Bristow 8K Fourth quarter FY14 earnings call agenda | BRSWQ 22 May 14

Fourth quarter FY14

earnings presentation

Bristow Group Inc.

May 22, 2014

Exhibit 99.1

Fourth quarter FY14 earnings call agenda

Introduction

CEO remarks and operational highlights

Current and future financial performance

Closing remarks

Questions and answers

Linda McNeill, Director Investor Relations

Bill Chiles, President and CEO

Jonathan Baliff, SVP and CFO

Bill Chiles, President and CEO

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 and adjusted earnings growth guidance, expected operating margins, cash

flow stability and other financial projections; future dividends, share repurchases 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, our business model and our operational excellence initiative; expected actions by us and by third parties, including our

customers, competitors and regulators; impact of grounding and the effects thereof; the valuation of our company and its valuation

relative to relevant financial indices; assumptions underlying or relating to any of the foregoing, including assumptions regarding

factors impacting our business, financial results and industry; expected input of our investment in Eastern Airways; aircraft delivery

dates 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

fluctuations in the demand for our services; fluctuations in worldwide prices of and demand for natural gas and oil; fluctuations in

levels of natural gas and oil exploration and development activities; the impact of competition; actions by customers; the risk of

reductions in spending on aircraft services by governmental agencies; changes in tax and other laws and regulations; changes in

foreign exchange rates and controls; risks associated with international operations; operating risks inherent in our business, including

the possibility of declining safety performance; general economic conditions including the capital and credit markets; our ability to

obtain financing; the risk of grounding of segments of our fleet for extended periods of time or indefinitely; our ability to re-deploy our

aircraft to regions with greater demand; our ability to acquire additional aircraft and dispose of older aircraft through sales into the

aftermarket; the possibility that we do not achieve the anticipated benefit of our fleet investment program; availability of employees;

political instability, war or acts of terrorism in any of the countries where we operate; and 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, 2014. 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.

Chief Executive Officer comments

Bill

Chiles,

President

and

CEO

Operational safety review

* Includes consolidated commercial operations only

Total Recordable Injury Rate* per 200,000

man hours (cumulative)

Lost Work Case Rate

per 200,000

man hours (cumulative)

Commercial Air Accident Rate

per 100,000

flight hours (fiscal year)

FY14

1.26

0.59

0.40

0.59

0.58

0.44

0.41

0.36

0.32

0.29

0.26

0.22

0.5

1.5

0.54

0.53

0.96

FY10

FY11

FY12

FY13

FY14

1.57

0.74

0.50

0.66

0.64

0.54

0.46

0.40

0.35

0.31

0.29

0.26

0.5

1.5

•

Q4 operating revenue of $404.6M (15.4% increase

from Q4 FY13, 8.3% increase from Q3 FY14)

•

Q4 GAAP EPS of $0.83 (25.2% decrease from Q4

FY13, 62.7% increase from Q3 FY14)

•

Q4 adjusted EPS* of $1.35 (33.7% increase from Q4

FY13, 58.8% increase from Q3 FY14)

•

Q4 adjusted EBITDAR* of $122.9M (19.3% increase

from Q4 FY13, 22.1%

increase from Q3 FY14)

•

FY14 operating revenue of $1.5B (12.8% increase

from FY13)

•

FY14 GAAP EPS of $5.09 (42.6% increase from

FY13)

•

FY14 adjusted EPS* of $4.45 (17.7% increase from

FY13)

•

FY14 adjusted EBITDAR* of $433.7M (13.8%

increase from FY13)

Q4 and FY14 highlights

•

Strong operating performance in FY14 with record operating revenue of $404.6 million

and $1.5 billion for the quarter and fiscal year period, respectively

•

Fourth quarter and FY14 adjusted EPS were $1.35 per share and $4.45 per share,

respectively, which exclude the impact of special items and asset dispositions

•

Record absolute BVA of $64.7 million up ~ 185% year-over-year**

•

Quarterly dividend of $0.32 per share more than doubled since its initiation in FY11

at $0.15 per share

•

Guidance range for FY15 adjusted EPS is $4.70 -

$5.20***

Adjusted EPS and adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special items during the period. See reconciliation of these items to GAAP measures in the

appendix hereto and in our earnings release for the quarter and fiscal year ended March 31, 2014.

Bristow Value Added (BVA) is calculated by taking gross cash flow less the product of gross operating assets times a capital charge of 10.5%. Example calculation can be found in the appendix hereto.

Please see our earnings release for more information regarding earnings guidance range.

***

•

Europe contributed 44% of Bristow operating revenue

and 45% of adjusted EBITDAR* in Q4 FY14

•

Operating revenue increased to $170.7M in Q4 FY14

from $129.3M in Q4 FY13 with the net addition of

seven LACE and an overall increase in activity under

new contracts over the comparable quarter

•

Adjusted EBITDAR increased to $63.6M in Q4 FY14

from $49.5M in Q4 FY13 with adjusted EBITDAR

margin of 37.3% in Q4 FY14 vs. 38.3% in Q4 FY13

and 35.3% in Q3 FY14

Outlook:

11 LACE allocated to EBU in our FY15 order book

for new opportunities

Robust demand for our services is expected in

FY15 as client activity recommences with EC225 re-

entry

Civil Aviation Authority (CAA) CAP 1145 will have

positive safety implications and possible capacity

restrictions

Europe (EBU)

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other

FY15 adjusted EBITDAR margin expected to be

~ low thirties due to Eastern Airways addition

CAP 1145 will make the helicopter industry safer

The UK CAA proposed new rules are designed to increase safety

in the North Sea. Some of the actions include:

No offshore flights if the sea state exceeds level 6 (June 1, 2014). No offshore flights if the

sea state exceeds the certified ditching performance of the a/c (September 1, 2014)

Passengers must be seated next to a push-out window emergency exit unless the a/c is

equipped with Category A emergency breathing system (EBS) (September 1, 2014)

Compulsory Category A EBS for all passengers (January 1, 2015)

Passenger body size restrictions (April 2015)

UK SAR update

•

From the start of the GAP SAR contract in

June 1, 2013 through March 31, 2014, we have

conducted 233 missions and rescued and/or

assisted 205 persons

•

Sumburgh and Stornoway bases generated

$12.6M of revenue in Q4 FY14 and $37.7M

since the beginning of the contract

•

Construction of the first two new UK SAR bases

has started in Inverness and Humberside and

bases are due to become fully operational in

April 2015

Outlook:

Expect to complete lease financing of the

11 SAR S-92s in Q1 FY15 and several

AW189s by Q4 FY15

We are actively pursuing private and public

sector SAR opportunities

West Africa (WASBU)

•

Nigeria contributed 22% of Bristow operating

revenue and 20% of adjusted EBITDAR* in

Q4 FY14

•

Operating revenue increased by 13.2% to $83.8M

in Q4 FY14 from $74.0M in Q4 FY13 due to

improved LACE rates, ad hoc flying and increased

utilization

•

Adjusted EBITDAR increased to $27.8M in Q4

FY14 from $23.5M in Q4 FY13 and adjusted

EBITDAR margin increased to 33.2% in Q4 FY14

vs. 31.8% in Q4 FY13 as revenue and LACE count

increased

Outlook:

Independent oil companies continue to invest in

Nigeria driving sector growth

Introduction of a new technology medium a/c

into the region in 1

half of FY15

Increased flying activity expected

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other

FY15 adjusted EBITDAR margin expected to be

~ low thirties

•

North America contributed 14% of Bristow operating

revenue and 14% of adjusted EBITDAR* in Q4 FY14

•

Operating revenue decreased slightly to $55.6M in

Q4 FY14 from $56.3M in Q4 FY13 primarily due to a

reduction in LACE

•

Adjusted EBITDAR increased 18.3% to $19.7M in

Q4 FY14 vs. $16.6M in Q4 FY13 and adjusted

EBITDAR margin increased to 35.4% vs. 29.5% in

Q4 FY13 due to higher equity earnings from our

investment in Cougar

Outlook:

Upcoming tender for 2 to 3 LACE with start date

in Q4 FY15

Restructuring our business to service deep water

clients

One LACE with a new client started in Q1 in

GoM for two years

FY15 adjusted EBITDAR margin

North America (NABU)

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other

Bristow operated bases

Cougar operated bases

expected to be ~ low-to-mid thirties

Australia (AUSBU)

•

Australia contributed 10% of Bristow operating

revenue and 7% of adjusted EBITDAR* in

Q4 FY14

•

Operating revenue stayed flat at $40.6M in

Q4 FY14 relative to Q4 FY13

•

Adjusted EBITDAR decreased to $9.7M in

Q4 FY14 from $10.6M in Q4 FY13 and adjusted

EBITDAR margin decreased to 24.0% in Q4 FY14

from 26.0% in Q4 FY13 but improved sequentially

from 15% in Q3 FY14

Outlook:

Three LACE contract to start in Great

Australian Bight in January 2016 for two years

Margin improvement is expected to continue

with Inpex contract underway in FY15

Retiring old technology LACE as part of our

fleet plan

FY15 adjusted EBITDAR margin expected to

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other

Great

Australian

Bight

be ~ low twenties

Other International (OIBU)

•

Other International contributed 10% of Bristow operating

revenue and 14% of adjusted EBITDAR* in Q4 FY14

•

Operating revenue increased to $38.0M in Q4 FY14 vs.

$34.8M in Q4 FY13 due to start-up contract in Tanzania

and increased activity in Trinidad

•

Adjusted EBITDAR increased to $20.2M in Q4 FY14 vs.

$18.0M in Q4 FY13 and adjusted EBITDAR margin

increased to 53.3% in Q4 FY14 from 51.6% in Q4 FY13

primarily due to higher earnings from unconsolidated

affiliates, increased activity in Brazil and start of

operations in Tanzania

•

An increase in unconsolidated earnings from Líder of

$9.1M in Q4 FY14 vs. $6.0M earnings in Q4 FY13

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other

Outlook:

New oil and gas/SAR opportunities in the Caribbean,

Guyana, Suriname and Tanzania

Ongoing activity to introduce new technology LACE

with our Russian JV

Consolidated in OIBU

Unconsolidated Affiliate

FY15 adjusted EBITDAR margin expected to be ~ low forties

Financial discussion

Jonathan

Baliff,

SVP

and

CFO

Financial highlights:

Adjusted EPS summary

Q4 FY13 to Q4 FY14 adjusted EPS bridge

FY13 to FY14 adjusted EPS bridge

* Adjusted

EPS

amounts

exclude

gains

and

losses

dispositions

assets

and

any

special

items

during

the

period.

See

reconciliation

these

items

GAAP

our

earnings

release for the quarter ended March 31, 2014.

$1.01

$1.35

$0.16

$0.02

Q4 FY13

Operations

Corporate and Other

FX Changes

Q4 FY14

$3.78

$4.45

$0.34

$0.42

$0.09

FY13

Operations

Corporate and Other

FX Changes

FY14

Financial highlights:

Adjusted EBITDAR summary

FY13 to FY14 adjusted EBITDAR bridge (in millions)

Q4 FY13 to Q4 FY14 adjusted EBITDAR bridge (in millions)

* Adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special items during the period. See reconciliation of these items to GAAP in our earnings

release for the quarter ended March 31, 2014.

$381.0

$433.7

$53.0

$4.2

$4.5

FY13

Operations

Corporate and Other

FX Changes

FY14

$103.0

$122.9

$19.8

$1.0

$0.9

Q4 FY13

Operations

Corporate and Other

FX Changes

Q4 FY14

LACE and LACE rate continue to increase led by

new technology a/c and improved utilization/terms

($ in millions)

279

264

261

241

153

149

158

164

100

150

200

250

300

FY11

FY12

FY13

FY14

FY15**

Consolidated commercial aircraft

Large Aircraft Equivalent (LACE)*

153

149

158

164

$7.15

$7.89

$8.35

$9.34

$10.00

$10

$12

140

150

160

170

FY11

FY12

FY13

FY14

FY15**

LACE*

LACE Rate*

* See appendix hereto for more information on LACE and LACE rate. Consolidated commercial aircraft, LACE and LACE rate exclude Bristow Academy, affiliate a/c, fixed wing

a/c, a/c held for sale, a/c construction in progress, and reimbursable revenue

** Mid-point of FY15 guidance range for average LACE and average LACE rate

FY15 average LACE guidance range of 161 - 167 and average LACE rate

guidance range of $9.50 - $10.50 million

Recent quarterly and yearly BVA:

Significant year-over-year improvement in FY14

•

Bristow Value Added (BVA) is calculated by taking gross cash flow less the product of gross operating assets times a capital charge of 10.5%. Example calculation for Q4 FY13

and Q4 FY14 can be found in the appendix hereto

•

Q4 FY14 BVA is positive $28.7M

•

FY14 consolidated BVA is

positive $64.7M, a $42.0M

increase from FY13

•

Positive year-over-year change in

BVA is driven by:

Increase of ~$71.0M in gross

cash flow as higher technology

LACE underpin growth

Working capital management and

the lease strategy limit dollar

amount of capital charge

EBU and WASBU are key

performers year-over-year

Absolute BVA* Q1 FY13 –

Q4 FY14

Absolute BVA FY10 –

FY14

1.9

2.1

9.3

9.4

1.5

22.4

12.1

28.7

Q1 FY13

Q2 FY13

Q3 FY13

Q4 FY13

Q1 FY14

Q2 FY14

Q3 FY14

Q4 FY14

$(25.6)

$(9.1)

$(0.7)

$22.7

$64.7

-40

-30

-20

-10

FY10

FY11

FY12

FY13

FY14

Our progress on BVA yields stronger liquidity for growth

and record dividends and share repurchases . . .

Net cash provided by operating activities*

* See 10-K for more information on cash flow provided by operating activities

Total liquidity

178

261

415

402

530

195

151

231

267

232

100

150

200

250

300

FY10

FY11

FY12

FY13

FY14

100

144

140

199

326

116

262

216

204

100

200

300

400

500

600

FY10

FY11

FY12

FY13

FY14

Undrawn borrowing capacity

Cash

. . . as Bristow’s net asset FMV provides a consistent

strategy for our share buy backs

$83.39

$48.63

$69.44

$76.44

$35

$45

$55

$65

$75

$85

$95

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Book value of equity per share

Net asset FMV per share

Average stock price

Note: The reconciliation for net asset FMV per share (red line) and net asset FMV per share implied by our UK SAR aircraft (

) is provided in the appendix

FY15 guidance reflects the growing contributions

from our investments . . .

•

FY15

adjusted

EPS

guidance

range

$4.70

$5.20,

excluding

special items and a/c sales. Other specific items include:

* Assuming FY14 revenue earned in same regions and same mix as in FY13

Long

term

adjusted

EPS

growth

15%

combined

with

30%

dividend payout policy reflects management’s commitment to deliver a

stable, growing and predictable total return for shareholders

Average LACE (Large AirCraft

Equivalent)

~161 - 167

Interest expense

~ $30 - $35M

Average LACE Rate

~ $9.50 - $10.50M

Rent expense (a/c only)

~$137 - $142M

G & A expense (all inclusive)

~ $190 - $200M

Tax rate*

~ 21 - 25%

Depreciation expense

~ $97 - $102M

Adj. EPS guidance

$4.70 - $5.20

FY15 guidance

. . . as the legacy continues

•

Bristow will strive to achieve Target Zero and participate in

UK and industry-wide efforts to dramatically improve safety

•

Management kept its financial promises in FY14 as we

continued to differentiate ourselves with passion and

discipline on our clients’

behalf

•

Strong operating cash flow enabled us to increase our

quarterly dividend for the third consecutive year and more

than double it since its initiation in fiscal year 2011

•

Bristow’s fiscal year 2015 is a year of growth in anticipation of

UK SAR with an adjusted EPS guidance range of $4.70 -

$5.20

Appendix

Organizational chart -

as of March 31, 2014

Business Unit

(% of FY14 operating revenue)

Corporate

Region

( # of a/c / # of locations)

Joint Venture

(# of a/c)

Key

Operated Aircraft

Bristow owned and/or operated 363

aircraft as of March 31, 2014

Affiliated Aircraft

Bristow affiliates and joint

ventures operated 131 aircraft

as of March 31, 2014

* Includes corporate and other

Aircraft Fleet –

medium and large

as of March 31, 2014

Next Generation Aircraft

Medium capacity 12-16 passengers

Large capacity 16-25 passengers

Mature Aircraft

Fair

market

value

our

owned

fleet

~$2.0

billion

and

leased

fleet

~$900

million

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Large Helicopters

AS332 L Super Puma

Twin Turbine

AW189

Twin Turbine

EC175

Twin Turbine

EC225

Twin Turbine

Mil MI 8

Twin Turbine

Sikorsky S-61

Twin Turbine

Sikorsky S-92

Twin Turbine

105

112

LACE

Medium Helicopters

AW139

Twin Turbine

Bell 212

Twin Turbine

Bell 412

Twin Turbine

EC155

Twin Turbine

Sikorsky S-76A/A++

Twin Turbine

Sikorsky S-76C/C++

Twin Turbine

Sikorsky S-76D

Twin Turbine

101

175

LACE

Aircraft Fleet –

small, training and fixed

as of March 31, 2014 (continued)

Mature Aircraft

Small capacity 4-7 passengers

Training capacity 2-6 passengers

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

Next Generation Aircraft

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Small Helicopters

Bell 206B

Turbine

Bell 206 L Series

Turbine

Bell 407

Turbine

BK-117

Twin Turbine

BO-105

Twin Turbine

EC135

Twin Turbine

LACE

Training Helicopters

Agusta A109

Turbine

AS350BB

Turbine

AS 355

Twin turbine

Bell 206B

Single Engine

Robinson R22

Piston

Robinson R44

Piston

Sikorsky 300CB/CBi

Piston

Fixed Wing

Total

363

128

494

TOTAL LACE (Large Aircraft Equivalent)*

158

Operating lease strategy: lowering the cost and amount of

capital needed to grow

•

Of the 97 a/c currently leased in our fleet, 53 are commercial (39 LACE), 31 are

training and 13 fixed wing

•

39 LACE a/c represent approximately 25% of our commercial fleet

•

Our

goal

for

commercial

fleet

operating

leases

account

for

approximately

30-35% of our LACE

Leased aircraft as of March 31, 2014

* The percentage of LACE leased is calculated by taking the total LACE for leased aircraft divided by the total LACE for all aircraft we operate, including both owned and leased aircraft.

See

10-K

Note

“Commitments

and

Contingencies”

for

information

provided

operating

leases.

Small

Medium

Large

Total

Leased LACE

Total LACE

% Leased

EBU

37%

WASBU

NABU

35%

AUSBU

25%

OIBU

Total

158

25%

Consolidated fleet changes and aircraft sales for

Q4 FY14

See

10-K

Note

“Commitments

and

Contingencies”

for

information

provided

operating

leases.

Small

Medium

Large

Training

Total

EBU

WASBU

NABU

AUSBU

OIBU

Academy

Total

Held for sale aircraft in consolidated fleet

# of a/c Sold

Cash

received*

Q1 FY14

2.0

Q2 FY14

8.0

Q3 FY14

14.3

Q4 FY14

16.6

Total

40.9

* Amounts stated in millions

Small

Medium

Large

Training

Fixed wing

Total

EBU

WASBU

NABU

AUSBU

OIBU

Academy

Total

Leased aircraft in consolidated fleet

Q1 FY14

Q2 FY14

Q3 FY14

Q4 FY14

FY14

Fleet Count Beginning

351

353

350

345

351

Delivered

Large

Medium

Fixed wing

Total Delivered

Removed

Sales

(4)

(11)

(13)

(32)

Other*

(4)

(1)

(3)

(7)

Total Removed

(3)

(8)

(12)

(16)

(39)

353

350

345

363

Fleet changes

* Includes writeoffs, lease returns and commencements

Operating revenue, LACE and LACE rate by BU

$ in millions

LACE rate is annualized

$ in millions per LACE

Excludes Bristow Academy and Eastern Airways

Op revenue

LACE

LACE Rate

2,3

EBU

$607

$10.84

WASBU

315

13.99

NABU

229

6.84

AUSBU

149

6.76

OIBU

134

5.57

Total

$1,475

158

$9.34

Operating Revenue, LACE, and LACE Rate by BU

as of March 31, 2014

Historical LACE by BU

EBU

WASBU

NABU

AUSBU

OIBU

Consolidated

163

158

161

160

157

158

159

154

155

149

EBU

WASBU

NABU

AUSBU

OIBU

Consolidated

147

142

154

158

161

160

162

158

LACE

FY11

FY12

FY10

FY13

FY14

Historical LACE rate by BU

1) $ in millions

2) LACE rate is annualized

EBU

$8.36

$8.28

$8.40

$8.76

$8.20

$8.50

$7.90

$8.40

$9.80

$9.60

$9.63

$10.09

WASBU

9.08

8.81

8.66

8.34

9.70

9.40

10.70

9.90

9.10

10.30

11.17

11.46

NABU

5.05

5.44

5.26

5.23

5.40

6.10

6.00

6.60

5.80

6.30

5.89

5.79

AUSBU

5.38

5.56

5.59

5.67

6.80

6.00

7.50

8.60

7.10

6.96

7.78

OIBU

3.66

4.09

4.06

3.78

3.90

4.10

4.40

3.90

3.50

3.70

3.78

4.22

Consolidated

$6.31

$6.52

$6.49

$6.45

$6.70

$6.90

$7.10

$7.30

$7.40

$7.43

$7.89

EBU

$10.60

$11.03

$9.74

$9.13

$9.63

$9.95

$10.30

$10.84

WASBU

12.35

12.24

13.71

13.28

14.26

14.62

14.17

13.99

NABU

7.05

7.11

5.84

6.12

6.34

7.13

6.75

6.84

AUSBU

8.48

9.29

9.55

8.58

8.04

7.74

7.21

6.76

OIBU

4.22

4.62

4.76

4.94

4.97

4.73

4.58

5.57

Consolidated

$8.55

$8.95

$8.49

$8.35

$8.78

$9.07

$8.97

$9.34

LACE Rate

1,2

FY10

FY11

FY12

FY13

FY14

Helicopter

Class

Delivery Date

Location

Contracted

Medium

June 2014

OIBU

1 of 2

Medium

June 2014

AUSBU

Large

June 2014

EBU

2 of 3

Large

June 2014

NABU

1 of 1

Medium

September 2014

WASBU

Medium

September 2014

NABU

Large

September 2014

EBU

2 of 3

Large

September 2014

EBU

1 of 2

Large

September 2014

AUSBU

1 of 1

Large

December 2014

EBU

Large

March 2015

NABU

1 of 1

Large

March 2015

EBU

Large

March 2015

AUSBU

Large

June 2015

EBU

Large

June 2015

AUSBU

Large

December 2015

NABU

Large

March 2016

NABU

Large

March 2016

EBU

Large

June 2016

NABU

Large

June 2016

EBU

Large

September 2016

NABU

9 of 34

ORDER BOOK

Order and options book as of March 31, 2014

Five large a/c on order and seven large a/c on option are subject to the successful development and certification of the aircraft

One oil and gas full SAR a/c is under contract; the aircraft that are indicated in grey italic will be leased upon delivery

Helicopter

Class

Delivery Date

Large

June 2015

Medium

June 2015

Large

September 2015

Medium

September 2015

Large

December 2015

Medium

December 2015

Large

March 2016

Medium

March 2016

Large

June 2016

Medium

June 2016

Large

September 2016

Medium

September 2016

Large

December 2016

Medium

December 2016

Large

March 2017

Medium

March 2017

Large

June 2017

Medium

June 2017

Large

September 2017

Medium

September 2017

Large

December 2017

Medium

December 2017

Large

March 2018

Medium

March 2018

Large

June 2018

OPTIONS BOOK

Order and options book as of March 31, 2014 (continued)

Helicopter

Class

Delivery Date

Location

Contracted

Large

September 2014

EBU

1 of 1

Large

September 2014

EBU

1 of 1

Large

December 2014

EBU

2 of 2

Large

December 2014

EBU

2 of 2

Large

March 2015

EBU

2 of 2

Large

March 2015

EBU

2 of 2

Large

June 2015

EBU

2 of 2

Large

September 2015

EBU

2 of 2

Large

September 2015

EBU

2 of 2

Large

December 2015

EBU

2 of 2

18 of 18

The aircraft that are indicated in grey italic will be leased upon delivery

UK SAR CONFIGURED ORDER BOOK

Adjusted EBITDAR margin* trend

Full Year

EBU

29.8%

31.5%

34.6%

34.4%

32.7%

33.0%

31.4%

30.7%

36.1%

32.9%

WASBU

33.7%

36.9%

35.8%

34.3%

35.2%

29.5%

35.5%

37.2%

36.6%

35.0%

NABU

20.8%

25.8%

15.9%

8.5%

18.5%

14.3%

20.6%

14.8%

19.4%

17.3%

AUSBU

33.2%

26.1%

27.0%

31.1%

29.3%

20.2%

14.4%

23.5%

35.6%

24.3%

OIBU

18.3%

40.2%

37.4%

59.4%

39.3%

48.1%

19.1%

47.8%

42.9%

39.5%

Consolidated

23.8%

27.5%

25.9%

29.6%

26.7%

23.4%

24.0%

27.6%

31.2%

26.6%

Full Year

EBU

32.2%

34.6%

39.5%

38.3%

36.2%

30.3%

35.3%

37.3%

34.7%

WASBU

31.9%

26.5%

35.0%

31.8%

31.5%

31.3%

30.4%

33.5%

33.2%

32.1%

NABU

23.2%

20.7%

29.1%

29.5%

25.7%

29.2%

31.0%

33.1%

35.4%

32.1%

AUSBU

27.0%

28.0%

27.3%

26.0%

27.1%

17.7%

21.0%

15.0%

24.0%

19.6%

OIBU

36.2%

44.2%

55.7%

51.6%

46.6%

67.4%

39.3%

33.2%

53.3%

47.7%

Consolidated

26.3%

26.1%

31.5%

29.4%

28.3%

28.5%

28.7%

27.0%

30.4%

28.6%

FY11

FY12

FY13

FY14

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

Adjusted EBITDAR* reconciliation

* Adjusted EBITDAR excludes special items and asset dispositions

($ in millions)

YTD

Net income

$20.9

$38.8

$42.3

$31.2

$133.3

$21.2

$3.0

$26.5

$14.6

$65.2

Income tax expense

8.5

3.3

-11.8

7.1

6.6

-1.9

7.1

2.4

14.2

Interest expense

11.1

11.5

13.8

9.9

46.2

9.0

9.5

9.8

10.0

38.1

Gain on disposal of assets

-1.7

-1.9

0.0

-5.1

-8.7

-1.4

1.6

2.9

28.6

31.7

Depreciation and amortization

19.3

21.0

21.3

27.7

89.4

22.7

25.4

22.7

25.3

96.1

Special items

0.0

-1.2

2.4

1.2

0.0

24.6

0.0

3.4

28.1

EBITDA Subtotal

58.1

72.7

64.4

73.3

268.5

58.1

62.1

68.9

84.3

273.4

Rental expense

6.6

6.1

8.7

7.7

29.2

9.0

9.1

12.8

15.1

46.0

Adjusted EBITDAR

$64.7

$78.8

$73.1

$81.1

$297.7

$67.0

$71.2

$81.8

$99.5

$319.5

($ in millions)

YTD

Net income

$24.2

$30.4

$36.7

$40.4

$131.7

$26.9

$109.9

$19.0

$32.0

$187.8

Income tax expense

6.2

8.3

7.8

12.7

35.0

7.6

41.1

2.9

5.5

57.2

Interest expense

8.8

8.6

14.7

10.3

42.4

20.4

9.1

7.3

8.2

44.9

Gain on disposal of assets

5.3

1.3

-7.4

-7.2

-8.1

1.7

3.1

-4.0

-0.1

0.7

Depreciation and amortization

21.4

23.3

24.9

26.7

96.3

22.8

23.9

23.7

25.6

96.0

Special items

2.2

-2.8

14.9

1.9

16.2

0.0

-101.8

23.5

20.5

-58.7

EBITDA Subtotal

68.0

69.2

91.6

84.8

313.5

79.4

85.2

72.4

91.8

327.9

Rental expense

16.3

15.3

17.6

18.3

67.4

23.1

23.3

28.3

31.1

105.8

Adjusted EBITDAR

$84.3

$84.5

$109.2

$103.0

$381.0

$102.5

$108.5

$100.7

$122.9

$433.7

3/31/2011

3/31/2012

3/31/2013

Fiscal year ended,

3/31/2014

Net asset fair market value (FMV) per share calculation

Source: Bristow Group Inc. Financial Planning and Analysis department

UK SAR contribution

March 31, 2014

FY16 -

FY17

Implied

(in millions)

(+) FMV of a/c

$2,000

$88

$2,088

(+) FMV of leased a/c

919

391

1,310

(+) NBV of PPE w/o a/c

637

113

750

(+) Working capital

264

174

438

(-) LT debt

(827)

(88)

(915)

(-) Leased imputed debt

(397)

(174)

(571)

(-) Pension liability

(87)

Net asset FMV

$2,508

$504

$3,012

# of common shares

36.1

Net asset FMV per share

$69.44

$13.95

$83.39

Bristow Value Added (BVA)

Sample calculation for Q4 FY13 and Q4 FY14

Bristow

Value

Added

Gross

Cash

Flow

–

(Gross

Operating

Assets

Capital

Charge)

BVA = GCF -

( GOA X 10.5%** )

Bristow Value Added calculation for Q4 FY14

$28.7

= $119.4* -

( $3,455* X 2.625%**)

Bristow Value Added calculation for Q4 FY13

$9.4

$94.5*

(

$3,241*

2.625%**)

* Reconciliation for these items follows right after this slide

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

Gross cash flow reconciliation

(in millions)

Gross cash flow reconciliation

Q4 FY13

Q4 FY14

Net Income

$40.4

$30.3

Depreciation and amortization

26.7

25.6

Interest expense

10.3

8.2

Interest income

(0.3)

(0.4)

Rent

18.3

31.1

Other income/expense-net

(0.4)

2.1

Gain/loss on asset sale

(7.2)

(0.1)

Special items

1.9

24.5

Tax effect from special items

1.0

(1.9)

Earnings (losses) from unconsolidated affiliates, net

(7.2)

(11.6)

Non-controlling interests

(0.0)

1.7

Gross cash flow (before Líder)

$83.5

$109.5

Gross cashflow -Líder proportional

11.0

9.8

Gross cash flow after Líder

$94.5

$119.4

Adjusted gross operating assets reconciliation

* Includes deferred sale leaseback advance

(in millions)

Adjusted gross operating assets reconciliation

Q4 FY13

Q4 FY14

Total assets

$2,951

$3,398

Accumulated depreciation

494

523

Capitalized operating leases

327

428

Cash and cash equivalents

(216)

(204)

Investment in unconsolidated entities

(272)

(263)

Goodwill

(29)

(57)

Intangibles

(3)

(19)

Assets held for sale: net

(8)

(29)

Assets held for sale: gross

Adj. for gains and losses on assets sales

(21)

Accounts Payable

(70)

(90)

Accrued maintenance and repairs

(15)

(17)

Other accrued taxes

(8)

(9)

Accrued wages, benefits and related taxes

(56)

(71)

Other accrued liabilities *

(21)

(212)

Income taxes payable

(12)

(14)

Deferred revenue

(22)

(31)

ST deferred taxes

(0)

(12)

LT deferred taxes

(151)

(170)

Adjusted gross operating assets before Líder

$3,007

$3,204

Adjusted gross operating assets-Líder proportional

235

250

Adjusted gross operating assets after Líder

$3,241

$3,455

GAAP reconciliation

(i) See information about special items in 10-K or earnings release for Q4 FY14

(ii)

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

March 31,

2014

2013

2014

2013

(In thousands, except per share amounts)

Adjusted operating income……………………………………………..

68,401

57,348

233,459

217,348

Gain (loss) on disposal of assets……………………………….

7,249

(722)

8,068

Special items

…………………………………………………….

(i)

(21,061)

(1,894)

(45,760)

(1,272)

Operating income…………………………………………………….....

47,421

62,703

186,977

224,144

Adjusted EBITDAR……………………………………………………...

122,923

103,016

433,656

380,966

Gain (loss) on disposal of assets……………………………….

7,249

(722)

8,068

Special items

…………………………………………………….

(i)

(20,485)

(1,894)

58,740

(16,204)

Depreciation and amortization…………………………………...

(25,645)

(26,724)

(95,977)

(96,284)

Rent expense………………………………………………………

(31,139)

(18,263)

(105,769)

(67,423)

Interest expense…………………………………………………..

(8,237)

(10,333)

(44,938)

(42,446)

Provision for income taxes……………………………………….

(5,529)

(12,692)

(57,211)

(35,002)

Net income……………………………………………………………….

31,969

40,359

187,779

131,675

Adjusted net income…………………………………………………….

49,129

36,742

163,176

137,846

Gain (loss) on disposal of assets

….………………………….

(ii)

5,515

(574)

6,373

Special items

.…………………………………………………..

(i)(ii)

(18,871)

(1,877)

24,135

(14,117)

Net income attributable to Bristow Group…………………………….

30,318

40,380

186,737

130,102

Adjusted diluted earnings per share………………………………….

1.01

4.45

3.78

Gain (loss) on disposal of assets

…………………………….

(ii)

0.15

(0.02)

0.17

Special items

……………………………………………………

(i)(ii)

(0.05)

0.66

(0.39)

Diluted earnings per share………………………………………………

1.11

5.09

3.57

Three Months Ended

Twelve Months Ended

1.35

(0.52)

0.83

Leverage reconciliation

*Adjusted EBITDAR excludes gains and losses on dispositions of assets

Debt

Investment

Capital

Leverage

(a)

(b)

(a) / (c)

(in millions)

As of March 31, 2014

841.3

1,756.6

2,597.9

32.4%

Adjust for:

Unfunded Pension Liability

86.8

NPV of Lease Obligations

411.6

Letters of credit

2.7

Adjusted

1,342.4

(d)

1,756.6

3,099.0

43.3%

Calculation of debt to adjusted EBITDAR multiple

Adjusted EBITDAR*:

FY 2014

433.7

(e)

= (d) / (e)

3.1:1

Bristow Group Inc. (NYSE: BRS)

2103 City West Blvd., 4

Floor

Houston, Texas 77042

713.267.7600

713.267.7620

bristowgroup.com

Bristow (BRSWQ) 8-KFourth quarter FY14 earnings call agenda