Bristow (BRSWQ) 8-K Financial Statements and Exhibits

  EXHIBIT 99.1

                                                          News Release

 Contact:

Joe Baj, VP & Treasurer

  (713)-267-7605

Linda McNeill, Treasury Manager

(713)-267-7622

BRISTOW GROUP REPORTS RECORD FISCAL 2007 FOURTH QUARTER AND

YEAR-END FINANCIAL RESULTS

HOUSTON, May 22, 2007 – Bristow Group Inc. (NYSE: BRS) today reported record financial results for its fiscal 2007 fourth quarter and year ended March 31, 2007.

Highlights include:

For the fiscal year ended March 31, 2007:

§   Bristow’s results were the highest ever in the Company’s history for revenue, operating income, net income and earnings per share;

§   Total revenue of $897.9 million increased by 16.8 percent over the fiscal year ended March 31, 2006, due to increased flight hours, improved pricing and the addition of new aircraft;

§   Operating income of $115.3 million increased by 56.2 percent over the fiscal year ended March 31, 2006, primarily due to increases in revenue and gains on sales of aircraft, partially offset by higher maintenance and salary expense;

§   Net income of $74.2 million rose 28.3 percent versus net income for the fiscal year ended March 31, 2006;

§   Diluted earnings per share increased 11.8 percent to $2.74 compared to the prior year.  Diluted earnings per share for the fiscal year ended March 31, 2007 assumes the conversion of the Company’s Mandatory Convertible Preferred Stock, which adds approximately 3.4 million shares to the weighted average diluted shares outstanding for fiscal year 2007.

For the quarter ended March 31, 2007:

§   Bristow achieved record quarterly revenue of $228.7 million, an increase of 13.6 percent over the fourth quarter of fiscal year 2006.  Revenue gains occurred in most of our business units, driven by a favorable change in mix of aircraft operating, improved pricing and the addition of new aircraft;

§   Operating income of $32.4 million increased by 71.2 percent over the fourth quarter of fiscal year 2006, primarily due to increases in revenue and gains on sales of aircraft, partially offset by higher maintenance and salary expense;

§   Net income of $27.4 million increased 54.0 percent versus net income for the fourth quarter of fiscal year 2006;

§   Diluted earnings per share increased 21.3 percent to $0.91 compared to the fourth quarter of fiscal year 2006, primarily due to the higher level of operating income.  Diluted earnings per share for the fourth quarter of fiscal year 2007 assumes the conversion of the Company’s Mandatory Convertible Preferred Stock, which adds approximately 6.5 million shares to the weighted average diluted shares calculation for the fourth quarter of fiscal year 2007.

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Capital and Liquidity:

§   The March 31, 2007 consolidated balance sheet reflects $871.7 million in stockholders’ investment and $259.1 million of indebtedness, or 22.9 percent leverage;

§   We had $184.2 million in cash and an undrawn $100 million revolving credit facility;

§   We generated $104.4 million in cash from operations and spent $304.8 million on capital expenditures, primarily for aircraft, during the fiscal year ended March 31, 2007;

§   Aircraft purchase commitments totaled $331.6 million, with options totaling $739.7 million as of March 31, 2007.

William E. Chiles, president and chief executive officer of Bristow Group Inc., said, “We are very pleased with our latest fiscal year and quarterly results.  This record performance is the result of our strategic efforts over the past year to improve our position, take advantage of expanding business opportunities and to improve our financial performance.  I am further encouraged that the Company is still at an early stage of our growth plans, which call for an expansion of our fleet capacity as well as improvements in margins and operating efficiencies.  Based on continued robust demand for our services and the limited supply of aircraft, we ordered additional large aircraft during the fourth quarter of fiscal year 2007.  We expect to realize the earnings power of our investments in these and other new aircraft throughout fiscal 2008 and 2009, as we place these new aircraft into service.”

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EDT (9:00 a.m. CDT) on Wednesday, May 23, 2007, to review financial results for the fiscal quarter and year ended March 31, 2007.  The conference call can be accessed as follows:

Via Webcast:

·   Visit Bristow Group’s investor relations Web page at http://www.bristowgroup.com

·   Live: Click on the link for “Q4 2007 Bristow Group Inc. Earnings Conference Call”

·   Replay: A replay via webcast will be available approximately one hour after the call’s completion

Via Telephone within the U.S.:

·   Live: Dial toll free (800) 218-0204

·   Replay: A telephone replay will be available through June 6, 2007, by dialing toll free (800) 405-2236, passcode: 11089243

Via Telephone outside the U.S.:

·   Live: Dial (303) 262-2130

·   Replay: A telephone replay will be available through June 6, 2007 by dialing (303) 590-3000, passcode: 11089243

ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated.  Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico.  The Company's common stock trades on the New York Stock Exchange under the symbol BRS.  For more information, visit the Company’s website at www.bristowgroup.com.

FORWARD-LOOKING STATEMENTS DISCLOSURE

Statements contained in this news release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements.  These forward-looking statements include statements regarding customer demand, future results, the addition of new aircraft to our fleet, future investments and earnings power of aircraft.  It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements.  Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including but not limited to the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2007.  Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.

(financial tables follow)

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BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
	2007			2006			2007			2006
	(Unaudited)
Gross revenue:
Operating revenue from non-affiliates	$	189,316		$	170,591		$	753,744		$	636,887
Operating revenue from affiliates		13,759			9,604			48,170			51,832
Reimbursable revenue from non-affiliates		23,136			19,770			90,020			75,861
Reimbursable revenue from affiliates		2,537			1,366			5,927			4,360
		228,748			201,331			897,861			768,940
Operating expenses:
Direct cost		147,971			137,336			586,506			512,518
Reimbursable expense		25,420			20,411			94,685			78,525
Depreciation and amortization		10,563			10,096			42,643			42,256
General and administrative		17,302			15,943			69,342			61,948
Gain on disposal of assets		(4,911	)		(1,378	)		(10,618	)		(102	)
		196,345			182,408			782,558			695,145
Operating income		32,403			18,923			115,303			73,795
Earnings from unconsolidated affiliates, net of losses		6,030			4,988			11,423			6,758
Interest income		2,750			1,280			8,950			4,159
Interest expense		(2,294	)		(3,401	)		(10,940	)		(14,689	)
Other income (expense), net		2,320			304			(8,998	)		4,612
Income before provision for income taxes and minority interest		41,209			22,094			115,738			74,635
Provision for income taxes		(13,642	)		(4,154	)		(40,366	)		(16,607	)
Minority interest		(150	)		(135	)		(1,200	)		(219	)
Net income		27,417			17,805			74,172			57,809
Preferred stock dividends		(3,162	)		—			(6,633	)		—
Net income available to common stockholders	$	24,255		$	17,805		$	67,539		$	57,809
Earnings per common share:
Basic	$	1.03		$	0.76		$	2.87		$	2.48
Diluted	$	0.91		$	0.75		$	2.74		$	2.45
Weighted average common shares outstanding:
Basic		23,560			23,361			23,496			23,341
Diluted		30,179			23,594			27,055			23,604

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BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
	March 31,			March 31,
	2007			2006
ASSETS
Current assets:
Cash and cash equivalents	$	184,188		$	122,482
Accounts receivable from non-affiliates, net of allowance for doubtful accounts of $2.0 million and $4.6 million, respectively		158,770			144,521
Accounts receivable from affiliates, net of allowance for doubtful accounts of $3.2 million and $4.6 million, respectively		17,199			15,884
Inventories		157,870			147,860
Prepaid expenses and other		17,947			16,519
Total current assets		535,974			447,266
Investments in unconsolidated affiliates		46,828			39,912
Property and equipment — at cost:
Land and buildings		51,850			40,672
Aircraft and equipment		1,141,578			838,314
		1,193,428			878,986
Less: accumulated depreciation and amortization		(301,520	)		(263,072	)
		891,908			615,914
Goodwill		20,368			26,837
Prepaid pension costs		—			37,207
Other assets		10,725			9,277
	$	1,505,803		$	1,176,413
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable	$	42,343		$	41,227
Accrued wages, benefits and related taxes		38,281			45,958
Income taxes payable		4,377			6,537
Other accrued taxes		9,084			6,471
Deferred revenues		16,283			9,994
Accrued maintenance and repairs		12,309			10,865
Other accrued liabilities		22,828			20,218
Deferred taxes		17,611			5,025
Short-term borrowings and current maturities of long-term debt		4,852			17,634
Total current liabilities		167,968			163,929
Long-term debt, less current maturities		254,230			247,662
Accrued pension liabilities		113,069			136,521
Other liabilities and deferred credits		17,345			18,016
Deferred taxes		76,089			68,281
Minority interest		5,445			4,307
Commitments and contingencies
Stockholders' investment:
5.50% mandatory convertible preferred stock, $.01 par value, authorized and outstanding 4,600,000 shares; entitled on liquidation to $230 million; net of offering costs of $7.4 million		222,554			—
Common Stock, $0.01 par value, authorized 35,000,000 shares; outstanding: 23,585,370 shares as of March 31, 2007 and 23,385,473 shares as of March 31, 2006 (exclusive of 1,281,050 treasury shares)		236			234
Additional paid-in capital		169,353			158,762
Retained earnings		515,589			447,524
Accumulated other comprehensive loss		(36,075	)		(68,823	)
		871,657			537,697
	$	1,505,803		$	1,176,413

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BRISTOW GROUP INC. AND SUBSIDIARIES

CORPORATE ITEMS AFFECTING THE COMPARABILITY OF RESULTS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2007									2006
	Pre-tax Earnings			Net Income			Diluted Earnings Per Share			Pre-tax Earnings			Net Income			Diluted Earnings Per Share
Investigations:
SEC (1)	$	—		$	—		$	—		$	(284	)	$	(185	)	$	(0.01	)
DOJ (2)		(380	)		(247	)		(0.01	)		(1,188	)		(772	)		(0.03	)
Brazilian joint venture (3)		2,450			1,593			0.05			—			—			—
Resolution of tax contingencies (4)		—			1,113			0.04			—			2,800			0.12
Preferred Stock (5)		1,683			1,094			(0.21	)		—			—			—
Total	$	3,753		$	3,553		$	(0.13	)	$	(1,472	)	$	1,843		$	0.08
	Twelve Months Ended March 31,
	2007									2006
	Pre-tax Earnings			Net Income			Diluted Earnings Per Share			Pre-tax Earnings			Net Income			Diluted Earnings Per Share
Investigations:
SEC (1)	$	(3,109	)	$	(2,021	)	$	(0.07	)	$	(10,492	)	$	(6,820	)	$	(0.29	)
DOJ (2)		(1,923	)		(1,250	)		(0.05	)		(2,583	)		(1,679	)		(0.07	)
Acquisitions and divestitures:
Brazilian joint venture (3)		2,450			1,593			0.06			(1,040	)		(676	)		(0.03	)
Expense of previously deferred acquisition costs (6)		(1,889	)		(1,228	)		(0.05	)		—			—			—
Turbo asset sale (7)		120			(2,424	)		(0.09	)		—			—			—
Resolution of tax contingencies (4)		—			3,413			0.13			—			11,400			0.48
Foreign currency transaction gains (losses) (8)		(9,763	)		(6,346	)		(0.23	)		5,404			3,513			0.15
Preferred Stock (5)		4,288			2,787			(0.30	)		—			—			—
Total	$	(9,826	)	$	(5,476	)	$	(0.60	)	$	(8,711	)	$	5,738		$	0.24

______

(1)   Represents costs incurred in conjunction with the SEC investigation regarding findings resulting from the internal review initiated by the Audit Committee of our board of directors in fiscal year 2005 of certain payments made by two of our affiliated entities in a foreign country.  The costs incurred for the twelve months ended March 31, 2007, consist primarily of $3.0 million (pre-tax) recorded for costs and fees we currently expect to incur in connection with the resolution of the SEC investigation, a substantial portion of which relates to legal fees.  There can be no assurance that these amounts currently recorded will be sufficient to resolve such matters or that such matters can ultimately be resolved until final action by the SEC.  These costs are included in general & administrative costs in our consolidated statements of income.

(2)   Represents legal and other professional fees incurred in connection with a document subpoena received from the Antitrust Division of the DOJ in June 2005, which related to a grand jury investigation of potential antitrust violations among providers of helicopter transportation services in the U.S. Gulf of Mexico focusing on activities during the period from January 1, 2000 to June 13, 2005.  These costs are included in general & administrative costs in our consolidated statements of income.

(3)   Represents a gain on the sale of our investment in a Brazilian joint venture in March 2007.  We had previously recorded an impairment charge during the three months ended December 31, 2005 to reduce the recorded value of our 50 percent investment in this joint venture, as we expected at that time that our investment would not be recoverable.  These amounts are included in other income (expense), net in our consolidated statements of income.

(4)   Represents the resolution of tax contingencies resulting from our evaluation of the need for certain tax reserves in light of the expiration of the related statutes of limitations in the applicable periods.  These amounts represent a direct reduction in our provision for income taxes in our consolidated statements of income.

(5)   Represents the effect of the preferred stock offering completed in September and October 2006.  The net income effect results from interest income earned on cash proceeds generated from the offering.  Diluted earnings per share for the three and twelve months ended March 31, 2007 was reduced by the effect of the inclusion of weighted average shares resulting from the assumed conversion of the preferred stock at the conversion rate that results in the most dilution, partially offset by the impact of higher interest income.

(6)   Represents expense recorded in December 2006 for acquisition costs previously deferred in connection with an acquisition we were evaluating as we determined that the acquisition is no longer probable.  This expense is included within other income (expense), net in our consolidated statements of income.

(7)   On November 30, 2006, we completed a sale of the assets of our aircraft engine overhaul business, Turbo, to Timken Alcor Aerospace Technologies, Inc. for approximately $14.6 million, including estimated post-closing adjustments.  The sale was effective November 30, 2006 and resulted in a pre-tax gain of $0.1 million, which is included in gain on disposition of assets in our consolidated statements of income.  However, the transaction resulted in additional tax expense of $2.5 million related to non-deductible goodwill recorded at the time we acquired Turbo in 2001.

(8)   Represents foreign currency transaction gains and losses resulting from changes in exchange rates during the applicable periods, primarily related to the British pound sterling.  These gains and losses arose primarily from U.S. dollar-denominated transactions entered into by Bristow Aviation Holdings, Ltd., one of our consolidated subsidiaries (whose functional currency is the British pound sterling).  The effects of these foreign currency transaction gains and losses were offset to a large extent by corresponding charges or benefits in the cumulative translation adjustment in stockholders’ investment with no overall economic effect.  These amounts are included in other income (expense), net in our consolidated statements of income.

5

 BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

Beginning with our reporting for the three and twelve months ended March 31, 2007, we have made changes to the manner in which intercompany lease charges and depreciation are presented within our segments.  Intercompany lease revenues and expenses have been eliminated from our segment reporting, and depreciation expense of aircraft is presented in the segment that operates the aircraft.  Intercompany lease revenue was previously included in gross revenue for the segment leasing the aircraft to other segments with the related lease and operating expenses being included in the segment operating the aircraft during the period.  Also, depreciation expense associated with aircraft was previously included within operating expense of the segment leasing the aircraft to other segments versus the segment operating the aircraft.  Amounts presented for prior periods presented herein have been reclassified to conform to current period presentation.  In addition to selected operating data for the three and twelve months ended March 31, 2007 and the same periods in the prior year, we have presented in the tables below selected operating data for the last eight quarters based on the new segment presentation.

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	Three Months Ended				Twelve Months Ended
	March 31,				March 31,
	2007		2006		2007		2006
	(Unaudited)
Flight hours (excludes unconsolidated affiliates) (Unaudited):
Helicopter Services:
North America		34,304		34,694		152,803		150,240
South and Central America		9,528		9,271		38,417		38,469
Europe		10,605		9,325		42,377		38,648
West Africa		8,329		8,349		36,124		34,185
Southeast Asia		3,340		3,275		12,668		12,119
Other International		2,199		1,691		9,318		6,711
Consolidated total		68,305		66,605		291,707		280,372

Gross revenue:
Helicopter Services:
North America	$	56,311		$	54,766		$	239,978		$	216,482
South and Central America		13,498			12,407			52,820			42,869
Europe		79,368			61,628			297,934			245,294
West Africa		33,133			27,535			131,141			107,411
Southeast Asia		20,557			16,883			73,404			61,168
Other International		13,404			10,583			46,005			35,339
EH Centralized Operations		3,468			4,052			13,896			10,749
Intrasegment eliminations		(3,563	)		(2,640	)		(12,058	)		(10,104	)
Total Helicopter Services		216,176			185,214			843,120			709,208
Production Management Services		14,216			18,006			64,814			68,170
Corporate		500			653			475			693
Intersegment eliminations		(2,144	)		(2,542	)		(10,548	)		(9,131	)
Consolidated total	$	228,748		$	201,331		$	897,861		$	768,940
Operating income:
Helicopter Services:
North America	$	6,963		$	2,736		$	29,210		$	30,717
South and Central America		4,484			3,526			15,825			6,662
Europe		15,642			14,689			52,819			48,692
West Africa		5,779			1,462			18,798			11,981
Southeast Asia		4,695			3,401			13,370			9,851
Other International		2,380			3,669			9,309			9,062
EH Centralized Operations		(6,964	)		(8,922	)		(13,580	)		(25,012	)
Total Helicopter Services		32,979			20,561			125,751			91,953
Production Management Services		626			1,651			4,172			5,327
Gain on disposal of assets		4,911			1,378			10,618			102
Corporate		(6,113	)		(4,667	)		(25,238	)		(23,587	)
Consolidated total	$	32,403		$	18,923		$	115,303		$	73,795
Operating margin (Unaudited):
Helicopter Services:
North America		12.4	%		5.0	%		12.2	%		14.2	%
South and Central America		33.2	%		28.4	%		30.0	%		15.5	%
Europe		19.7	%		23.8	%		17.7	%		19.9	%
West Africa		17.4	%		5.3	%		14.3	%		11.2	%
Southeast Asia		22.8	%		20.1	%		18.2	%		16.1	%
Other International		17.8	%		34.7	%		20.2	%		25.6	%
Total Helicopter Services		15.3	%		11.1	%		14.9	%		13.0	%
Production Management Services		4.4	%		9.2	%		6.4	%		7.8	%
Consolidated total		14.2	%		9.4	%		12.8	%		9.6	%

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		Prior Segment Classification			New Segment Classification
		Three Months Ended
		March 31, 2007			March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006
		(Unaudited)
Flight hours (excludes unconsolidated affiliates):
Helicopter Services:
North America		34,304			34,304			34,742			41,148			42,609
South and Central America		9,528			9,528			9,973			9,631			9,285
Europe		10,605			10,605			10,917			10,685			10,170
West Africa		8,329			8,329			9,733			9,179			8,883
Southeast Asia		3,340			3,340			3,059			3,063			3,206
Other International		2,199			2,199			2,641			2,426			2,052
Consolidated total		68,305			68,305			71,065			76,132			76,205
Gross revenue:
Helicopter Services:
North America	$	61,452		$	56,311		$	57,795		$	62,504		$	63,368
South and Central America		13,814			13,498			13,173			13,137			13,012
Europe		78,779			79,368			73,879			72,706			71,981
West Africa		33,133			33,133			35,062			31,210			31,736
Southeast Asia		20,557			20,557			18,181			17,626			17,040
Other International		13,404			13,404			11,462			12,184			8,955
EH Centralized Operations		17,001			3,468			3,816			3,538			3,074
Intrasegment eliminations		(21,964	)		(3,563	)		(2,359	)		(3,276	)		(2,860	)
Total Helicopter Services		216,176			216,176			211,009			209,629			206,306
Production Management Services		14,216			14,216			15,130			17,784			17,684
Corporate		500			500			—			—			(25	)
Intersegment eliminations		(2,144	)		(2,144	)		(2,297	)		(3,204	)		(2,903	)
Consolidated total	$	228,748		$	228,748		$	223,842		$	224,209		$	221,062
Operating income:
Helicopter Services:
North America	$	10,290		$	6,963		$	5,907		$	7,107		$	9,233
South and Central America		3,437			4,484			3,747			3,624			3,970
Europe		8,642			15,642			9,554			13,527			14,096
West Africa		3,107			5,779			5,838			2,848			4,333
Southeast Asia		2,868			4,695			3,030			3,210			2,435
Other International		1,651			2,380			1,642			3,771			1,516
EH Centralized Operations		2,984			(6,964	)		(2,265	)		(2,584	)		(1,767	)
Total Helicopter Services		32,979			32,979			27,453			31,503			33,816
Production Management Services		626			626			739			1,394			1,413
Gain on disposal of assets		4,911			4,911			1,042			3,667			998
Corporate		(6,113	)		(6,113	)		(8,255	)		(5,703	)		(5,167	)
Consolidated total	$	32,403		$	32,403		$	20,979		$	30,861		$	31,060
Operating margin:
Helicopter Services:
North America		16.7	%		12.4	%		10.2	%		11.4	%		14.6	%
South and Central America		24.9	%		33.2	%		28.4	%		27.6	%		30.5	%
Europe		11.0	%		19.7	%		12.9	%		18.6	%		19.6	%
West Africa		9.4	%		17.4	%		16.7	%		9.1	%		13.7	%
Southeast Asia		14.0	%		22.8	%		16.7	%		18.2	%		14.3	%
Other International		12.3	%		17.8	%		14.3	%		31.0	%		16.9	%
Total Helicopter Services		15.3	%		15.3	%		13.0	%		15.0	%		16.4	%
Production Management Services		4.4	%		4.4	%		4.9	%		7.8	%		8.0	%
Consolidated total		14.2	%		14.2	%		9.4	%		13.8	%		14.1	%

8

	New Segment Classification
	Three Months Ended
	March 31, 2006		December 31, 2005		September 30, 2005	June 30, 2005
	(Unaudited)
Flight hours (excludes unconsolidated affiliates):
Helicopter Services:
North America		34,694		38,151	39,663	37,732
South and Central America		9,271		9,569	10,113	9,516
Europe		9,325		9,329	10,263	9,731
West Africa		8,349		8,867	8,625	8,344
Southeast Asia		3,275		3,117	3,005	2,722
Other International		1,691		1,728	1,689	1,603
Consolidated total		66,605		70,761	73,358	69,648

Gross revenue:
Helicopter Services:
North America	$	54,766		$	53,984		$	58,246		$	49,486
South and Central America		12,407			10,978			9,897			9,587
Europe		61,628			60,586			63,312			59,768
West Africa		27,535			27,427			26,539			25,910
Southeast Asia		16,883			15,789			14,688			13,808
Other International		10,583			9,087			8,081			7,588
EH Centralized Operations		4,052			3,103			1,656			1,938
Intrasegment eliminations		(2,640	)		(2,356	)		(2,976	)		(2,132	)
Total Helicopter Services		185,214			178,598			179,443			165,953
Production Management Services		18,006			16,253			16,942			16,969
Corporate		653			8			16			16
Intersegment eliminations		(2,542	)		(2,592	)		(1,996	)		(2,001	)
Consolidated total	$	201,331		$	192,267		$	194,405		$	180,937
Operating income:
Helicopter Services:
North America	$	2,736		$	7,162		$	12,814		$	8,005
South and Central America		3,526			1,803			560			773
Europe		14,689			8,351			14,460			11,192
West Africa		1,462			3,364			3,589			3,566
Southeast Asia		3,401			3,071			1,584			1,795
Other International		3,669			2,682			1,273			1,438
EH Centralized Operations		(8,922	)		(3,628	)		(5,527	)		(6,935	)
Total Helicopter Services		20,561			22,805			28,753			19,834
Production Management Services		1,651			1,117			1,239			1,320
Gain on disposal of assets		1,378			(373	)		(1,495	)		592
Corporate		(4,667	)		(5,817	)		(6,402	)		(6,701	)
Consolidated total	$	18,923		$	17,732		$	22,095		$	15,045
Operating margin:
Helicopter Services:
North America		5.0	%		13.3	%		22.0	%		16.2	%
South and Central America		28.4	%		16.4	%		5.7	%		8.1	%
Europe		23.8	%		13.8	%		22.8	%		18.7	%
West Africa		5.3	%		12.3	%		13.5	%		13.8	%
Southeast Asia		20.1	%		19.5	%		10.8	%		13.0	%
Other International		34.7	%		29.5	%		15.8	%		19.0	%
Total Helicopter Services		11.1	%		12.8	%		16.0	%		12.0	%
Production Management Services		9.2	%		6.9	%		7.3	%		7.8	%
Consolidated total		9.4	%		9.2	%		11.4	%		8.3	%

9