Bristow Group, Inc. · NYSE:VTOL
Bristow — Howard Weil Energy Conference 2012
27 slides from Bristow's conference presentation, Mar 26, 2012
Slide 1: Howard Weil Energy Conference
Exhibit 99.1 Howard Weil Energy Conference Bristow Group Inc. March 26, 2012
Slide 2: Forward-looking statements
Forward-looking statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our future business, operations, capital expenditures, fleet composition, capabilities
Slide 3: Bristow is the leading provider of helicopter transportation services to the global offshore industry
Bristow is the leading provider of helicopter transportation services to the global offshore industry Bristow flies crews and light cargo to production platforms, vessels and rigs • ~20 countries • 550 aircraft • ~3,400 employees • Ticker: BRS $67 • Stock price*: $48.15 • Market cap*: ~$1.8 billion
Slide 4: Industry leading safety record creates marketing and cost advantage
Industry leading safety record creates marketing and cost advantage • Safety is our primary core value 3-year average air accident rates* • Bristow’s ‘Target Zero’ program is now the 2.79 per 100K flight hours leading example emulated industry-wide • Bristow accident rate is less than one fifth the
Slide 5: Bristow's contract and operations structure results in more predictable income with significant operating leverage
Bristow’s contract and operations structure results in a more predictable income with significant operating leverage • Largest share of revenues (>60%) relates to oil and gas production, ensuring stability and growth • Bristow contracts earn 65% of revenue without flying in most markets with a two t
Slide 6: Current market environment
Current market environment • Global spending on E&P is expected to increase 10% to $600 billion in 2012 versus $544 billion in 2011; forecast to top $800 billion by 2015 • The top 20 E&P spenders globally account for nearly 57% of total spending. Of these companies, five of them are our top revenue
Slide 7: Our clients have sharply increased their focus on risk related to contractor capabilities
Our clients have sharply increased their focus on risk related to contractor capabilities, personnel and equipment What clients are saying? • Newer assets will be required • Pursuing highest operational standard and will require that of contractors • Higher levels of inspection required to award con
Slide 8: Bristow's Client Promise: Creating value through differentiation
Bristow’s Client Promise is in response to this client focus: Creating value through differentiation Target Zero accidents, downtime and complaints programs deliver value to operators. More zero-accident flight hours than anyone, more uptime than anyone, and hassle-free service creates confidence in
Slide 9: Understanding our unique investment thesis and commitment to our shareholders for the next 5 years
Understanding our unique investment thesis and commitment to our shareholders for the next 5 years Commitment: Investment: FY 2012 - 2016 FY 2012 - 2016 Our New Balanced and Unique Investment Thesis Prudent and Balance Sheet Management Growth Capital Return 9
Slide 10: Significant and growing operating cash flow
Although this years EPS did not meet our initial expectations, we have significant and growing operating cash flow We generated 68% more operating cash flow through Q3 FY12 compared to the same period last year Net cash provided by operating activities Nine months ended December 31 10
Slide 11: Understanding the capital structure/allocation changes
Understanding the capital structure/allocation changes as part of our unique investment Capex vs • Balance use of operating cash flow + a/c sales with leases Leases for a/c purchases and other capex Capital • Leases used for initially no more than 20-30% of total Bristow LACE Structure • Adjusted De
Slide 12: Understanding Bristow's unique, balanced investment thesis
Understanding Bristow’s unique, balanced investment thesis We will aim to provide a balanced return, but some years we will “hit the gas” depending on price signals Our “Organic Growth Signal” is provided Our “Capital Return Price Signal” is by the commercial markets using outlooks provided by the f
Slide 13: Today's Key Takeaways
Today’s Key Takeaways Target Zero will Premier service provider with excellent secular expansion opportunities remain a top Growth to be executed with care and discipline priority Deepen client relationships with premium market share with the Client Promise premium clients ensures differentiation Ex
Slide 14: Contact Us
Contact Us Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com/investorrelations 14
Slide 15: Appendix
Appendix BEC ERO ACCIDENTS / ZERO DOWNTIME / ZERO COMPLAINTS
Slide 16: Organizational Chart - as of December 31, 2011
Organizational Chart - as of December 31, 2011 Bristow NABU EBU WASBU AUSBU OIBU BRS Academy 15%* 37% 21% 12% 12% 3% U.S. GoM – 80/7 UK –38/4 Nigeria – 48/7 Australia –30/10 Mexico – 16/5 Florida – 54/1 Alaska – 13/3 Louisiana – 15/1 Brazil –10/9 Netherlands – 4/1 U.K. – 2/1 Trinidad – 10/1 Norway –
Slide 17: Aircraft Fleet – Medium and Large
Aircraft Fleet – Medium and Large As of December 31, 2011 Aircraft Medium capacity 12-16 passengers Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters AS332L Super Puma 18 Twin Turbine 30 - 30 - AW189 16 Twin Turbine - - - 6 EC225 25 Twin Turbine 18 - 18 - Mil MI 8 20 Twin Turbine
Slide 18: Aircraft Fleet – Small, Training and Fixed
Aircraft Fleet – Small, Training and Fixed As of December 31, 2011 (continued) Small capacity 4-7 passengers Training capacity 2-6 passengers Next Generation Aircraft Mature Aircraft Models •LACE does not include held for sale, training and fixed wing helicopters 18
Slide 19: Consolidated Fleet Changes and Aircraft Sales for Q3 FY12
Consolidated Fleet Changes and Aircraft Sales for Q3 FY12 Aircraft held for sale by BU Fleet changes EBU WASBU AUSBU OIBU NABU Total Large 3 - 3 - - 6 Medium 2 1 1 3 1 8 Q 1 FY12 Q 2 FY12 Q 3 FY12 YTD Small - 2 - - - 2 Fleet Count Beginning Period 373 372 366 373 Total 5 3 4 3 1 16 Delivered EC225 2
Slide 20: Order and options book as of December 31, 2011
Order and options book as of December 31, 2011 ORDER BOOK* OPTIONS BOOK Helicopter Helicopter # Class Delivery Date Location Contracted # Class Delivery Date Location 1 Large March 2012 EBU 1 of 1 4 Medium June 2012 EBU 1 Large June 2012 OIBU 1 of 1 1 Medium December 2012 OIBU 1 Large June 2012 WASB
Slide 21: Adjusted EBITDAR margin trend
Adjusted EBITDAR margin trend 1) Calculated by taking adjusted EBITDAR divided by operating revenue 2) Adjusted EBITDAR excludes special items and asset dispositions 21
Slide 22: Adjusted EBITDAR reconciliation
Adjusted EBITDAR reconciliation ($ in millions) March 31, 2006 2007 2008 2009 Income from continuing operations $54.5 $72.5 $107.7 $125.5 Income tax expense $14.7 $38.8 $44.5 $50.5 Interest expense $14.7 $10.9 $23.8 $35.1 Gain on disposal of assets ($0.1) ($10.6) ($9.4) ($9.1) Depreciation and amort
Slide 23: Operating margin trend
Operating margin trend Bristow Group Operating Margin Trend Actual 2008 2009 2010 2011 2012 As Reported Full Year Full Year Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 EBU 23.6% 19.3% 17.2% 16.7% 16.1% 18.1% 17.0% 18.0% 18.4% 19.6% 18.8% 18.8% 17.3% 16.8% 15.5% WASBU 17.9% 21.5% 24.9% 29.3% 25.4% 34.7% 2
Slide 24: GAAP reconciliation
GAAP reconciliation Three Months Ended Nine Months Ended December 31, December 31, 2011 2010 2011 2010 (In thousands, except per share amounts) Adjusted EBITDA $ 68,933 $ 64,435 $ 189,132 $ 195,221 Gain (loss) on disposal of assets (2,865) (33) (3,060) 3,582 Special items — 1,200 (24,610) 1,200 Inte
Slide 25: Special items reconciliation
Special items reconciliation Three Months Ended December 31, 2010 Adjusted Diluted Adjusted Earnings Operating Adjusted Adjusted Per Income EBITDA Net Income Share (In thousands, except per share amounts) Power-by-the-hour credit $ 3,500 $ 3,500 $ 2,894 $ 0.08 Retirement of 6 1/8% Senior Notes — ( 2
Slide 26: Leverage Reconciliation
Leverage Reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of December 31, 2011 $ 832.8 $ 1,523.5 $ 2,356.3 35.3% Adjust for: Unfunded Pension Liability 97.2 97.2 NPV of Lease Obligations 165.0 165.0 Guarantees 15.5 15.5 Letters of credit 1.7 1.7 Adju
Slide 27: 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 27