Bristow (BRSWQ) 8-K Bristow Group Inc. Reports Fiscal 2006 Fourth Quarter and Year-end Financial Results

	News Release
2000 W. Sam Houston Parkway South Suite 1700 Houston, TX 77042 713-267-7600 Tel

BRISTOW GROUP INC. REPORTS FISCAL 2006 FOURTH QUARTER
AND YEAR-END FINANCIAL RESULTS

HOUSTON (June 8, 2006)— Bristow Group Inc. (NYSE: BRS) today reported financial results for its fiscal 2006 fourth quarter and year ended March 31, 2006.

Highlights included the following:

For the year ended March 31, 2006:

• Net income of $57.8 million was up 12.1 percent over fiscal year 2005; earnings per diluted share of $2.45 rose 10.9 percent over the same period;

• Total revenue in fiscal year 2006 increased by 14.1 percent to $768.9 million;

• The revenue increase was driven primarily by significant improvements in the North America business unit complemented by growth in other business units;

• Operating income improved substantially in the North America and Other International business units, offset by declines in South and Central America due to previously reported decreases in flight activity in Mexico and Brazil;

• General and administrative costs for fiscal 2006 included $13.1 million ($0.43 per diluted share after tax) of costs related to the SEC and DOJ investigations, versus $2.2 million for fiscal 2005, which we expect to continue but to a lesser extent in future periods; and

• The effective tax rate for fiscal 2006 was 22.3 percent due to reversal of reserves for tax contingencies, which is expected to continue in the next year, but to a more limited extent.

For the quarter ended March 31, 2006:

• Net income of $17.8 million was up 34.7 percent over the March quarter a year ago; earnings per diluted share of $0.75 rose 33.9 percent for the same three-month period;

• Total revenue of $201.3 million increased by 18.1 percent over the fourth quarter of fiscal year 2005 from growth in all business units;

• The earnings improvement was driven primarily by increases in the Europe and Southeast Asia business units, partially offset by declines in North America;

• General and administrative costs for the March 2006 quarter included $1.4 million ($0.05 per diluted share after tax) of costs related to the SEC and DOJ investigations, which we expect to continue but to a lesser extent in future periods; and

• The effective tax rate for the March 2006 quarter of 18.8 percent was below the rate for the full fiscal year 2006 due to changes in estimates and had the effect of increasing net income by $800,000 ($0.03 per diluted share).

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Bristow Group Inc.
Reports Fiscal 2006 Fourth Quarter and Year-End Financial Results Page2

William E. Chiles, president and chief executive officer of Bristow Group Inc., said, “In many ways, fiscal 2006 was a pivotal year for our Company. We made a number of significant organizational changes that improved our business culture and reinforced our uncompromising operating standards. In the process, we strengthened our management team, consolidated our business units, improved our reporting infrastructure and re-branded our worldwide operations under a single identity, vision, mission and set of core values. The strength of these financial results is an indication of these improvements. Given these positive changes, Bristow Group has entered fiscal year 2007 well positioned to capitalize upon the gains we have made over the past year and very strong market conditions.”

CONFERENCE CALL
Management will conduct a conference call starting at 10:00 a.m. EDT (9:00 a.m. CDT) on Friday, June 9, 2006, to review financial results for the three months and fiscal year ended March 31, 2006. The conference call can be accessed as follows:

Via Webcast:

• Visit Bristow Group’s investor relations Web page athttp://www.bristowgroup.com

• Click on the link for “FY2006 Fourth Quarter Conference Call”

• Webcast replay available approximately one hour after the call’s completion

Via Telephone within U.S.:

• Toll free (888) 396-2356, passcode: 10560838

• A telephone replay will be available through June 16, 2006 by dialing toll free (888) 286-8010, passcode: 64969461

Via Telephone outside the U.S.:

• Dial (617) 847-8709, passcode: 10560838

• A telephone replay will be available through June 16, 2006 by dialing (617) 801-6888, passcode: 64969461

ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is a major provider of helicopter services to the oil and gas industry worldwide. Through its subsidiaries, affiliates and joint ventures, the Company provides transportation services in most oil and gas producing regions including the U.S. Gulf of Mexico and Alaska, the North Sea, Africa, Mexico, South America, Australia, Russia, Egypt and the Far East. 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.

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 expected costs related to the SEC and DOJ investigations and effective tax rate. 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 From 10-K for the year ended March 31, 2006. 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.

Investor Relations Contact:
Joe Baj — Bristow Group Inc.
(713) 267-7605

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(financial tables follow)

Bristow Group Inc.
Reports Fiscal 2006 Fourth Quarter and Year-End Financial Results Page3

BRISTOW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
	2006			2005			2006			2005
Gross revenue:
Operating revenue from non-affiliates	$	170,591		$	139,038		$	636,887		$	545,233
Operating revenue from affiliates		9,604			13,729			51,832			63,689
Reimbursable revenue from non-affiliates		19,770			16,846			75,861			61,969
Reimbursable revenue from affiliates		1,366			838			4,360			2,755
		201,331			170,451			768,940			673,646
Operating expenses:
Direct costs		137,336			117,970			512,518			454,836
Reimbursable expense		20,411			17,420			78,525			63,303
Depreciation and amortization		10,096			8,873			42,256			40,693
General and administrative		15,943			12,161			61,948			45,245
Loss (gain) on disposal of assets		(1,378	)		138			(102	)		(8,039	)
		182,408			156,562			695,145			596,038
Operating income		18,923			13,889			73,795			77,608
Earnings from unconsolidated affiliates, net of losses		4,988			3,910			6,758			9,600
Interest income		1,280			1,020			4,159			3,188
Interest expense		(3,401	)		(3,695	)		(14,689	)		(15,665	)
Other income (expense), net		304			912			4,612			(1,126	)
Income before provision for income taxes and minority interest		22,094			16,036			74,635			73,605
Provision for income taxes		4,154			2,911			16,607			21,835
Minority interest		(135	)		89			(219	)		(210	)
Net income	$	17,805		$	13,214		$	57,809		$	51,560
Net income per common share:
Basic	$	0.76		$	0.57		$	2.48		$	2.24
Diluted	$	0.75		$	0.56		$	2.45		$	2.21
Weighted average common shares outstanding:
Basic		23,361			23,304			23,341			23,041
Diluted		23,594			23,560			23,604			23,381

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Bristow Group Inc.	Page4
Reports Fiscal 2006 Fourth Quarter and Year-End Financial Results

BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except percentages)
(Unaudited)

	Three Months Ended				Twelve Months Ended
	March 31,				March 31,
	2006		2005		2006		2005
Flight hours (excludes unconsolidated affiliates):
Helicopter Services:
North America		32,966		25,767		142,409		118,371
South and Central America		9,271		9,044		38,469		42,351
Europe		9,325		8,035		38,648		35,542
West Africa		8,349		7,147		34,185		31,918
Southeast Asia		3,275		2,697		12,119		11,547
Other International		1,691		1,170		6,711		3,389
Consolidated total		64,877		53,860		272,541		243,118

	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
	2006			2005			2006			2005
Gross revenue:
Helicopter Services:
North America	$	58,014		$	44,709		$	228,584		$	179,019
South and Central America		12,743			12,208			44,554			53,699
Europe		61,039			55,247			242,941			223,698
West Africa		27,536			25,645			107,411			94,432
Southeast Asia		16,882			13,907			61,168			53,024
Other International		10,582			6,990			35,339			21,344
EH Centralized Operations		15,329			12,802			54,933			56,169
Intrasegment eliminations		(16,950	)		(16,076	)		(65,876	)		(60,567	)
Total Helicopter Services		185,175			155,432			709,054			620,818
Production Management Services		18,007			15,718			68,170			58,982
Corporate		653			981			693			1,684
Intersegment eliminations		(2,504	)		(1,680	)		(8,977	)		(7,838	)
Consolidated total	$	201,331		$	170,451		$	768,940		$	673,646
Operating income:
Helicopter Services:
North America	$	4,704		$	6,620		$	37,863		$	25,977
South and Central America		3,036			2,551			5,042			12,083
Europe		10,078			7,685			30,630			29,374
West Africa		(277	)		(356	)		5,632			5,891
Southeast Asia		2,014			144			4,800			4,002
Other International		3,173			3,046			7,549			2,879
EH Centralized Operations		(2,167	)		(4,196	)		437			(4,441	)
Total Helicopter Services		20,561			15,494			91,953			75,765
Production Management Services		1,652			922			5,327			3,907
Gain (loss) on disposal of assets		1,378			(138	)		102			8,039
Corporate		(4,668	)		(2,389	)		(23,587	)		(10,103	)
Consolidated total	$	18,923		$	13,889		$	73,795		$	77,608
Operating margin:
Helicopter Services:
North America		8.1	%		14.8	%		16.6	%		14.5	%
South and Central America		23.8	%		20.9	%		11.3	%		22.5	%
Europe		16.5	%		13.9	%		12.6	%		13.1	%
West Africa		-1.0	%		-1.4	%		5.2	%		6.2	%
Southeast Asia		11.9	%		1.0	%		7.8	%		7.5	%
Other International		30.0	%		43.6	%		21.4	%		13.5	%
EH Centralized Operations		-14.1	%		-32.8	%		0.8	%		-7.9	%
Total Helicopter Services		11.1	%		10.0	%		13.0	%		12.2	%
Production Management Services		9.2	%		5.9	%		7.8	%		6.6	%
Consolidated total		9.4	%		8.1	%		9.6	%		11.5	%

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Bristow Group Inc.	Page5
Reports Fiscal 2006 Fourth Quarter and Year-End Financial Results

BRISTOW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	March 31,			March 31,
	2006			2005
ASSETS
Current assets:
Cash and cash equivalents	$	122,482		$	146,440
Accounts receivable from non-affiliates, net of allowance for doubtful accounts of $4.6 million and $6.9 million, respectively		144,521			118,260
Accounts receivable from affiliates, net of allowance for doubtful accounts of $4.6 million and $2.4 million, respectively		15,884			15,579
Inventories		147,860			140,706
Prepaid expenses and other		16,519			11,459
Total current assets		447,266			432,444
Investments in unconsolidated affiliates		39,912			37,176
Property and equipment — at cost:
Land and buildings		40,672			32,543
Aircraft and equipment		838,314			827,031
		878,986			859,574
Less: accumulated depreciation and amortization		(263,072	)		(250,512	)
		615,914			609,062
Goodwill		26,837			26,809
Prepaid pension costs		37,207			36,543
Other assets		9,277			7,542
	$	1,176,413		$	1,149,576
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Accounts payable	$	49,714		$	35,640
Accrued wages, benefits and related taxes		45,958			46,548
Income taxes payable		6,537			19,486
Other accrued taxes		6,471			6,269
Deferred revenues		9,994			12,411
Other accrued liabilities		22,596			28,221
Deferred taxes		5,025			6,709
Short-term borrowings and current maturities of long-term debt		17,634			6,413
Total current liabilities		163,929			161,697
Long-term debt, less current maturities		247,662			255,667
Accrued pension liabilities		136,521			157,999
Other liabilities and deferred credits		18,016			12,413
Deferred taxes		68,281			64,293
Minority interest		4,307			4,514
Commitments and contingencies
Stockholders’ investment:
Common Stock, $0.01 par value, authorized 35,000,000 shares; outstanding 23,385,473 shares in 2006 and 23,314,708 shares in 2005 (exclusive of 1,281,050 treasury shares)		234			233
Additional paid-in capital		158,762			157,100
Retained earnings		447,524			389,715
Accumulated other comprehensive loss		(68,823	)		(54,055	)
		537,697			492,993
	$	1,176,413		$	1,149,576

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