughout 2023
Q1 Q2 Q3 Q4 4x S92 2x AW139 Contract ended in Guyana on 12/31/22 1x AW139 1x S92 Contracts begin late Q2 in U.S. GOM 6x AW139 Contracts begin in Brazil 1x S92 Contract begins 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 15: Full Year Impacts Expected to Contribute to a Stronger 2024
Full Year Impacts 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 anti
Slide 16: 2nd Generation UKSAR Contract (UKSAR2G)
16 2nd Generation UKSAR Contract (UKSAR2G) An Effective Transition Plan Deploying capital to ensure a successful transition of operations to the new £1.6 billion UKSAR2G contract New contract transitions beginning September 30, 2024, through December 31, 2026 Estimated capital expenditures range of
Slide 17: Bristow Announced as Preferred Bidder on Irish Coast Guard Contract
Bristow Announced as Preferred Bidder on Irish Coast Guard Contract (IRCG) New contract expected to commence on October 1, 2024. Contract term of 10 years + 3-year extension option New contract combines rotary and fixed wing services into fully integrated, innovative solution led by Bristow 17 Signi
Slide 18: Government SAR – A Timeline of Investment & Returns
18 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(1) DCCG NLSAR Falklands Acquisition Retender Contracts (1) Subject to final execution of the contract, Bristow was a
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
Fleet Overview APPENDIX Strong Balance Sheet and Liquidity Position Seasonality Reconciliation of Adjusted EBITDA Adjusted Free Cash Flow Reconciliation Operating Revenues and Flight Hours by Line of Service LTM Operating Revenues by Region ESG Financial Outlook
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: Outlook By Lines of Service
22 Outlook By Lines of Service Please refer to Cautionary Statement Regarding Forward-Looking Statements on slide 3, which discusses risks that could cause actual results to differ materially. (1) As preferred bidder, Bristow entered the final stages of the Irish Department of Transportation's procu
Slide 23: ESG Highlights
23 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 24: Fleet Overview
24 Fleet Overview NUMBER OF AIRCRAFT(1) TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT AVERAGE AGE (YEARS)(2) Heavy Helicopters: S92 38 30 68 13 AW189 17 4 21 7 S61 2 1 3 52 57 35 92 Medium Helicopters: AW139 49 4 53 12 S76 D/C++/C+ 20 — 20 12 AS365 1 — 1 33 70 4 74 Light—Twin Engine Helicopters
Slide 25: Strong Balance Sheet and Liquidity Position
25 Strong Balance Sheet and Liquidity Position (1) Balances reflected as of 3/31/2023 (2) As of 3/31/2023, the ABL facility had $3.2 million in letters of credit drawn against it (3) Principal balance Actual Amount Rate Maturity ($mm, as of 3/31/2023) Cash $ 201 ABL Facility ($85mm)(2) — S+200 bps M
Slide 26: Seasonality
26 Seasonality $294 $299 $304 $293 $0 $200 $400 Jun 2022 Sept 2022 Dec 2022 Mar 2023 $ M ill io n s Operating Revenues Certain of our operations are subject to seasonality: Operations in Nigeria are subject to seasonality as the Harmattan, a dry and dusty trade wind, blows between the end of Decembe
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 ($000s) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 LTM Net income (loss) $ (1,525
Slide 28: Adjusted Free Cash Flow Reconciliation
28 Adjusted Free Cash Flow Reconciliation (1) Other special items include professional services fees that are not related to ongoing business operations and other nonrecurring costs Three Months Ended ($000s) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 LTM Net cash provided by
Slide 29: Operating Revenues and Flight Hours by Line of Service
29 Operating Revenues and Flight Hours by Line of Service Three Months Ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 LTM Operating revenues ($000s) Offshore energy services: Europe $ 85,291 $ 87,321 $ 87,867 $ 90,053 $ 350,532 Americas 70,982 87,164 88,015 84,665 330,826 Af
Slide 30: LTM Operating Revenues by Region
30 LTM Operating Revenues by Region Three Months Ended (in millions) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 LTM Revenues Europe $ 164.4 $ 160.9 $ 153.7 $ 155.4 $ 634.4 Americas 79.1 96.0 97.4 94.3 366.8 Africa 28.4 27.4 25.3 23.3 104.4 Asia Pacific 21.0 20.0 22.9 21.2 85.1
Slide 31: 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 — J.P. Morgan Energy, Power & Renewables Conference 2023 on 6ix