Bristow (BRSWQ) 8-K Bristow Group Reports Fiscal 2010 Second Quarter

                                                                                                        Exhibit 99.1

News Release

Linda McNeill,

Investor Relations

(713) 267-7622

BRISTOW GROUP REPORTS FISCAL 2010 SECOND QUARTER

FINANCIAL RESULTS

HOUSTON, November 4, 2009 – Bristow Group Inc. (NYSE: BRS) today reported financial results for its fiscal 2010 second quarter ended September 30, 2009.

For the September 2009 quarter:

§   Revenue was $291.6 million, which was substantially unchanged from September 2008 quarter revenue of $291.7 million and June 2009 quarter revenue of $290.5 million.

§   Operating income was $53.6 million, an increase of 26% from the September 2008 quarter and 20% from the June 2009 quarter.

§   Net income was $33.2 million, an increase of 21% from the September 2008 quarter and 40% from the June 2009 quarter.

§   Diluted earnings per share was $0.92, an increase of $0.15 versus the September 2008 quarter and $0.26 versus the June 2009 quarter.

§   Operating income, net income and diluted earnings per share were improved over the September 2008 quarter primarily as a result of:

-   A $6.4 million increase in operating income in West Africa driven by increased rates and a favorable impact on our costs from a stronger U.S. dollar versus the British pound and Nigerian naira,

-   An $8.1 million increase in operating income in Australia primarily resulting from two new large aircraft and reduced costs,

-   The reversal of a $2.5 million bad debt reserve in Kazakhstan within our Other International business unit, and

-   A $3.0 million increase in earnings from unconsolidated affiliates (primarily in Mexico and Brazil).

-   These items were partially offset by reduced operating income in certain other business units, including Europe (which was reduced by a lower level of contractual escalations billings versus the September 2008 quarter and an unfavorable impact from a stronger U.S. dollar versus the British pound) and the U.S. Gulf of Mexico (which was reduced as a result of lower demand for services).  Additionally, net income and diluted earnings per share were reduced by higher net interest expense, which increased $4.6 million due to reduced interest income and lower levels of capitalized interest.

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-   Net income and diluted earnings per share for the September 2009 quarter were also unfavorably impacted by a $2.1 million increase in our provision for income taxes ($0.06 per share) resulting from $2.0 million in tax contingency items and $0.1 million in changes in our expected foreign tax credit utilization.

§   Operating income, net income and diluted earnings per share were improved over the June 2009 quarter primarily as a result of:

-   The reversal of a $2.5 million bad debt reserve in Kazakhstan,

-   A $5.1 million increase in operating income in Eastern Hemisphere Centralized Operations resulting from increased technical services revenue, changes to certain power-by-the-hour maintenance arrangements and reduced maintenance costs,

-   A $3.0 million decrease in corporate general and administrative costs as the June 2009 quarter included costs associated with the separation between the Company and an executive officer, and

-   A $2.3 million increase in earnings from unconsolidated affiliates (primarily in Mexico).

-   These items were partially offset by reduced operating income in certain other business units, primarily in Europe where the June 2009 quarter included temporary work for a major customer, as well as a $1.1 million decrease in pre-tax gains on disposal of assets.  Additionally, net income and diluted earnings per share were favorably impacted by an increase in foreign currency transaction and hedging gains totaling $3.3 million.

For the six months ended September 30, 2009:

§   Revenue was $582.1 million, an increase of 1% over the six months ended September 30, 2008.

§   Operating income was $98.3 million, an increase of 20% from the six months ended September 30, 2008.

§   Net income was $56.9 million, an increase of 14% from the six months ended September 30, 2008.

§   Diluted earnings per share was $1.58, an increase of $0.09 versus the six months ended September 30, 2008.

§   Operating income, net income and diluted earnings per share were improved over the six months ended September 30, 2008 primarily as a result of:

-   A $14.2 million increase in operating income in West Africa driven by increased rates and a favorable impact on our costs from a stronger U.S. dollar versus the British pound and Nigerian naira,

-   A $12.1 million increase in operating income in Australia primarily resulting from reduced costs, which were partially offset by a reduction in results associated with the strengthening U.S. dollar,

-   The reversal of a $2.5 million bad debt reserve in Kazakhstan, and

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-   An increase in pre-tax gains on disposal of assets of $4.9 million.

-   These items were partially offset by reduced operating income in certain other business units, including Europe (which was reduced by the impact of a stronger U.S. dollar versus the British pound) and the U.S. Gulf of Mexico (which was reduced as a result of lower demand for services).  Additionally, net income and diluted earnings per share were reduced by higher net interest expense, which increased $7.2 million due to reduced interest income, increased interest expense from our issuance of $115 million of convertible senior notes in June 2008 and lower levels of capitalized interest.

-   Our results for the six months ended September 30, 2009 were unfavorably impacted by the strengthening of the U.S. dollar versus other foreign currencies (primarily the British pound and Australian dollar), which resulted in a decrease in operating income of $2.8 million, net income of $3.5 million and diluted earnings per share of $0.10.  These decreases are reflected in our results for Europe and Australia and in other income, net (driven by a decrease in foreign currency transaction gains, net of hedging impact), partially offset by an increase in results for West Africa.

-   Net income and diluted earnings per share for the six months ended September 30, 2009 were also unfavorably impacted by a $4.3 million increase in our provision for income taxes ($0.12 per share) resulting from $3.3 million in tax contingency items and $1.0 million in changes in our expected foreign tax credit utilization.

Capital and Liquidity

§   At September 30, 2009, key balance sheet items, capital commitments and liquidity sources were:

─   $1.3 billion in stockholders’ investment and $718 million of indebtedness,

─   $143 million in cash and a $100 million undrawn revolving credit facility, and

─   $119 million in aircraft purchase commitments for 12 aircraft.

§   Net cash generated by operating activities was $59 million and net cash used in investing activities was $43 million in the September 2009 quarter.

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CEO Remarks

“We continued to realize good operating results in Latin America, Nigeria and Australia during the second quarter,” said William E. Chiles, President and Chief Executive Officer of Bristow Group.

“Our investment in Líder in Brazil early this year contributed to these positive results.  In Nigeria, activity levels continue to be strong despite a challenging political environment, which included a union strike during the latest quarter.  In Australia, our local team has come a long way in improving our overall operations and business activity level over the past year by winning new business from a number of customers and implementing cost cutting measures.  We have added two new large and two new medium aircraft to the Australian market over the last 12 months.

“Our operating results in the North Sea continue to be impacted by lower margins from Norway as we integrate that business into our Europe operations.  Our operating results for the U.S. Gulf of Mexico were slightly reduced from the June quarter, but were not impacted to as large a degree as other offshore service companies.  This is the result of our efforts to maintain stable pricing and to upgrade our fleet to larger, more efficient and more profitable aircraft serving larger projects farther offshore in deeper water.

“We continue to operate in a challenging economic and industry environment with significant volatility in energy prices.  However, our business model, with greater reliance on our customers’ operating expenditures rather than capital expenditures, should continue to translate into better performance by our business.  In addition, we believe we are well positioned with adequate liquidity and the financial flexibility to weather this uncertain market and benefit from a turnaround that we expect to see next year,” Chiles added.

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EST (9:00 a.m. CST) on Thursday, November 5, 2009, to review financial results for the September 2009 quarter.  The conference call can be accessed as follows:

Via Webcast:

§   Visit Bristow Group’s investor relations Web page at www.bristowgroup.com

§   Live: Click on the link for “Bristow Group Fiscal 2010 Second Quarter Earnings Conference Call”

§   Replay: A replay via webcast will be available approximately one hour after the call’s completion and will be accessible for approximately 90 days

Via Telephone within the U.S.:

§   Live: Dial toll free (800) 762-8973

§   Replay: A telephone replay will be available through November 19, 2009 and may be accessed by calling toll free (800) 406-7325, passcode: 4175233#

Via Telephone outside the U.S.:

§   Live: Dial (480) 629-9870

§   Replay: A telephone replay will be available through November 19, 2009 and may be accessed by calling (303) 590-3030, passcode: 4175233#

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ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is a leading provider of helicopter services to the worldwide offshore energy industry.  Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, Mexico, 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 the impact of activity levels, commodity prices, business performance, turnaround timing, market conditions, liquidity and financial flexibility.  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, 2009 and annual report on Form 10-K for the fiscal year ended March 31, 2009.  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)

(Unaudited)

	Three Months Ended									Six Months Ended
	September 30,						June 30,			September 30,
	2009			2008			2009			2009			2008
Gross revenue:
Operating revenue from non-affiliates	$	247,642		$	248,526		$	248,891		$	496,533		$	489,660
Operating revenue from affiliates		17,460			18,430			14,602			32,062			35,700
Reimbursable revenue from non-affiliates		24,746			23,208			25,853			50,599			47,579
Reimbursable revenue from affiliates		1,767			1,524			1,106			2,873			2,872
		291,615			291,688			290,452			582,067			575,811
Operating expense:
Direct cost		173,392			188,393			180,677			354,069			375,366
Reimbursable expense		26,304			24,681			26,657			52,961			50,748
Depreciation and amortization		18,470			15,485			18,186			36,656			30,440
General and administrative		29,686			25,984			28,802			58,488			53,190
		247,852			254,543			254,322			502,174			509,744
Gain on disposal of assets		4,880			3,302			6,009			10,889			5,967
Earnings from unconsolidated affiliates, net of losses		4,924			1,971			2,633			7,557			9,694
Operating Income		53,567			42,418			44,772			98,339			81,728
Interest income		210			3,205			222			432			4,652
Interest expense		(10,640	)		(9,065	)		(10,012	)		(20,652	)		(17,667	)
Other income (expense), net                           ��		1,809			2,070			(1,481	)		328			3,762
Income before provision for income taxes		44,946			38,628			33,501			78,447			72,475
Provision for income taxes		(11,236	)		(10,069	)		(9,510	)		(20,746	)		(20,633	)
Net income from continuing operations		33,710			28,559			23,991			57,701			51,842
Loss from discontinued operations, net of tax		—			(246	)		—			—			(246	)
Net income		33,710			28,313			23,991			57,701			51,596
Net income attributable to noncontrolling interests		(540	)		(952	)		(268	)		(808	)		(1,655	)
Net income attributable to Bristow		33,170			27,361			23,723			56,893			49,941
Preferred stock dividends		(3,163	)		(3,163	)		(3,162	)		(6,325	)		(6,325	)
Net income available to common stockholders	$	30,007		$	24,198		$	20,561		$	50,568		$	43,616
Basic earnings per common share:
Earnings from continued operations	$	0.98		$	0.84		$	0.71		$	1.70		$	1.63
Loss from discontinued operations		—			(0.01	)		—			—			(0.01	)
Net earnings	$	0.98		$	0.83		$	0.71		$	1.70		$	1.62
Diluted earnings per common share:
Earnings from continued operations	$	0.92		$	0.77		$	0.66		$	1.58		$	1.50
Loss from discontinued operations		—			—			—			—			(0.01	)
Net earnings	$	0.92		$	0.77		$	0.66		$	1.58		$	1.49
Weighted average number of common shares outstanding:
Basic		30,491			29,085			29,133			29,731			26,941
Diluted		36,101			35,636			35,782			35,907			33,487

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BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

			September 30,			March 31,
			2009			2009
			(Unaudited)
ASSETS
Current assets:
	Cash and cash equivalents		$	143,205		$	300,969
	Accounts receivable from non-affiliates			199,648			194,030
	Accounts receivable from affiliates			29,539			22,644
	Inventories			188,181			165,438
	Prepaid expenses and other current assets			39,437			20,226
		Total current assets		600,010			703,307
Investment in unconsolidated affiliates				204,457			20,265
Property and equipment – at cost:
	Land and buildings			82,783			68,961
	Aircraft and equipment			1,892,662			1,823,011
				1,975,445			1,891,972
	Less – Accumulated depreciation and amortization			(375,011	)		(350,515	)
				1,600,434			1,541,457
Goodwill				46,800			44,654
Other assets				24,689			24,888
			$	2,476,390		$	2,334,571
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
	Accounts payable		$	54,089		$	44,892
	Accrued wages, benefits and related taxes			33,464			39,939
	Income taxes payable			933			—
	Other accrued taxes			3,794			3,357
	Deferred revenues			18,551			17,593
	Accrued maintenance and repairs			13,316			10,317
	Accrued interest			6,430			6,434
	Other accrued liabilities			16,845			20,164
	Deferred taxes			10,526			6,195
	Short-term borrowings and current maturities of long-term debt			7,918			8,948
		Total current liabilities		165,866			157,839
Long-term debt, less current maturities				709,843			714,965
Accrued pension liabilities				97,833			81,380
Other liabilities and deferred credits				19,856			16,741
Deferred taxes				142,666			127,266
Stockholders’ investment:
	5.50% mandatory convertible preferred stock			—			222,554
	Common stock			359			291
	Additional paid-in capital			665,789			436,296
	Retained earnings			769,061			718,493
	Noncontrolling interests			9,810			11,200
	Accumulated other comprehensive loss			(104,693	)		(152,454	)
				1,340,326			1,236,380
			$	2,476,390		$	2,334,571

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BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

		Six Months Ended September  30,
		2009			2008
Cash flows from operating activities:
	Net income	$	57,701		$	51,596
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Depreciation and amortization		36,656			30,440
	Deferred income taxes		13,340			7,133
	Loss on disposal of discontinued operations		—			379
	Discount amortization on long-term debt		1,462			803
	Gain on asset dispositions		(10,889	)		(5,967	)
	Gain on Heliservicio investment sale		—			(1,438	)
	Stock-based compensation expense		6,611			4,881
	Equity in earnings from unconsolidated affiliates (in excess of) below dividends eceived		(3,846	)		4,499
	Tax benefit related to stock-based compensation		(433	)		(231	)
Increase (decrease) in cash resulting from changes in:
	Accounts receivable		13,707			(11,425	)
	Inventories		(13,243	)		(10,643	)
	Prepaid expenses and other assets		(10,391	)		(2,699	)
	Accounts payable		2,528			(5,234	)
	Accrued liabilities		(10,303	)		(2,420	)
	Other liabilities and deferred credits		10,709			(4,205	)
Net cash provided by operating activities			93,609			55,469
Cash flows from investing activities:
	Capital expenditures		(136,145	)		(278,543	)
	Proceeds from asset dispositions		71,238			17,322
	Acquisitions, net of cash received		(178,961	)		356
Net cash used in investing activities			(243,868	)		(260,865	)
Cash flows from financing activities:
	Proceeds from borrowings		—			115,000
	Debt issuance costs		—			(3,768	)
	Repayment of debt and debt redemption premiums		(8,858	)		(3,967	)
	Partial prepayment of put/call obligation		(37	)		(82	)
	Preferred stock dividends paid		(6,325	)		(6,325	)
	Issuance of common stock		1,089			225,099
	Tax benefit related to stock-based compensation		433			231
Net cash provided by (used in) financing activities			(13,698	)		326,188
Effect of exchange rate changes on cash and cash equivalents			6,193			(11,787	)
Net increase (decrease) in cash and cash equivalents			(157,764	)		109,005
Cash and cash equivalents at beginning of period			300,969			290,050
Cash and cash equivalents at end of period		$	143,205		$	399,055
Supplemental disclosure of cash flow information:
Cash paid during the period for:
	Interest	$	22,707		$	21,094
	Income taxes	$	7,966		$	19,628
Non-cash investing activities:
	Contribution of note receivable and aircraft to RLR	$	—		$	(6,551	)
	Aircraft received for investment in Heliservicio	$	—		$	2,410

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BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

(Unaudited)

	Three Months Ended						Six Months Ended
	September 30,				June 30,		September 30,
	2009		2008		2009		2009		2008
Flight hours (excludes Bristow Academy and unconsolidated affiliates):
U.S. Gulf of Mexico		18,372		34,891		19,769		38,141		72,530
Arctic		2,843		3,695		2,348		5,191		6,132
Latin America		9,228		9,595		8,632		17,860		18,134
Europe		14,242		10,265		14,855		29,097		20,571
West Africa		8,470		9,647		8,950		17,420		19,245
Australia		2,794		3,813		2,880		5,674		7,853
Other International		2,582		2,851		2,493		5,075		5,746
Consolidated total		58,531		74,757		59,927		118,458		150,211

Gross revenue:
U.S. Gulf of Mexico	$	42,614		$	62,491		$	45,461		$	88,075		$	124,000
Arctic		6,123			6,840			4,395			10,518			11,083
Latin America		20,786			19,051			19,559			40,345			39,257
WH Centralized Operations		791			2,909			1,485			2,276			5,169
Europe		113,890			98,303			115,043			228,933			193,733
West Africa		51,452			47,010			54,817			106,269			90,310
Australia		30,333			29,226			28,163			58,496			62,339
Other International		16,221			18,370			13,435			29,656			35,158
EH Centralized Operations		4,559			4,057			3,659			8,218			6,372
Bristow Academy		7,151			5,572			7,293			14,444			11,723
Intrasegment eliminations		(2,303	)		(2,137	)		(2,860	)		(5,163	)		(3,361	)
Corporate		(2	)		(4	)		2			—			28
Consolidated total	$	291,615		$	291,688		$	290,452		$	582,067		$	575,811

Operating income (loss):
U.S. Gulf of Mexico	$	5,509		$	8,263		$	6,240		$	11,749		$	16,252
Arctic		2,085			1,900			605			2,690			2,419
Latin America		7,314			3,973			4,779			12,093			13,674
WH Centralized Operations		(4,156	)		904			(3,209	)		(7,365	)		228
Europe		14,172			22,211			18,778			32,950			41,677
West Africa		14,466			8,024			14,238			28,704			14,540
Australia		6,869			(1,218	)		6,175			13,044			927
Other International		6,611			3,945			3,287			9,898			7,243
EH Centralized Operations		2,247			(2,243	)		(2,893	)		(646	)		(7,665	)
Bristow Academy		723			(159	)		931			1,654			387
Gain on disposal of assets		4,880			3,302			6,009			10,889			5,967
Corporate		(7,153	)		(6,484	)		(10,168	)		(17,321	)		(13,921	)
Consolidated total	$	53,567		$	42,418		$	44,772		$	98,339		$	81,728

Operating margin:
U.S. Gulf of Mexico	12.9	%	13.2	%	13.7	%	13.3	%	13.1	%
Arctic	34.1	%	27.8	%	13.8	%	25.6	%	21.8	%
Latin America	35.2	%	20.9	%	24.4	%	30.0	%	34.8	%
Europe	12.4	%	22.6	%	16.3	%	14.4	%	21.5	%
West Africa	28.1	%	17.1	%	26.0	%	27.0	%	16.1	%
Australia	22.6	%	(4.2	)%	21.9	%	22.3	%	1.5	%
Other International	40.8	%	21.5	%	24.5	%	33.4	%	20.6	%
Bristow Academy	10.1	%	(2.9	)%	12.8	%	11.5	%	3.3	%
Consolidated total	18.4	%	14.5	%	15.4	%	16.9	%	14.2	%

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BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

AS OF SEPTEMBER 30, 2009

	Aircraft in Consolidated Fleet
	Helicopters
	Small	Medium	Large	Training	Fixed   Wing	Total	(1)	Unconsolidated Affiliates (2)	Total
U.S. Gulf of Mexico	61	26	7	—	—	94		—	94
Arctic	13	2	—	—	1	16		—	16
Latin America	5	31	2	—	—	38		93	131
Europe	—	11	40	—	—	51		—	51
West Africa	12	31	5	—	4	52		—	52
Australia	2	10	17	—	—	29		—	29
Other International	—	12	10	—	—	22		41	63
EH Centralized Operations	—	—	—	—	—	—		63	63
Bristow Academy	—	—	—	75	1	76		—	76
Total	93	123	81	75	6	378		197	575
Aircraft not currently in fleet: (3)
On order	—	7	5	—	—	12
Under option	1	27	19	—	—	47

_________

(1)	Includes 13 aircraft held for sale.
(2)	The 197 aircraft operated or managed by our unconsolidated affiliates are in addition to those aircraft leased from us.
(3)	This table does not reflect aircraft which our unconsolidated affiliates may have on order or under option.

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