 Howard Weil 41 st Annual Energy Conference Bristow Group Inc. March 17-21, 2013 Exhibit 99.1 |
 2 Forward-looking statements |
 3 Bristow is the leading provider of helicopter services and is a unique investment in oil field services • ~20 countries • 556 aircraft • ~3,400 employees • Ticker: BRS • Stock price * : $59.69/share • Market cap * : ~$2.2 billion • Quarterly dividend of $0.20/share $67 Bristow flies crews and light cargo to production platforms, vessels and rigs * Based on 36.6 million fully diluted weighted average shares outstanding for the nine months ended 12/31/2012 and stock price as of March 14, 2013. |
 4 Why Bristow? $275 • Bristow is the largest of only two global helicopter providers • Bristow is stable as we have long term contracts that serve mostly production • Bristow is growing with demand not dependent on economic or commodity cycles • Bristow’s asset values are resilient even in depressed economic times as there is strong demand for helicopters outside of E&P • Bristow pays a quarterly dividend of $0.20/share after a 33% increase in June 2012 and has a $100 million share repurchase reauthorization |
 5 • 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 |
 6 Our value proposition is based on three principles: secular growth, financial safety, and balanced return Long term value for our shareholders 2. Prudent Balance Sheet management with ample liquidity 1. Growth not dependent on economic or commodity cycles 3. Capital Return through dividends and opportunistic share repurchases Investment: FY 2012 - 2016 |
 7 1. Bristow services are utilized in every phase of offshore oil and gas activity, especially production • Largest share of revenues (>60%) relates to oil and gas production, providing stability and growth opportunities • There are ~ 8,000 offshore production installations worldwide — compared with >600 exploratory drilling rigs • ~ 1,700 helicopters are servicing the worldwide oil and gas industry of which Bristow’s fleet is approximately one-third • Bristow revenues are primarily driven by operating expenditures Typical revenues by segment Exploration 20% Development 10% Production 60% Other 10% ABANDONMENT EXPLORATION SEISMIC DEVELOPMENT PRODUCTION |
 8 Fixed monthly 65% Variable hourly 35% Fixed monthly 70% Variable hourly 30% Bristow’s contract structure generates predictable cashflow: Significant operating leverage Revenue sources • Two tiered contract structure includes both: – Fixed monthly standing charge to reserve helicopter capacity – Variable fees based on hours flown with fuel pass through • Bristow contracts earn 65% of revenue without flying Operating income |
 9 Bristow global operations deliver excellence Safety Reliability Service Performance Fleet management improvements for availability ongoing. Global Account Management instituted for best service. New consistent operational reporting tools being designed and implemented to track performance. Bristow Air Incident Rate (BAIR) instituted. Service has been excellent. On average we’re receiving less than 1 complaint and almost 6 compliments for each 10,000 passengers transported. Our on-time departure and availability statistics averaging 95%* and 99%* respectively during the same period highlighting exceptional operational performance. TRIR was 0.28*, which is world class. We continue to strive for improvement. * from April 1, 2012 to January 31, 2013 |
 10 • During an October 2012 flight to an offshore platform, an EC225 helicopter flown by another operator performed a controlled ditching due to gear shaft failure. UK and Norwegian CAAs issued safety directives, requiring operators to suspend operations of similar aircraft. • We continue to actively support the ongoing efforts to determine the root cause and the development of acceptable mitigating measures to resume flight operations. • Bristow is not operating a total of 16 large EC225 aircraft until further notice: 12 in the UK, three in Australia and one in Norway. Globally across the industry approximately 80 aircraft are affected. • Bristow has increased utilization of other in-region aircraft, has moved, or is moving, available aircraft to mitigate the impact to our clients, and had brought new a/c into the UK. • Currently no client contracts have been cancelled. • Bristow has the financial strength to handle this challenge. The previously announced order of ten new Sikorsky S-92 large helicopters is an example of our ability to manage through this issue, and importantly, react quickly to provide solutions for our clients in an already tight supply environment. EC225 Fleet update |
 11 Our growth tracker has been updated for FY14- FY18 with 474 a/c opportunities (11% increase) |
 12 • Bristow uses specific opportunities to create our order book • Opportunities are condensed to 288 realistic bids • 82 high probability targets are derived from a view that we have an ~33% bid success rate • Our order book is then managed using primarily capital efficient a/c options with our OEMs * Orders and options are as of March 7, 2013 474 aircraft opportunities identified 82 high probability targets 48 orders* 430 demand for new aircraft 288 realistic bid opportunities 70 options We manage our opportunities through the purchase of 118 a/c options and committed orders |
 13 2. Bristow enjoys the strongest balance sheet in our industry with ample liquidity, cash flow and asset value Ample Liquidity Significant Cash Flow generation • BVA leads to a focus on cash and cash flows from operations. Bristow generated 5% more operating cash flow in FY12 compared to FY11 • Bristow closed Q3 FY13 with more than $430 million of liquidity Prudent Balance Sheet management • Adjusted Debt/Capital Ratio less than 44% with a BBB- rating from Standard & Poor’s for secured debt • Operating lease strategy used to finance growth with a very competitive cost of capital |
 14 Our focus on returns has yielded much higher operating cash flow generation . . . Net cash provided by operating activities* * See 10-Q for more information on cash flow provided by operating activities |
 15 . . . leading to a robust cash and liquidity position |
 16 . . . And growth in our asset values • Our net asset value (NAV) primarily consists of the fair market value of the fleet, which has resilient value through downturns • In the past two years, Bristow has increased our NAV per share by almost 20% while maintaining prudent balance sheet management and increasing BVA |
 17 3. Bristow has a proven commitment to a balanced return for our shareholders as demonstrated in the past year Share Repurchase Regular Dividend • FY12 quarterly dividend initiated at $0.15/share • Dividend increased by 33% to $0.20/share in June 2012 quarter • Bristow has renewed its $100 million share repurchase reauthorization with ~$1 million repurchased in 3QFY13 • Value is key to decision with net book value and aircraft FMV being guide posts |
 18 Bristow has also delivered consistent financial performance over the past year • Annual adjusted EPS guidance has been raised to $3.60 - $3.85 per share from $3.25 - $3.55 per share * Assuming revenue earned in same regions and same mix • Eighth consecutive quarterly dividend since the end of FY11 • Repurchased $1.2 million of shares in Q3 FY13 |
 19 Conclusions • Safety continues to be our number one priority as we strive to achieve Target Zero • We see continued improvement in revenue generation through new contract awards across all business units coupled with an ongoing effective cost management focus • Higher year-over-year EBITDAR and BVA demonstrate the strength of our business model, especially with the investment in Cougar • Our prudent balance sheet allows us to respond to and successfully manage through industry challenges such as the EC225 suspension of operations |
 20 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 |
 21 Appendix |
 22 Organizational Chart - as of December 31, 2012 Business Unit (% of FY13 Operating Revenue) Corporate Region ( # of Aircraft / # of Locations) Joint Venture (# of aircraft) Key Operated Aircraft Bristow owned and/or operated 356 aircraft as of December 31, 2012 Affiliated Aircraft Bristow affiliates and joint ventures operated 200 aircraft as of December 31, 2012 |
 23 Aircraft Fleet – Medium and Large As of December 31, 2012 Next Generation Aircraft Medium capacity 12-16 passengers Large capacity 18-25 passengers Mature Aircraft Models Fair market value of our owned fleet is $2.0 billion and leased fleet is $400 million 2 1 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters AS332L Super Puma 18 Twin Turbine 20 - 20 - AW189 16 Twin Turbine - - - 6 EC175 16 Twin Turbine - - - 5 EC225 25 Twin Turbine 20 - 20 3 Mil MI 8 20 Twin Turbine 7 - 7 - Sikorsky S-61 18 Twin Turbine 2 - 2 - Sikorsky S-92 19 Twin Turbine 42 7 49 18 91 7 98 32 LACE 89 Medium Helicopters AW139 12 Twin Turbine 7 2 9 6 Bell 212 12 Twin Turbine 14 14 - Bell 412 13 Twin Turbine 30 20 50 - EC155 13 Twin Turbine 1 - 1 - Sikorsky S-76A/A++ 12 Twin Turbine 15 5 20 - Sikorsky S-76C/C++ 12 Twin Turbine 51 34 85 - Sikorsky S-76D 12 Twin Turbine 10 104 75 179 16 LACE 45 1) LACE does not include held for sale, training and fixed wing helicopters 2) Order book is as of March 7, 2013 |
 24 Aircraft Fleet – Small, Training and Fixed As of December 31, 2012 (continued) Next Generation Aircraft Mature Aircraft Models Small capacity 4-7 passengers Training capacity 2-6 passengers 1) LACE does not include held for sale, training and fixed wing helicopters 2) Order book is as of March 7, 2013 |
 25 Operating lease strategy: lowering the cost and amount of capital needed to grow • Of the 61 aircraft currently leased in our fleet, 31 are training and 30 are commercial (22 LACE) • 22 LACE aircraft represent approximately 14% of our commercial fleet • Our goal is for commercial fleet operating leases to account for 20-30% of our LACE Leased aircraft as of December 31, 2012 See 10-Q Note 6 “Commitments and contingencies” for more information provided on operating leases Small Medium Large Total Leased LACE Total LACE % Leased EBU - - 10 10 10 51 20% WASBU - 1 - 1 1 20 3% NABU 1 11 2 14 8 39 20% AUSBU 2 - 3 5 4 17 21% OIBU - - - - - 27 - Total 3 12 15 30 22 154 14% |
 26 Consolidated fleet changes and aircraft sales for Q3 FY13 See 10-Q Note 6 “Commitments and contingencies” for more information provided on operating leases Small Medium Large Total EBU - 2 2 4 WASBU - 1 - 1 NABU - - - - AUSBU - 4 - 4 OIBU - 8 - 8 Total - 15 2 17 Held for sale aircraft in consolidated fleet Small Medium Large Training Total EBU - - 10 - 10 WASBU - 1 - - 1 NABU 1 11 2 - 14 AUSBU 2 - 3 - 5 OIBU - - - - - Academy - - - 31 31 Total 3 12 15 31 61 Leased aircraft in consolidated fleet # of A/C Sold Received** Q1 FY13 4 19.0 $ Q2 FY13 5 16.5 Q3 FY13 4 7.5 Totals 13 43.0 $ ** Amounts stated in millions Q1 FY13 Q2 FY13 Q3 FY13 YTD Fleet Count Beginning 361 357 349 361 Delivered - B412EP 1 1 S-92 2 10 12 EC225 1 1 2 Total Delivered 2 1 12 15 Removed Sales (4) (5) (5) (14) Other* (2) (4) - (6) Total Removed (6) (9) (5) (20) 357 349 356 356 * Includes destroyed aircraft, lease returns and commencements Fleet changes |
 27 Operating revenue, LACE and LACE Rate by BU 1) $ in millions 2) LACE Rate is annualized 3) $ in millions per LACE |
 28 Historical LACE and LACE Rate by BU 1) $ in millions 2) LACE Rate is annualized Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EBU 42 43 48 46 44 46 46 45 47 45 51 WASBU 24 24 21 22 23 22 22 22 22 22 20 NABU 39 35 34 29 30 29 30 30 30 31 39 AUSBU 20 23 24 20 19 20 20 19 18 17 17 OIBU 33 33 33 38 39 38 38 34 32 28 27 Consolidated 157 158 159 154 154 154 155 149 147 142 154 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EBU $8.20 $8.50 $7.90 $8.40 $9.80 $9.60 $9.63 $10.09 $10.60 11.03 9.74 WASBU 9.70 9.40 10.70 9.90 9.10 10.30 11.17 11.46 12.35 12.24 13.71 NABU 5.40 6.10 6.00 6.60 5.80 6.30 5.89 5.79 7.05 7.11 5.84 AUSBU 6.80 6.00 6.00 7.50 8.60 7.10 6.96 7.78 8.48 9.29 9.55 OIBU 3.90 4.10 4.40 3.90 3.50 3.70 3.78 4.22 4.22 4.62 4.76 Consolidated 6.70 6.90 6.90 7.10 7.30 7.40 7.43 7.89 8.55 8.95 8.49 LACE 2011 2012 2011 2012 2013 2013 LACE Rate 1,2 |
 29 Order and options book as of March 7, 2013 |
 30 Adjusted EBITDAR margin* trend * Adjusted EBITDAR excludes special items and asset dispositions and calculated by taking adjusted EBITDAR divided by operating revenue Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 31.2% 31.7% 31.9% 28.0% 30.8% 29.8% 31.5% 34.6% 34.4% 32.7% WASBU 31.7% 36.8% 33.7% 39.1% 36.0% 33.7% 36.9% 35.8% 34.3% 35.2% NABU 18.3% 20.0% 14.9% 17.7% 17.8% 20.8% 25.8% 15.9% 8.5% 18.5% AUSBU 26.5% 36.7% 34.4% 31.3% 32.4% 33.2% 26.1% 27.0% 31.1% 29.3% OIBU 34.4% 37.6% 25.9% 25.1% 31.0% 18.3% 40.2% 37.4% 59.4% 39.3% Consolidated 24.7% 27.8% 24.7% 23.9% 25.3% 23.8% 27.5% 25.9% 29.6% 26.7% Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 EBU 33.0% 31.4% 30.7% 36.1% 32.9% 32.2% 34.6% 39.5% WASBU 29.5% 35.5% 37.2% 36.6% 35.0% 31.9% 26.5% 35.0% NABU 14.3% 20.6% 14.8% 19.4% 17.3% 23.2% 20.7% 29.1% AUSBU 20.2% 14.4% 23.5% 35.6% 24.3% 27.0% 28.0% 27.3% OIBU 48.1% 19.1% 47.8% 42.9% 39.5% 36.2% 44.2% 55.7% Consolidated 23.4% 24.0% 27.6% 31.2% 26.6% 26.3% 26.1% 31.5% 2010 2011 2012 2013 (fiscal year ended) |
 31 Adjusted EBITDAR* reconciliation * Adjusted EBITDAR excludes special items and asset dispositions ($ in millions) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD 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 11.1 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 2.5 -2.4 -1.2 1.0 0.0 0.0 0.0 -1.2 2.4 1.2 EBITDA Subtotal 58.2 66.7 60.8 55.1 240.9 58.1 72.7 64.4 73.3 268.5 Rental expense 7.0 6.9 7.2 6.3 27.3 6.6 6.1 8.7 7.7 29.2 Adjusted EBITDAR $65.2 $73.6 $0.1 $61.3 $268.2 $64.7 $78.8 $73.1 $81.1 $297.7 ($ in millions) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Net income $21.2 $3.0 $26.5 $14.6 $65.2 $24.2 $30.4 $36.7 Income tax expense 6.6 -1.9 7.1 2.4 14.2 6.2 8.3 7.8 Interest expense 9.0 9.5 9.8 10.0 38.1 8.8 8.6 14.7 Gain on disposal of assets -1.4 1.6 2.9 28.6 31.7 5.3 1.3 -7.4 Depreciation and amortization 22.7 25.4 22.7 25.3 96.1 21.4 23.3 24.9 Special items 0.0 24.6 0.0 3.4 28.1 2.2 -2.8 14.9 EBITDA Subtotal 58.1 62.1 68.9 84.3 273.4 68.0 69.2 91.6 Rental expense 9.0 9.1 12.8 15.1 46.0 16.3 15.3 17.6 Adjusted EBITDAR $67.0 $71.2 $81.8 $99.5 $319.5 $84.3 $84.5 $109.2 3/31/2010 3/31/2011 3/31/2012 Fiscal year ended, 3/31/2013 |
 32 Bristow Value Added = Gross Cash Flow – (Gross Operating Assets X Capital Charge) Bristow Value Added calculation for Q3 FY13 Bristow Value Added calculation for Q3 FY12 Bristow Value Added (BVA) Sample calculation for Q3 FY13 and Q3 FY12 * Reconciliation for these items follows right after this slide ** Quarterly capital charge of 2.625% is based on annual capital charge of 10.5% |
 33 Gross Cash Flow Reconciliation (in millions) Gross Cash Flow Reconciliation Q3 FY13 Q3 FY12 Net Income $36 $26 Depreciation and Amortization 25 23 Interest Expense 15 10 Interest Income (0) (0) Rent 18 13 Other Income/expense-net 15 0 Earnings of Discontinued Operations - - Gain/loss on Asset Sale (7) 3 Special Items - - Tax Effect from Special Items (3) (1) Earnings (losses) from Unconsolidated Affiliates, Net (9) (3) Non-controlling Interests 0 1 Gross Cash Flow (before Lider) $90 $71 Gross Cashflow -Lider prportional 5 6 Gross Cash Flow after Lider $95 $77 |
 34 Gross Operating Asset Reconciliation |
 35 GAAP Reconciliation Three Months Ended Nine Months Ended December 31, December 31, 2012 2011 2012 2011 (In thousands) Adjusted operating income $ 66,724 $ 46,418 $ 160,000 $ 119,900 Gain (loss) on disposal of assets 7,396 (2,865) 819 (3,060) Special items — — 622 (27,287) Operating income $ 74,120 $ 43,553 $ 161,441 $ 89,553 Adjusted EBITDAR $ 109,223 $ 81,769 $ 277,950 $ 220,029 Gain (loss) on disposal of assets 7,396 (2,865) 819 (3,060) Special items (14,932) — (14,310) (24,610) Depreciation and amortization (24,867) (22,709) (69,560) (70,848) Rent expense (17,604) (12,836) (49,160) (30,897) Interest expense (14,742) (9,756) (32,113) (28,170) Provision for income taxes (7,788) (7,118) (22,310) (11,779) Net income $ 36,686 $ 26,485 $ 91,316 $ 50,665 Adjusted net income $ 42,632 $ 27,790 $ 101,304 $ 71,089 Gain (loss) on disposal of assets (i) 6,101 (2,258) 658 (2,482) Special items (i) (12,341) — (12,240) (19,319) Net income attributable to Bristow Group $ 36,392 $ 25,532 $ 89,722 $ 49,288 Adjusted diluted earnings per share $ 1.17 $ 0.76 $ 2.77 $ 1.93 Gain (loss) on disposal of assets (i) 0.17 (0.06) 0.02 (0.07) Special items (i) (0.34) — (0.33) (0.53) Diluted earnings per share 1.00 0.70 2.45 1.34 (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. |
 36 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 December 31, 2012 900.6 $ 1,616.8 $ 2,517.4 $ 35.8% Adjust for: Unfunded Pension Liability 115.7 115.7 NPV of Lease Obligations 243.9 243.9 Letters of credit 2.6 2.6 Adjusted 1,262.7 $ (d) 1,616.8 $ 2,879.5 $ 43.9% Calculation of debt to adjusted EBITDAR multiple TTM Adjusted EBITDAR*: FY 2013 377.4 $ (e) \ = (d) / (e) 3.35:1 |
 37 Net Asset Value (NAV) Comparison: 12/31/2003 to 12/31/2012 |
 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 |