EX-99.1

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 and adjusted earnings growth guidance, expected operating margins and other

financial projections; future dividends, share repurchase and other uses of excess cash; plans,

strategies

and

objectives

our

management,

including

our

plans

and

strategies

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 impact of grounding and the

effects

thereof;

the

valuation

our

company

and

its

valuation

relative

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 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 helicopter services by governmental agencies; changes in tax and

other laws and regulations;

Forward-looking statements (continued)

changes

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, 2013. 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.

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)

FY13

0.54

0.53

0.96

FY09

FY10

FY11

FY12

FY13

0.32

0.16

0.11

0.22

0.12

0.10

0.13

0.35

0.31

0.28

0.26

0.5

0.32

0.16

0.11

0.14

0.12

0.10

0.09

0.23

0.21

0.19

0.17

0.16

0.5

Q4 and FY13 highlights

* Adjusted

EPS

and

adjusted

EBITDAR

amounts

exclude

gains

and

losses

dispositions

assets

and

any

special

items

during

the

period.

See

reconciliation

these

items

GAAP

measures

the

appendix hereto and in our earnings release for the quarter and

fiscal year ended March 31, 2013.

** 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.

•

Q4 operating revenue of $350.7M (10% increase

from Q4 FY12, 1.2% increase from Q3 FY13)

•

Q4 GAAP EPS of $1.11 (184.6% increase from Q4

FY12, 11% increase from Q3 FY13)

•

Q4 adjusted EPS* of $1.01 (17.2% decrease from Q4

FY12, 13.7% decrease from Q3 FY13)

•

Q4 adjusted EBITDAR* of $103.0M (3.6% increase

from Q4 FY12, 5.7%

decrease from Q3 FY13)

•

FY13 operating revenue of $1.3B (12.1% increase

from FY12)

•

FY13 GAAP EPS of $3.57 (106.4% increase from

FY12)

•

FY13 adjusted EPS* of $3.78 (21.2% increase from

FY12)

•

FY13 adjusted EBITDAR* of $381.0M (19.2%

increase from FY12)

Strong operating performance in FY13 with record operating revenue of $351 million

and $1.3 billion for the quarter and fiscal year period

Fourth quarter and FY13 adj. EPS were $1.01 per share and $3.78 per share, respectively,

which excludes the impact of special items and asset dispositions and includes charges

related to a client’s bankruptcy of $0.02 per share for Q4 FY13 and $0.11 per share for FY13

Record BVA with cash flow from operations of $267 million up ~ 15% year-over-year**

25% quarterly dividend increase to $0.25 per share

Guidance range for FY14 adjusted EPS is $4.20 - $4.50***

•

Despite continued volatility, Brent prices remain above $100 per

barrel

for the foreseeable future

•

Offshore/deepwater and harsh environment remains a primary driver of

IOC and NOC production growth

•

Exploration success due to technological advances continues to unlock

new plays in deepwater

•

Gulf of Mexico (GoM) to experience the greatest absolute growth in ultra-

deepwater rig demand in the world over the next several years with

potential to reach 60 deepwater rigs by 2015 from 37 currently operating

•

North Sea activity growth rivals the GoM with rig and FPSO utilization

levels at near maximum levels

•

Clients are recognizing the criticality of safe, efficient and reliable

helicopter services for their offshore operations

Market environment outlook

Source: Industry reports and sell-side research.

•

~80

EC225

continue

suspended

from

operations

globally

with

Bristow aircraft affected, mainly located in Aberdeen

•

Eurocopter has indicated that they have determined the root causes of the

gear shaft failure

•

The

definitive

solution

the

problem

will

redesign

the

gear

shaft

which we believe will take more than a year to complete

•

Interim solutions under consideration include minor aircraft modifications

and new maintenance/operating procedures for mitigating shaft failure and

enhancing early detection

•

These

interim

solutions

could

result

Bristow’s

return

revenue

service

for EC225s in the third quarter of our fiscal year 2014

•

We continue to respond to client needs by redeploying a/c from other

regions, increasing utilization of existing a/c and adding new a/c including

the S-92s ordered last year

EC225 fleet update

•

Europe represented 39% of Bristow operating

revenue and 42% of adjusted EBITDAR* in Q4

FY13

•

Operating revenue increased to $129.3M in Q4

FY13 from $121.0M in Q4 FY12 despite

decreased flying activity

•

Adjusted EBITDAR increased to $49.5M in Q4

FY13 from $43.7M in Q4 FY12 and adjusted

EBITDAR margin increased to 38.3% in Q4

FY13 from 36.1% in Q4 FY12

Outlook:

•

GAP SAR pre-operational phase underway

with four a/c for June/July start up

•

North Sea oil and gas growth to rival Gulf of

Mexico

•

UK SAR contract win with further 18 new

additional a/c at ~$12M full LACE run rate

•

Four new large a/c are expected to be

under contract in Q3 and Q4 FY14

FY14 adjusted EBITDAR margin

expected to be ~ mid thirties

Europe (EBU)

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

UK SAR update

Stornoway

Sumburgh

Humberside

Caernarfon

Inverness

Prestwick

Manston

Lee-on-Solent

Cardiff

Newquay

•

Ten bases equipped with 22

technologically-advanced

helicopters

•

Two training aircraft are

scheduled to be delivered in

FY15 with the revenue

anticipated to build between

FY16 to FY18 as operational

aircraft come on station

•

Contract will provide stable

revenue through any oil and gas

downturn or cyclicality

•

UK SAR award is a potential

catalyst for future SAR

outsourcing by governments

West Africa (WASBU)

•

Nigeria represented 22% of Bristow operating

revenue and 20% of adjusted EBITDAR* in Q4

FY13

•

Operating revenue increased by 11.8% to $74.0M

in Q4 FY13 from $66.2M in Q4 FY12 due to an

increase in flight hours from new contracts and ad

hoc work

•

Adjusted EBITDAR decreased slightly to $23.5M

in Q4 FY13 from $24.2M in Q4 FY12; adjusted

EBITDAR margin decreased to 31.8% in Q4FY13

vs 36.6% in Q4 FY12 due to an increase in

salaries and maintenance expense

Outlook:

•

Even with new competition, increased

deepwater activity favors Bristow

•

One S-92 is a new additional a/c starting in

Q3 FY14

•

Local content remains important

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

FY14 adjusted EBITDAR margin

expected to be ~ low thirties

•

North America represented 17% of Bristow operating

revenue and 14% of adjusted EBITDAR* in Q4 FY13

•

Operating revenue increased 33% to $56.3M in Q4

FY13 from $42.3M in Q4 FY12 as a result of a shift

toward larger a/c and improved terms

•

Eight aircraft dry leased to Cougar in Canada resulted

in a revenue increase of $8.2 million in Q4 FY13

•

Adjusted EBITDAR more than doubled to $16.6M in

Q4 FY13 vs $8.2M in Q4 FY12 and adjusted

EBITDAR margin increased to 29.5% vs.19.4% in Q4

FY12

Outlook:

•

GoM -

second most prolific deepwater basin after

Brazil and permitting above pre-Macondo levels

•

Cougar is performing above expectations and has

the possibility of adding one more a/c in FY14

•

Client demand for medium and large a/c is

increasing, with one new large a/c starting in July

2013 on a three year contract

North America (NABU)

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

Consolidated in NABU

Unconsolidated Affiliate

FY14 adjusted EBITDAR margin expected

to be ~ low thirties

Australia (AUSBU)

•

Australia represented 12% of Bristow operating revenue

and 9% of adjusted EBITDAR* in Q4 FY13

•

Operating revenue decreased 6.4% to $40.6M in Q4

FY13 from $43.4M in Q4 FY12 due to short-term

contract roll-off

•

Adjusted EBITDAR decreased to $10.6M in Q4 FY13

from $15.5M in Q4 FY12 and adjusted EBITDAR margin

decreased to 26.0% in Q4 FY13 from 35.6% in Q4 FY12

due to revenue decline

•

FY13 adjusted EBITDAR was much higher at $43.0M

compared to FY12 of $36.0M with adjusted EBITDAR

margin increased to 27.1% vs 24.3%

Outlook:

•

FY14 introduction of new large a/c type to the

region will require additional staff and training to

be recovered during future contract periods

•

Clients reconsidering alternative fleet types and

contracting strategies due to EC225 suspension

•

New awards for four existing large a/c at better

contract terms are expected to start in Q2 and

Q3 FY14

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

FY14 adjusted EBITDAR margin expected

to be ~ low twenties

Other International (OIBU)

•

Other International represented 10% of Bristow

operating revenue and 15% of adjusted EBITDAR*

in Q4 FY13

•

Operating revenue stayed flat at $34.8M in Q4

FY13 vs $34.6M in Q4 FY12

•

Adjusted EBITDAR increased 21.2% to $18.0M in

Q4 FY13 vs $14.8M in Q4 FY12 and adjusted

EBITDAR margin increased to 51.6% in Q4 FY13

from 42.9% in Q4 FY12 due to increased earnings

from Lider

* Operating revenue and adjusted EBITDAR percentages exclude corporate and other.

Outlook:

FY14 adjusted EBITDAR margin expected to be ~

low to mid forties

Lider’s S-92s operating at full capacity as Brazil has 12

EC225s affected by the current suspension

As expected, further medium and large a/c bids from

Petrobras are in process

New potential contracts in Trinidad, Malaysia and Peru with

other opportunities in East Africa and Russia

Financial highlights:

Adjusted EPS Summary

Q4 FY12 to Q4 FY13 adjusted EPS bridge

FY12 to FY13 adjusted EPS bridge

$1.22

$1.01

$0.08

$0.27

$0.02

Q4 FY12

Operations

Corporate and Other

FX Changes

Q4 FY13

$3.12

$3.78

$0.95

$0.10

$0.39

FY12

Operations

Corporate and Other

FX Changes

FY13

* Adjusted EPS 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, 2013.

Financial highlights:

Adjusted EBITDAR Summary

Q4 FY12 to Q4 FY13 adjusted EBITDAR bridge (in millions)

FY12 to FY13 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, 2013.

$99.5

$103.0

$12.7

$7.9

$1.3

Q4 FY12

Operations

Corporate and Other

FX Changes

Q4 FY13

$319.5

$381.0

$70.0

$4.8

$13.3

FY12

Operations

Corporate and Other

FX Changes

FY13

LACE and LACE rate continue to increase led by

new technology a/c and improved utilization/terms

LACE

increased

for

the

first

time

years

with

LACE

Rate

also

improving

due to improved terms and utilization, especially in WASBU and AUSBU

($ in millions)

164

159

153

149

158

6.14

6.49

7.15

7.89

8.35

140

150

160

170

FY09

FY10

FY11

FY12

FY13

295

290

279

268

271

164

159

153

149

158

100

150

200

250

300

350

FY09

FY10

FY11

FY12

FY13

Consolidated commerical aircraft

Large Aircraft Equivalent (LACE)*

LACE*

LACE Rate *

* See appendix hereto for more information on LACE and LACE Rate. LACE and LACE Rate excludes Bristow Academy, affiliate a/c, aircraft held for sale, a/c

construction in progress, and reimbursable revenue.

Recent quarterly and yearly BVA

Significant year-over-year improvement in FY13

* Bristow

Value

Added

(BVA)

calculated

taking

Gross

Cash

Flow

less

the

product

Gross

Operating

Assets

times

capital

charge

10.5%.

Example

calculation

for

FY12 and Q4 FY13 can be found in the appendix hereto.

•

Q4 FY13 BVA is positive $9.4M

•

FY13 consolidated BVA is

positive $22.7M, a $23.4M

increase from FY12

•

Positive year-over-year change

in BVA is driven by:

•

Increase of ~$44M in gross

cash flow as more LACE a/c

underpin the growth

•

Working capital management

and the lease strategy allow

for a lower capital charge

•

AUSBU, EBU and NABU are

key performers year-over-year

Absolute BVA* Q1 FY12 –

Q4 FY13

Absolute BVA FY09 –

FY13

$(23.1)

$(25.6)

$(9.1)

$(0.7)

$22.7

-30

-20

-10

FY10

FY11

FY12

FY13

FY09

-15.4

1.1

13.6

1.9

2.1

9.3

9.4

-20

-15

-10

-5

Q1 FY12

Q2 FY12

Q3 FY12

Q4 FY12

Q1 FY13

Q2 FY13

Q3 FY13

Q4 FY13

Our progress on BVA yields stronger operating

cash flow generation and better liquidity

Net cash provided by operating activities*

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

Total liquidity as of March 31,

128

195

151

231

267

100

150

200

250

300

FY09

FY10

FY11

FY12

FY13

100

144

140

199

116

262

216

100

150

200

250

300

350

400

450

FY10

FY11

FY12

FY13

Undrawn borrowing capacity

Cash

178

261

402

415

Financial highlights:

FY14 guidance

•

FY14

adjusted

EPS

guidance

range

$4.20

$4.50,

excluding

special items and a/c sales

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

Our quarterly dividend increase of 33 percent in fiscal year 2013 and

an additional 25 percent increase for Q1 FY14 reflects management’s

commitment to deliver solid total return for our shareholders

LACE (Large AirCraft Equivalent)

~ 173 -

177

Interest expense

~ $30 -

$35M

LACE Rate

~ $8.30 -

$8.60M

Rent expense (a/c only)

~ $85 -

$90M

G & A expense (all inclusive)

~ $155 -

$165M

Tax rate*

~ 21 -

24%

Depreciation expense

~ $95 -

$100M

Adj. EPS guidance

$4.20 -

$4.50

Financial highlights:

Long term adjusted earnings guidance

•

Bristow’s 5 year historical adj.

EPS of 10% growth shows

resiliency through economic

downturns

•

Our FY13 adj. EPS growth of

21% benefitted from the

accelerating shift to deeper

water E&P

•

Our expected future long term

average annual adj. EPS

growth rate is higher at 10% –

15%*

•

UK SAR is expected to provide

even higher growth as we ramp

up to full operations in FY18

* This guidance represents a long term average during the next 3-5 years, and growth rates for any fiscal year or quarter may be outside this range. Please see our earnings

release for more information regarding earnings guidance, which is also applicable to our adjusted earnings growth rate guidance.

UK SAR expected to contribute

~$1.00 to adj. EPS by FY18

Conclusions

•

Safety continues to be our #1 priority as we strive to achieve

Target Zero

•

Record year-over-year revenue, cash flow and bottom line

earnings in FY13 demonstrate the uniqueness and strength

of our business model and balance sheet

•

Bristow’s largest share of revenue is increasingly related to oil

and gas production and SAR work, delivering even lower

business risk cash flow

•

Our new a/c order book positions us well for future growing

offshore market opportunities

•

Our capital appreciation and proven commitment to dividend

growth have provided solid returns for our shareholders

Aircraft Fleet –

Medium and Large

as of March 31, 2013

Next Generation Aircraft

Medium capacity 12-16 passengers

Large capacity 18-25 passengers

Mature Aircraft Models

Fair

market

value

our

owned

fleet

~$1.9

billion

and

leased

fleet

~$550

million

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Large Helicopters

AS332L 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

101

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

169

LACE

Aircraft Fleet –

Small, Training and Fixed

as of March 31, 2013 (continued)

Next Generation Aircraft

Mature Aircraft Models

Small capacity 4-7 passengers

Training capacity 2-6 passengers

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

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Small Helicopters

Bell 206B

Turbine

Bell 206 L-3

Turbine

Bell 206 L-4

Turbine

Bell 407

Turbine

BK 117

Twin Turbine

BO-105

Twin Turbine

EC135

Twin Turbine

LACE

Training Helicopters

AW139

Twin Turbine

Bell 412

Twin Turbine

Bell 212

Twin Turbine

AS355

Twin Turbine

AS350BB

Turbine

Agusta 109

Twin Turbine

Bell 206B

Single Engine

Robinson R22

Piston

Robinson R44

Piston

Sikorsky 300CB/Cbi

Piston

Fixed Wing

145

Fixed Wing

Total

351

201

552

TOTAL LACE (Large Aircraft Equivalent)*

158

Operating lease strategy: lowering the cost and amount of

capital needed to grow

•

the

a/c

currently

leased

our

fleet,

are

training

and

are

commercial

(28 LACE)

•

28 LACE a/c represent approximately 18% of our commercial fleet

•

Our

goal

for

commercial

fleet

operating

leases

account

for

20-30%

our

LACE

Leased aircraft as of March 31, 2013

Small

Medium

Large

Total

Leased LACE

Total LACE

% Leased

EBU

30%

WASBU

NABU

21%

AUSBU

19%

OIBU

Total

158

18%

See 10-K Note 8 “Commitments and contingencies” for more information provided on operating leases.

Consolidated fleet changes and aircraft sales for

Q4 FY13

See

10-K

Note

“Commitments

and

contingencies”

for

information

provided

operating

leases.

Small

Medium

Large

Training

Total

EBU

WASBU

NABU

AUSBU

OIBU

Academy

Total

Leased aircraft in consolidated fleet

Small

Medium

Large

Total

EBU

WASBU

NABU

AUSBU

OIBU

Total

Held for sale aircraft in consolidated fleet

# of A/C Sold

Received**

Q1 FY13

19.0

Q2 FY13

16.5

Q3 FY13

7.5

Q4 FY13

16.0

Totals

59.0

** Amounts stated in millions

Q2 FY13

Q3 FY13

Q4 FY13

YTD

Fleet Count Beginning

361

357

349

356

361

Delivered

B412EP

S-92

EC225

Total Delivered

Removed

Sales

(4)

(5)

(11)

(25)

Other*

(2)

(4)

Total Removed

(6)

(9)

(5)

(9)

(29)

357

349

356

351

* Includes destroyed aircraft, lease returns and commencements

Fleet changes

Q1 FY13

Historical LACE and LACE Rate by BU

1) $ in millions

2) LACE Rate is annualized

EBU

WASBU

NABU

AUSBU

OIBU

Consolidated

157

158

159

154

155

149

147

142

154

158

EBU

$8.20

$8.50

$7.90

$8.40

$9.80

$9.60

$9.63

$10.09

$10.60

$11.03

$9.74

$9.13

WASBU

9.70

9.40

10.70

9.90

9.10

10.30

11.17

11.46

12.35

12.24

13.71

13.28

NABU

5.40

6.10

6.00

6.60

5.80

6.30

5.89

5.79

7.05

7.11

5.84

6.12

AUSBU

6.80

6.00

7.50

8.60

7.10

6.96

7.78

8.48

9.29

9.55

8.58

OIBU

3.90

4.10

4.40

3.90

3.50

3.70

3.78

4.22

4.62

4.76

4.94

Consolidated

6.70

6.90

7.10

7.30

7.40

7.43

7.89

8.55

8.95

8.49

8.35

LACE

2011

2012

2011

2012

LACE Rate

1,2

2013

Order and options book as of March 31, 2013

Helicopter

Class

Delivery Date

Location

Contracted

Helicopter

Class

Delivery Date

Large

June 2013

EBU

4 of 4

Large

June 2014

Large

September 2013

NABU

1 of 2

Large

September 2014

Large

September 2013

EBU

Large

December 2014

Large

September 2013

WASBU

Large

March 2015

Large

December 2013

IBU

Large

June 2015

Large

December 2013

EBU

Large

September 2015

Large

December 2013

AUSBU

1 of 1

Large

December 2015

Large

March 2014

EBU

Large

March 2016

Large

June 2014

EBU

2 of 2

Large

June 2016

Large

September 2014

EBU

Large

September 2016

Large

December 2014

EBU

Large

December 2016

Large

March 2015

EBU

Large

March 2017

Large

June 2015

AUSBU

1 of 1

Large

June 2017

Large

September 2015

AUSBU

1 of 1

Large

September 2017

Large

December 2015

AUSBU

Large

December 2017

Large

March 2016

EBU

Medium

March 2014

Large

June 2016

EBU

Medium

June 2014

Medium

June 2013

NABU

Medium

September 2014

Medium

June 2013

AUSBU

Medium

December 2014

Medium

September 2013

NABU

Medium

March 2015

Medium

December 2013

NABU

Medium

June 2015

Medium

March 2014

WASBU

Medium

September 2015

Medium

June 2014

WASBU

Medium

December 2015

Medium

September 2014

IBU

Medium

March 2016

10 of 45

Medium

June 2016

Medium

September 2016

* Six large ordered aircraft expected to enter service late

Medium

December 2016

calendar 2014 are subject to the successful development

Medium

March 2017

and certification of the aircraft.

Medium

June 2017

Medium

September 2017

Medium

December 2017

ORDER BOOK*

OPTIONS BOOK

Adjusted EBITDAR margin* trend

(fiscal year ended)

Full Year

EBU

31.2%

31.7%

31.9%

28.0%

30.8%

29.8%

31.5%

34.6%

34.4%

32.7%

WASBU

31.7%

36.8%

33.7%

39.1%

36.0%

33.7%

36.9%

35.8%

34.3%

35.2%

NABU

18.3%

20.0%

14.9%

17.7%

17.8%

20.8%

25.8%

15.9%

8.5%

18.5%

AUSBU

26.5%

36.7%

34.4%

31.3%

32.4%

33.2%

26.1%

27.0%

31.1%

29.3%

OIBU

34.4%

37.6%

25.9%

25.1%

31.0%

18.3%

40.2%

37.4%

59.4%

39.3%

Consolidated

24.7%

27.8%

24.7%

23.9%

25.3%

23.8%

27.5%

25.9%

29.6%

26.7%

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%

29.6%

28.4%

2010

2011

2012

2013

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

Bristow Value Added (BVA)

Sample calculation for Q4 FY13 and Q4 FY12

Bristow

Value

Added

Gross

Cash

Flow

–

(Gross

Operating

Assets

Capital

Charge)

BVA = GCF -

( GOA X 10.5%** )

Bristow Value Added calculation for Q4 FY13

$9.4

= $94.5* -

( $3,241* X 2.625%**)

Bristow Value Added calculation for Q4 FY12

$13.6

$90.4*

(

$2,926*

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 FY12

Net Income

40.4

14.2

Depreciation and Amortization

26.7

25.3

Interest Expense

10.3

10.0

Interest Income

(0.3)

(0.1)

Rent

18.3

15.1

Other Income/expense-net

(0.4)

(0.6)

Earnings of Discontinued Operations

Gain/loss on Asset Sale

(7.2)

28.6

Special Items

1.9

3.4

Tax Effect from Special Items

1.0

(6.3)

Earnings (losses) from Unconsolidated Affiliates, Ne

(7.2)

(5.6)

Non-controlling Interests

0.0

0.3

Gross Cash Flow (before Lider)

83.5

84.4

Gross Cashflow -Lider proportional

11.0

5.9

Gross Cash Flow after Lider

94.5

90.4

Adjusted gross operating asset reconciliation

(in millions)

Adjusted Gross Operating Assets Reconciliation

Q4 FY13

Q4 FY12

Total Assets

2,951

2,740

Accumulated Depreciation

494

458

Capitalized Operating Leases

327

190

Cash and Cash Equivalents

(216)

(262)

Investment in Unconsolidated Entities

(272)

(205)

Goodwill

(29)

(30)

Intangibles

(3)

(5)

Assets Held for Sale: Net

(8)

(19)

Assets Held for Sale: Gross

Adj. for gains & losses on assets sales

102

Accounts Payable

(70)

(56)

Accrued Maintenance and Repairs

(15)

(14)

Other Accrued Taxes

(8)

(5)

Accrued Wages, Benefits and Related Taxes

(56)

(44)

Other Accrued Liabilities

(21)

(23)

Income Taxes Payable

(12)

(10)

Deferred Revenue

(22)

(15)

ST Deferred Taxes

(0)

(15)

LT Deferred Taxes

(151)

(148)

Adjusted Gross Operating Assets before Lider

$3,007

$2,727

Adjusted Gross Operating Assets-Lider proportional

235

199

Adjusted Gross Operating Assets after Lider

$3,241

$2,926

Leverage reconciliation

*Adjusted EBITDAR exclude gains and losses on dispositions of assets

Debt

Investment

Capital

Leverage

(a)

(b)

(a) / (c)

(in millions)

As of March 31, 2013

787.3

1,611.0

2,398.2

32.8%

Adjust for:

Unfunded Pension Liability

126.6

NPV of Lease Obligations

301.9

Letters of credit

2.6

Adjusted

1,218.4

(d)

1,611.0

2,829.3

43.1%

Calculation of debt to adjusted EBITDAR multiple

Adjusted EBITDAR*:

FY 2013

381.0

(e)

= (d) / (e)

3.2:1

Bristow

net

asset

FMV

including

SAR

aircraft

are

expected

to remain resilient and higher than current net asset FMV/share

The UK SAR aircraft are expected to add

significant net asset FMV in FY18, even after

netting the imputed leases

~71.00

Net Asset FMV per share including SAR

43.98

54.63

60.90

35.00

40.00

45.00

50.00

55.00

60.00

65.00

70.00

75.00

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Book value of equity per share

Net Asset FMV per share

Average stock price