Bristow Group Inc.

Results of Operations for Current Quarter compared to Preceding Quarter

(in thousands, except percentages)

The following table presents our operating results and other statement of operations information for the three months ended March 31, 2025 and December 31, 2024.

Total Revenues by Segment

(in thousands, except percentages)

Flight Hours by Segment

Quarterly Results of Operations

Offshore Energy Services. Revenues from Offshore Energy Services were $0.4 million lower in the Current Quarter compared to the Preceding Quarter. Revenues in Europe were $4.5 million lower primarily due to lower utilization in the UK. Revenues in the Americas were $1.9 million higher primarily due to higher utilization of heavy helicopters in the U.S. Revenues in Africa were $2.2 million higher primarily due to increased aircraft capacity and increased utilization. Operating income was $3.0 million higher in the Current Quarter primarily due to lower operating expenses. Repairs and maintenance expense was $7.1 million lower primarily due to lower power-by-the-hour (“PBH”) expenses of $2.6 million, timing of repairs of $2.4 million and increased vendor credits of $1.5 million. These decreases were partially offset by higher other operating costs of $3.2 million including training costs due to increased activity in the Current Quarter and the absence of a favorable property tax adjustment recognized in the Preceding Quarter.

Government Services. Revenues from Government Services were $3.4 million higher in the Current Quarter primarily due to the commencement of the Irish Coast Guard ("IRCG") contract in late 2024. Operating income was $3.7 million higher in the Current Quarter primarily due to the higher revenues.

Other Services. Revenues from Other Services were $6.0 million lower in the Current Quarter primarily due to lower seasonal utilization in Australia of $4.6 million, unfavorable foreign exchange rate impacts of $0.7 million and lower dry-lease revenues of $0.7 million. Operating income was $4.2 million lower in the Current Quarter due to these lower revenues, partially offset by lower expenses. Fuel costs were $0.6 million lower primarily due to fewer flight hours. Other operating costs were $0.5 million lower primarily due to lower activity.

Corporate. Total operating losses for Corporate were $0.8 million higher than the Preceding Quarter primarily due to increased general and administrative expenses of $0.3 million and increased losses on disposal of assets of $0.5 million. During the Current Quarter, the Company disposed of certain non-aircraft assets, resulting in a net loss of $0.6 million. During the Preceding Quarter, the Company sold three AS350 light single engine helicopters and disposed of two S92 heavy helicopters, one S76C++ medium helicopter, one A109 light-twin helicopter and various other assets, resulting in net losses of $0.1 million.

Other, net.

Other income, net of $11.4 million in the Current Quarter primarily resulted from higher foreign exchange gains. Other expense, net of $6.2 million in the Preceding Quarter primarily resulted from foreign exchange losses of $12.6 million, partially offset by an insurance recovery of $4.5 million and a favorable interest adjustment to the Company’s pension liability of $1.7 million.

Income tax benefit (expense).

Income tax expense was $10.2 million in the Current Quarter compared to an income tax benefit of $13.0 million in the Preceding Quarter. Income tax expense in the Current Quarter was primarily due to the earnings mix of the Company's global operations and deductible business interest expense, partially offset by the recognition of certain deferred tax assets.