 First quarter FY15 earnings presentation Bristow Group Inc. August 5, 2014 Exhibit 99.1 |
 2 First quarter FY15 earnings call agenda Introduction CEO remarks and operational highlights Current and future financial performance Closing remarks Questions and answers Linda McNeill, Director Investor Relations Jonathan Baliff, President and CEO John Briscoe, SVP and CFO Jonathan Baliff, President and CEO |
 3 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, development and production 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 possibility that we may lack sufficient liquidity to continue to repurchase shares or pay a quarterly dividend; 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 or our suppliers will be unable to deliver new aircraft on time or on budget; 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 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 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. |
 4 Chief Executive Officer comments Jonathan Baliff, President and CEO |
 5 Operational safety review 1) AAR includes consolidated commercial operations only 2) TRIR includes consolidated commercial operations, corporate and Bristow Academy employees Total Recordable Injury Rate 2 (TRIR) per 200,000 man hours (cumulative) Commercial Air Accident Rate 1 (AAR) per 100,000 flight hours (fiscal year) 0.54 0.53 0.53 0.96 0.00 0.00 0.00 1.00 2.00 3.00 FY10 FY11 FY12 FY13 FY14 YTD FY15 0.59 0.42 0.27 0.31 0.26 0.07 0.00 1.00 2.00 3.00 FY10 FY11 FY12 FY13 FY14 YTD FY15 |
 6 Q1 FY15 highlights 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 ended June 30, 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 and slide 21 for more information regarding earnings guidance range. * ** *** • Excellent revenue growth in Q1 FY15 contributed to GAAP EPS up 66.2% and adjusted EPS up 32.0% year-over-year • Adjusted EBITDAR increased both year-over-year and sequentially reflecting increases in LACE, LACE rate, operational scale and the favorable impact of foreign exchange • Q1 FY15 absolute BVA is positive $24.5M, $23.0M increase from Q1 FY14, with cash flow from operations of $37.3 million, up ~ 2.6% year-over-year** • EPS guidance for the full FY15 is reaffirmed at $4.70 - $5.20*** • Q1 operating revenue of $437.3M (21.6% increase from Q1 FY14, 8.1% increase from Q4 FY14) • Q1 GAAP EPS of $1.23 (66.2% increase from Q1 FY14, 48.2% increase from Q4 FY14) • Q1 adjusted EPS* of $1.32 (32.0% increase from Q1 FY14, 2.2% decrease from Q4 FY14) • Q1 adjusted EBITDAR* of $127.6M (24.5% increase from Q1 FY14, 3.8% increase from Q4 FY14) |
 7 • We continue to see growth in helicopter demand globally • Large helicopter supply continues to be tight with production lines sold out until CY16 while helicopter demand is expected to grow steadily at an average rate of 4% per annum • Offshore exploration projects still have momentum however planning and procurement lead times are extending • Petrobras issued tenders with start-up from mid CY15 to mid CY16 requiring 31 aircraft (3 - 7 incremental) contributing to further tightness in supply • We continue to receive search and rescue inquiries Market environment outlook Source: Industry reports and internal research |
 8 • Europe contributed 48% of Bristow operating revenue and 50% of adjusted EBITDAR* in Q1 FY15 • Operating revenue increased 47% to $201.7M in Q1 FY15 from $137.2M in Q1 FY14 with the net addition of four LACE and an overall increase in activity under existing and new contracts over the comparable quarter • Adjusted EBITDAR increased 65.5% to $68.7M in Q1 FY15 from $41.5M in Q1 FY14 with adjusted EBITDAR margin of 34.1% in Q1 FY15 vs. 30.3% in Q1 FY14 Outlook: Synergistic opportunities are being identified with Eastern Two year contract for ½ LACE with options to extend commencing in Q2 FY15 Three year contract with a new client for one LACE commencing in Q4 FY15 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 |
 9 UK SAR update • From the start of the GAP SAR contract in June 1, 2013 through June 30, 2014, we have conducted over 340 missions and rescued and/or assisted over 320 people • Sumburgh and Stornoway bases generated $13.0M of operating revenue in Q1 FY15 and $50.8M since the beginning of the contract • Construction of the first two new UK SAR bases continues in Inverness and Humberside and due to become fully operational in Q1 FY16 Outlook: UK SAR implementation and start-up are on schedule and on budget Expect to complete lease financing of the 11 SAR S-92s in Q2 FY15 and several AW189s by Q4 FY15 |
 10 West Africa (WASBU) • Nigeria contributed 19% of Bristow operating revenue and 15% of adjusted EBITDAR* in Q1 FY15 • Operating revenue increased to $80.0M in Q1 FY15 from $75.8M in Q1 FY14 due to improved LACE rates • Adjusted EBITDAR decreased to $20.4M in Q1 FY15 from $23.7M in Q1 FY14 and adjusted EBITDAR margin decreased to 25.6% in Q1 FY15 vs. 31.3% in Q1 FY14 due to salary costs related to unplanned maintenance and the introduction of a new aircraft type Outlook: Extensions of contracts are expected to continue We are introducing new technology medium aircraft into this region in FY15 High level of training costs in Q1 associated with the introduction of the new aircraft type is not expected to continue * 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 17% of adjusted EBITDAR* in Q1 FY15 • Operating revenue decreased slightly to $57.5M in Q1 FY15 from $58.2M in Q1 FY14 primarily due to the planned closure of our Alaska operations • Adjusted EBITDAR increased 34.3% to $22.9M in Q1 FY15 vs. $17.0M in Q1 FY14 and adjusted EBITDAR margin increased to 39.7% vs. 29.2% in Q1 FY14, driven by a change in the contracted fleet mix and the reversal of bad debt expense Outlook: Deepwater drilling activity continues to increase in GoM GoM restructuring success evidenced through awards of two additional LACE in the past six months Facility improvements are on schedule and on budget North America (NABU) * Operating revenue and adjusted EBITDAR percentages exclude corporate and other Bristow operated bases Cougar operated bases FY15 adjusted EBITDAR margin expected to be ~ low-to-mid thirties 11 |
 12 Australia (AUSBU) • Australia contributed 11% of Bristow operating revenue and 8% of adjusted EBITDAR* in Q1 FY15 • Operating revenue increased by 21.7% to $46.5M in Q1 FY15 from $38.2M in Q1 FY14 • Adjusted EBITDAR increased 62.5% to $11.0M in Q1 FY15 from $6.7M in Q1 FY14 and adjusted EBITDAR margin increased to 23.7% in Q1 FY15 from 17.7% in Q1 FY14 due to the start of INPEX and other new contracts Outlook: Business underpinned by longer term contracts, including contracts that have not commenced Additional ½ LACE to start in August 2015 under one year contract Continue to retire old technology LACE as part of our fleet plan * Operating revenue and adjusted EBITDAR percentages exclude corporate and other Great Australian Bight FY15 adjusted EBITDAR margin expected to be ~ low twenties |
 13 Other International (OIBU) • Other International contributed 8% of Bristow operating revenue and 10% of adjusted EBITDAR* in Q1 FY15 • Operating revenue increased to $35.5M in Q1 FY15 vs. $32.9M in Q1 FY14 due to the start-up of a contract in Tanzania and increased activity in Trinidad • Adjusted EBITDAR decreased to $14.7M in Q1 FY15 vs. $22.2M in Q1 FY14 and adjusted EBITDAR margin decreased to 41.4% in Q1 FY15 from 67.4% in Q1 FY14 primarily due to a decrease in earnings from unconsolidated affiliates and aircraft dry lease contracts ending in Malaysia • Unconsolidated earnings from Líder decreased to $4.4M in Q1 FY15 from $8.6M in Q1 FY14 * Operating revenue and adjusted EBITDAR percentages exclude corporate and other Consolidated in OIBU Unconsolidated Affiliate Outlook: FY15 adjusted EBITDAR margin expected to be ~ low forties New opportunities in Brazil, Ghana, Malta, Mozambique and Russia One LACE new contract for up to one year in Suriname/Guyana starting in Q1 FY16 ½ LACE new contract in Trinidad for nine months that started in Q1 FY15 |
 14 Líder update Líder update * Reconciliation of adjusted EBITDAR, leverage and BVA provided in the appendix Líder adjusted EBITDAR* • First half of CY14 adjusted EBITDAR decreased 13.2% year-over-year due to delayed contract start-ups and lower fixed wing sales • Absolute BVA contribution to Bristow from Líder was $3.6M* in Q1 FY15 (June 30, 2014) • Adjusted debt to TTM adjusted EBITDAR increased to 3.1x as of June 30, 2014 from 2.8x as of September 30, 2013 Outlook: New contracts starting in CY14 Petrobras is pressing ahead with changing its fleet mix to large aircraft 0 20 40 60 80 100 120 140 CY09 CY10 CY11 CY12 CY13 YTD CY14 Comparable period Full year 51.0 56.0 59.1 70.5 123.2 69.5 60.3 |
 15 Financial discussion John Briscoe , SVP and CFO |
 16 $1.00 $1.32 $0.20 $0.15 $0.03 Q1 FY14 Operations Corporate and Other FX Changes Q1 FY15 Financial highlights: Adjusted EPS and adjusted EBITDAR summary year-over-year Q1 FY14 to Q1 FY15 adjusted EPS bridge $102.5 $127.6 $22.0 $5.9 $2.8 Q1 FY14 Operations Corporate and Other FX Changes Q1 FY15 Q1 FY14 to Q1 FY15 adjusted EBITDAR bridge (in millions) Note: Adjusted EPS and adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special items during the period. See reconciliation of these items to GAAP in our earnings release for the quarter ended June 30, 2014. |
 17 LACE and LACE rate continue to increase led by new technology aircraft and improved utilization/terms ($ in millions) * See appendix hereto for more information on LACE and LACE rate. Consolidated commercial aircraft, LACE and LACE rate exclude Bristow Academy, affiliate aircraft, fixed wing aircraft, aircraft held for sale, aircraft construction in progress, and reimbursable revenue FY15 average LACE guidance range reaffirmed at 161 - 167 and average LACE rate guidance range of $9.50 - $10.50 million 279 264 261 241 241 153 149 158 158 163 0 50 100 150 200 250 300 FY11 FY12 FY13 FY14 YTD FY15 Consolidated commercial aircraft Large Aircraft Equivalent (LACE)* 153 149 158 158 163 $7.15 $7.89 $8.35 $9.34 $9.55 $- $2 $4 $6 $8 $10 $12 140 150 160 170 FY11 FY12 FY13 FY14 YTD FY15 LACE* LACE Rate* |
 18 Bristow Value Added (BVA) drives improving Gross Cash Flow (GCF) performance • Q1 FY15 absolute BVA is positive $24.5M, $23.0M increase from Q1 FY14 • Year-over-year change in BVA is driven by: Excellent revenue growth Margin improvement Capital efficiency efforts • EBU and NABU are key improved performers year-over-year Note: BVA is computed by subtracting a capital charge (10.5%) for the use of gross invested capital from after tax operating cash flow. GCF Return % is based on trailing twelve months after tax operating cash flows (Gross Cash Flow) over average quarterly gross invested capital (Gross Operating Assets). Refer to the appendix for additional details. 0 10 20 30 40 50 60 70 80 90 100 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 $1.5 $22.4 $12.1 $28.7 $24.5 11.2% 11.8% 11.8% 12.4% 13.0% 0% 3% 6% 9% 12% 15% |
 19 Our progress on BVA yields stronger liquidity for growth, dividends and share repurchases . . . 261 415 402 530 331 1) See 10-Q for more information on cash flow provided by operating activities 2) At period end 0 50 100 150 200 250 300 151 267 232 231 26 53 55 36 37 FY11 FY12 FY13 FY14 YTD FY15 Comparable quarter Full year 100 200 300 400 500 600 116 262 216 204 134 144 140 199 326 198 FY11 FY12 FY13 FY14 YTD FY15 Undrawn borrowing capacity Cash Net cash provided by operating activities 1 Total liquidity 2 |
 20 . . . as we execute on our capital deployment strategy * Reinvestment rate equals capex divided by adjusted EBITDAR less tax Maintain a strong balance sheet for opportunities • Repurchase debt opportunistically • Improve cash flow and meet leverage targets Focus on cash returns, cash margins and growth • Q1 TTM gross cash flow returns 13% and trending up • Target 10 to 15% annual adjusted EPS growth Create an efficient capital structure •Retire high cost debt •Target leasing at 30-35% of LACE Reinvest at rates above our cost of capital • High reinvestment rates correlate to high TSR rates • Reinvested over 100% in past 3 years – FY14 ~165%* before accretive M&A Return cash to shareholders • Target 20 to 30% dividend payout ratio of forward adjusted EPS • Opportunistic share repurchases based on intrinsic value or fair value |
 21 FY15 guidance reaffirmed. . . • FY15 adjusted EPS guidance range is reaffirmed at $4.70 - $5.20, excluding special items and aircraft sales. Other specific items include: * Assuming FY15 revenue earned in same regions and same mix as in FY14 Long term adjusted EPS growth of 10 - 15% combined with a 20 - 30% dividend payout policy based on forward adjusted EPS 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 |
 22 . . . as we continue to deliver strong results in FY15 • Bristow will continue to proactively participate in UK and industry-wide efforts to dramatically improve safety • Demand for Bristow’s exceptional services continues to be strong • Strong BVA and operating cash flow performance continues • UK SAR implementation and start-up are on schedule and on budget • Bristow’s fiscal year 2015 adjusted EPS guidance range reaffirmed at $4.70 - $5.20 |
 23 Appendix |
 24 Organizational chart - as of June 30, 2014 Business Unit (% of FY15 operating revenue) Corporate Region ( # of aircraft / # of locations) Joint Venture (# of aircraft) Key Operated Aircraft Bristow owned and/or operated 363 aircraft as of June 30, 2014 Affiliated Aircraft Bristow affiliates and joint ventures operated 131 aircraft as of June 30, 2014 * Includes corporate and other Bristow NABU 13% U.S. GoM – 61/6 Trinidad – 11/1 Mexico – 2/1 Brazil – 11/4 Lider - 86 UK – 79/6 Norway – 21/4 Nigeria – 47/6 Australia – 29/10 Other – 7/1 Russia – 7/3 Egypt – –/ – Turkmenistan – 2/1 PAS - 45 AUSBU 11% EBU 46 % Florida – 54/1 Louisiana – 13/1 U.K. – 3/1 WASBU 18% OIBU 8% BRS Academy 4%* Canada – 8/2 Malaysia - 2/1 Nevada – 3/1 Tanzania – 3/1 |
  25 Aircraft Fleet – medium and large as of June 30, 2014 Next Generation Aircraft Medium capacity 12-15 passengers Large capacity 16-25 passengers Mature Aircraft Fair market value of our owned fleet is ~$2.2 billion and leased fleet is ~$900 million Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters AS332 L Super Puma 18 Twin Turbine 18 - 18 - AW189 16 Twin Turbine 2 - 2 15 EC175 16 Twin Turbine - - - 5 EC225 19 Twin Turbine 22 - 22 2 Mil Mi 8 20 Twin Turbine 7 - 7 - Sikorsky S-61 18 Twin Turbine 2 - 2 - Sikorsky S-92 19 Twin Turbine 60 7 67 8 111 7 118 30 LACE 105 Medium Helicopters AW139 12 Twin Turbine 18 2 20 - Bell 212 12 Twin Turbine - 14 14 - Bell 412 13 Twin Turbine 25 19 44 - EC155 13 Twin Turbine 1 - 1 - Sikorsky S-76A/A++ 12 Twin Turbine 3 5 8 - Sikorsky S-76C/C++ 12 Twin Turbine 51 34 85 - Sikorsky S-76D 12 Twin Turbine 3 - 3 7 101 74 175 7 LACE 48 |
 26 Aircraft Fleet – small, training and fixed as of June 30, 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 Agusta A109 6 Twin Turbine - 1 1 AS 350BB 4 Turbine - 2 2 Bell 206B 4 Turbine 1 2 3 - Bell 206 L Series 6 Turbine 5 6 11 - Bell 407 6 Turbine 35 - 35 - BK-117 7 Twin Turbine 2 - 2 - EC135 7 Twin Turbine 2 3 5 - 45 14 59 - LACE 11 Training Helicopters Agusta A109 6 Twin Turbine 1 - 1 - AS 355 5 Twin turbine 2 - 2 - Bell 206B 4 Turbine 12 - 12 - Robinson R22 2 Piston 7 - 7 - Robinson R44 4 Piston 8 - 8 - Sikorsky 300CB/CBi 2 Piston 42 - 42 - Fixed Wing 1 - 1 - 73 - 73 - Fixed Wing 33 36 69 - Total 363 131 494 37 TOTAL LACE (Large Aircraft Equivalent)* 163 |
 27 Small Medium Large Total Leased LACE Total LACE % Leased EBU - 1 20 21 21 61 34% WASBU - 1 1 2 2 23 7% NABU 1 13 4 18 11 33 33% AUSBU 2 2 4 8 6 23 24% OIBU - - - - - 25 - Total 3 17 29 49 38 163 23% Operating lease strategy: lowering the cost and amount of capital needed to grow • Of the 91 aircraft currently leased in our fleet, 49 are commercial (38 LACE), 29 are training and 13 fixed wing • 38 LACE aircraft represent approximately 23% of our commercial fleet • Our goal is for commercial fleet operating leases to account for approximately 30-35% of our LACE Leased aircraft as of June 30, 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-Q Note 5 “Commitments and Contingencies” for more information provided on operating leases. |
 28 Consolidated fleet changes and aircraft sales for Q1 FY15 See 10-Q Note 5 “Commitments and Contingencies” for more information provided on operating leases * Includes writeoffs, lease returns and commencements # of a/c Sold Cash received* Q1 FY15 4 4.7 $ Total 4 4.7 $ * Amounts stated in millions Small Medium Large Training Total EBU - - 5 - 5 WASBU - 2 - - 2 NABU - - - - - AUSBU - - 1 - 1 OIBU 2 4 - - 6 Academy - - - 1 1 Total 2 6 6 1 15 Held for sale aircraft in consolidated fleet Small Medium Large Training Fixed wing Total EBU - 1 20 - 13 34 WASBU - 1 1 - - 2 NABU 1 13 4 - - 18 AUSBU 2 2 4 - - 8 OIBU - - - - - - Academy - - - 29 - 29 Total 3 17 29 29 13 91 Leased aircraft in consolidated fleet Q1 FY15 Fleet Count Beginning 363 Delivered Large 6 Medium 3 Total Delivered 9 Removed Sales (4) Other* (5) Total Removed (9) 363 Fleet changes |
 29 Operating revenue, LACE and LACE rate by BU 4 1) $ in millions 2) LACE rate is annualized 3) $ in millions per LACE 4) Excludes Bristow Academy and Eastern Airways Op revenue 1 LACE LACE Rate 2,3 EBU $162 61 $10.60 WASBU 80 23 14.21 NABU 58 33 7.02 AUSBU 47 23 8.27 OIBU 36 25 5.80 Total $390 163 $9.55 Operating Revenue, LACE, and LACE Rate by BU as of June 30, 2014 |
 30 Historical LACE by BU Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBU 45 45 45 42 42 43 48 46 44 46 46 45 WASBU 23 23 24 25 24 24 21 22 23 22 22 22 NABU 39 36 36 36 39 35 34 29 30 29 30 30 AUSBU 20 20 22 22 20 23 24 20 19 20 20 19 OIBU 36 34 34 35 33 33 33 38 39 38 38 34 Consolidated 163 158 161 160 157 158 159 154 154 154 155 149 FY15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBU 47 45 51 55 57 59 59 56 61 WASBU 22 22 20 21 21 21 22 23 23 NABU 30 31 39 37 37 33 34 34 33 AUSBU 18 17 17 19 19 19 20 22 23 OIBU 32 28 27 27 27 28 28 24 25 Consolidated 147 142 154 158 161 160 162 158 163 LACE FY11 FY12 FY10 FY13 FY14 |
 31 Historical LACE rate by BU 1) $ in millions 2) LACE rate is annualized Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 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 $6.90 $7.10 $7.30 $7.40 $7.43 $7.89 FY15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBU $10.60 $11.03 $9.74 $9.13 $9.63 $9.95 $10.30 $10.84 $10.60 WASBU 12.35 12.24 13.71 13.28 14.26 14.62 14.17 13.99 14.21 NABU 7.05 7.11 5.84 6.12 6.34 7.13 6.75 6.84 7.02 AUSBU 8.48 9.29 9.55 8.58 8.04 7.74 7.21 6.76 8.27 OIBU 4.22 4.62 4.76 4.94 4.97 4.73 4.58 5.57 5.80 Consolidated $8.55 $8.95 $8.49 $8.35 $8.78 $9.07 $8.97 $9.34 $9.55 LACE Rate 1,2 FY10 FY11 FY12 FY13 FY14 |
 32 # Helicopter Class Delivery Date Location Contracted 1 Large September 2014 EBU 2 Large September 2014 EBU 1 Large September 2014 AUSBU 1 of 1 1 Large September 2014 NABU 1 of 1 1 Large December 2014 NABU 1 of 1 1 Medium December 2014 NABU 6 Medium December 2014 WASBU 2 Large March 2015 EBU 1 Large June 2015 EBU 1 Large September 2015 NABU 1 of 1 1 Large September 2015 EBU 1 Large September 2015 EBU 1 Large December 2015 NABU 1 Large December 2015 AUSBU 1 of 1 1 Large December 2015 OIBU 1 Large March 2016 NABU 1 Large March 2016 EBU 2 Large June 2016 NABU 1 Large June 2016 EBU 1 Large September 2016 NABU 28 6 of 28 ORDER BOOK 1 Order and options book as of June 30, 2014 1) Five large aircraft on order and seven large aircraft on option are subject to the successful development and certification of the aircraft 2) The aircraft that are indicated in grey italic will be leased upon delivery 3) One aircraft is LIM SAR configured 4) SAR configured # Helicopter Class Delivery Date 1 Large September 2015 1 Medium September 2015 1 Large December 2015 2 Medium December 2015 2 Large March 2016 3 Medium March 2016 3 Large June 2016 3 Medium June 2016 3 Large September 2016 2 Medium September 2016 5 Large December 2016 1 Medium December 2016 3 Large March 2017 1 Medium March 2017 4 Large June 2017 1 Medium June 2017 3 Large September 2017 1 Medium September 2017 4 Large December 2017 3 Medium December 2017 1 Large March 2018 2 Medium March 2018 1 Large June 2018 51 OPTIONS BOOK 2, 3 4 4 4 1 of 2 |
 33 Order and options book as of June 30, 2014 (continued) # Helicopter Class Delivery Date Location Contracted 1 Large September 2014 EBU 1 of 1 1 Large September 2014 EBU 1 of 1 2 Large December 2014 EBU 2 of 2 2 Large December 2014 EBU 2 of 2 2 Large March 2015 EBU 2 of 2 2 Large March 2015 EBU 2 of 2 2 Large June 2015 EBU 2 of 2 2 Large September 2015 EBU 2 of 2 2 Large September 2015 EBU 2 of 2 2 Large December 2015 EBU 2 of 2 18 18 of 18 The aircraft that are indicated in grey italic will be leased upon delivery UK SAR CONFIGURED ORDER BOOK |
 34 Adjusted EBITDAR margin* trend Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 33.0% 31.4% 30.7% 36.1% 32.9% 32.2% 34.6% 39.5% 38.3% 36.2% WASBU 29.5% 35.5% 37.2% 36.6% 35.0% 31.9% 26.5% 35.0% 31.8% 31.5% NABU 14.3% 20.6% 14.8% 19.4% 17.3% 23.2% 20.7% 29.1% 29.5% 25.7% AUSBU 20.2% 14.4% 23.5% 35.6% 24.3% 27.0% 28.0% 27.3% 26.0% 27.1% OIBU 48.1% 19.1% 47.8% 42.9% 39.5% 36.2% 44.2% 55.7% 51.6% 46.6% Consolidated 23.4% 24.0% 27.6% 31.2% 26.6% 26.3% 26.1% 31.5% 29.4% 28.3% FY15 Q1 Q2 Q3 Q4 Full Year Q1 EBU 30.3% 35.3% 35.3% 37.3% 34.7% 34.1% WASBU 31.3% 30.4% 33.5% 33.2% 32.1% 25.6% NABU 29.2% 31.0% 33.1% 35.4% 32.1% 39.7% AUSBU 17.7% 21.0% 15.0% 24.0% 19.6% 23.7% OIBU 67.4% 39.3% 33.2% 53.3% 47.7% 41.4% Consolidated 28.5% 28.7% 27.0% 30.4% 28.6% 29.2% FY13 FY14 FY12 * Adjusted EBITDAR excludes special items and asset dispositions and margin is calculated by taking adjusted EBITDAR divided by operating revenue |
 35 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 $21.2 $3.0 $26.5 $14.6 $65.2 $24.2 $30.4 $36.7 $40.4 $131.7 Income tax expense 6.6 -1.9 7.1 2.4 14.2 6.2 8.3 7.8 12.7 35.0 Interest expense 9.0 9.5 9.8 10.0 38.1 8.8 8.6 14.7 10.3 42.4 Gain on disposal of assets -1.4 1.6 2.9 28.6 31.7 5.3 1.3 -7.4 -7.2 -8.1 Depreciation and amortization 22.7 25.4 22.7 25.3 96.1 21.4 23.3 24.9 26.7 96.3 Special items 0.0 24.6 0.0 3.4 28.1 2.2 -2.3 14.9 1.9 16.2 Adjusted EBITDA Subtotal 58.1 62.1 68.9 84.3 273.4 68.0 69.6 91.6 84.8 313.5 Rental expense 9.0 9.1 12.8 15.1 46.0 16.3 15.3 17.6 18.3 67.4 Adjusted EBITDAR $67.0 $71.2 $81.8 $99.5 $319.5 $84.3 $84.9 $109.2 $103.0 $381.0 Fiscal year 3/31/2015 ($ in millions) Q1 Q2 Q3 Q4 Full Year Q1 Net income $26.9 $109.9 $19.0 $32.0 $187.8 $45.0 Income tax expense 7.6 41.1 2.9 5.5 57.2 11.8 Interest expense 20.4 9.1 7.3 8.2 44.9 7.4 Gain on disposal of assets 1.7 3.1 -4.0 -0.1 0.7 -0.6 Depreciation and amortization 22.8 23.9 23.7 25.6 96.0 25.3 Special items 0.0 -101.8 23.5 20.5 -58.7 5.6 Adjusted EBITDA Subtotal 79.4 85.2 72.4 91.8 327.9 94.5 Rental expense 23.1 23.3 28.3 31.1 105.8 33.1 Adjusted EBITDAR $102.5 $108.5 $100.7 $122.9 $433.7 $127.6 Fiscal year ended, 3/31/2012 3/31/2013 3/31/2014 Fiscal year ended, |
 36 Bristow Value Added (BVA) Sample calculation for Q1 FY15 and Q1 FY14 Bristow Value Added = Gross Cash Flow – (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q1 FY15 $24.5 = $121.2* - ( $3,683* X 2.625%**) Bristow Value Added calculation for Q1 FY14 $1.5 = $90.6* ( $3,394* X 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% - |
 37 Bristow gross cash flow reconciliation (in millions) Gross cash flow reconciliation Q1 FY14 Q1 FY15 Net Income $26.9 $44.1 Depreciation and amortization 22.8 25.3 Interest expense 20.4 7.4 Interest income (0.1) (0.2) Rent 23.1 33.1 Other income/expense-net 1.4 1.2 Gain/loss on asset sale 1.7 (0.6) Special items 0.0 4.7 Tax effect from special items (3.2) (1.1) Earnings (losses) from unconsolidated affiliates, net (14.0) (4.3) Non-controlling interests 0.0 0.9 Gross cash flow (before Líder) $79.0 $110.5 Gross cashflow -Líder proportional 11.6 10.7 Gross cash flow after Líder $90.6 $121.2 |
 38 Bristow adjusted gross operating assets reconciliation (in millions) Adjusted gross operating assets reconciliation Q1 FY14 Q1 FY15 Total assets $3,058 $3,541 Accumulated depreciation 507 536 Capitalized operating leases 315 423 Cash and cash equivalents (160) (134) Investment in unconsolidated entities (277) (266) Goodwill (29) (58) Intangibles (3) (18) Assets held for sale: net (14) (30) Assets held for sale: gross 33 74 Adj. for gains and losses on assets sales 84 (12) Accounts Payable (73) (102) Accrued maintenance and repairs (16) (18) Other accrued taxes (8) (8) Accrued wages, benefits and related taxes (48) (68) Other accrued liabilities (20) (222) Income taxes payable (7) (0) Deferred revenue (24) (30) ST deferred taxes (4) (14) LT deferred taxes (160) (179) Adjusted gross operating assets before Líder $3,156 $3,414 Adjusted gross operating assets-Líder proportional 237 269 Adjusted gross operating assets after Líder $3,394 $3,683 |
 39 Líder Bristow Value Added (BVA) Sample calculation for Q1 FY15 and Q1 FY14 Bristow Value Added = Gross Cash Flow – (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q1 FY15 $3.6 = $10.7* - ( $269* X 2.625%**) Bristow Value Added calculation for Q1 FY14 $5.3 = $11.6* - ( $237* X 2.625%**) * Reconciliation for these items follows right after this slide ** Quarterly capital charge of 2.625% is based on annual capital charge of 10.5% |
 40 Líder gross cash flow reconciliation ($ in millions) Gross cash flow reconciliation Q1 FY14 Q1 FY15 Net income (loss) 16.6 $ 12.5 $ Depreciation and amortization 4.3 3.4 Rent 6.4 7.4 Interest expense 3.8 3.7 Interest income (1.7) (1.5) FX (gains) losses 0.1 1.1 Other income/expense-net (0.1) (0.2) Earnings of discontinued operations 0.0 0.0 Gain/loss on asset sale 0.0 0.0 Special adjustment- remove Lider tax per income stmt. 2.5 2.3 Tax effect from special items 0.0 0.0 Earnings (losses) from unconsolidated affiliates, net 0.3 0.0 Non-controlling interests (0.5) (0.5) Gross cash flow 31.6 28.4 Special item outside of Lider- add Bristow tax calc. (4.3) (3.3) Gross cash flow 27.4 25.1 42.5% Lider proportional consolidation - GCF 11.6 $ 10.7 $ |
 41 Líder adjusted gross operating assets reconciliation ($ in millions) Adjusted gross operating assets reconciliation Q1 FY14 Q1 FY15 Total assets 594 $ 623 $ Cash and cash equivalents (87) (76) Accumulated depreciation 77 80 Capitalized operating leases 127 149 Assets from discontinued operations 0 0 Investments and escrow deposits (33) (44) Goodwill 0 0 Prepaid pension cost 0 0 Intangibles (6) (6) Intangibles, amortization 4 4 Other, non operating assets (3) (17) Assets held for sale: net 0 0 Assets held for sale: gross 0 0 Adj. for gains and losses on assets sales 0 0 Accounts payable (35) (35) Other payables (4) (3) Other accrued taxes (1) (6) Accrued wages, benefits and related taxes (20) (21) Income taxes payable (5) (4) Deferred revenue (17) (10) ST deferred taxes 0 0 LT deferred taxes (35) 0 Adjusted gross operating assets 559 633 42.5 % Lider proportional consolidation GOA 237 $ 269 $ |
 42 Líder's adjusted EBITDAR* reconciliation * Adjusted EBITDAR excludes special items and asset dispositions ($ in millions) Q3 CY13 Q4 CY13 Q1 CY14 Q2 CY14 Gross revenue 116.8 $ 119.3 $ 121.2 $ 113.7 $ (-) Revenue deductions (6.6) (7.6) (5.9) (7.3) Net operating revenue 110.2 111.3 115.3 106.4 (-) Cost of products and services (84.2) (87.0) (90.8) (79.5) Gross profit 26.0 24.6 24.5 26.9 (-) Selling and administrative expenses (10.3) (9.6) (7.0) (7.5) (+) Equity income of associates 0.4 (0.0) 0.5 0.8 (+) Other operating income/expenses 1.2 0.7 0.2 0.2 Operating result 17.3 15.7 18.3 20.4 (+) Depreciation and amortization - cost 3.4 3.2 3.2 3.3 (+) Depreciation and amortization - expenses 0.2 0.2 0.2 0.2 EBITDA 21.0 19.2 21.6 23.9 Leasing costs 6.5 7.3 7.4 7.3 Adjusted EBITDAR 27.4 $ 26.4 $ 29.1 $ 31.2 $ |
 43 GAAP reconciliation (i) See information about special items in 10-Q or earnings release for Q1 FY15 (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 Three Months Ended June 30, 2014 2013 (In thousands, except per share amounts) Adjusted operating income........................................................................ $ 69,304 $ 57,840 Gain (loss) on disposal of assets........................................................ 610 (1,721) Special items (i) ................................................................................... (4,722 ) — Operating income ....................................................................................... $ 65,192 $ 56,119 Adjusted EBITDAR ................................................................................... $ 127,623 $ 102,473 Gain (loss) on disposal of assets......................................................... 610 (1,721) Special items (i) ..................................................................................... (5,594 ) — Depreciation and amortization ............................................................. . (25,334) (22,819) Rent expense......................................................................................... (33,116) (23,061) Interest expense.................................................................................... (7,363 ) (20,370) Provision for income taxes .................................................................. (11,823) (7,590) Net income .................................................................................................. $ 45,003 $ 26,912 Adjusted net income .................................................................................. $ 47,369 $ 36,504 Gain (loss) on disposal of assets (ii) .................................................... 483 (1,342) Special items (i) (ii) ................................................................................ (3,743 ) (8,276) Net income attributable to Bristow Group ................................................. $ 44,109 $ 26,886 Adjusted diluted earnings per share .......................................................... $ 1.32 $ 1.00 Gain (loss) on disposal of assets (ii) .................................................... 0.01 (0.04) Special items (i) (ii) ................................................................................ (0.10) (0.23) Diluted earnings per share ................................................................…...... 1.23 0.74 |
 44 Bristow leverage reconciliation *Adjusted EBITDAR excludes gains and losses on dispositions of assets (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of June 30, 2014 955.1 $ 1,783.4 $ 2,738.5 $ 34.9% Adjust for: Unfunded Pension Liability 82.4 82.4 NPV of Lease Obligations 391.3 391.3 Letters of credit 2.2 2.2 Adjusted 1,431.0 $ (d) 1,783.4 $ 3,214.4 $ 44.5% Calculation of debt to adjusted EBITDAR multiple TTM Adjusted EBITDAR*: FY 2015 458.8 $ (e) = (d) / (e) 3.1:1 |
 45 Líder leverage reconciliation (in millions) Sep-13 Jun-14 Total book debt 279 $ 290 $ NPV of leases 75 59 Total adjusted debt 354.0 348.6 TTM adjusted EBITDAR 124.6 $ 114.0 $ Adjusted debt / TTM adj. EBITDAR 2.8x 3.1x |
 46 Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4 Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com Contact us th |