Bristow (BRSWQ) 8-K Results of Operations and Financial Condition

                                                                                                                                          Exhibit 99.1

News Release

Contact:

Joe Baj, VP & Treasurer

(713) 267-7605

Linda McNeill, Treasury Manager

(713) 267-7622

BRISTOW GROUP REPORTS STRONG FISCAL 2008 SECOND QUARTER RESULTS

HOUSTON, November 5, 2007 – Bristow Group Inc. (NYSE: BRS) today reported financial results for its fiscal 2008 second quarter ended September 30, 2007.

Highlights include:

For the quarter ended September 30, 2007:

§   Revenue of $273.3 million increased by 21.9 percent over the second quarter of fiscal year 2007.  Revenue gains occurred in most of our business units, driven by increases in rates for helicopter services and the addition of new aircraft;

§   Operating income of $50.6 million and operating margin of 18.5 percent increased over operating income of $30.9 million and operating margin of 13.8 percent for the second quarter of fiscal year 2007, primarily as a result of the improvement in revenue as well as the items discussed below;

§   Net income of $34.0 million increased by $14.9 million versus net income for the second quarter of fiscal year 2007.  Increases in operating income, foreign currency gains and earnings from unconsolidated affiliates contributed to the improvement in the latest quarter’s net income;

§   Diluted earnings per share increased to $1.12 from $0.79 for the second quarter of fiscal year 2007.  Diluted earnings per share for the second quarter of fiscal years 2008 and 2007 reflected the assumed conversion of the Company’s Mandatory Convertible Preferred Stock, which added approximately 6.5 million and 0.7 million shares, respectively, to the weighted average diluted shares calculation.

§   Operating results for the second quarter of fiscal year 2008 included the following items:

o   Reversal of $1.0 million of previously accrued settlement costs associated with the U.S. Securities and Exchange Commission (“SEC”) investigation settled in September 2007.

o   Reversal of a $5.4 million accrual for sales tax contingency in Nigeria.

o   $2.1 million of retroactive rate increases with a major customer in Nigeria.

Excluding these items, operating income, operating margin, net income and diluted EPS would have been $42.1 million, 15.5%, $28.4 million and $0.93 per common share, respectively.

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For the six months ended September 30, 2007:

§   Revenue of $518.3 million increased by 16.4 percent over the same period of fiscal year 2007.  Revenue gains occurred in most of our business units, driven by increases in rates for helicopter services and the addition of new aircraft;

§   Operating income of $80.5 million and operating margin of 15.5 percent increased over operating income of $61.9 million and operating margin of 13.9 percent for the same period in fiscal year 2007, primarily as a result of the improvement in rates;

§   Net income of $56.6 million increased by $20.3 million versus net income for the six months ended September 30, 2006.  Increases in operating income, foreign currency gains and earnings from unconsolidated affiliates contributed to the improvement in year-to-date net income.

§   Diluted earnings per share increased to $1.87 from $1.52 for the same period in fiscal year 2007.  Diluted earnings per share for the six months ended September 30, 2007 and 2006 reflected the assumed conversion of the Company’s Mandatory Convertible Preferred Stock, which added approximately 6.5 million and 0.3 million shares, respectively, to the weighted average diluted shares calculation.

§   Operating results for the six months ended September 30, 2007 included the following items:

o   Reversal of $1.0 million of previously accrued SEC settlement costs.

o   Reversal of a $5.4 million accrual for sales tax contingency in Nigeria.

Excluding these items, operating income, operating margin, net income and diluted EPS would have been $74.1 million, 14.3%, $52.5 million and $1.73 per common share, respectively.

Capital and Liquidity:

§   The September 30, 2007 consolidated balance sheet reflected $942.3 million in stockholders’ investment and $557.3 million of indebtedness;

§   We had $276.4 million in cash and an undrawn $100 million revolving credit facility;

§   We generated $43.5 million of cash from operating activities for the six months ended September 30, 2007.  We also used $221.1 million for capital expenditures, primarily for aircraft, and $12.9 million for the acquisition (net of cash acquired) of Bristow Academy during the six months ended September 30, 2007;

§   Aircraft purchase commitments totaled $276.5 million, with options totaling $608.0 million as of September 30, 2007.

William E. Chiles, President and Chief Executive Officer of Bristow Group Inc., said, “We are very pleased with our strong financial performance and excellent execution against our strategic plan during the latest quarter. We continue to proceed with our plan to expand our fleet and we recently announced our decision to exercise options to acquire an additional four Sikorsky S-92^® large helicopters and three Sikorsky S-76C++^TM medium helicopters with a combined value of more than $100 million. All seven helicopters are expected to be delivered in late 2008.

"We also remain on target with our plan to improve overall margins and operating efficiencies.  We are systematically reviewing the profitability of our contracts and making a concerted effort to improve our return on capital, especially in Nigeria.

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"The industry fundamentals continue to be very strong, and our customers remain committed to field development plans, which are the primary drivers of our growth.  We continue to believe demand for aircraft will exceed supply over the next several years, which should create good opportunities to enhance revenue and margin growth going forward.”

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EST (9:00 a.m. CST) on Tuesday, November 6, 2007, to review financial results for the fiscal quarter ended September 30, 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 “Q2 2008 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) 257-1836

§   Replay: A telephone replay will be available through November 20, 2007, by dialing toll free (800) 405-2236, passcode: 11099470#

Via Telephone outside the U.S.:

§   Live: Dial (303) 262-2139

§   Replay: A telephone replay will be available through November 20, 2007 by dialing (303) 590-3000, passcode: 11099470#

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.  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, industry conditions, future results, revenue growth, margins, operating efficiency, rate of return, the addition of new aircraft to our fleet and aircraft delivery.  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 quarterly report on Form 10-Q for the quarter ended September 30, 2007 and the annual report on Form 10-K for the 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 September  30,						Six Months Ended September 30,
	2006			2007			2006			2007
		(Unaudited)
Gross revenue:
Operating revenue from non-affiliates	$	191,341		$	231,475		$	373,127		$	443,929
Operating revenue from affiliates		11,631			13,858			23,710			24,955
Reimbursable revenue from non-affiliates		20,091			25,505			46,216			45,853
Reimbursable revenue from affiliates		1,146			2,498			2,218			3,601
		224,209			273,336			445,271			518,338
Operating expense:
Direct cost		148,872			162,764			287,341			326,600
Reimbursable expense		20,879			25,793			47,778			47,034
Depreciation and amortization		10,737			12,395			21,020			23,768
General and administrative		16,527			21,039			31,876			40,301
Loss (gain) on disposal of assets		(3,667	)		754			(4,665	)		170
		193,348			222,745			383,350			437,873
Operating income		30,861			50,591			61,921			80,465
Earnings from unconsolidated affiliates, net of losses		1,728			4,118			3,287			7,508
Interest income		1,069			4,049			2,359			6,247
Interest expense		(2,871	)		(6,523	)		(6,107	)		(9,456	)
Other income (expense), net		(1,308	)		360			(6,093	)		786
Income before provision for income taxes and minority interest		29,479			52,595			55,367			85,550
Provision for income taxes		(9,728	)		(18,641	)		(18,271	)		(28,475	)
Minority interest		(676	)		(4	)		(792	)		(453	)
Net income		19,075			33,950			36,304			56,622
Preferred stock dividends		(321	)		(3,163	)		(321	)		(6,325	)
Net income available to common stockholders	$	18,754		$	30,787		$	35,983		$	50,297
Earnings per common share:
Basic	$	0.80		$	1.30		$	1.54		$	2.13
Diluted	$	0.79		$	1.12		$	1.52		$	1.87

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BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

		March 31, 2007			September 30, 2007
					(Unaudited)
ASSETS
Current assets:
	Cash and cash equivalents	$	184,188		$	276,439
	Accounts receivable from non-affiliates		158,770			191,962
	Accounts receivable from affiliates		17,199			14,862
	Inventories		157,870			176,459
	Prepaid expenses and other		17,947			26,244
	Total current assets		535,974			685,966
Investment in unconsolidated affiliates			46,828			54,314
Property and equipment – at cost:
	Land and buildings		51,850			55,619
	Aircraft and equipment		1,141,578			1,353,975
			1,193,428			1,409,594
	Less – Accumulated depreciation and amortization		(301,520	)		(309,726	)
			891,908			1,099,868
Goodwill			20,368			29,302
Other assets			10,725			29,793
		$	1,505,803		$	1,899,243
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
	Accounts payable	$	42,343		$	49,055
	Accrued wages, benefits and related taxes		38,281			39,414
	Income taxes payable		4,377			9,489
	Other accrued taxes		9,084			5,118
	Deferred revenues		16,283			14,703
	Accrued maintenance and repairs		12,309			13,556
	Other accrued liabilities		22,828			27,167
	Deferred taxes		17,611			18,479
	Short-term borrowings and current maturities of long-term debt		4,852			6,764
	Total current liabilities		167,968			183,745
Long-term debt, less current maturities			254,230			550,571
Accrued pension liabilities			113,069			112,121
Other liabilities and deferred credits			17,345			15,312
Deferred taxes			76,089			89,914
Minority interest			5,445			5,258
Commitments and contingencies
Stockholders’ investment:
	5.50% mandatory convertible preferred stock		222,554			222,554
	Common stock		236			237
	Additional paid-in capital		169,353			174,383
	Retained earnings		515,589			565,886
	Accumulated other comprehensive loss		(36,075	)		(20,738	)
			871,657			942,322
		$	1,505,803		$	1,899,243

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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 September 30,
	2006									2007
	Pre-tax Earnings			Net Income			Diluted Earnings Per Share			Pre-tax Earnings			Net Income			Diluted Earnings Per Share
Investigations:
SEC (1)	$	—		$	—		$	—		$	1,000		$	650		$	0.02
DOJ (2)		(282	)		(183	)		(0.01	)		(488	)		(317	)		(0.01	)
Tax contingency related items (3)		—			700			0.03			5,396			3,407			0.11
7 ½% Senior Notes due 2017 (4)		—			—			—			(2,248	)		(1,461	)		(0.05	)
Foreign currency transaction gains (losses) (5)		(1,333	)		(867	)		(0.04	)		334			217			0.01
Preferred Stock (6)		291			189			(0.01	)		—			—			(0.30	)
Total	$	(1,324	)	$	(161	)	$	(0.03	)	$	3,994		$	2,496		$	(0.22	)

	Six Months Ended September 30,
	2006									2007
	Pre-tax Earnings			Net Income			Diluted Earnings Per Share			Pre-tax Earnings			Net Income			Diluted Earnings Per Share
Investigations:
SEC (1)	$	—		$	—		$	—		$	1,000		$	650		$	0.02
DOJ (2)		(873	)		(567	)		(0.02	)		(488	)		(317	)		(0.01	)
Tax contingency related items (3)		—			1,500			0.06			5,396			4,407			0.15
7 ½% Senior Notes due 2017 (4)		—			—			—			(2,605	)		(1,693	)		(0.06	)
Foreign currency transaction gains (losses) (5)		(6,142	)		(3,993	)		(0.17	)		735			478			0.02
Preferred Stock (6)		291			189			(0.01	)		826			537			(0.50	)
Total	$	(6,724	)	$	(2,871	)	$	(0.14	)	$	4,864		$	4,062		$	(0.38	)

______

(1)   Represents a reversal of previously accrued costs incurred in conjunction with the SEC investigation regarding findings 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.  These costs were 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 Department of Justice (“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 $5.4 million in reversal of accrual for sales tax contingency during the three and six months ended September 30, 2007 in Nigeria included in direct costs in our consolidated statements of income and a direct reduction in our provision for income taxes in our consolidated statements of income for income tax contingency items, which represents the remainder of the impact of net income and diluted earnings per share.

(4)   Represents the effect on interest expense, net of interest income from invested proceeds, resulting from the issuance of 7 ½% Senior Notes due 2017 in June 2007.

(5)   Represents foreign currency transaction gains and losses resulting from changes in exchange rates during the applicable periods.  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.

(6)   Represents the effect of the preferred stock offering completed in September and October 2006.  The net income effect results from interest income earned on remaining cash proceeds generated from the offering.  Diluted earnings per share for the three and six months ended September 30, 2007 and 2006 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.

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BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

		Three Months Ended						Six Months Ended
		September 30,						September 30,
		2006			2007			2006			2007
	(Unaudited)
Flight hours (excludes Bristow Academy and       unconsolidated affiliates):
Helicopter Services:
North America			41,148			39,623			83,757			79,894
South and Central America			9,631			10,810			18,916			22,177
Europe			10,685			11,494			20,855			22,315
West Africa			9,179			9,887			18,062			18,785
Southeast Asia			3,063			3,644			6,269			6,988
Other International			2,426			2,177			4,478			4,724
Consolidated total			76,132			77,635			152,337			154,883
Gross revenue:
Helicopter Services:
North America		$	62,504		$	62,059		$	125,872		$	122,998
South and Central America			13,137			16,951			26,149			32,987
Europe			72,706			93,459			144,687			176,816
West Africa			31,210			45,799			62,946			79,082
Southeast Asia			17,626			23,858			34,666			46,350
Other International			12,184			12,046			21,139			23,501
EH Centralized Operations			3,538			5,331			6,612			12,136
Bristow Academy			—			3,228			—			6,247
Intrasegment eliminations			(3,276	)		(3,005	)		(6,136	)		(9,240	)
Total Helicopter Services			209,629			259,726			415,935			490,877
Production Management Services			17,784			16,030			35,468			32,573
Corporate			—			—			(25	)		—
Intersegment eliminations			(3,204	)		(2,420	)		(6,107	)		(5,112	)
Consolidated total		$	224,209		$	273,336		$	445,271		$	518,338

Operating income:
Helicopter Services:
North America	$	7,107		$	10,869		$	16,340		$	21,583
South and Central America		3,624			4,573			7,594			8,258
Europe		13,527			21,895			27,623			36,470
West Africa		2,848			15,492			7,181			18,289
Southeast Asia		3,210			5,107			5,645			9,234
Other International		3,771			1,781			5,287			4,046
EH Centralized Operations		(2,584	)		(3,247	)		(4,351	)		(7,526	)
Bristow Academy		—			(391	)		—			(482	)
Total Helicopter Services		31,503			56,079			65,319			89,872
Production Management Services		1,394			870			2,807			1,959
Gain (loss) on disposal of assets		3,667			(754	)		4,665			(170	)
Corporate		(5,703	)		(5,604	)		(10,870	)		(11,196	)
Consolidated total	$	30,861		$	50,591		$	61,921		$	80,465

Operating margin:
Helicopter Services:
North America	11.4	%	17.5	%	13.0	%	17.5	%
South and Central America	27.6	%	27.0	%	29.0	%	25.0	%
Europe	18.6	%	23.4	%	19.1	%	20.6	%
West Africa	9.1	%	33.8	%	11.4	%	23.1	%
Southeast Asia	18.2	%	21.4	%	16.3	%	19.9	%
Other International	31.0	%	14.8	%	25.0	%	17.2	%
EH Centralized Operations	(73.0	)%	(60.9	)%	(65.8	)%	(62.0	)%
Bristow Academy	N/A		(12.1	)%	N/A		(7.7	)%
Total Helicopter Services	15.0	%	21.6	%	15.7	%	18.3	%
Production Management Services	7.8	%	5.4	%	7.9	%	6.0	%
Consolidated total	13.8	%	18.5	%	13.9	%	15.5	%

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