In connection with the sale of the 7 ½% Senior Notes due 2017, the 6 ⅛% Senior Notes due 2013, which we redeemed on December 23, 2010, and the 3% Convertible Senior Notes due 2038, certain of our U.S. subsidiaries (the “Guarantor Subsidiaries”) fully, unconditionally, jointly and severally guaranteed the payment obligations under these notes. The following supplemental financial information sets forth, on a consolidating basis, the balance sheets, statements of income and statements of cash flows for Bristow Group Inc. (“Parent Company Only”), for the Guarantor Subsidiaries and for our other subsidiaries (the “Non-Guarantor Subsidiaries”). We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries because management has determined that such information is not material to investors.

The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements, although we believe that the disclosures made are adequate to make the information presented not misleading. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenue and expense.

The allocation of the consolidated income tax provision was made using the with and without allocation method.

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
Revenue:
	Gross revenue		$	0	$	69,152	$	261,840	$	0	$	330,992
	Intercompany revenue			1,555		12,106		0		(13,661)		0
				1,555		81,258		261,840		(13,661)		330,992
Operating expense:
	Direct cost and reimbursable expense			730		40,743		194,932		0		236,405
	Intercompany expenses			0		0		13,661		(13,661)		0
	Write-down of inventories			0		8,778		15,832		0		24,610
	Depreciation and amortization			916		10,904		13,611		0		25,431
	General and administrative			7,626		4,596		17,081		0		29,303
				9,272		65,021		255,117		(13,661)		315,749

	Loss on disposal of assets			0		(427)		(1,184)		0		(1,611)
	Earnings from unconsolidated affiliates,
		net of losses		(7,074)		0		(4,037)		7,074		(4,037)
	Operating income (loss)			(14,791)		15,810		1,502		7,074		9,595

	Interest income			24,286		10		139		(24,282)		153
	Interest expense			(9,538)		0		(24,203)		24,282		(9,459)
	Other income (expense), net			47		126		554		0		727

	Income (loss) before provision for
		income taxes		4		15,946		(22,008)		7,074		1,016
	Allocation of consolidated income taxes			2,722		(2,483)		1,706		0		1,945
	Net income (loss)			2,726		13,463		(20,302)		7,074		2,961
	Net income attributable to noncontrolling
		interests		(15)		0		(235)		0		(250)
	Net income (loss) attributable to
		Bristow Group	$	2,711	$	13,463	$	(20,537)	$	7,074	$	2,711

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
Revenue:
	Gross revenue		$	0	$	136,349	$	515,748	$	0	$	652,097
	Intercompany revenue			1,555		23,879		0		(25,434)		0
				1,555		160,228		515,748		(25,434)		652,097
Operating expense:
	Direct cost and reimbursable expense			0		83,704		382,457		0		466,161
	Intercompany expenses			0		0		25,434		(25,434)		0
	Write-down of inventories			0		8,778		15,832		0		24,610
	Depreciation and amortization			1,759		19,086		27,294		0		48,139
	General and administrative			21,801		11,359		35,788		0		68,948
				23,560		122,927		486,805		(25,434)		607,858

	Gain (loss) on disposal of assets			0		(247)		52		0		(195)
	Earnings from unconsolidated affiliates,
		net of losses		15,145		0		1,956		(15,145)		1,956
	Operating income (loss)			(6,860)		37,054		30,951		(15,145)		46,000

	Interest income			47,589		180		301		(47,746)		324
	Interest expense			(18,797)		0		(47,363)		47,746		(18,414)
	Other income (expense), net			61		192		678		0		931

	Income (loss) before provision for
		income taxes		21,993		37,426		(15,433)		(15,145)		28,841
	Allocation of consolidated income taxes			1,793		(5,146)		(1,308)		0		(4,661)
	Net income (loss)			23,786		32,280		(16,741)		(15,145)		24,180
	Net income attributable to noncontrolling
		interests		(30)		0		(394)		0		(424)
	Net income (loss) attributable to
		Bristow Group	$	23,756	$	32,280	$	(17,135)	$	(15,145)	$	23,756

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
Revenue:
	Gross revenue		$	0	$	79,283	$	233,276	$	0	$	312,559
	Intercompany revenue			0		5,890		0		(5,890)		0
				0		85,173		233,276		(5,890)		312,559
Operating expense:
	Direct cost and reimbursable expense			(477)		48,044		166,563		0		214,130
	Intercompany expenses			0		0		5,890		(5,890)		0
	Depreciation and amortization			575		7,583		12,810		0		20,968
	General and administrative			5,847		6,526		18,142		0		30,515
				5,945		62,153		203,405		(5,890)		265,613

	Gain on disposal of assets			0		894		1,003		0		1,897
	Earnings from unconsolidated affiliates,
		net of losses		33,477		0		5,030		(33,791)		4,716
	Operating income			27,532		23,914		35,904		(33,791)		53,559

	Interest income			20,887		22		140		(20,881)		168
	Interest expense			(11,373)		(68)		(20,892)		20,881		(11,452)
	Other income (expense), net			(33)		(92)		14		0		(111)

	Income before provision for
		income taxes		37,013		23,776		15,166		(33,791)		42,164
	Allocation of consolidated income taxes			1,883		(2,753)		(2,446)		0		(3,316)
	Net income			38,896		21,023		12,720		(33,791)		38,848
	Net income attributable to noncontrolling
		interests		(16)		0		48		0		32
	Net income attributable to
		Bristow Group	$	38,880	$	21,023	$	12,768	$	(33,791)	$	38,880

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
Revenue:
	Gross revenue		$	0	$	154,010	$	450,787	$	0	$	604,797
	Intercompany revenue			0		17,871		0		(17,871)		0
				0		171,881		450,787		(17,871)		604,797
Operating expense:
	Direct cost and reimbursable expense			(940)		99,783		318,629		0		417,472
	Intercompany expenses			0		0		17,871		(17,871)		0
	Depreciation and amortization			1,139		15,742		23,418		0		40,299
	General and administrative			17,327		11,194		32,896		0		61,417
				17,526		126,719		392,814		(17,871)		519,188

	Gain on disposal of assets			0		1,852		1,763		0		3,615
	Earnings from unconsolidated affiliates,
		net of losses		62,709		0		4,706		(63,401)		4,014
	Operating income			45,183		47,014		64,442		(63,401)		93,238

	Interest income			39,782		33		424		(39,779)		460
	Interest expense			(22,057)		(68)		(40,144)		39,779		(22,490)
	Other income (expense), net			(16)		(117)		537		0		404

	Income before provision for
		income taxes		62,892		46,862		25,259		(63,401)		71,612
	Allocation of consolidated income taxes			(3,173)		(4,602)		(4,081)		0		(11,856)
	Net income			59,719		42,260		21,178		(63,401)		59,756
	Net income attributable to noncontrolling
		interests		(31)		0		(37)		0		(68)
	Net income attributable to
		Bristow Group	$	59,688	$	42,260	$	21,141	$	(63,401)	$	59,688

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
ASSETS
Current assets:
	Cash and cash equivalents		$	83,152	$	2,536	$	54,591	$	0	$	140,279
	Accounts receivable			12,000		95,190		211,894		(51,480)		267,604
	Inventories			0		61,698		95,568		0		157,266
	Assets held for sale			0		2,505		29,137		0		31,642
	Prepaid expenses and other current assets			305		3,389		54,369		(43,632)		14,431
		Total current assets		95,457		165,318		445,559		(95,112)		611,222

Intercompany investment				1,229,027		111,435		0		(1,340,462)		0
Investment in unconsolidated affiliates				0		150		202,287		0		202,437
Intercompany notes receivable				1,041,100		0		(6,349)		(1,034,751)		0
Property and equipment - at cost:
	Land and buildings			211		49,075		28,415		0		77,701
	Aircraft and equipment			12,654		884,461		1,313,738		0		2,210,853
				12,865		933,536		1,342,153		0		2,288,554
Less: Accumulated depreciation and
	amortization			(5,206)		(175,529)		(284,500)		0		(465,235)
				7,659		758,007		1,057,653		0		1,823,319
Goodwill				0		4,755		24,492		0		29,247
Other assets				123,022		4,307		174,486		(267,622)		34,193
			$	2,496,265	$	1,043,972	$	1,898,128	$	(2,737,947)	$	2,700,418

Current liabilities:
	Accounts payable		$	824	$	29,774	$	61,654	$	(45,244)	$	47,008
	Accrued liabilities			18,178		23,191		106,813		(46,260)		101,922
	Current deferred taxes			(2,395)		32		9,383		0		7,020
	Short-term borrowings and current
		maturities of long-term debt		10,000		0		3,273		0		13,273
		Total current liabilities		26,607		52,997		181,123		(91,504)		169,223

Long-term debt, less current maturities				729,063		0		22,024		0		751,087
Intercompany notes payable				0		341,246		794,524		(1,135,770)		0
Accrued pension liabilities				0		0		97,237		0		97,237
Other liabilities and deferred credits				6,306		8,283		168,982		(170,173)		13,398
Deferred taxes				124,644		8,660		11,317		0		144,621

Stockholders’ investment:
	Common stock			362		4,996		22,826		(27,822)		362
	Additional paid-in-capital			696,268		9,290		484,038		(493,328)		696,268
	Retained earnings			964,444		618,500		33,675		(652,175)		964,444
	Accumulated other comprehensive
		income (loss)		(52,963)		0		76,511		(167,175)		(143,627)
Total Bristow Group Inc.
	stockholders’ investment			1,608,111		632,786		617,050		(1,340,500)		1,517,447
Noncontrolling interests				1,534		0		5,871		0		7,405
Total stockholders’ investment				1,609,645		632,786		622,921		(1,340,500)		1,524,852
Total liabilities and stockholders’ investment			$	2,496,265	$	1,043,972	$	1,898,128	$	(2,737,947)	$	2,700,418

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
ASSETS
Current assets:
	Cash and cash equivalents		$	24,075	$	5,233	$	87,053	$	0	$	116,361
	Accounts receivable			19,283		77,690		203,286		(37,740)		262,519
	Inventories			0		85,937		110,270		0		196,207
	Assets held for sale			0		1,488		30,068		0		31,556
	Prepaid expenses and other current assets			438		9,017		32,646		(19,983)		22,118
		Total current assets		43,796		179,365		463,323		(57,723)		628,761

Intercompany investment				1,249,822		111,435		0		(1,361,257)		0
Investment in unconsolidated affiliates				0		150		208,484		0		208,634
Intercompany notes receivable				978,221		0		(7,342)		(970,879)		0
Property and equipment - at cost:
	Land and buildings			210		53,448		44,396		0		98,054
	Aircraft and equipment			11,901		810,758		1,293,600		0		2,116,259
				12,111		864,206		1,337,996		0		2,214,313
Less: Accumulated depreciation and
	amortization			(3,424)		(165,212)		(277,795)		0		(446,431)
				8,687		698,994		1,060,201		0		1,767,882
Goodwill				0		4,755		27,292		0		32,047
Other assets				124,770		4,477		179,936		(271,153)		38,030
			$	2,405,296	$	999,176	$	1,931,894	$	(2,661,012)	$	2,675,354

Current liabilities:
	Accounts payable		$	1,569	$	15,097	$	57,734	$	(17,428)	$	56,972
	Accrued liabilities			17,513		22,903		81,885		(20,384)		101,917
	Current deferred taxes			1,336		(81)		10,921		0		12,176
	Short-term borrowings and current
		maturities of long-term debt		5,000		0		3,979		0		8,979
		Total current liabilities		25,418		37,919		154,519		(37,812)		180,044

Long-term debt, less current maturities				674,629		0		23,853		0		698,482
Intercompany notes payable				0		318,190		772,420		(1,090,610)		0
Accrued pension liabilities				0		0		99,645		0		99,645
Other liabilities and deferred credits				5,862		8,251		187,202		(171,206)		30,109
Deferred taxes				119,297		9,122		19,880		0		148,299

Stockholders’ investment:
	Common stock			363		4,996		22,852		(27,848)		363
	Additional paid-in-capital			689,795		9,552		470,883		(480,435)		689,795
	Retained earnings			951,660		611,146		77,281		(688,427)		951,660
	Accumulated other comprehensive
		income (loss)		(63,186)		0		97,743		(164,674)		(130,117)
Total Bristow Group Inc.
	stockholder's investment			1,578,632		625,694		668,759		(1,361,384)		1,511,701
Noncontrolling interests				1,458		0		5,616		0		7,074
Total stockholders’ investment				1,580,090		625,694		674,375		(1,361,384)		1,518,775
Total liabilities and stockholders’ investment			$	2,405,296	$	999,176	$	1,931,894	$	(2,661,012)	$	2,675,354

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
Net cash provided by (used in) operating			$
	activities		$	(18,520)	$	60,830	$	74,683	$	0	$	116,993

Cash flows from investing activities:
	Capital expenditures			(418)		(78,620)		(70,224)		0		(149,262)
	Proceeds from asset dispositions			0		8,129		3,911		0		12,040

Net cash used in investing activities				(418)		(70,491)		(66,313)		0		(137,222)

Cash flows from financing activities:
	Proceeds from borrowings			87,800		0		693		0		88,493
	Repayment of debt and debt redemption
		premiums		(30,000)		0		(2,518)		0		(32,518)
	Dividends paid			40,564		(24,927)		(26,470)		0		(10,833)
	Increases (decreases) in cash related to
		intercompany advances and debt		(22,056)		32,153		(10,097)		0		0
	Partial prepayment of put/call obligation			(31)		0		0		0		(31)
	Acquisition of noncontrolling interest			0		(262)		0		0		(262)
	Issuance of Common Stock			1,629		0		0		0		1,629
	Tax benefit related to stock-based
		compensation		109		0		0		0		109
Net cash provided by (used in) financing
	activities			78,015		6,964		(38,392)		0		46,587
Effect of exchange rate changes on cash
	and cash equivalents			0		0		(2,440)		0		(2,440)
Net increase (decrease) in cash and cash
	equivalents			59,077		(2,697)		(32,462)		0		23,918
Cash and cash equivalents at beginning
	of period			24,075		5,233		87,053		0		116,361
Cash and cash equivalents at end of
	period		$	83,152	$	2,536	$	54,591	$	0	$	140,279

			Parent Company Only		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Consolidated
			(In thousands)
Net cash provided by (used in) operating			$
	activities		$	(23,393)	$	25,304	$	68,550	$	(1,277)	$	69,184

Cash flows from investing activities:
	Capital expenditures			(1,696)		(30,957)		(31,290)		0		(63,943)
	Deposit on asset held for sale			0		1,000		0		0		1,000
	Proceeds from sale of joint ventures			0		0		1,291		0		1,291
	Proceeds from asset dispositions			0		11,280		5,898		0		17,178

Net cash used in investing activities				(1,696)		(18,677)		(24,101)		0		(44,474)

Cash flows from financing activities:
	Proceeds from borrowings			0		8,049		1,963		0		10,012
	Repayment of debt			0		0		(7,630)		0		(7,630)
	Dividends paid			13,030		(11,500)		(1,530)		0		0
	Distributions to noncontrolling interest owners			0		0		(637)		0		(637)
	Increases (decreases) in cash related to
		intercompany advances and debt		8,835		(5,010)		(3,825)		0		0
	Partial prepayment of put/call obligation			(28)		0		0		0		(28)
	Acquisition of noncontrolling interest			0		0		(800)		0		(800)
	Issuance of Common Stock			111		0		0		0		111
	Tax benefit related to stock-based
	compensation			179		0		0		0		179
Net cash provided by (used in) financing
	activities			22,127		(8,461)		(12,459)		0		1,207
Effect of exchange rate changes on cash
	and cash equivalents			0		0		4,791		0		4,791
Net increase (decrease) in cash and
	cash equivalents			(2,962)		(1,834)		36,781		(1,277)		30,708
Cash and cash equivalents at beginning
	of period			16,555		1,834		59,404		0		77,793
Cash and cash equivalents at end of			$
	period		$	13,593	$	0	$	96,185	$	(1,277)	$	108,501