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SEC Filings

BRISTOW GROUP INC filed this Form DEF 14A on 06/21/2018
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Performance and Pay Highlights in Fiscal Year 2018
Despite the continuing challenges presented by the offshore oil and gas market, we achieved the following significant accomplishments with respect to each goal set for fiscal year 2018 in furtherance of our STRIVE strategy.
Sustain Target Zero Safety Culture
Maintaining safety as the Company’s first priority, while improving safety performance with zero fatalities.
Conducting an Organizational Safety Effectiveness Survey (the “OSES”) and preparing a targeted action plan to address the results of the OSES.
We experienced no fatalities and no Class A or Class B air accidents during fiscal year 2018 and two fewer recordable injuries as compared to fiscal year 2017.
The results of the OSES have been reviewed and communicated to our leadership and all employees, action groups have been formed and local action plans are being developed for implementation during fiscal year 2019.
Train and Develop Our People
Goal: Developing a single global training standard across flight operations and maintenance.
We appointed two global training directors and new maintenance standards directors, and global training is in progress with instructors upholding consistent standards throughout the new training structure.
We drafted a global maintenance, repair and overhaul organization design and schedule that will include consistent standards for procedures and measurement for maintenance events.
Renew Commercial Strategy and Operational Excellence
Achieving cost efficiencies, including reduced corporate G&A expenses to approximately 12% of revenue, while also implementing lean processes and improving productivity.
Achieving revenue growth through contract wins in our primary geographic hubs with a focus on delivering greater efficiencies to our core oil and gas clients.
On a run-rate basis, our corporate G&A expenses were approximately 12% of revenues for fiscal year 2018.
Our operating revenue and adjusted EBITDA for fiscal year 2018 exceeded last year’s by 3.2% and 48.3%, respectively.
We formed an integrated process and approach to bids emphasizing coordination and new tracking tools.
We won a significant majority of our bids submitted since July 2017 with a total contract value of successful bids of over $500 million.
Improve Balance Sheet and Return on Capital
Improving capital structure.
Pursuing original equipment manufacturers (OEM) capital expenditure reduction to improve liquidity and reduce debt.
We repaid in full and terminated each of our senior secured credit agreements and entered into a new secured equipment financing with PK AirFinance S.à r.l., issued 4.50% Convertible Senior Notes due 2023 and issued 8.75% Senior Secured Notes due 2023 that resulted in aggregate proceeds of $723.8 million funded during fiscal year 2018 and liquidity on March 31, 2018 of $380.2 million.
We worked with OEMs to defer approximately $190.0 million of capital expenditures relating to fiscal years 2018 through 2020 into 2020 and beyond.
Value Added Acquisitions and Divestitures
Goal: Utilizing portfolio and fleet optimization.
Consistent with our ongoing process to rationalize and simplify our business and global aircraft fleet, we sold 11 aircraft for proceeds of $48.3 million during fiscal year 2018.

BRISTOW GROUP INC.2018 Proxy Statement – 29