Bristow Group Inc
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-07.
0001525221-24-000061
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking StatementsOverviewFleet InformationCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0001525221-24-000067
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking StatementsOverviewFleet InformationThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 47 previous paragraphs and 44 current paragraphs.
37 unchanged; 5 reworded; 2 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
•labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements;
Current report
(1)Does not include certain aircraft shown in the under construction line in the fleet table. Upon completion of additional configuration, the newly delivered aircraft will appear in the fleet table above when put into service.
Removed paragraphs (5)
Previous report
In June 2024, the Company entered into a long-term equipment financing for an aggregate amount of up to €100.0 million with National Westminster Bank Plc as the original lender and UK Export Finance guaranteeing 80% of the facility (“IRCG Debt”, formerly known as “UKEF Debt”). The financing will be used primarily to support the Company’s acquisition of five new AW189 aircraft to service the Irish Coast Guard (“IRCG”) contract. As of July 31, 2024, the Company had drawn approximately €46.0 million under this facility.
Previous report
In May 2024, the Company released its 2023 Sustainability Report, which underscores its ongoing commitment to responsible growth and sustainable practices, as well as aligning with internationally recognized frameworks and standards to offer stakeholders a transparent view of the Company's efforts. The report highlights the Company’s updates to its materiality assessment, as the Company strives to ensure that its sustainability efforts remain aligned with stakeholder expectations as well as the most relevant areas of potential impact. In 2023, the Company achieved a 50% reduction in Lost Work Cases and a 39% decrease in Total Recordable Incident Rate as compared to the previous year, reaffirming its commitment to safety as its highest operational priority. The Company continues its role in the development and certification of aircraft powered by electric and hybrid propulsion technologies that will create efficiencies and reduce greenhouse gas emissions. Information on our website, including the Company’s 2023 Sustainability Report, is not incorporated by reference into this Quarterly Report on Form 10-Q.
Reworded paragraphs (5)
Previous wording
In the discussions that follow, the terms “Current Quarter” and “Preceding Quarter” refer to the three months ended June 30, 2024 and March 31, 2024, respectively, and “Current Period” and “Prior Year Period” refer to the six months ended June 30, 2024 and 2023, respectively.
Current wording
In the discussions that follow, the terms “Current Quarter” and “Preceding Quarter” refer to the three months ended September 30, 2024 and June 30, 2024, respectively, and “Current Year” and “Prior Year” refer to the nine months ended September 30, 2024 and 2023, respectively.
Previous wording
(1)Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being put into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes seven AW189 heavy helicopters (of which one was delivered and is undergoing additional configuration), six AW139 medium helicopters (of which two were delivered and are undergoing additional configuration) and five H135 light-twin helicopters.
Current wording
(1)Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being put into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes eight AW189 heavy helicopters (of which two were delivered and are undergoing additional configuration), six AW139 medium helicopters (of which three were delivered and are undergoing additional configuration) and five H135 light-twin helicopters.
Previous wording
(2)On order reflects aircraft that the Company has commitments to purchase but construction has not yet begun. Includes five AW189 heavy helicopters and five AW169 light-twin helicopters.
Current wording
(2)On order reflects aircraft that the Company has commitments to purchase but construction has not yet begun. Includes four AW189 heavy helicopters and five AW169 light-twin helicopters.
Previous wording
(3)Options include ten AW189 heavy helicopters and ten H135 light-twin helicopters.
Current wording
(3)Options include 10 AW189 heavy helicopters and 10 H135 light-twin helicopters.
Previous wording
(1)Reflects the average age of helicopters that are owned by the Company.
Current wording
(2)Reflects the average age of helicopters that are owned by the Company.