Bristow (VTOL) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35701
Entity Registrant Name	Bristow Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1455213
Entity Address, Address Line One	3151 Briarpark Drive, Suite 700
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	713
Local Phone Number	267-7600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	VTOL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		28,628,000
Entity Central Index Key	0001525221
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 365,122	$ 338,090	$ 1,061,965	$ 959,495
Costs and expenses:
General and administrative expenses	42,898	46,256	131,178	137,602
Merger and integration costs	0	738	0	1,854
Depreciation and amortization expense	17,569	17,862	51,586	53,599
Total costs and expenses	331,986	313,374	962,971	925,627
Gains (losses) on disposal of assets	(626)	1,179	(963)	1,271
Earnings from unconsolidated affiliates	703	3,722	2,773	6,038
Operating income	33,213	29,617	100,804	41,177
Interest income	2,526	2,532	6,652	5,188
Interest expense, net	(9,660)	(10,008)	(28,517)	(30,143)
Reorganization items, net	0	(3)	0	(86)
Other, net	10,592	4,844	4,308	(11,619)
Total other income (expense), net	3,458	(2,635)	(17,557)	(36,660)
Income before income taxes	36,671	26,982	83,247	4,517
Income tax expense	(8,392)	(22,637)	(20,145)	(3,334)
Net income	28,279	4,345	63,102	1,183
Net income attributable to noncontrolling interests	(37)	(28)	(98)	(25)
Net income attributable to Bristow Group Inc.	$ 28,242	$ 4,317	$ 63,004	$ 1,158
Earnings per common share:
Basic (in dollars per share)	$ 0.99	$ 0.15	$ 2.21	$ 0.04
Diluted (in dollars per share)	$ 0.95	$ 0.15	$ 2.14	$ 0.04
Weighted average shares of common stock outstanding:
Basic (in shares)	28,620	28,217	28,477	28,088
Diluted (in shares)	29,719	28,959	29,475	28,742
Total operating revenues
Revenues:
Total revenues	$ 356,426	$ 330,252	$ 1,038,276	$ 934,705
Costs and expenses:
Operating expenses	262,692	240,682	756,477	708,065
Reimbursable revenues
Revenues:
Total revenues	8,696	7,838	23,689	24,790
Costs and expenses:
Operating expenses	$ 8,827	$ 7,836	$ 23,730	$ 24,507

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 28,279	$ 4,345	$ 63,102	$ 1,183
Other comprehensive income (loss):
Currency translation adjustments	19,201	(23,784)	9,818	2,598
Pension liability adjustment	(2,112)	1,697	(1,809)	(572)
Unrealized gains (losses) on cash flow hedges, net	650	(3,864)	(3,248)	(4,984)
Total other comprehensive income (loss), net of tax	17,739	(25,951)	4,761	(2,958)
Total comprehensive income (loss)	46,018	(21,606)	67,863	(1,775)
Net comprehensive income attributable to noncontrolling interests	(37)	(28)	(98)	(25)
Total comprehensive income (loss) attributable to Bristow Group Inc.	$ 45,981	$ (21,634)	$ 67,765	$ (1,800)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 200,349	$ 180,265
Restricted cash	8,232	3,397
Accounts receivable, net of allowance of $48 and $77, respectively	233,563	234,620
Inventories	111,380	99,863
Prepaid expenses and other current assets	40,843	45,438
Total current assets	594,367	563,583
Property and equipment, net of accumulated depreciation of $272,092 and $232,107, respectively	1,048,517	927,766
Investment in unconsolidated affiliates	20,830	19,890
Right-of-use assets	279,319	287,939
Other assets	145,276	138,100
Total assets	2,088,309	1,937,278
Current liabilities:
Accounts payable	92,883	87,885
Accrued wages, benefits and related taxes	48,951	52,685
Income taxes payable and other accrued taxes	22,503	8,176
Deferred revenues	19,976	20,334
Accrued maintenance and repairs	23,160	24,545
Current portion of operating lease liabilities	78,134	75,288
Accrued interest and other accrued liabilities	21,713	27,629
Current maturities of long-term debt	16,860	13,247
Total current liabilities	324,180	309,789
Long-term debt, less current maturities	612,206	534,823
Other liabilities and deferred credits	14,800	11,820
Deferred taxes	38,012	42,710
Long-term operating lease liabilities	200,351	214,957
Total liabilities	1,189,549	1,114,099
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value, 110,000 authorized; 28,628 and 28,310 outstanding, respectively	315	311
Additional paid-in capital	737,541	725,773
Retained earnings	280,972	217,968
Treasury stock, at cost; 2,692 and 2,566 shares, respectively	(69,776)	(65,722)
Accumulated other comprehensive loss	(49,882)	(54,643)
Total Bristow Group Inc. stockholders’ equity	899,170	823,687
Noncontrolling interests	(410)	(508)
Total stockholders’ equity	898,760	823,179
Total liabilities and stockholders’ equity	$ 2,088,309	$ 1,937,278

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 48	$ 77
Accumulated depreciation	$ (272,092)	$ (232,107)
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	110,000,000	110,000,000
Common stock, shares outstanding (in shares)	28,628,000	28,310,000
Treasury stock (in shares)	2,692,000	2,566,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 786,939	$ 306	$ 709,319	$ 224,748	$ (63,009)	$ (84,057)	$ (368)
Beginning balance (in shares) at Dec. 31, 2022		28,009,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	3,311		3,311
Share repurchases (in shares)		(1,000)
Share repurchases	(385)				(385)
Net income (loss)	(1,525)			(1,522)			(3)
Other comprehensive income (loss)	10,127					10,127
Ending balance at Mar. 31, 2023	798,467	$ 306	712,630	223,226	(63,394)	(73,930)	(371)
Ending balance (in shares) at Mar. 31, 2023		28,008,000
Beginning balance at Dec. 31, 2022	786,939	$ 306	709,319	224,748	(63,009)	(84,057)	(368)
Beginning balance (in shares) at Dec. 31, 2022		28,009,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(2,958)
Ending balance at Sep. 30, 2023	795,198	$ 306	722,066	225,906	(65,722)	(87,015)	(343)
Ending balance (in shares) at Sep. 30, 2023		28,246,000
Beginning balance at Mar. 31, 2023	798,467	$ 306	712,630	223,226	(63,394)	(73,930)	(371)
Beginning balance (in shares) at Mar. 31, 2023		28,008,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	5,232		5,232
Share award amortization (in shares)		239,000
Share repurchases (in shares)		(71,000)
Share repurchases	(1,974)				(1,974)
Net income (loss)	(1,637)			(1,637)
Other comprehensive income (loss)	12,866					12,866
Ending balance at Jun. 30, 2023	812,954	$ 306	717,862	221,589	(65,368)	(61,064)	(371)
Ending balance (in shares) at Jun. 30, 2023		28,176,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	4,204		4,204
Share award amortization (in shares)		83,000
Share repurchases (in shares)		(13,000)
Share repurchases	(354)				(354)
Net income (loss)	4,345			4,317			28
Other comprehensive income (loss)	(25,951)					(25,951)
Ending balance at Sep. 30, 2023	795,198	$ 306	722,066	225,906	(65,722)	(87,015)	(343)
Ending balance (in shares) at Sep. 30, 2023		28,246,000
Beginning balance at Dec. 31, 2023	$ 823,179	$ 311	725,773	217,968	(65,722)	(54,643)	(508)
Beginning balance (in shares) at Dec. 31, 2023	28,310,000	28,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	$ 3,520	$ 1	3,519
Share award amortization (in shares)		117,000
Share repurchases (in shares)		(40,000)
Share repurchases	(1,016)				(1,016)
Net income (loss)	6,632			6,605			27
Other comprehensive income (loss)	(12,105)					(12,105)
Ending balance at Mar. 31, 2024	820,210	$ 312	729,292	224,573	(66,738)	(66,748)	(481)
Ending balance (in shares) at Mar. 31, 2024		28,387,000
Beginning balance at Dec. 31, 2023	$ 823,179	$ 311	725,773	217,968	(65,722)	(54,643)	(508)
Beginning balance (in shares) at Dec. 31, 2023	28,310,000	28,310,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	$ 4,761
Ending balance at Sep. 30, 2024	$ 898,760	$ 315	737,541	280,972	(69,776)	(49,882)	(410)
Ending balance (in shares) at Sep. 30, 2024	28,628,000	28,628,000
Beginning balance at Mar. 31, 2024	$ 820,210	$ 312	729,292	224,573	(66,738)	(66,748)	(481)
Beginning balance (in shares) at Mar. 31, 2024		28,387,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	4,051	$ 3	4,048
Share award amortization (in shares)		313,000
Share repurchases (in shares)		(83,000)
Share repurchases	(2,910)				(2,910)
Net income (loss)	28,191			28,157			34
Other comprehensive income (loss)	(873)					(873)
Ending balance at Jun. 30, 2024	848,669	$ 315	733,340	252,730	(69,648)	(67,621)	(447)
Ending balance (in shares) at Jun. 30, 2024		28,617,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	4,201		4,201
Share award amortization (in shares)		15,000
Share repurchases (in shares)		(4,000)
Share repurchases	(128)				(128)
Net income (loss)	28,279			28,242			37
Other comprehensive income (loss)	17,739					17,739
Ending balance at Sep. 30, 2024	$ 898,760	$ 315	$ 737,541	$ 280,972	$ (69,776)	$ (49,882)	$ (410)
Ending balance (in shares) at Sep. 30, 2024	28,628,000	28,628,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 63,102	$ 1,183
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization expense	62,761	64,850
Losses (gains) on disposal of assets	963	(1,271)
Earnings from unconsolidated affiliates, net of dividends received	(2,398)	(5,701)
Deferred income taxes	(4,586)	(36,398)
Stock-based compensation expense	11,768	12,747
Amortization of deferred financing fees	2,274	2,111
Amortization of deferred contract costs	2,533	0
Discount amortization on long-term debt	0	473
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(2,195)	(14,435)
Inventory, prepaid expenses and other assets	(32,096)	(34,063)
Accounts payable, accrued expenses and other liabilities	24,240	52,040
Net cash provided by operating activities	126,366	41,536
Cash flows from investing activities:
Capital expenditures	(171,903)	(62,137)
Proceeds from asset dispositions	4,461	34,094
Net cash used in investing activities	(167,442)	(28,043)
Cash flows from financing activities:
Proceeds from borrowings	82,309	169,508
Debt issuance costs	(3,525)	(2,714)
Repayments of debt	(11,467)	(138,735)
Purchase of treasury stock	(4,054)	(2,713)
Net cash provided by financing activities	63,263	25,346
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,732	7,214
Net increase in cash, cash equivalents and restricted cash	24,919	46,053
Cash, cash equivalents and restricted cash at beginning of period	183,662	163,683
Cash, cash equivalents and restricted cash at end of period	208,581	209,736
Cash paid during the period for:
Interest	38,369	36,185
Income taxes, net	$ 16,093	$ 9,551

BASIS OF PRESENTATION, CONSOLID

BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three and nine months ended September 30, 2024 and 2023, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Summary of Significant Accounting Policies and Other Accounting Considerations Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. Reclassification — Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation. Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders’ equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year. Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or results of operations. In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU applies to all public entities that are required to report segment information in accordance with Topic 280

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2024
Revenue Recognition [Abstract]
REVENUES	REVENUES The Company’s customers are primarily major integrated, national and independent offshore energy companies and government agencies. The Company derives its revenues primarily from aviation services generated through two types of contracts: helicopter services contracts and fixed wing services contracts. Revenues are generally recognized when the Company satisfies its performance obligations by providing aviation services to its customers in exchange for consideration. The following table sets forth the disaggregation of operating revenues by service line for the applicable periods (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Offshore energy services $ 233,654 $ 212,990 $ 692,843 $ 589,813 Government services 85,229 85,549 246,813 255,203 Fixed wing services 35,543 29,168 91,238 81,535 Other services 2,000 2,545 7,382 8,154 Total operating revenues $ 356,426 $ 330,252 $ 1,038,276 $ 934,705 Reimbursable revenues 8,696 7,838 23,689 24,790 Total revenues $ 365,122 $ 338,090 $ 1,061,965 $ 959,495 As of September 30, 2024, the Company

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company owns a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. The remaining 75% voting interest and 60% economic interest in Cougar are owned by VIH Aviation Group Ltd. (“VIH”). Due to common ownership of Cougar, the Company considers VIH a related party. The Company and VIH lease certain aircraft and facilities and from time to time purchase inventory from one another. During the three months ended September 30, 2024 and 2023, the Company made payments of $1.0 million and $1.1 million to its related parties, respectively, and also generated total revenues of $6.8 million and $11.5 million from its related parties, respectively. During the nine months ended September 30, 2024 and 2023, the Company made payments of $3.2 million and $4.1 million to its related parties, respectively, and also generated total revenues of $24.0 million and $25.3 million from its related parties, respectively. During the nine months ended September 30, 2023, the Company and VIH entered into resale agreements under which one S92 aircraft was sold in exchange for the purchase of another S92 aircraft in a non-monetary transaction. The exchange did not result in a gain or loss being recognized on the Company’s condensed consolidated statement of operations. As of September 30, 2024 and December 31, 2023, accounts receivable from related parties included in accounts receivable on the condensed consolidated balance sheets were $3.1 million and $1.2 million, respectively.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Debt as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, 6.875% Senior Notes $ 395,251 $ 394,184 UKSAR Debt 184,014 153,886 IRCG Debt 49,801 — Total debt 629,066 548,070 Less short-term borrowings and current maturities of long-term debt (16,860) (13,247) Total long-term debt $ 612,206 $ 534,823 6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1 st and September 1 st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, inclusive of any accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest. As of September 30, 2024 and December 31, 2023, the Company had $4.7 million and $5.8 million, respectively, of unamortized deferred financing fees associated with the 6.875% Senior Notes. UKSAR Debt — In January 2023, the Company entered into two thirteen-year secured equipment financings for an aggregate amount of up to £145 million with National Westminster Bank Plc as arranger, agent and security trustee (“UKSAR Debt”, formerly known as “NatWest Debt”). The credit facilities bear interest at a rate equal to the Sterling Overnight Index Average (“SONIA”) plus 2.75% per annum and mature in March 2036, with repayment due in quarterly installments. In January 2024, the Company entered into a long-term equipment financing to upsize the UKSAR Debt by an aggregate amount of up to £55 million. The upsizing is being used to support the Company’s capital commitments related to the Second-Generation UK Search and Rescue (“UKSAR2G”) contract. The credit facility has a 15-month availability period and will continue to fund through 2024, subject to delivery of the new search and rescue (“SAR”) configured helicopters. The credit facility bears interest at a rate equal to SONIA plus 2.75% per annum. Bristow's obligations under the additional UKSAR Debt will be secured by four new Leonardo S.p.A AW139 SAR configured helicopters. As of September 30, 2024, the Company had drawn approximately $32.7 million (£26.1 million) under this facility. During the nine months ended September 30, 2024 and 2023, the Company made principal payments of $11.5 million and $9.7 million, respectively. As of September 30, 2024 and December 31, 2023, the Company had unamortized deferred financing fees, inclusive of amounts related to the upsizing, associated with the UKSAR Debt of $9.8 million and $8.4 million, respectively. IRCG Debt — 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 is being used, among other items, to support the Company’s acquisition of five new AW189 aircraft to fulfill contractual obligations with the Irish Department of Transport to provide SAR services to the Irish Coast Guard (“IRCG”). The credit facility has an availability period of up to two years followed by a five-year term. The IRCG Debt bears interest at a rate equal to the Euro Interbank Offered Rate (“EURIBOR”) plus 1.95% per annum with repayments due in semi-annual installments following the end of the availability period. As of September 30, 2024, the Company had drawn approximately $49.6 million (€46.0 million) and had $1.6 million of unamortized deferred financing fees associated with the IRCG Debt. ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) provides that amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited (“BHL”), Bristow U.S. LLC and Era Helicopters, LLC. As of September 30, 2024, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein. As of September 30, 2024, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the nine months ended September 30, 2024. Letters of credit issued under the ABL Facility in the aggregate face amount of $8.7 million were outstanding as of September 30, 2024.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. The Company’s debt was measured at fair value using Level 2 inputs based on estimated current rates for similar types of arrangements using discounted cash flow analysis. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The carrying and fair values of the Company’s debt were as follows (in thousands): Carrying Level 1 Level 2 Level 3 September 30, 2024 LIABILITIES 6.875% Senior Notes (1) $ 395,251 $ — $ 394,794 $ — UKSAR Debt (2) 184,014 — 190,947 — IRCG Debt (3) 49,801 — 51,198 — $ 629,066 $ — $ 636,939 $ — December 31, 2023 LIABILITIES 6.875% Senior Notes (1) $ 394,184 $ — $ 383,068 $ — UKSAR Debt (2) 153,886 — 162,467 — $ 548,070 $ — $ 545,535 $ — ___________________ (1) As of September 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the 6.875% Senior Notes were $4.7 million and $5.8 million, respectively. (2) As of September 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the UKSAR Debt were $9.8 million and $8.4 million, respectively. (3) As of September 30, 2024, the carrying value of unamortized deferred financing fees related to the IRCG Debt was $1.6 million.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS From time to time, the Company may use derivatives to partially offset its business exposure to foreign currency risks on expected future cash flows. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. The Company does not offset fair value amounts recognized for derivative instruments under master netting arrangements. The derivative agreements do not contain credit-risk-related contingent features. There are no amounts of related financial collateral received or pledged. The Company does not use any of its derivative instruments for speculative or trading purposes. Cash Flow Hedges The Company may use foreign exchange options or forward contracts to hedge a portion of its forecasted foreign currency denominated transactions. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. These foreign exchange hedge contracts, carried at fair value, have maturities of up to approximately 15 months. As of September 30, 2024 and December 31, 2023, total notional amounts of outstanding cash flow hedges were $113.1 million and $254.7 million, respectively. As of September 30, 2024, the estimated net amount of losses expected to be reclassified from accumulated other comprehensive income into earnings within the next 12 months is $1.6 million. For the nine months ended September 30, 2024, there were no net gains or losses recognized in earnings relating to hedges of forecasted transactions that did not occur. The Company’s derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivatives is based on valuation methods which project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves and foreign currency rates. The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 were as follows, presented on a gross basis (in thousands): September 30, 2024 December 31, 2023 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 818 $ 2,688 $ 2,557 $ 1,200

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Fleet — The Company’s unfunded capital commitments as of September 30, 2024 consisted primarily of agreements to purchase helicopters and totaled $289.3 million, payable beginning in 2024. Included in these commitments are orders to purchase ten AW189 heavy helicopters, three AW139 medium helicopters, five AW169 light twin helicopters and five H135 light twin helicopters. The AW189 helicopters are scheduled to be delivered between 2024 and 2026; the AW139 helicopters are scheduled to be delivered in 2024; and the H135 helicopters are scheduled to be delivered between 2024 and 2025. Delivery dates for the AW169 helicopters have yet to be determined. In addition, the Company has outstanding options to purchase up to 10 additional AW189 helicopters and 10 additional H135 helicopters. If these options are exercised, the AW189 helicopters would be scheduled for delivery between 2026 and 2028, and the H135 helicopters would be scheduled for delivery between 2027 and 2028. The Company may, from time to time, purchase aircraft for which it has no orders. The Company may terminate $35.2 million of its unfunded capital commitments without further liability other than aggregate liquidated damages of approximately $1.1 million. General Litigation and Disputes The Company operates in jurisdictions internationally where it is subject to risks that include government action to obtain additional tax revenues. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact the Company’s earnings until such time as a clear court or other ruling exists. The Company operates in jurisdictions currently where amounts may be due to governmental bodies that the Company is not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. The Company believes that payment of amounts in these instances is not probable at this time, but is reasonably possible. In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its condensed consolidated financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs or uninsured losses, if any, would have a material effect on its business, consolidated financial position or results of operations.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES During the three months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $8.4 million, resulting in an effective tax rate of 22.9%, and income tax expense of $22.6 million, resulting in an effective tax rate of 83.9%, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $20.1 million, resulting in an effective tax rate of 24.2%, and income tax expense of $3.3 million, resulting in an effective tax rate of 73.8%, respectively. The effective tax rate during the nine months ended September 30, 2024 was impacted by the Company’s global mix of earnings in the current year, adjustments to valuation allowances against future realization of losses and deductible business interest expense, partially offset by the recognition of certain deferred tax assets. The effective tax rate during the nine months ended September 30, 2023 was impacted by the Company’s global mix of earnings, adjustments to valuation allowances against future realization of deductible business interest expense, partially offset by the recognition of certain deferred tax assets.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The following table shows the changes in balances for accumulated other comprehensive income (loss), net of tax (in thousands): Currency Translation Adjustments Pension Liability Adjustments Unrealized gains (losses) on cash flow hedges Total Balance as of December 31, 2023 $ (21,601) $ (34,941) $ 1,899 $ (54,643) Other comprehensive loss (8,267) — (4,496) (12,763) Reclassified from accumulated other comprehensive loss — 5 625 630 Income tax benefit — — 28 28 Net current period other comprehensive income (loss) (8,267) 5 (3,843) (12,105) Foreign exchange rate impact (316) 316 — — Balance as of March 31, 2024 $ (30,184) $ (34,620) $ (1,944) $ (66,748) Other comprehensive income (loss) (823) — 609 (214) Reclassified from accumulated other comprehensive loss — 5 (677) (672) Income tax benefit — — 13 13 Net current period other comprehensive income (loss) (823) 5 (55) (873) Foreign exchange rate impact 23 (23) — — Balance as of June 30, 2024 $ (30,984) $ (34,638) $ (1,999) $ (67,621) Other comprehensive income 17,084 — 232 17,316 Reclassified from accumulated other comprehensive loss — 5 482 487 Income tax expense — — (64) (64) Net current period other comprehensive income (loss) 17,084 5 650 17,739 Foreign exchange rate impact 2,117 (2,117) — — Balance as of September 30, 2024 $ (11,783) $ (36,750) $ (1,349) $ (49,882)

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share excludes options to purchase common stock and restricted stock units and awards which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Income (loss): Net income attributable to Bristow Group Inc. $ 28,242 $ 4,317 $ 63,004 $ 1,158 Shares of common stock: Weighted average shares of common stock outstanding – basic 28,620 28,217 28,477 28,088 Net effect of dilutive stock 1,099 742 998 654 Weighted average shares of common stock outstanding – diluted (1) 29,719 28,959 29,475 28,742 Earnings per common share - basic $ 0.99 $ 0.15 $ 2.21 $ 0.04 Earnings per common share - diluted $ 0.95 $ 0.15 $ 2.14 $ 0.04 __________________ (1)

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe, the Americas, Africa and Asia Pacific. The Europe region comprises all of the Company’s operations and affiliates in Europe, including the Dutch Caribbean, the Falkland Islands, the Netherlands, Norway and the United Kingdom (“UK”). The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Suriname, Trinidad and the U.S. Gulf of Mexico. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia. The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Region revenues: Europe $ 191,346 $ 184,524 $ 562,222 $ 536,048 Americas 100,150 99,688 302,768 268,847 Africa 45,716 29,933 125,178 88,439 Asia Pacific 27,910 23,945 71,797 66,161 Total region revenues $ 365,122 $ 338,090 $ 1,061,965 $ 959,495 Three Months Ended Nine Months Ended 2024 2023 2024 2023 Consolidated operating income: Europe $ 10,543 $ 16,324 $ 43,713 $ 41,181 Americas 19,301 21,702 64,323 45,222 Africa 18,677 6,780 45,480 17,085 Asia Pacific 4,387 4,854 6,014 10,704 Other (19,069) (21,222) (57,763) (74,286) Gains (losses) on disposal of assets (626) 1,179 (963) 1,271 Total consolidated operating income $ 33,213 $ 29,617 $ 100,804 $ 41,177

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Bristow Group Inc.	$ 28,242	$ 4,317	$ 63,004	$ 1,158

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION, CONSOL_2

BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three and nine months ended September 30, 2024 and 2023, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Basis of Consolidation	Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation.
Reclassification	Reclassification — Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation.
Accounting Estimates	Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders’ equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year.
Recent Accounting Standards	Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or results of operations. In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU applies to all public entities that are required to report segment information in accordance with Topic 280

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue Recognition [Abstract]
Schedule of Disaggregation of Revenue	The following table sets forth the disaggregation of operating revenues by service line for the applicable periods (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Offshore energy services $ 233,654 $ 212,990 $ 692,843 $ 589,813 Government services 85,229 85,549 246,813 255,203 Fixed wing services 35,543 29,168 91,238 81,535 Other services 2,000 2,545 7,382 8,154 Total operating revenues $ 356,426 $ 330,252 $ 1,038,276 $ 934,705 Reimbursable revenues 8,696 7,838 23,689 24,790 Total revenues $ 365,122 $ 338,090 $ 1,061,965 $ 959,495

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands): September 30, December 31, 6.875% Senior Notes $ 395,251 $ 394,184 UKSAR Debt 184,014 153,886 IRCG Debt 49,801 — Total debt 629,066 548,070 Less short-term borrowings and current maturities of long-term debt (16,860) (13,247) Total long-term debt $ 612,206 $ 534,823

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Debt	The carrying and fair values of the Company’s debt were as follows (in thousands): Carrying Level 1 Level 2 Level 3 September 30, 2024 LIABILITIES 6.875% Senior Notes (1) $ 395,251 $ — $ 394,794 $ — UKSAR Debt (2) 184,014 — 190,947 — IRCG Debt (3) 49,801 — 51,198 — $ 629,066 $ — $ 636,939 $ — December 31, 2023 LIABILITIES 6.875% Senior Notes (1) $ 394,184 $ — $ 383,068 $ — UKSAR Debt (2) 153,886 — 162,467 — $ 548,070 $ — $ 545,535 $ — ___________________ (1) As of September 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the 6.875% Senior Notes were $4.7 million and $5.8 million, respectively. (2) As of September 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the UKSAR Debt were $9.8 million and $8.4 million, respectively. (3) As of September 30, 2024, the carrying value of unamortized deferred financing fees related to the IRCG Debt was $1.6 million.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 were as follows, presented on a gross basis (in thousands): September 30, 2024 December 31, 2023 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 818 $ 2,688 $ 2,557 $ 1,200

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table shows the changes in balances for accumulated other comprehensive income (loss), net of tax (in thousands): Currency Translation Adjustments Pension Liability Adjustments Unrealized gains (losses) on cash flow hedges Total Balance as of December 31, 2023 $ (21,601) $ (34,941) $ 1,899 $ (54,643) Other comprehensive loss (8,267) — (4,496) (12,763) Reclassified from accumulated other comprehensive loss — 5 625 630 Income tax benefit — — 28 28 Net current period other comprehensive income (loss) (8,267) 5 (3,843) (12,105) Foreign exchange rate impact (316) 316 — — Balance as of March 31, 2024 $ (30,184) $ (34,620) $ (1,944) $ (66,748) Other comprehensive income (loss) (823) — 609 (214) Reclassified from accumulated other comprehensive loss — 5 (677) (672) Income tax benefit — — 13 13 Net current period other comprehensive income (loss) (823) 5 (55) (873) Foreign exchange rate impact 23 (23) — — Balance as of June 30, 2024 $ (30,984) $ (34,638) $ (1,999) $ (67,621) Other comprehensive income 17,084 — 232 17,316 Reclassified from accumulated other comprehensive loss — 5 482 487 Income tax expense — — (64) (64) Net current period other comprehensive income (loss) 17,084 5 650 17,739 Foreign exchange rate impact 2,117 (2,117) — — Balance as of September 30, 2024 $ (11,783) $ (36,750) $ (1,349) $ (49,882)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Income (loss): Net income attributable to Bristow Group Inc. $ 28,242 $ 4,317 $ 63,004 $ 1,158 Shares of common stock: Weighted average shares of common stock outstanding – basic 28,620 28,217 28,477 28,088 Net effect of dilutive stock 1,099 742 998 654 Weighted average shares of common stock outstanding – diluted (1) 29,719 28,959 29,475 28,742 Earnings per common share - basic $ 0.99 $ 0.15 $ 2.21 $ 0.04 Earnings per common share - diluted $ 0.95 $ 0.15 $ 2.14 $ 0.04 __________________ (1)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue by Segment	The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Region revenues: Europe $ 191,346 $ 184,524 $ 562,222 $ 536,048 Americas 100,150 99,688 302,768 268,847 Africa 45,716 29,933 125,178 88,439 Asia Pacific 27,910 23,945 71,797 66,161 Total region revenues $ 365,122 $ 338,090 $ 1,061,965 $ 959,495
Schedule of Operating Performance and Total Assets by Segment	Three Months Ended Nine Months Ended 2024 2023 2024 2023 Consolidated operating income: Europe $ 10,543 $ 16,324 $ 43,713 $ 41,181 Americas 19,301 21,702 64,323 45,222 Africa 18,677 6,780 45,480 17,085 Asia Pacific 4,387 4,854 6,014 10,704 Other (19,069) (21,222) (57,763) (74,286) Gains (losses) on disposal of assets (626) 1,179 (963) 1,271 Total consolidated operating income $ 33,213 $ 29,617 $ 100,804 $ 41,177

REVENUES - Schedule of Disaggre

REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 365,122	$ 338,090	$ 1,061,965	$ 959,495
Total operating revenues
Disaggregation of Revenue [Line Items]
Total revenues	356,426	330,252	1,038,276	934,705
Offshore energy services
Disaggregation of Revenue [Line Items]
Total revenues	233,654	212,990	692,843	589,813
Government services
Disaggregation of Revenue [Line Items]
Total revenues	85,229	85,549	246,813	255,203
Fixed wing services
Disaggregation of Revenue [Line Items]
Total revenues	35,543	29,168	91,238	81,535
Other services
Disaggregation of Revenue [Line Items]
Total revenues	2,000	2,545	7,382	8,154
Reimbursable revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 8,696	$ 7,838	$ 23,689	$ 24,790

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue Recognition [Abstract]
Deferred revenues	$ 19,976		$ 20,334
Revenue recognized	$ 12,100	$ 9,300

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Total revenues	$ 365,122	$ 338,090	$ 1,061,965	$ 959,495
Accounts receivables	233,563		233,563		$ 234,620
Equity Method Investee
Related Party Transaction [Line Items]
Lease fees	1,000	1,100	3,200	4,100
Total revenues	6,800	$ 11,500	24,000	$ 25,300
Number of aircrafts exchanged | aircraft				1
Related Party
Related Party Transaction [Line Items]
Accounts receivables	$ 3,100		$ 3,100		$ 1,200
Cougar
Related Party Transaction [Line Items]
Voting interest			25%
Economic interest			40%
Cougar | VIH Aviation Group Ltd.
Related Party Transaction [Line Items]
Voting interest			75%
Economic interest			60%

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 28, 2021
Debt Instrument [Line Items]
Long-term debt	$ 629,066	$ 548,070
Less short-term borrowings and current maturities of long-term debt	(16,860)	(13,247)
Total long-term debt	$ 612,206	534,823
6.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.875%
Senior Notes | 6.875% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 395,251	394,184
Stated interest rate	6.875%		6.875%
Secured Debt | UKSAR Debt
Debt Instrument [Line Items]
Long-term debt	$ 184,014	153,886
Secured Debt | IRCG Debt
Debt Instrument [Line Items]
Long-term debt	$ 49,801	$ 0

DEBT - Narrative (Details)

DEBT - Narrative (Details) € in Millions, £ in Millions	1 Months Ended				9 Months Ended
	Jun. 30, 2024 EUR (€) aircraft	Jan. 31, 2024 GBP (£) aircraft	Jan. 31, 2023 GBP (£) loan	Feb. 28, 2021 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
6.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate					6.875%
6.875% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Stated interest rate				6.875%	6.875%
Face amount				$ 400,000,000
Proceeds from issuance of long-term debt				$ 395,000,000
Redemption price				101%
Unamortized debt issuance costs					$ 4,700,000				$ 5,800,000
UKSAR Debt
Debt Instrument [Line Items]
Variable rate		2.75%	2.75%
UKSAR Debt | Secured Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs					9,800,000				$ 8,400,000
Number of agreements | loan			2
Debt term			13 years
Number of helicopters secured | aircraft		4
Principal payment					11,500,000			$ 9,700,000
UKSAR Debt | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		15 months
Maximum borrowing capacity | £		£ 55	£ 145
Proceeds from long-term lines of credit					32,700,000	£ 26.1
IRCG Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs					1,600,000
Variable rate	1.95%
IRCG Debt | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity | €	€ 100
Proceeds from long-term lines of credit					49,600,000		€ 46
Commitment fee percentage	80%
New aircrafts | aircraft	5
IRCG Debt | Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Debt term	2 years
IRCG Debt | Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt term	5 years
ABL Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					85,000,000
Increase limit					120,000,000
Line of credit, outstanding					0
Aggregate face amount outstanding					$ 8,700,000

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 28, 2021
6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	6.875%
IRCG Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 1,600
Senior Notes | 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	6.875%		6.875%
Unamortized debt issuance costs	$ 4,700	$ 5,800
Secured Debt | UKSAR Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	9,800	8,400
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	629,066	548,070
Carrying Amount | Senior Notes | 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	395,251	394,184
Carrying Amount | Secured Debt | UKSAR Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	184,014	153,886
Carrying Amount | Secured Debt | IRCG Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	49,801
Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 1 | Fair Value | Senior Notes | 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 1 | Fair Value | Secured Debt | UKSAR Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 1 | Fair Value | Secured Debt | IRCG Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	636,939	545,535
Level 2 | Fair Value | Senior Notes | 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	394,794	383,068
Level 2 | Fair Value | Secured Debt | UKSAR Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	190,947	162,467
Level 2 | Fair Value | Secured Debt | IRCG Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	51,198
Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 3 | Fair Value | Senior Notes | 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 3 | Fair Value | Secured Debt | UKSAR Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	$ 0
Level 3 | Fair Value | Secured Debt | IRCG Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, maturities	15 months
Notional amount	$ 113.1	$ 254.7
Cash flow hedge loss to be reclassified within next 12 months	$ (1.6)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - Foreign Exchange Forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair Value Asset Derivatives	$ 818	$ 2,557
Fair Value Liability Derivatives	$ 2,688	$ 1,200

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2024 USD ($) helicopter
Aircraft
Other Commitments [Line Items]
Purchase obligations | $	$ 289.3
Purchase commitment, available to cancel | $	35.2
Unrecorded unconditional purchase obligation balance sheet amount related to liquidated damage | $	$ 1.1
AW189 Heavy Helicopters
Other Commitments [Line Items]
Number of helicopters	10
Additional helicopters	10
AW139 Medium Helicopters
Other Commitments [Line Items]
Number of helicopters	3
AW169 Light Twin Helicopters
Other Commitments [Line Items]
Number of helicopters	5
H135 Light Twin Helicopters
Other Commitments [Line Items]
Number of helicopters	5
Additional helicopters	10

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 8,392	$ 22,637	$ 20,145	$ 3,334
Effective income tax rate	22.90%	83.90%	24.20%	73.80%

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	$ 848,669	$ 820,210	$ 823,179	$ 812,954	$ 798,467	$ 786,939	$ 823,179	$ 786,939
Total other comprehensive income (loss), net of tax	17,739	(873)	(12,105)	(25,951)	12,866	10,127	4,761	(2,958)
Foreign exchange rate impact	19,201			(23,784)			9,818	2,598
Ending balance	898,760	848,669	820,210	795,198	812,954	798,467	898,760	795,198
Currency Translation Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	(30,984)	(30,184)	(21,601)				(21,601)
Other comprehensive income (loss)	17,084	(823)	(8,267)
Reclassified from accumulated other comprehensive loss	0	0	0
Income tax benefit (expense)	0	0	0
Total other comprehensive income (loss), net of tax	17,084	(823)	(8,267)
Foreign exchange rate impact	2,117	23	(316)
Ending balance	(11,783)	(30,984)	(30,184)				(11,783)
Pension Liability Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	(34,638)	(34,620)	(34,941)				(34,941)
Other comprehensive income (loss)	0	0	0
Reclassified from accumulated other comprehensive loss	5	5	5
Income tax benefit (expense)	0	0	0
Total other comprehensive income (loss), net of tax	5	5	5
Foreign exchange rate impact	(2,117)	(23)	316
Ending balance	(36,750)	(34,638)	(34,620)				(36,750)
Unrealized gains (losses) on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	(1,999)	(1,944)	1,899				1,899
Other comprehensive income (loss)	232	609	(4,496)
Reclassified from accumulated other comprehensive loss	482	(677)	625
Income tax benefit (expense)	(64)	13	28
Total other comprehensive income (loss), net of tax	650	(55)	(3,843)
Foreign exchange rate impact	0	0	0
Ending balance	(1,349)	(1,999)	(1,944)				(1,349)
Total
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	(67,621)	(66,748)	(54,643)	(61,064)	(73,930)	(84,057)	(54,643)	(84,057)
Other comprehensive income (loss)	17,316	(214)	(12,763)
Reclassified from accumulated other comprehensive loss	487	(672)	630
Income tax benefit (expense)	(64)	13	28
Total other comprehensive income (loss), net of tax	17,739	(873)	(12,105)	(25,951)	12,866	10,127
Foreign exchange rate impact	0	0	0
Ending balance	$ (49,882)	$ (67,621)	$ (66,748)	$ (87,015)	$ (61,064)	$ (73,930)	$ (49,882)	$ (87,015)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income (loss):
Net income attributable to Bristow Group Inc.	$ 28,242	$ 4,317	$ 63,004	$ 1,158
Shares of common stock:
Weighted average shares of common stock outstanding - basic (in shares)	28,620,000	28,217,000	28,477,000	28,088,000
Net effect of dilutive stock (in shares)	1,099,000	742,000	998,000	654,000
Weighted average shares of common stock outstanding - diluted (in shares)	29,719,000	28,959,000	29,475,000	28,742,000
Earnings per common share - basic (in dollars per share)	$ 0.99	$ 0.15	$ 2.21	$ 0.04
Earnings per common share - diluted (in dollars per share)	$ 0.95	$ 0.15	$ 2.14	$ 0.04
Weighted average common stock excluded from computation of earnings per share (in shares)	20,000	1,181,738	20,000	1,293,579

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 region segment
Segment Reporting [Abstract]
Number of operating segments | segment	1
Number of regions | region	4

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total region revenues	$ 365,122	$ 338,090	$ 1,061,965	$ 959,495
Europe | Reportable Geographical Components
Segment Reporting Information [Line Items]
Total region revenues	191,346	184,524	562,222	536,048
Americas | Reportable Geographical Components
Segment Reporting Information [Line Items]
Total region revenues	100,150	99,688	302,768	268,847
Africa | Reportable Geographical Components
Segment Reporting Information [Line Items]
Total region revenues	45,716	29,933	125,178	88,439
Asia Pacific | Reportable Geographical Components
Segment Reporting Information [Line Items]
Total region revenues	$ 27,910	$ 23,945	$ 71,797	$ 66,161

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Gains (losses) on disposal of assets	$ (626)	$ 1,179	$ (963)	$ 1,271
Operating income	33,213	29,617	100,804	41,177
Other
Segment Reporting Information [Line Items]
Operating income (loss)	(19,069)	(21,222)	(57,763)	(74,286)
Europe | Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	10,543	16,324	43,713	41,181
Americas | Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	19,301	21,702	64,323	45,222
Africa | Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	18,677	6,780	45,480	17,085
Asia Pacific | Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	$ 4,387	$ 4,854	$ 6,014	$ 10,704