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SEC Filings

8-K
BRISTOW GROUP INC filed this Form 8-K on 11/14/2018
Entire Document
 
EX-99.1

Exhibit 99.1

Explanatory note: This exhibit contains corrections to the GAAP Reconciliations on page 5. Such corrections are consistent with the Company’s presentation to investors dated November 9, 2018, which is available on the Company’s website.

 

LOGO    LOGO

FOR IMMEDIATE RELEASE

BRISTOW GROUP TO COMBINE WITH COLUMBIA HELICOPTERS IN A $560 MILLION TRANSACTION, CREATING A LEADING GLOBAL DIVERSIFIED INDUSTRIAL AVIATION SOLUTIONS COMPANY

 

   

Complementary businesses with shared focus on world-class safety, reliability and client service and solutions;

 

   

Strengthens Bristow’s operational and consolidated financial profile, is accretive to adjusted EBITDA and cash flow, significantly reduces consolidated net leverage and adds substantial contracted revenue;

 

   

Expands and diversifies fleet and addressable market, broadens utilization of combined fleet and AOCs; and drives maintenance repair and overhaul (MRO) savings;

 

   

Conference call November 9, 2018 at 8:00 am Eastern Time

HOUSTON, TXNovember 9, 2018 — Bristow Group Inc. (NYSE: BRS), the leading provider of global industrial aviation services, announced today that it has signed a definitive agreement to combine with privately-held Columbia Helicopters, Inc. (“Columbia”) for $560 million. Columbia will be designated as an unrestricted subsidiary under the Columbia name and air operating certificate (AOC).

Bristow expects the complementary transaction to strengthen the company’s operational and consolidated financial profile by delivering adjusted EBITDA and cash flow accretion; reducing consolidated net leverage; diversifying the combined company’s fleet and customer base; expanding its addressable market, especially in the U.S. government sector; and producing significant incremental revenue opportunities.

Founded in 1957 by Wes Lematta and headquartered in Aurora, Oregon, Columbia is the leader in heavy-lift helicopter operations and trusted expert in maintenance, repair and overhaul services, with global operations servicing end-markets that include defense, firefighting, onshore oil and gas, infrastructure and forestry. For the twelve months ended September 30, 2018, Columbia recorded revenues of approximately $281 million and adjusted EBITDA of approximately $117 million1 2. Columbia’s fleet of operating helicopters is comprised of 21 high return tandem rotor Vertol 107 and Chinook CH-234 / CH-47D; with additional non-operational airframes available for deployment with minimal capital expenditure. Columbia also has full MRO and certification capabilities.

 

1 

A full reconciliation of non-GAAP financial measures is included at the end of this news release.

2 

Historical metrics normalized for the 2017 divestiture of Helifor business line.