Bristow (BRSWQ) 8-K Regulation FD Disclosure

Johnson Rice Energy

Conference

Bristow Group Inc.

October 1-4, 2012

Exhibit 99.1

2

Forward-looking statements

This

presentation

may

contain

“forward-looking

statements”

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

Forward-looking

statements

include

statements

about

our

future

business,

operations,

capital

expenditures,

fleet

composition,

capabilities

and

results

;

modeling

information,

earnings

guidance,

expected

operating

margins

and

other

financial

projections;

future

dividends,

share

repurchase

and

other

uses

of

excess

cash;

plans,

strategies

and

objectives

of

our

management,

including

our

plans

and

strategies

to

grow

earnings

and

our

business,

our

general

strategy

going

forward

and

our

business

model;

expected

actions

by

us

and

by

third

parties,

including

our

customers,

competitors

and

regulators;

the

valuation

of

our

company

and

its

valuation

relative

to

relevant

financial

indices;

our

ability

to

complete

and

fund

the

Cougar

Helicopters

Inc.

transaction;

the

timing

for

completing

the

transaction;

whether

the

transaction

will

be

approved

by

the

Canadian

Transportation

Agency;

beneficial

to

our

operations

and

accretive

to

our

earnings

per

share,

cash

flow

and

Bristow

Value

Added;

assumptions

underlying

or

relating

to

any

of

the

foregoing,

including

assumptions

regarding

factors

impacting

our

business,

financial

results

and

industry

;

and

other

matters.

Our

forward-looking

statements

reflect

our

views

and

assumptions

on

the

date

of

this

presentation

regarding

future

events

and

operating

performance.

They

involve

known

and

unknown

risks,

uncertainties

and

other

factors,

many

of

which

may

be

beyond

our

control,

that

may

cause

actual

results

to

differ

materially

from

any

future

results,

performance

or

achievements

expressed

or

implied

by

the

forward-looking

statements.

These

risks,

uncertainties

and

other

factors

include

those

discussed

under

the

captions

“Risk

Factors”

and

“Management’s

Discussion

and

Analysis

of

Financial

Condition

and

Results

of

Operations”

in

our

Annual

Report

on

Form

10-K

for

the

fiscal

year-ended

March

31,

2012

and

our

Quarterly

Report

on

Form

10-Q

for

the

quarter

ended

June

30,

2012.

We

do

not

undertake

any

obligation,

other

than

as

required

by

law,

to

update

or

revise

any

forward-looking

statements,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

3

Bristow is the leading provider of helicopter services

and is a unique investment in oil field services

•

~20 countries

•

551 aircraft

•

~3,400 employees

•

Ticker: BRS

•

Stock price

*

: $49.91/share

•

Market cap

*

: ~$1.9 billion

•

Quarterly dividend of $0.20/share

Bristow flies crews and light cargo to production platforms, vessels and rigs

* Based on 36.4 million fully diluted weighted average shares outstanding for the three months ended 06/30/2012 and stock price as of September 26, 2012

On September 4

th

, Bristow announced that we are making a US$250M

investment in Cougar, Canada’s premier helicopter services provider

4

Safety is our primary core value

Bristow’s ‘Target Zero’

program is now the leading example

emulated industry-wide

Safety Performance accounts for 25% of management

incentive compensation

2011 National Ocean Industries Association (NOIA) Safety

in Seas Award Winner

                              our industry leading safety program,

creates differentiation and client loyalty

TARGET ZERO,

5

$275

•

Bristow

has

changed

its

client

and

capital

allocation

approach

(Client Promise/Bristow Value Added) to generate better cash

returns and fund it’s growth

•

Bristow

is

enjoying

improved

pricing

for

its

services

with

better

utilization especially in North America

•

Bristow

is

growing

with

demand

not

as

dependent

on

economic

or commodity cycles

•

Bristow’s

asset

values

continue

to

be

resilient

even

in

depressed

economic times as there is strong demand for helicopters

outside of exploration and production (E&P)

•

Bristow

cash

flow

has

increased

53%

since

FY11

and

is

more

than 2 times higher than our next four competitors* combined

* Four competitors are CHC, ERA, Inaer Aviation, and PHI. Data from latest filings as of July 29, 2012. ERA based on S-1 pro-forma.

Why

Bristow?

Changes

like

Client

Promise

and

BVA

generate

cash

for

organic

and

external

growth

6

•

Bristow has reached agreement with Canadian owned

VIH Aviation Group (VIHAG) to invest in its subsidiary

Cougar Helicopters Inc. (Cougar)

•

Cougar is Canada’s largest and leading offshore oil &

gas and search & rescue (SAR) helicopter services

provider

•

Bristow’s investment is US$250M and includes:

# of Large aircraft

Existing Bristow locations

Existing Cougar locations

CHANGE:

Bristow is making an investment in Cougar, 

Canada’s premier helicopter services provider

A 40% economic interest in Cougar and a 25% voting

interest

The acquisition of eight Sikorsky S-92 aircraft and state

of the art passenger, maintenance and SAR facilities

These assets will be leased to Cougar after the

transaction closes with Bristow providing maintenance

and supply chain services to Cougar for its S-92 aircraft

•

VIHAG can earn up to an additional $40M based upon

Cougar achieving certain performance targets

Investment increases the number of large helicopters in Bristow’s North American

Business Unit and is immediately accretive to earnings, cash flow and BVA

7

Cougar provides scale, stability and growth to our North

American Business Unit

This

investment

builds

on

the

inherent

strengths

of

both

parties

to

create

value for clients in Canada’s Atlantic coast and beyond

100NM

•

Bristow

gains

exposure

to

the

Canadian

market through this alliance where Cougar

has successfully operated for 15 years with

unmatched infrastructure and skills

•

Cougar

is

best

positioned

as

the

search

for energy expands into emerging

opportunities in the offshore Greenland

and Arctic fields

•

Bristow and Cougar are culturally

aligned

with

shared

core

values

of

safety,

quality and service

•

Bristow expansion into SAR accelerates

with Cougar creating a capability on both

sides of the Atlantic Ocean

8

Bristow’s strong liquidity position makes the investment both financially

attractive

and

financeable

within

our

prudent

balance

sheet

management

principles without issuing equity

The

investment

is

expected

to

close

in

the

fourth

quarter

of

calendar

year

2012, 

subject

to

approval

by

the

Canadian

Transportation

Agency

(which

was

received

on

September 13, 2012) and the final syndication of an interim $250M, 364-day term

loan facility

Bristow has already received a lead bank commitment for the interim

acquisition facility

with repayment to be made from a combination of cash on

hand, cash flow from operations and proceeds from future financings

All internally mandated

credit metrics are expected to be maintained or

enhanced

and both rating agencies have affirmed our Ba2/BB corporate rating

Bristow's investment and associated asset purchase are expected to be at least

seven percent accretive to annual EPS, cash flow from operations, and BVA

Our equity investment and purchase of eight modern

aircraft is prudently financed and immediately accretive 

The

investment

and

asset

acquisition

are

anticipated

to

close

in

early

Q4

CY12

9

9

BV and FMV per share updated for the Cougar

Investment including eight S-92s

Note: June’s numbers are June’s actual adjusted for the investment in Cougar with the exception of shares outstanding and average closing price which are calculated as of 8/27/2012.

42.29

55.29

45.94

38

43

48

53

58

J

A

S

O

N

D

J

F

M

A

M

J

J

A

Book value of equity per share

FMV of assets per share

Avg Closing Price

BV and  FMV per Share ($)

10

CONCLUSION:

Bristow enjoys the strongest balance sheet

in our industry with ample cash flow for EPS Growth

Cash Flow

generation

provides EPS

growth

Bristow generated 53% more operating cash flow in

FY12 compared to FY11

Adj. EPS growth is improving with FY13 YTD delivering

better than previous year’s annual growth rate

Prudent

Balance

Sheet

management

Adjusted Debt/Capital Ratio less than 45% with a BBB-

rating from Standard & Poor’s for secured debt

Operating lease strategy used to finance growth with a

competitive cost of capital

Ample

Liquidity with

underlying

asset value

Bristow closed Q1 FY13 with almost $400 million of

liquidity, part of which will fund the Cougar investment

Fair market value of aircraft is well above share price at

June 30, 2012, especially with the addition of Cougar

10

11

Appendix

12

CHANGE:

Bristow’s Client Promise initiative is gaining

traction and is behind our organic margin improvement

Target Zero accidents, downtime and complaints

programs deliver value to operators.

More zero-accident flight hours than anyone,

more uptime than anyone,

and hassle-free service

creates confidence in flight. Worldwide.

Lowers client’s offshore operating costs

and improves productivity.

Earns us more business

to improve BVA.

13

CHANGE:

Bristow Value Added (BVA) makes employees

treat the cost of capital like any other expense . . .

BRISTOW VALUE ADDED CALCUALTION SAMPLE

BVA

=Gross

Cash

Flow

–

(Gross

Operating

Assets

X

Capital

Charge)

BVA

=

GCF

-

(

GOA

X

10.5%**

)

Bristow Value Added calculation for Q1 FY12

($15.4)

=

$60*

-

(

$2,874*

X

2.625%**

)

Bristow Value Added calculation for Q1 FY13

$1.9

=

$80*

-

(

$2,976*

X

2.625%**

)

•

BVA is the key measure to define Bristow’s financial success

and charges managers for the capital they use every day

•

BVA has changed i) the way working capital is managed, and

ii) has led to our operating lease initiative

*     Reconciliation for these items is in the appendix

**   Quarterly capital charge of 2.625% is based on annual capital charge of 10.5%

14

. . . Leading to our operating lease initiative: lowering

the

cost

and

amount

of

capital

needed

to

grow

•

Of the 56 aircraft currently leased in our fleet, 30 are training and 26 are

commercial (18 LACE)

•

18 LACE aircraft represent approximately 12% of our commercial fleet

•

Our

goal

is

for

commercial

fleet

operating

leases

to

account

for

20-30%

of

our

LACE

Leased aircraft as of June 30, 2012

Large

Medium

Small

Total

Leased LACE

Total LACE

% Leased

EBU

8

-

-

8

8

47

17%

WASBU

-

1

-

1

1

22

2%

NABU

2

11

1

14

8

30

26%

AUSBU

1

-

2

3

2

18

11%

OIBU

-

-

-

-

-

32

0%

Total

11

12

3

26

18

147

12%

15

CHANGE:

Our

focus

on

BVA

has

yielded

much

higher

operating

cash

flow

generation

.

.

.

Net cash provided by operating activities

See June 30, 2012 10-Q for more information on cash flow provided by operating activities

29.6

35.0

25.7

52.9

55.4

127.9

195.4

151.4

231.3

0

40

80

120

160

200

240

280

320

FY09

FY10

FY11

FY12

Q1 FY13

16

. . . And when combined with leasing, creates a

significantly higher cash and liquidity position

Total Liquidity

178

261

402

387

100

145

140

160

78

116

262

227

0

50

100

150

200

250

300

350

400

450

31-Mar-

10

31-

Mar-

11

31-

Mar-

12

30-

Jun-12

Undrawn borrowing capacity

Cash

17

. . . Which allows us to pursue the larger scope of

organic growth identified between FY13 and FY17

18

. . .  With the market outlook even better in FY13

Overall

activity

above pre-

2008 levels

•

The overall market both in terms of tender activity and pricing is

improving

•

North Sea tender activity remains at historic levels

•

Aircraft supply is tightening with significant search and rescue

(SAR) requirements (both governmental and O&G) and faster

Brazilian expansion

Brazil growth 

accelerates

NABU

market

returning

•

Petrobras board approved 52 incremental aircraft through FY15

with a focus on heavy aircraft. First ten were awarded, of which

Lider will provide five, and a new bid is expected later this year

for the next tranche.

•

International demand outside of Brazil expected to be at least

equal to Brazilian demand suggesting further tightening of

supply/demand for large a/c

•

Most clients increasing activity in USGoM as rigs go back to

work

•

Atlantic Canada new drilling activity increasing with Statoil,

ExxonMobil and Chevron

19

…Providing

investors

with

a

unique

combination

of

growth

and

balanced return opportunities in various market environments

The “Growth Price Signal”

is provided

by the commercial markets and outlook

for  ANNUAL EPS Growth

Cash

Flow Yield

=

OCF + A/C sales –

Depreciation

Market Capitalization

We can provide a balanced return, but some years we

will “Go Faster”

depending on price signals

The “Capital Return Price Signal”

is

provided by the financial markets and

our current free cash flow yield

Today this equals  13.5 %*

FY13 EPS Guidance: $3.25 -

$3.55

FY12

–

FY13

EPS

Midpoint Growth

9.0 %

=

*Trailing twelve months as of June 30, 2012

20

Europe represented 39% of Bristow operating

revenue and 42% of adjusted EBITDAR* in Q1

FY13

Operating revenue increased to $123.2M in Q1

FY13 from $108.3M in Q1 FY12 with the

addition of four large aircraft and increased

activity with new and existing contracts in the

UK and Norway

Adjusted EBITDAR increased to $39.7M in Q1

FY13 from $35.7M in Q1 FY12, while adjusted

EBITDAR margin remained relatively flat at

32.2% in Q1 FY13 versus 33.0% in Q1 FY12

Outlook:

•

Bristow is shortlisted for UK SAR program

with results to be announced in early 2013

•

High activity continues as demonstrated by

new awards for nine aircraft recently

announced.  Additional awards are

anticipated next quarter.

FY13 adjusted EBITDAR margin

expected to be ~ low thirties

Europe (EBU)

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

21

West Africa (WASBU)

Nigeria represented 21% of Bristow operating

revenue and 22% of adjusted EBITDAR* in Q1 FY13

Operating revenue of $66.4M in Q1 FY13 increased

27% from $52.3M in Q1 FY12 due to strong activity

and a 12% increase in flight hours compared to Q1

FY12

Adjusted EBITDAR increased to $21.2M in Q1 FY13

from $15.4M in Q1 FY12 with adjusted EBITDAR

margin of 32% in Q1 FY13 vs 30% in Q1 FY12

Outlook:

Improved service through Client Promise

initiative continues to drive strong results: Two

existing contracts extended with better pricing

and terms

Upcoming heavy maintenance on several

aircraft will impact Q2 and Q3 FY13

We continue to work on optimizing the

operating model in this business unit as part

of the local content initiative

FY13 adjusted EBITDAR margin expected

to be ~ low thirties

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

22

•

North America represented 17% of Bristow operating

revenue and 13% of adjusted EBITDAR* in Q1 FY13

Adjusted EBITDAR doubled to $12.2M in Q1 FY13 vs.

$6.3M in Q1 FY12 and adjusted EBITDAR margin was

23.2% in Q1 FY13 versus 14.3% in Q1 FY12

Sequential improvement of almost 50% in adjusted

EBITDAR from $8.2M in Q4 FY12 to $12.2M in the

current quarter

Business model performed with key parameters

significantly better; several mid-teen price increases;

large aircraft working and costs contained

Outlook:

Our business is improving in FY13 similar to other

oil

service

sector

recoveries

-

more

rigs,

more

people, and more investment

Client Promise initiative continues to deliver

positive results

FY13 adjusted EBITDAR expected to be ~ low

twenties

North America (NABU)

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

23

Australia (AUSBU)

Australia represented 12% of Bristow operating

revenue and 11% of adjusted EBITDAR* in Q1 FY13

Operating revenue of $38.2M in Q1 FY13 decreased

from $40.9M in Q1 FY12 due to a decrease in overall

flight activity

Adjusted EBITDAR increased to $10.3M in Q1 FY13

from $8.3M in Q1 FY12 and adjusted EBITDAR

margin increased to 27.0% in Q1 FY13 from 20.2% in

Q1 FY12 reflecting better asset utilization along with

lower operating costs

Outlook:

INPEX award of a ten-year contract for up to

six large aircraft with an option to add a long

term SAR aircraft with the start date in FY14

Aircraft

will

be

redeployed

as

short

-

term

contracts roll off; will impact performance in Q2

and Q3 FY13

An additional medium aircraft contract award

with improved terms

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

FY13

adjusted

EBITDAR

margin

expected to be ~ mid to high twenties

24

Other International (OIBU)

Other International represented 11% of Bristow operating revenue

and 12% of adjusted EBITDAR* in Q1 FY13

Operating revenue decreased  to $33.2M in Q1 FY13 vs. $34.5M

in Q1 FY12 due to decrease in activity in Ghana and the end of a

contract in the Baltic Sea

Adjusted EBITDAR margin of 36.2% in Q1 FY13 decreased from

48.1% in Q1 FY12 due primarily to decreased earnings from

unconsolidated affiliates (particularly Lider in Brazil), activity

reduction in Mexico, and increased operating costs in Trinidad

Lider equity earnings decreased to $0.0M in Q1 FY13  compared

to $2.7M in Q1 FY12

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

Potential new opportunities in Caspian, East Africa, Southeast

Asia and the Caribbean

FY13 adjusted EBITDAR margin expected to be ~ low

to mid forties

Outlook:

Petrobras awarded Lider contracts for five new large aircraft, with

one leased by Bristow to Lider, with operations scheduled to

commence starting in August 2012 through April 2013

Lider’s second half of the year is expected to be better than the first

half as operations under new contracts begin. Currency fluctuations

make it difficult to predict if this will translate into higher equity

earnings

25

Business

Unit

(%

of

FY13

Operating

Revenue)

Corporate

Region

( # of Aircraft / # of Locations)

Joint

Venture

(#

of

aircraft)

Key

Operated Aircraft

Bristow owned and/or operated

357 aircraft as of June 30, 2012

Affiliated Aircraft

Bristow affiliates and joint

ventures operated 194 aircraft

as of June 30, 2012

Bristow

NABU

16%

U

S

GoM

–

79/

7

Trinidad

–

10/

1

Alaska

–

3

Mexico

–

12/

5

Brazil

10/

9

Lider

-

85

UK –32/

Norway

–

3

FBH -

64

Nigeria

–

7

Australia

–28/

10

Other

–

12/

1

Russia

–

3

Egypt –

–

Turkmenistan

–

1

PAS

-

45

AUSBU

12%

EBU

39%

Florida

–

/1

Louisiana

–

1

U

K

–

1

Malaysia 

–

2

WASBU

21%

OIBU

10%

BRS Academy

2%

.

.

12/

–

26/

45/

7/

–

/

2/

14/

.

.

5/

5/

4

Organizational chart - as of June 30, 2012

58

26

Aircraft fleet –

medium and large

as of June 30, 2012

Next Generation Aircraft

Medium capacity 12-16 passengers

Large capacity 18-25 passengers

Mature Aircraft Models

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Large Helicopters

AS332L Super Puma

18

Twin Turbine

23

-

23

-

AW189

16

Twin Turbine

-

-

-

6

EC225

25

Twin Turbine

18

-

18

-

Mil MI 8

20

Twin Turbine

7

-

7

-

Sikorsky S-61

18

Twin Turbine

2

-

2

-

Sikorsky S-92

19

Twin Turbine

32

4

36

11

82

4

86

17

LACE

76

Medium Helicopters

AW139

12

Twin Turbine

7

2

9

-

Bell 212

12

Twin Turbine

1

14

15

-

Bell 412

13

Twin Turbine

34

20

54

-

EC155

13

Twin Turbine

3

-

3

-

Sikorsky S-76A/A++

12

Twin Turbine

15

5

20

-

Sikorsky S-76C/C++

12

Twin Turbine

52

31

83

-

112

72

184

-

LACE

51

27

27

Aircraft fleet –

small, training and fixed

as of June 30, 2012 (continued)

Next Generation Aircraft

Mature Aircraft Models

Small capacity 4-7 passengers

Training capacity 2-6 passengers

LACE does not include held for sale, training and fixed wing helicopters

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Small Helicopters

Bell 206B

4

Turbine

1

2

3

-

Bell 206 L-3

6

Turbine

4

6

10

-

Bell 206 L-4

6

Turbine

29

1

30

-

Bell 407

6

Turbine

39

-

39

-

BK 117

7

Twin Turbine

2

-

2

-

BO-105

4

Twin Turbine

2

-

2

-

EC135

7

Twin Turbine

6

3

9

-

83

12

95

-

LACE

21

Training Helicopters

AW139

12

Twin Turbine

-

3

3

-

Bell 412

13

Twin Turbine

-

8

8

-

Bell 212

12

Twin Turbine

-

15

15

-

AS355

4

Twin Turbine

5

-

5

-

AS350BB

4

Turbine

-

36

36

-

Agusta 109

8

Twin Turbine

-

2

2

-

Bell 206B

6

Single Engine

12

-

12

-

Robinson R22

2

Piston

12

-

12

-

Robinson R44

2

Piston

2

-

2

-

Sikorsky 300CB/Cbi

2

Piston

45

-

45

-

Fixed Wing

1

-

1

-

77

64

141

-

Fixed Wing

3

42

45

-

Total

357

194

551

17

TOTAL LACE (Large Aircraft Equivalent)

147

28

Order and options book as of June 30, 2012

#

Helicopter

Class

Delivery Date

Location

Contracted

#

Helicopter

Class

Delivery Date

3

Large

December 2012

EBU

3

1

Large

September 2013

2

Large

December 2012

WASBU

0

1

Large

December 2013

2

Large

March 2013

EBU

2

1

Large

March 2014

1

Large

September 2013

EBU

0

1

Large

June 2014

1

Large

September 2013

NABU

0

1

Large

September 2014

2

Large

December 2013

OIBU

0

1

Large

December 2014

1

Large

September 2014

NABU

0

1

Large

March 2015

1

Large

December 2014

OIBU

0

2

Large

June 2015

1

Large

March 2015

OIBU

0

2

Large

September 2015

1

Large

June 2015

EBU

0

2

Large

December 2015

1

Large

March 2016

EBU

0

1

Large

March 2016

1

Large

June 2016

AUSBU

0

2

Large

June 2016

17

5

2

Large

September 2016

2

Large

December 2016

* Six large ordered aircraft expected to enter service beginning

1

Large

March 2017

  in calendar year 2014 are subject to the successful development

1

Large

June 2017

  and certification of the aircraft.

1

Large

September 2017

1

Large

December 2017

1

Medium

June 2013

4

Medium

December 2013

3

Medium

June 2014

2

Medium

September 2014

2

Medium

June 2015

36

ORDER BOOK*

OPTIONS BOOK

29

Consolidated fleet changes and aircraft sales for

Q1 FY13

EBU

WASBU

NABU

AUSBU

OIBU

Total

Large

3

-

-

3

-

6

Medium

2

1

-

1

7

11

Small

-

-

-

-

-

-

Total

5

1

-

4

7

17

Aircraft held for sale by BU

# of A/C Sold

Received*

Q1 FY13

4

19

$             

Totals

4

19

$             

* $ in millions

Q 1 FY13

Fleet Count Beginning Period

361

Delivered

S-92

2

Total Delivered

2

Removed

Sales

(4)

Other*

(2)

Total Removed

(6)

357

* Includes destroyed aircraft, lease returns

  and commencements

Fleet changes

Large

8

-

2

1

-

-

11

Medium

-

1

11

-

-

-

12

Small

-

-

1

2

-

-

3

Fixed

-

-

-

-

-

-

-

Training

-

-

-

-

-

30

30

Total

8

1

14

3

-

30

56

Leased aircraft in consolidated fleet

WASBU

EBU

NABU

AUSBU

OIBU

BA

Total

30

Operating Revenue, LACE and LACE Rate by BU

1) $ in millions

2) LACE Rate is annualized

3) $ in millions per LACE

4) OIBU LACE rate is lower than other business units’ LACE rate due to a large proportion of revenue being from dry leases

Operating revenue

1

LACE

LACE Rate

2, 3

EBU

$123.2

47

$10.60

WASBU

66.4

22

12.35

NABU

52.6

30

7.05

AUSBU

38.2

18

8.48

OIBU

4

33.2

32

4.22

Total

$313.6

147

$8.55

Operating Revenue, LACE, and LACE Rate by BU

as of June 30, 2012

31

Historical LACE and LACE Rate by BU

1) LACE Rate is annualized ($ millions)

2) OIBU

LACE

rate

is

lower

than

other

business

units’

LACE

rate

due

to

a

large

proportion

of

revenue

being

from

dry

leases

2013

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

EBU

42

43

48

46

44

46

46

45

47

WASBU

24

24

21

22

23

22

22

22

22

NABU

39

35

34

29

30

29

30

30

30

AUSBU

20

23

24

20

19

20

20

19

18

OIBU

33

33

33

38

39

38

38

34

32

Consolidated

157

158

159

154

154

154

155

149

147

2013

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

EBU

$8.20

$8.50

$7.90

$8.40

$9.80

$9.60

$9.63

$10.09

$10.60

WASBU

9.70

9.40

10.70

9.90

9.10

10.30

11.17

11.46

12.35

NABU

5.40

6.10

6.00

6.60

5.80

6.30

5.89

5.79

7.05

AUSBU

6.80

6.00

6.00

7.50

8.60

7.10

6.96

7.78

8.48

OIBU

3.90

4.10

4.40

3.90

3.50

3.70

3.78

4.22

4.22

Consolidated

6.70

6.90

6.90

7.10

7.30

7.40

7.43

7.89

8.55

2011

2012

LACE

LACE Rate

1,2

2011

2012

32

Adjusted EBITDAR margin* trend

Q1

Q2

Q3

Q4

Full Year

Q1

Q2

Q3

Q4

Full Year

EBU

31.2%

31.7%

31.9%

28.0%

30.8%

29.8%

31.5%

34.6%

34.4%

32.7%

WASBU

31.7%

36.8%

33.7%

39.1%

36.0%

33.7%

36.9%

35.8%

34.3%

35.2%

NABU

18.3%

20.0%

14.9%

17.7%

17.8%

20.8%

25.8%

15.9%

8.5%

18.5%

AUSBU

26.5%

36.7%

34.4%

31.3%

32.4%

33.2%

26.1%

27.0%

31.1%

29.3%

OIBU

34.4%

37.6%

25.9%

25.1%

31.0%

18.3%

40.2%

37.4%

59.4%

39.3%

Consolidated

24.7%

27.8%

24.7%

23.9%

25.3%

23.8%

27.5%

25.9%

29.6%

26.7%

2013

Q1

Q2

Q3

Q4

Full Year

Q1

EBU

33.0%

31.4%

30.7%

36.1%

32.9%

32.2%

WASBU

29.5%

35.5%

37.2%

36.6%

35.0%

31.9%

NABU

14.3%

20.6%

14.8%

19.4%

17.3%

23.2%

AUSBU

20.2%

14.4%

23.5%

35.6%

24.3%

27.0%

OIBU

48.1%

19.1%

47.8%

42.9%

39.5%

36.2%

Consolidated

23.4%

24.0%

27.6%

31.2%

26.6%

26.3%

2010

2011

2012

* Adjusted EBITDAR excludes special items and asset dispositions and calculated by taking adjusted EBITDAR divided by operating revenue

33

Adjusted EBITDAR* reconciliation

* Adjusted EBITDAR excludes special items and asset dispositions

($ in millions)

Q1

Q2

Q3

Q4

Full Year

Q1

Q2

Q3

Q4

Full Year

Net income

$24.0

$33.7

$27.1

$28.7

$113.5

$20.9

$38.8

$42.3

$31.2

$133.3

Income tax expense

9.5

11.2

5.7

2.6

29.0

8.5

3.3

-11.8

7.1

7.1

Interest expense

10.0

10.6

11.0

10.8

42.4

11.0

11.5

13.8

9.9

46.2

Gain on disposal of assets

-6.0

-4.9

-2.4

-5.3

-18.7

-1.7

-1.9

0.0

-5.1

-8.7

Depreciation and amortization

18.2

18.5

20.7

17.4

74.7

19.3

21.0

21.3

27.7

89.4

Special items

2.6

-2.5

-1.1

1.0

0.0

0.0

0.0

-1.2

2.4

1.2

EBITDA Subtotal

58.2

66.7

60.9

55.1

240.9

58.1

72.7

64.4

73.3

268.5

Rental expense

7.0

7.0

7.2

6.3

27.3

6.6

6.1

8.7

7.7

29.2

Adjusted EBITDAR

$65.2

$73.6

$68.1

$61.3

$268.2

$64.7

$78.8

$73.1

$81.1

$297.7

3/31/2013

($ in millions)

Q1

Q2

Q3

Q4

Full Year

Q1

Net income

$21.2

$3.0

$26.5

$14.6

$65.2

$24.2

Income tax expense

6.6

-1.9

7.1

2.4

14.2

6.2

Interest expense

9.0

9.5

9.8

10.0

38.1

8.8

Gain on disposal of assets

-1.4

1.6

2.9

28.6

31.7

5.3

Depreciation and amortization

22.7

25.4

22.7

25.3

96.1

21.4

Special items

0.0

24.6

0.0

3.4

28.1

2.2

EBITDA Subtotal

58.1

62.1

68.9

84.3

273.4

68.0

Rental expense

9.0

9.1

12.8

15.1

46.0

16.3

Adjusted EBITDAR

$67.0

$71.2

$81.8

$99.5

$319.5

$84.3

3/31/2010

3/31/2011

3/31/2012

Fiscal year ended

Fiscal year ended

34

Gross cash flow presentation

($ in millions)

Gross Cash Flow Reconciliation

Q1 FY12

Q1 FY13

Net Income

$21

$24

Depreciation and Amortization

23

21

Interest Expense

9

9

Interest Income

(0)

(0)

Rent

9

16

Other Income/expense-net

(0)

1

Gain/loss on Asset Sale

(1)

5

Special Items

0

2

Tax Effect from Special Items

0

(2)

Earnings (losses) from Unconsolidated Affiliates, Net

(6)

(2)

Non-controlling Interests

0

1

Gross Cash Flow  before Lider

$54

$75

Gross Cash Flow - Lider proportional

6

5

Gross Cash Flow  after Lider

$60

$80

Special items:

FY13  includes: $2.2m special charge for severance costs related to the termination of a contract in the Southern North Sea

35

Gross operating asset presentation

($ in millions)

Adjusted Gross Operating Assets Reconciliation

Q1 FY12

Q1 FY13

Total Assets

$2,701

$2,740

Accumulated Depreciation

463

468

Capitalized Operating Leases

136

194

Cash and Cash Equivalents

(117)

(227)

Investment in Unconsolidated Entities

(210)

(201)

Goodwill

(30)

(29)

Intangibles

(7)

(4)

Assets Held for Sale: Net

(34)

(18)

Assets Held for Sale: Gross

77

86

Adj. for gains & losses on assets sales

(0)

116

Accounts Payable

(51)

(58)

Accrued Maintenance and Repairs

(11)

(16)

Other Accrued Taxes

(4)

(7)

Accrued Wages, Benefits and Related Taxes

(33)

(43)

Other Accrued Liabilities

(18)

(27)

Income Taxes Payable

(16)

(10)

Deferred Revenue

(9)

(13)

ST Deferred Taxes

(10)

(15)

LT Deferred Taxes

(155)

(142)

Adjusted Gross Operating Assets before Lider

$2,672

$2,794

Adjusted

Gross

Operating

Assets

-

Lider

proportional

202

182

Adjusted Gross Operating Assets after Lider

$2,874

$2,976

36

GAAP reconciliation

(i)

These amounts are presented after applying the appropriate tax effect to each item and dividing by the weighted average shares outstanding

during the related period to calculate the earnings per share impact.

Three Months Ended

June 30,

2012

2011

(In thousands, except per

share amounts)

Adjusted operating income

$

47,470

$

34,989

Gain (loss) on disposal of assets

(5,315)

1,416

Severance costs for termination of a contract

(2,162)

—

Operating income

$

39,993

$

36,405

Adjusted EBITDAR

$

84,273

$

67,025

Gain (loss) on disposal of assets

(5,315)

1,416

Severance costs for termination of a contract

(2,162)

—

Depreciation and amortization

(21,372)

(22,708)

Rent expense

(16,274)

(8,953)

Interest expense

(8,774)

(8,955)

Provision for income taxes

(6,180)

(6,606)

Net income

$

24,196

$

21,219

Adjusted net income

$

29,618

$

19,878

Gain (loss) on disposal of assets

(i)

(4,234)

1,167

Severance costs for termination of a contract

(i)

(1,722)

—

Net income attributable to Bristow Group

$

23,662

$

21,045

Adjusted diluted earnings per share

$

0.81

$

0.54

Gain (loss) on

disposal of assets

(i)

(0.12)

0.03

Severance costs for termination of a contract

(i)

(0.05)

—

Diluted earnings per share

0.65

0.57

37

Leverage reconciliation

*Adjusted EBITDAR exclude gains and losses on dispositions of assets

Debt

Investment

Capital

Leverage

(a)

(b)

(c)  = (a) + (b)

(a) / (c)

(in millions)

As of June 30, 2012

736.3

$                                 

1,540.7

$   

2,277.0

$      

32.3%

Adjust

for:

Unfunded pension liability

109.8

109.8

NPV of all lease obligations

217.0

217.0

Letters of credit

1.5

1.5

Adjusted

1,064.6

$                              

(d)

1,540.7

$   

2,605.3

$      

40.9%

Calculation of debt to adjusted EBITDAR multiple

Adjusted

EBITDAR*:

FY 2012

336.8

$                                 

(e)

Annualized

449.1

$                                 

= (d) / (e)

3.16:1

38

Bristow Group Inc. (NYSE: BRS)

2103 City West Blvd., 4

th

Floor

Houston, Texas 77042

t

713.267.7600

f

713.267.7620

bristowgroup.com

Contact us