Bristow Group, Inc. · NYSE:VTOL
Bristow — J.P. Morgan 2020 Energy, Power & Renewables Conference
18 slides from Bristow's conference presentation, Jun 17, 2020
Slide 1: J.P. Morgan 2020 Energy, Power & Renewables Conference
Exhibit 99.1 J.P. Morgan 2020 Energy, Power & Renewables Conference 1 June 17, 2020
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements.” Forward-looking statements provide information other than historical information and involve risks, contingencies and uncertainties that may impact actual results of operations of the c
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes Era EBITDA (“Era EBITDA”) and Era Adjusted EBITDA (“Era Adjusted EBITDA”) as supplemental measures of Era’s operating performance and Legacy Bristow Adjusted EBITDA (“Bristow Adjusted EBITDA”) as a supplemental measure of Legacy Bristow’s operat
Slide 4: Safety Note
Safety Note • Safety is Bristow’s most important core value and highest operational priority ̶ Bristow and Era have strong cultural alignment with uncompromising commitment to safety • Robust safety management system (SMS) ̶ With third-party accreditation resulting from numerous external audits • Br
Slide 5: Transaction Update
Transaction Update Transaction • The all-stock merger of Bristow Group Inc. and Era Group Inc. closed on June 11, 2020 • Combined company named Bristow Group Inc. Company Info • Headquartered in Houston, Texas • Publicly traded on the New York Stock Exchange (NYSE: VTOL) • CEO: Christopher S. Bradsh
Slide 6: Executive Leadership Team
Executive Leadership Team Chris Bradshaw President and Chief Executive Officer David Stepanek Alan Corbett Crystal Gordon Jennifer Whalen Executive Vice President, SVP, Europe, Africa, Middle East, SVP, Chief Financial Officer SVP, General Counsel Chief Operating Officer Asia and Australia and SAR (
Slide 7: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry (1) • Bristow and Era merged on June 11, 2020 Revenue by End-Market forming a larger, more diverse global industry leader ‒ Focused on offshore oil and gas personnel LTM Other Fixed Wing 2% transportation and search and rescue (SAR) Revenue 6% • Sign
Slide 8: Why Invest in Bristow?
Why Invest in Bristow? Value Creation from End Market Merger Synergies Diversification Diverse and The Global Financial Technologically Leader in Offshore Strength Advanced Fleet Helicopter Transportation Free Cash Flow Generation 8
Slide 9: Global leader in offshore helicopter operations with significant presence in key regions
Global leader in offshore helicopter operations with significant presence in key regions, supplemented by stable government services revenue stream Global Presence(1) Attractive and Complementary Geographic Footprints LatAm and Caribbean Asia Pacific 5% 7% Africa 13% Europe 48% Trinidad North Americ
Slide 10: Enhanced Customer and End-Market Diversification
Enhanced Customer and End-Market Diversification Revenue by End-Market(1) Government Services Revenue Other UK SAR and BSEE contracts provide meaningful Fixed Wing 2% 6% diversification from oil price volatility . In April 2015, Bristow began its UK SAR Government UK SAR operations with a contractua
Slide 11: Fleet Mix Allows Bristow to Optimally Service Customers
Fleet Mix Allows Bristow to Optimally Service Customers Primarily owned fleet, with Bristow Fleet attractive lease rates on the balance of the fleet AW189 6% Complementary model types Fixed Wing 18% 6% create desirable combined Leased S92 company fleet mix, providing more Light Twin 6% 26% effic
Slide 12: Substantial and Highly Achievable Cost Synergies Identified
Substantial and Highly Achievable Cost Synergies Identified G&A Savings Elimination of redundant corporate expenses Realization of operational efficiencies in the U.S. Gulf of Mexico Optimization of aircraft maintenance programs and fleet utilization Fleet Cost Savings Synergies expected to
Slide 13: Attractive Financial Profile
Attractive Financial Profile Legacy Companies Combined Company Bristow Era Bristow w/ PF Synergies(3) (1) Revenue $1.2bn $0.2bn $1.4bn Adj. EBITDA(1) $129mm $37mm $166mm $200mm Adj. EBITDA Margin(1) 11% 16% 12% 14% Total Debt(2) $546mm $162mm $708mm Cash(2) $148mm $119mm $267mm Net Debt(2) $398mm $4
Slide 14: Bristow Capitalization
Bristow Capitalization ($ in mm, as of 6/12/2020) Amount Rate Maturity Bristow has $267MM(1) of cash and total liquidity of $290MM (1) Cash 267 Barclays has committed to a new ABL ($75mm)(2) - L +250bps Apr-23 $5mm LILO tranche that will PK Air Debt 217 L +500bps Jan-25 increase the total ABL si
Slide 15: Appendix
Appendix 15
Slide 16: Fleet Overview
Fleet Overview Owned Leased Total Heavy S92 38 41 79 AW189 17 1 18 H225 3 - 3 Medium AW139 53 8 61 S76 50 - 50 B412 2 - 2 B212 3 - 3 Light B407 19 - 19 AS350 17 - 17 A119 13 - 13 EC135 10 - 10 A109 6 - 6 BO105 2 - 2 Fixed Wing EMB-120ER 6 - 6 E-170LR 1 3 4 SA227 3 - 3 ERJ-135ER - 2 2 Caravan 208 1 -
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Three Months Ended Year ended 6/30/2019 9/30/2019 12/31/2019 3/31/2020 LTM Bristow Adjusted EBITDA Reconciliation ($000s) 3/31/2020 Era Adjusted EBITDA Reconciliation ($000s) Net loss (697,130) Net income (loss) 4,874 (2,059) (811) (7,289) (5,285) Loss o
Slide 18: Bristow Merged into a Subsidiary of Era Reverse Triangular Merger
Bristow Merged into a Subsidiary of Era Reverse Triangular Merger 18
Bristow Group — J.P. Morgan 2020 Energy, Power & Renewables Conference on 6ix