Powerpoint presentation

Forward-looking statements

This

presentation

may

contain

“forward-looking

statements”

within

the

meaning

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 guidance, expected operating margins and other financial projections; future

dividends, share repurchase 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 and our business model; expected actions by us and by third parties, including

our customers, competitors and regulators; 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; and other matters.

Our

forward-looking

statements

reflect

our

views

and

assumptions

the

date

this

presentation

regarding future events and operating performance. They involve known and unknown risks,

uncertainties

and

other

factors,

many

which

may

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

those

discussed

under the captions “Risk Factors”

and “Management’s Discussion and Analysis of Financial Condition

and

Results

Operations”

our

Annual

Report

Form

10-K

for

the

fiscal

year

ended

March

31,

2011

and our Quarterly Report on Form 10-Q for the quarter ended December 31, 2011. 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.

Bristow is the leading provider of helicopter

transportation services to the global offshore industry

•

~20 countries

•

550 aircraft

•

~3,400 employees

•

Ticker: BRS

•

Stock price

: $48.63

•

Market cap

: ~$1.8 billion

•

Secured: BBB-/Ba1 (stable outlook)

•

Corporate: BB/Ba2 (stable outlook)

$67

* Based on 36.8 million fully diluted weighted average shares outstanding as of 12/31/2011 and stock price as of 01/27/2012.

Bristow flies crews and light cargo to production platforms, vessels and rigs

•

#1 or #2 market position in the major oil and gas provinces: North Sea,

GoM, Australia, West Africa and Brazil

•

Industry-leading safety performance—the key customer requirement

•

New-technology fleet of medium and large helicopters meets the needs

of fast growing and high margin deepwater segment

•

Financial strength and cash flow generation

•

Leadership among peers

•

Continuous management focus on improved safety and capital

allocation performance

Strategically positioned for global growth

2.79

2.27

0.58

Industry leading safety record creates marketing

and cost advantage

•

Safety is our primary core value

•

Bristow’s ‘Target Zero’

program is now the

leading example emulated industry-wide

•

Bristow

accident

rate

less

than

one

fifth

the average rates for the oil and gas

industry and all civil helicopters

•

Safety Performance accounts for 25% of

management incentive compensation

* Averages for most recently available three-year period: Helicopter Association International 2007-2009, International Oil & Gas Producers 2005-2007, Bristow Group, 2009-

2011, excluding Bristow Academy

3-year average air

accident rates

per 100K flight hours

Bristow

Oil & Gas industry

All civil helicopters

Bristow services are utilized in every phase of

offshore oil and gas activity

•

Largest share of revenues (>60%) relates to

oil and gas production, ensuring stability and

growth

•

There are ~ 8,000 offshore production

installations worldwide—compared with >600

exploratory drilling rigs

•

~ 1,700 helicopters servicing oil and gas

industry of which Bristow’s fleet is

approximately one third

•

Bristow revenues primarily driven by

operating expenditures

Typical revenues by segment

Production

60%

Development

10%

20%

Exploration

Other 10%

EXPLORATION

SEISMIC

DEVELOPMENT

ABANDONMENT

PRODUCTION

H e l i c o p t e r t r a n s p o r t a t i o n s e r v i c e s

Bristow’s contract and operations structure results in a

more predictable income with significant operating

leverage

Revenue sources

•

Our run-rate capex is low as we expense almost all of our overhaul and

maintenance

•

Bristow contracts earn 65% of revenue without flying in most market

•

Two tiered contract structure includes both:

–

Fixed or monthly standing charge to reserve helicopter capacity

–

Variable fees based on hours flown

Operating income

Variable

hourly

35%

Fixed

monthly

65%

Fixed

monthly

70%

Variable

hourly

30%

Europe (EBU) Outlook:

Growth is surprisingly resilient

Business Strategy and Overview:

•

EBU is our largest BU with significant growth opportunities to both diversify

and increase market share

•

Annual Revenue ~ $550 million

•

# of LACE*: 46 (42 Heavy, 15 Medium)

•

LACE Rate* (annualized): $9.6 million

•

Market Share: circa 35%

Outlook:

•

Positive, but we must remain cost effective

•

New incremental work contracted

•

Fleet transitioning to all new generation aircraft

•

Market share gains and new tender activity

UK Gap SAR bid

Norway

West of Shetlands

•

SAR-H longer term opportunity

•

Wind farms diversification

FY12 operating margin expected to be ~ low twenties

Long-term operating margins should remain in the low twenties

* LACE and LACE Rate are calculated as of December 31, 2011

West Africa (WASBU) Outlook: Increased offshore

deepwater development and competition

and competition

Business Strategy and Overview:

•

WASBU strategy is to maintain the proven and consistent premier brand

•

Annual Revenue: circa $250 million

•

# of LACE*: 22 (mostly medium/small aircraft)

•

LACE Rate* (annualized): circa $11.2 million

•

Market Share: circa 60%

Outlook:

•

Competition re-emerging in the medium term

•

Introduction of large new technology aircraft to market with increased activity planned

•

Deep-water opportunities -

greater barriers of entry

•

Twelve month renewal of key contract

•

Bids from major clients

•

Restructuring continues

FY12 operating margin expected to be low to mid twenties

Long-term operating margins should remain in the low to mid twenties

* LACE and LACE Rate are calculated as of December 31, 2011

Australia (AUSBU) Outlook: Mid and Long term outlook

is positive; Expansion delayed

Business Strategy and Overview:

•

AUSBU strategy entails a focus on the organic growth and the Client Promise

•

# of LACE*: 20

•

Annual Revenue: circa $160 million

•

LACE Rate* (annualized): circa $7.0 million

•

Market Share: circa 65%

Outlook:

•

Some work delayed until second half FY12; expecting strong activity in Q4

•

Total market size is increasing as new projects come on line, driven by demand

for gas for Asian markets

•

Additional new technology work confirmed with key operators

FY12 operating margin expected to be mid teens

Long-term operating margins should remain in high teens

* LACE and LACE Rate are calculated as of December 31, 2011

Other International (OIBU) Outlook:

Emerging growth

Business Strategy and Overview:

•

OIBU strategy is to develop new markets through geographic R&D and

partnerships

•

Annual Revenue: circa $141 million

•

# of LACE*: 38

•

LACE Rate* (annualized): $3.8 million

•

Multiple countries and joint ventures

Outlook:

•

Work in Equatorial Guinea, Bangladesh, as well as increased rates in Trinidad, set

to positively impact second half of FY12

•

Expansion of medium and large work with Lider in Brazil

•

Ongoing dry lease business with Heliservicio, Mexico and MHS, Malaysia

FY12 operating margin expected to be low twenties

Long-term operating margins should remain in the low to mid twenties

* LACE and LACE Rate are calculated as of December 31, 2011

North America (NABU) Outlook:

Slow but steady improvement

Business Strategy and Overview:

•

NABU strategy is to focus on key contracts

•

Annual Revenue: circa $180-200 million

•

# of LACE*: 30

•

LACE Rate* (annualized): $5.9 million

•

Market Share: 28%

Outlook:

•

FY12 GoM and Alaska drilling permits continue to be issued but at a slow

rate with large aircraft demand slowly increasing

•

Well positioned to benefit from accelerated return of activity

•

Two new S-92s arrived for multi-year contracted work

•

Expect more exploration and development drilling to accelerate in FY13 with

large contracts coming up for renewal

FY12 operating margin expected to be singles digits

* LACE and LACE Rate are calculated as of December 31, 2011

Long-term operating margins should increase to low - mid teens

What clients are saying?

•

Newer assets will be required

•

Pursuing highest operational standard and will require that of contractors

•

Higher levels of inspection required to award contracts

•

Certification of training and personnel competency needed

•

Bids will call for higher specs than needed to perform the actual job

•

“Every bid now seems to need partner approvals”

Our clients have sharply increased their focus on risk

related to contractor capabilities, personnel and equipment

These requirements favor Bristow’s business model because of its

financial strength and demonstrated premier service

Bristow’s Client Promise is in response to this client focus:

Creating value through differentiation

Target Zero accidents, downtime and complaints

programs deliver value to operators.

More zero-accident flight hours than anyone,

more uptime than anyone,

and hassle-free service

creates confidence in flight. Worldwide.

Lowers client’s offshore operating costs

and improves productivity.

Earns us more business

to improve BVA.

Operating

lease

strategy

–

opportunistically

entering market

•

Aircraft leasing market is very attractive to Bristow, offering lower rates and

better terms than previously anticipated

•

Our

initial

goal

utilize

this

financing

strategy

for

20-30

percent

our

LACE aircraft over the next few years

•

In December 2011 we entered into four operating lease transactions for new

technology large aircraft. We expect to execute similar transactions within the

next twelve months as the market continues to be strong

•

Financial

statement

impact:

rent

expense

part

direct

cost;

operating

leases

will increase cash flow from investing activity and decrease capital expenditures

•

Going forward, adjusted EBITDAR is a more relevant metric of operational

performance

compared

adjusted

EBITDA

increase

our

lease

portfolio

Understanding prudent balance sheet management:

How we get there

•

Minimum total liquidity of $200M

•

Quarterly dividend growth of 10-15% per annum

•

Excess cash may be distributed to shareholders with

specifics approved by Board of Directors

•

Balance use of operating cash flow + a/c sales with leases

for a/c purchases and other capex

•

Leases used for initially no more than 20-30% of total

Bristow LACE

•

Adjusted Debt/Capital Ratio less than 45%

Capex vs

Leases

Capital

Structure

Liquidity

Capital Return

Financial highlights:

Revised FY12 guidance

•

EPS guidance range $2.90 -

$3.10, excluding aircraft sales and special items

•

Depreciation and amortization expense ~ $90 –

$95 million

•

SG & A expense ~ $130 -

$135 million

•

Interest expense ~ $35 -

$40 million

•

Tax ~ 20% -

24 % (assuming revenue earned in same regions and same mix)

•

LACE* (Large Aircraft Equivalent) = 157

•

Revenue/LACE Rate* ~ $7.40 -

$7.50 million per LACE aircraft per year

* Excludes Bristow Academy, aircraft held for sale, CIP, and reimbursable revenue.

Understanding Bristow’s unique, balanced

investment thesis

The

“Growth

Price

Signal”

provided

by the commercial markets and outlook

for ANNUAL EPS Growth

Cash

Flow

Yield

OCF + A/C sales –

Depreciation

Market Capitalization

FY07 –

FY11 EPS

Growth

We will aim to provide a balanced return, but some

years we will “hit the gas”

depending on price signals

The

“Capital

Return

Price

Signal”

provided by the financial markets and

our current free cash flow yield

Today this equals 9.2%

2.9 %

For the nine months ended December 31

Trailing twelve months

Today’s Key Takeaways

Premier service provider with excellent secular expansion opportunities

Growth to be executed with care and discipline

Expand margins and revenue growth

Deepen

client

relationships

with

premium

market

with

the

premium clients

Push capital efficiency and revenue per asset

Proactive reduction of our capital charge

Bristow maintains its commitment to prudent balance sheet management

Bristow intends to grow the dividend

Bristow will demonstrate a balanced return for our investors by using

market price signals to grow or harvest our businesses

BVA creates a

capital

allocation

discipline

Unique

investment in

oilfield services

Target Zero will

remain a top

priority

Client Promise

ensures

differentiation

Aircraft Fleet –

Medium and Large

As of December 31, 2011

Next Generation Aircraft

Medium capacity 12-16 passengers

Large capacity 18-25 passengers

Mature Aircraft Models

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Large Helicopters

AS332L Super Puma

Twin Turbine

AW189

Twin Turbine

EC225

Twin Turbine

Mil MI 8

Twin Turbine

Sikorsky S-61

Twin Turbine

Sikorsky S-92

Twin Turbine

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

118

188

LACE

Consolidated Fleet Changes and Aircraft Sales for

Q3 FY12

EBU

WASBU

AUSBU

OIBU

NABU

Total

Large

Medium

Small

Total

Aircraft held for sale by BU

Amounts

stated

thousands;

FY12

two

aircraft

were

sold

for

$47.9 million and entered into lease back agreements and two aircraft

interest previously included in CIP were sold for $23.4 million.

Q 1 FY12

Q 2 FY12

Q 3 FY12

YTD

Fleet Count Beginning Period

373

372

366

373

Delivered

EC225

S-92

Citation XLS

Total Delivered

Removed

Sales

(3)

(5)

(7)

(15)

Other*

(4)

(3)

Total Removed

(3)

(9)

(6)

(18)

372

366

364

* Includes destroyed aircraft, lease returns and commencements

Fleet changes

EBU

WASBU

AUSBU

OIBU

NABU

Total

Large

Medium

Small

Fixed

Training

Total

Leased aircraft in consolidated fleet

# of A/C Sold

Cash

Received*

Q1 FY12

2,478

Q2 FY12

10,674

Q3 FY12

81,248

Totals

94,400

Operating margin trend

Bristow Group

Operating Margin Trend

Actual

2008

2009

2010

2011

2012

As Reported

Full Year

EBU

23.6%

19.3%

17.2%

16.7%

16.1%

18.1%

17.0%

18.0%

18.4%

19.6%

18.8%

17.3%

16.8%

15.5%

WASBU

17.9%

21.5%

24.9%

29.3%

25.4%

34.7%

28.5%

26.5%

29.5%

29.8%

24.0%

27.4%

20.6%

25.2%

25.9%

NABU

14.5%

12.1%

8.9%

9.7%

3.3%

2.2%

6.1%

10.1%

16.1%

4.2%

-4.0%

7.5%

3.6%

5.3%

4.3%

AUSBU

17.2%

5.9%

20.1%

23.1%

24.5%

23.2%

22.5%

16.3%

17.2%

17.4%

18.2%

10.0%

1.7%

8.7%

OIBU

17.3%

27.0%

21.8%

35.1%

15.5%

1.8%

19.2%

6.9%

30.6%

27.7%

45.8%

28.4%

33.6%

5.8%

32.6%

Consolidated

16.0%

17.8%

15.4%

18.4%

13.1%

15.2%

15.5%

13.6%

17.1%

14.7%

16.1%

15.4%

11.3%

2.9%

13.1%

New methodology (operating income/operating revenue)

2008

2009

2010

2011

2012

Revised *

Full Year

EBU

29.2%

24.3%

20.9%

20.5%

19.8%

22.4%

20.8%

21.4%

22.1%

25.4%

23.6%

21.5%

20.7%

19.5%

WASBU

19.4%

22.8%

26.8%

30.0%

27.3%

35.7%

29.9%

27.1%

30.5%

30.4%

26.1%

28.6%

21.5%

26.4%

27.1%

NABU

14.5%

12.2%

8.9%

9.7%

3.3%

2.2%

6.2%

10.2%

16.4%

4.2%

-4.0%

7.6%

3.6%

11.0%

4.3%

AUSBU

17.9%

6.3%

21.0%

24.5%

25.5%

25.6%

24.3%

23.6%

17.8%

18.8%

19.1%

19.8%

11.1%

1.9%

9.4%

OIBU

17.4%

27.3%

21.9%

35.9%

15.3%

1.9%

19.4%

6.9%

30.9%

28.2%

47.1%

28.8%

34.5%

5.9%

33.5%

Consolidated **

16.4%

14.7%

15.9%

17.4%

14.2%

13.9%

15.3%

14.0%

18.0%

15.3%

18.3%

16.4%

12.2%

13.0%

15.6%

* -

All amounts revised to exclude reimbursable revenue from denominator.

** -

Revised to exclude aircraft sales from numerator.

Leverage Reconciliation

*Adjusted EBITDAR exclude gains and losses on dispositions of assets

Debt

Investment

Capital

Leverage

(a)

(b)

(a) / (c)

(in millions)

As of December 31, 2011

$ 832.8

$ 1,523.5

$ 2,356.3

35.3%

Adjust for:

Unfunded Pension Liability

97.2

NPV of Lease Obligations

165.0

Guarantees

15.5

Letters of credit

1.7

Adjusted

$ 1,112.1

(d)

$ 1,523.5

$ 2,635.6

42.2%

Calculation of debt to adjusted EBITDAR multiple

Adjusted EBITDAR*:

FY 2012

$ 301.1

(e)

Annualized

$ 401.4

= (d) / (e)

3.69:1