1
Investor Presentation - London
Bristow Group Inc.
July 12, 2016
2
Forward-looking statements
Statements contained in this presentation that state the Company’s or management’s intentions, hopes, beliefs,
expectations or predictions of the future are forward-looking statements. These forward-looking statements
include statements regarding earnings guidance and earnings growth, expected contract revenue, capital
deployment strategy, operational and capital performance, impact of new contracts, cost reduction initiatives,
capex deferral, shareholder return, liquidity, market and industry conditions. It is important to note that the
Company’s actual results could differ materially from those projected in such forward-looking statements. Risks
and uncertainties include, without limitation: fluctuations in the demand for our services; fluctuations in worldwide
prices of and supply and demand for oil and natural gas; fluctuations in levels of oil and natural gas production,
exploration and development activities; the impact of competition; actions by clients and suppliers; the risk of
reductions in spending on helicopter 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 and Operational
Excellence programs; availability of employees with the necessary skills; and political instability, war or acts of
terrorism in any of the countries in which we operate. Additional information concerning factors that could cause
actual results to differ materially from those in the forward-looking statements is contained from time to time in the
Company’s SEC filings, including but not limited to the Company’s annual report on Form 10-K for the fiscal year
ended March 31, 2016. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking
statements, including financial estimates, whether as a result of new information, future events or otherwise.
3
• BRS stock price1 $11.41/share with a market cap
~$400 million
• 343 aircraft (162 LACE)2 with ~4,800
employees3
• Major markets are Australia, Brazil, Canada,
Nigeria, Norway, Trinidad, U.K., U.S. Gulf of
Mexico
• Our services are delivered in four regions:
Europe Caspian (ECR)
Africa (AFR)
Asia Pacific (APR)
Americas (AMR)
• Europe Caspian includes U.K. SAR and
Eastern; Asia Pacific includes Airnorth
• Significant joint ventures in Brazil (Líder) and
Canada (Cougar)
• Successful launch of $2.5 billion revenue U.K.
SAR contract (not tied to oil and gas)
Bristow transports crews for oil
and gas companies and provides
search and rescue services for
them and governments alike
Bristow is a leader in industrial aviation services for oil
and gas, Search and Rescue (SAR) and fixed wing
1) Based on NYSE stock price as of June 30, 2016
2) FMV of 100 LACE owned commercial aircraft is ~$2.1 billion
3) As of March 31, 2016
4
0.42
0.27 0.31 0.26 0.23
0.37
FY11 FY12 FY13 FY14 FY15 FY16
Q4 FY16 operational safety review
1) AAR includes commercial operations for Bristow Group and consolidated affiliates, Eastern Airways and Airnorth
2) FY13 AAR of 0.96 amended to include confirmed NAIB accident classification for 5N-BFF accident in October 2012
3) TRIR beginning in FY15 includes consolidated commercial operations, corporate, Bristow Academy, Eastern Airways, and Airnorth employees
Total Recordable Injury Rate3 (TRIR) per
200,000 man hours (cumulative)
• Heightened focus not only on safety
compliance but also safety
performance in light of FY16 accidents
Comprehensive external review of
operations, maintenance and
training in all regions
Forms our Global Safety
Improvement Plan and Target Zero
for FY17
• HeliOffshore is delivering tools and
information, (such as the new HUMS
manual) to improve frontline
operational safety
0.53 0.53
1.44
0.00 0.00
1.04
FY11 FY12 FY13 FY14 FY15 FY16
Air Accident Rate1 (AAR) per 100,000
flight hours (fiscal year)
2
5
How does Brexit “leave” vote impact our business?
• We conduct business in multiple currencies and strive
to naturally hedge our currency exposure through client
contracts when possible
• In FY15 and FY16, a hypothetical 10% movement in
USD/GBP foreign exchange rate would have affected
our global operating income by ~$10-12 million
Operations
• We do not expect any significant changes to our global
or U.K. - based operations
U.K. SAR
• Search and rescue is a ‘crown provisioned service’
which will continue to be provided whether the U.K. is
or is not part of the EU
• Our U.K SAR contract is naturally hedged with most
operating costs in GBP
Financial
6
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
FY14 FY15 FY16
U.K. SAR Fixed wing
Oil and gas
Successful diversification provides timely revenue and
reduces the impact of the oil and gas downturn
96%
2%
88%
9%
3%
Operating revenue by business line
$
in
mil
lion
s
2%
76%
13%
11%
• Successful diversification with
non-oil and gas revenue up to
~24% this year, compared to
~4% in FY14
• Nine of ten U.K. SAR bases
operational with total
remaining capital of $165
million (including aircraft)
• Fixed wing businesses
contributed ~$43 million
of EBITDAR in FY16
7
• U.K. SAR contract is ~10 years in
term with an option for a two-year
extension by the U.K. government
• Expected operating revenue and
adjusted EBITDAR for the ~10 year
contract term of $2.5 billion and
$1.1 billion, respectively
• Anticipated U.K. SAR EBITDAR
margins in the mid-40% range
• Recent certification of AW189 full
deicing protection allows us to
proceed with delivering the
contracted solution of 11 S-92s and
11 AW189s
U.K. SAR is a key element in our diversification
strategy providing stable non-oil and gas cash flow
8
267
232 253
116
0
50
100
150
200
250
300
FY13 FY14 FY15 FY16
Our focus on cost reductions and decreased capex
enhances operating cash flow and liquidity
1) Adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special items during the period
2) Liquidity is defined as cash plus availability under the revolving credit facility
Adjusted EBITDAR1 Operating Cash Flow
Capital Expenditures Liquidity2
381
434
474
417
0
100
200
300
400
500
FY13 FY14 FY15 FY16571
629 602
372
0
100
200
300
400
5
600
700
FY13 FY14 FY15 FY16
415
530
370 360
0
100
200
30
40
5
60
FY13 FY14 FY15 FY16
9
Improving liquidity through strong operating cash
flow and lower capital spend
Total liquidity
$
i
n
m
il
li
o
n
s
$299
$360
• Cost reductions and capital
efficiency initiatives improve
liquidity as market remains
difficult
• Capital deferrals, dividend
reduction and execution of
three AW139 sale-
leasebacks improved
liquidity ahead of FY17
• Declining FY17 capex
requirements as U.K. SAR
implementation completes
and discussions with OEMs
continue
167
255
132
105
100
150
200
250
300
350
400
Q3 FY16 Q4 FY16
Undrawn borrowing capacity Cash
10
We are in control of our future with improvements
to safety and financial strength underway
• Continued cash flow optimization through capital deferral, prior
dividend reduction, and working capital management
• Execution of successful FY16 cost cutting initiatives that
continue into FY17 to make Bristow more competitive
• Global opportunities for new contracts and market share
gains are being pursued evidenced by several recent wins
FY17
action
plan
Financial
and
operational
flexibility
• Amended bank covenants in order to provide financial flexibility
through the oil and gas downturn
• Replaced existing leverage ratio with senior secured leverage ratio
and replaced existing interest coverage ratio with current ratio
• Other identified measures to maintain margins include efficiencies
with our OEM and other partners including capex deferral
11
Cash flow, asset values and mission critical nature
underpin strong investment thesis
• Leading global helicopter service provider to the offshore energy
industry
• Historical record of safe operations and renewed emphasis on safety
culture
• Focus on the production segment of the energy value chain continues to
provide more revenue stability compared to other OFS sectors
• U.K. SAR contract not tied to oil and gas will generate significant stable
revenue and cash flow
• Fixed wing businesses have helped offset pressure from the oil industry
downturn
• Ability to defer capex and further reduce capital needs in support of
liquidity enhancing efforts
• Ba3 / BB- corporate credit rating and Ba2 / BB secured debt rating
12
Appendix
13
1) LACE count based on aircraft types specified in original contract
U.K. SAR
• Two additional bases began operating on
contract in January 2016, bringing the total to
nine of ten operational (including two GAP
SAR bases)
• Tenth and final base expected to begin
operations in April 2017
• Final GAP SAR base will transition to full SAR
contract in July 2017
• 22 new technology SAR helicopters – 11 SAR
S-92s and 11 SAR AW189s following recent
certification of icing protection on the AW189
$ in millions GAP SAR U.K. SAR Total
Operating revenue $43 $135 $177
Adjusted EBITDAR $18 $82 $100
LACE (on contract)1 4 14 18
LACE rate $10.7 $9.6 $9.8
Total U.K. SAR - FY16
14
H225 Fleet Update
• On Friday April 29, 2016, during a flight returning from an offshore
platform in Norway, an accident occurred involving another operator’s
H225LP resulting in 13 fatalities
• Both the U.K. CAA and the Norway CAA issued safety directives
requiring operators to suspend all operations of H225 aircraft
• Bristow currently is not flying a total of 27 H225s globally: 13 H225
helicopters in the U.K., five H225 in Norway and nine H225 aircraft in
Australia
• Bristow has increased utilization of other in-region aircraft including
idle S-92 aircraft and has moved, or is moving, available aircraft to
minimize or eliminate the impact to our clients
• It is too early to determine the positive or negative financial impact
15
Significant investment in owned new technology
aircraft and additional infrastructure1
• Significant investment to upgrade fleet
and for U.K. SAR contract has
substantially increased the fleet FMV
Built for purpose new technology
oil and gas aircraft position
Company for harsh environment
and deepwater activities
Investment in fleet and
infrastructure for U.K. SAR
contract diversifies revenue
stream
Clients are seeking global oil and
gas SAR capabilities
• Majority of owned aircraft provides for
global operational flexibility
1) The company derives market value from observable market data if available and may require utilization of estimates, applications of
significant judgment and reliance upon valuation specialists’ and third party analysts’ reports. When using third party reports, the market
value is as of the date of such report and is not updated to reflect factors that may impact the valuation since the date of such report,
including fluctuations in foreign currency exchange rates, oil and gas prices, and the balance of supply and demand. There is no
assurance that market value of an asset represents the amount that the Company could obtain from an unaffiliated third party in an arm’s
length sale of the asset, the fleet, or the Company.
FMV of Owned Fleet + NBV of Other PP&E
2,194
2,637 2,496
2,755
-
500
1,000
1,500
2,000
2,500
3,000
FY13 FY14 FY15 FY16
16
286
50 66 60
109
55
58
-
50
100
150
200
250
300
350
FY16A FY17E FY18E FY19E FY20E+
$ in
mi
llio
ns
U.K. SAR Oil and gas aircraft
Bristow has meaningfully reduced projected capex
to enhance financial flexibility
Non-SAR aircraft capex is primarily dedicated to 17 H175 aircraft to be
delivered in FY18 and beyond
Total annual aircraft capex commitments
105
124
17
Bank financial covenants
$ in millions March 31, 2016
Term loan $336
Term loan credit facility 200
Revolving credit facility 144
Covenant PV of leases 604
Letters of credit (secured) 1
Total covenant debt $1,285
TTM Adj EBITDAR $417
Non-cash stock comp expense 21
Cash proceeds from assets sales (max: $20M) 17
Non-cash FX impact 20
Other adjustments 22
TTM Covenant EBITDAR $498
Senior secured leverage ratio actual 2.58x
Senior secured leverage ratio maximum 4.25x
Senior secured leverage ratio
$ in millions March 31, 2016
Total current assets $593
Less: assets HFS (44)
Revolver availability less $25M 230
Total covenant current assets $780
Total current liabilities $393
Le s: Term loan maturity in current assets -
Total covenant current liabilities $393
Covenent current ratio actual 1.99x
Covenent current ratio minimum 1.00x
Current ratio
18
Bristow has the flexibility to reduce our fixed lease costs in
future years without interrupting operations or current revenue
• Modern fleet (average age ~8 years) of 162 LACE aircraft requires limited
ongoing renewal capital investment
• Our mix of owned and leased aircraft gives us the option to return leased
aircraft at expiry; reducing annual fixed cash costs while meeting demand with
owned fleet and committed orders
$2
$20
$45
$76
5
14
23
38
0
5
10
15
20
25
30
35
40
$-
$10
$20
$30
$40
$50
$60
$70
$80
FY17 FY18 FY19 FY20
$ in
millio
ns
Cumulative Rent Savings Cumulative LACE Roll Off
LACE Count
19
FY16 op revenue1 LACE LACE Rate2,3,4
Europe Caspian $699 76 $9.26
Africa 249 19 12.95
Americas 282 40 7.02
Asia Pacific 197 27 7.30
Total $1,434 162 $8.85
as of March 31, 2016
Operating revenue, LACE, and LACE rate by region
Operating revenue, LACE and LACE rate by region
4
1) $ in millions
2) LACE rate is annualized
3) $ in millions per LACE
4) Excludes Bristow Academy, Airnorth and Eastern Airways
149
158 158
166
162
$7.89 $8.35
$9.34 $9.33
$8.85
$-
$2
$4
$6
$8
$10
$12
140
150
160
170
180
FY12 FY13 FY14 FY15 Q4 FY16
LACE LACE Rate ($ in millions)
20
Historical LACE by region
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Europe Caspian 48 46 52 56 58 60 60 57 62 68 70 72
Africa 23 23 21 21 21 22 23 24 24 24 22 21
Americas 48 46 53 52 51 48 48 47 47 45 46 45
Asia Pacific 29 28 28 30 30 30 34 30 31 29 31 29
Consolidated 147 142 154 158 161 160 165 158 163 166 168 166
Q1 Q2 Q3 Q4
Europe Caspian 74 76 76 76
Africa 22 20 19 19
Americas 41 41 41 40
Asia Pacific 27 27 26 27
Consolidated 164 163 163 162
FY13 FY14 FY15
LACE
FY16
21
Historical LACE rate by region
1) $ in millions
2) LACE rate is annualized
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Europe Caspian $10.49 $10.94 $9.69 $9.10 $9.59 $9.92 $10.27 $10.82 $10.55 $9.74 $9.37 $8.95
Africa 11.54 11.70 13.06 13.28 14.26 13.95 13.25 13.34 14.10 14.11 15.86 15.81
Americas 6.10 6.38 5.82 6.06 6.37 7.31 7.14 7.26 7.38 7.58 7.54 7.72
Asia Pacific 6.91 7.49 7.64 7.23 7.37 6.48 5.50 6.42 7.14 7.55 7.36 7.93
Consolidated $8.55 $8.95 $8.49 $8.35 $8.78 $9.07 $8.97 $9.34 $9.55 $9.43 $9.33 $9.33
Q1 Q2 Q3
Europe Caspian $9.16 $9.08 $8.97 $9.26
Africa 14.42 14.47 14.05 12.95
Americas 7.41 7.17 7.06 7.02
Asia Pacific 7.91 7.70 7.87 7.30
Consolidated $9.25 $9.06 $8.95 $8.85
FY13 FY14 FY15
LACE Rate1,2
FY16
22
Order and options book as of March 31, 2016
#
Helicopter
Class Delivery Date Location
2 Large June-16 Europe Caspian
2 Large September-16 Europe Caspian
2 Large September-17 Europe Caspian
2 Large March-18 Europe Caspian
8
U.K. SAR CONFIGURED ORDER BOOK
#
Helicopter
Class Delivery Date Location
6 Medium September-16 Africa
4 Medium December-16 Africa
2 Large June-17 TBD
1 Large June-17 Europe Caspian
1 Large September-17 TBD
1 Large December-17 TBD
2 Large June-18 TBD
1 Large September-18 TBD
1 Large December-18 TBD
2 Large June-19 TBD
1 Large September-19 TBD
1 Large December-19 TBD
2 Large June-20 TBD
1 Large September-20 TBD
2 Large December-20 TBD
28
ORDER BOOK
#
Helicopter
Class Delivery Date
1 Larg June-17
2 Large September-17
1 Medium September-17
3 Large December-17
3 Medium December-17
2 Medium March-18
1 Large June-18
1 Large September-18
14
OPTIONS BOOK
23
Adjusted EBITDAR margin trend by region
Adjusted EBITDAR excludes special items and asset dispositions and margin is calculated by taking adjusted EBITDAR divided by operating revenue
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year
Europe Caspian 32.0% 34.4% 39.2% 35.8% 35.4% 30.4% 35.3% 35.6% 37.8% 35.0%
Africa 31.5% 26.5% 35.0% 32.0% 31.4% 34.1% 30.1% 31.7% 36.6% 33.3%
Americas 28.5% 28.3% 38.0% 40.0% 33.9% 42.5% 35.7% 37.4% 38.4% 38.1%
Asia Pacific 34.1% 36.6% 34.2% 28.7% 33.3% 25.0% 23.3% 17.4% 28.3% 23.8%
Consolidated 26.3% 26.1% 31.5% 29.4% 28.3% 28.5% 28.7% 27.0% 30.4% 28.6%
Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year
Europe Caspian 34.1% 33.5% 32.8% 30.9% 32.9% 32.0% 32.5% 34.3% 29.9% 32.1%
Africa 25.9% 30.7% 34.5% 48.6% 34.7% 29.4% 31.3% 29.4% 14.9% 27.2%
Americas 44.7% 31.5% 37.6% 40.8% 38.7% 41.8% 10.0% 49.8% 25.1% 32.0%
Asia Pacific 23.5% 22.7% 24.5% 29.2% 25.2% 22.8% 22.7% 24.6% 26.6% 24.0%
Consolidated 29.2% 25.4% 25.3% 30.2% 27.4% 27.5% 22.1% 29.6% 23.1% 25.6%
FY16
FY14FY13
FY15
24
Adjusted EBITDAR reconciliation
Adjusted EBITDAR excludes special items and asset dispositions
($ in millions) Q1 Q2 Q3 Q4 FY13 Q1 Q2 Q3 Q4 FY14
Net income 24$ 30$ 37$ 40$ 132$ 27$ 110$ 19$ 32$ 188$
Income tax expense 6 8 8 13 35 8 41 3 6 57
Interest expense 9 9 15 10 42 20 9 7 8 45
Gain on disposal of assets 5 1 (7) (7) (8) 2 3 (4) (0) 1
Depreciation and amortization 21 23 25 27 96 23 24 24 26 96
Special items 2 (2) 15 2 16 - (102) 24 20 (59)
Adjusted EBITDA Subtotal 68 70 92 85 314 79 85 72 92 328
Rental expense 16 15 18 18 67 23 23 28 31 106
Adjusted EBITDAR 84$ 85$ 109$ 103$ 381$ 102$ 109$ 101$ 123$ 434$
($ in millions) Q1 Q2 Q3 Q4 FY15 Q1 Q2 Q3 Q4 FY16
Net income 45$ 28$ 0$ 16$ 89$ (2)$ (46)$ 4$ (33)$ (77)$
Income tax expense 12 6 1 4 23 3 (3) 10 (12) (2)
Interest expense 7 8 7 8 30 8 7 10 10 35
Gain on disposal of assets (1) (0) 26 10 36 8 14 2 7 31
Depreciation and amortization 25 28 24 37 114 37 37 32 30 137
Special items 6 7 5 1 17 13 28 7 33 82
Adjusted EBITDA Subtotal 95 77 63 75 309 67 38 65 35 206
Rental expense 33 35 46 50 165 54 54 52 51 212
Adjusted EBITDAR 128$ 112$ 109$ 125$ 474$ 121$ 93$ 117$ 87$ 417$
Fiscal year ended,
3/31/2013 3/31/2014
3/31/2015
Fiscal year ended,
3/31/2016
25
GAAP reconciliation
1) See information about special items in the earnings release for Q4 FY16
2) 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
2016 2015 2016 2015
Adjusted EBITDAR $86,645 $126,330 $417,363 $473,824
Gain (loss) on disposal of assets (6,837) (10,255) (30,693) (35,849)
Special items1 (33,311) (925) (82,063) (17,132)
Depreciation and amortization (29,959) (37,129) (136,812) (114,293)
Rent expense (51,345) (49,928) (211,840) (164,767)
Interest expense (10,183) (7,895) (35,186) (30,310)
Provision for income taxes 11,582 (4,390) 2,082 (22,766)
Net income ($33,408) $15,808 ($77,149) $88,707
Adjusted net income $4,716 $31,804 $51,308 $133,963
Gain (loss) on disposal of assets2 (3,659) (8,087) (22,028) (28,528)
Special items1,2 (26,312) (8,640) (101,722) (21,135)
Net income (loss) attributable to Bristow Group ($25,255) $15,077 ($72,442) $84,300
Adjusted diluted earnings per share $0.13 $0.91 $1.45 $3.77
Gain (loss) on disposal of assets2 (0.10) (0.23) (0.62) (0.80)
Special items1,2 (0.74) (0.25) (2.92) (0.59)
Diluted earnings (loss) per share ($0.72) $0.43 ($2.12) $2.37
Three months ended
March 31,
12 months ended
March 31,
(In thousands, except per share amounts)
26
Adjusted EBITDAR excludes gains and losses on dispositions of assets
Total leverage reconciliation
Debt Investment Capital Leverage
(a) (b) (c) = (a) + (b) (a) / (c)
(in millions)
As of March 31, 2016 1,140.9$ 1,503.3$ 2,644.2$ 43.1%
Adjust for:
Unfunded pension liability 70.1 70.1
NPV of lease obligations @ 6% 578.3 578.3
Letters of credit 11.7 11.7
Adjusted 1,801.0$ (d) 1,503.3$ 3,304$ 54.5%
Calculation of debt to adjusted EBITDAR multiple
TTM Adjusted EBITDAR1:
Q4 FY16 417.4$ (e)
= (d) / (e) 4.32:1
27
Bristow Group Inc. (NYSE: BRS)
2103 City West Blvd., 4th Floor
Houston, Texas 77042
t 713.267.7600
f 713.267.7620
bristowgroup.com
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