EX-99.1

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.

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

•

FY15

absolute

BVA

positive

$24.5M,

$23.0M

increase

from

FY14,

with

cash flow from operations of $37.3 million, up ~ 2.6% year-over-year**

•

EPS

guidance

for

the

full

FY15

reaffirmed

$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)

•

adjusted

EBITDAR*

$127.6M

(24.5%

increase

from

FY14,

3.8%

increase

from

FY14)

•

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

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

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

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

LACE new contract in Trinidad for nine months that started in Q1 FY15

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

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

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

153

149

158

163

100

150

200

250

300

FY11

FY12

FY13

FY14

YTD FY15

Consolidated commercial aircraft

Large Aircraft Equivalent (LACE)*

153

149

158

163

$7.15

$7.89

$8.35

$9.34

$9.55

$10

$12

140

150

160

170

FY11

FY12

FY13

FY14

YTD FY15

LACE*

LACE Rate*

Bristow Value Added (BVA) drives improving Gross Cash

Flow (GCF) performance

•

FY15

absolute

BVA

positive

$24.5M,

$23.0M

increase

from

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.

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%

12.4%

13.0%

12%

15%

. . . 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%

past

years

–

FY14

~165%*

before

accretive

M&A

Return cash to shareholders

•

Target 20 to 30% dividend payout ratio of forward adjusted EPS

•

Opportunistic

repurchases

based

intrinsic

value

fair

value

FY15 guidance reaffirmed. . .

•

FY15

adjusted

EPS

guidance

range

reaffirmed

$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

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 -

–

79/6

Norway

–

21/4

Nigeria –

47/6

Australia

–

29/10

Other –

7/1

Russia

–

7/3

Egypt –

–/

–

Turkmenistan

–

2/1

PAS -

AUSBU

11%

EBU

Florida –

54/1

Louisiana

–

13/1

U.K.

–

3/1

WASBU

18%

OIBU

BRS Academy

4%*

Canada

–

8/2

Malaysia -

2/1

Nevada

–

3/1

Tanzania

–

3/1

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

our

owned

fleet

~$2.2

billion

and

leased

fleet

~$900

million

Aircraft

Type

No. of PAX

Engine

Consl

Unconsl

Total

Ordered

Large Helicopters

AS332 L 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

111

118

LACE

105

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

101

175

LACE

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

Twin Turbine

AS 350BB

Turbine

Bell 206B

Turbine

Bell 206 L Series

Turbine

Bell 407

Turbine

BK-117

Twin Turbine

EC135

Twin Turbine

LACE

Training Helicopters

Agusta A109

Twin Turbine

AS 355

Twin turbine

Bell 206B

Turbine

Robinson R22

Piston

Robinson R44

Piston

Sikorsky 300CB/CBi

Piston

Fixed Wing

Total

363

131

494

TOTAL LACE (Large Aircraft Equivalent)*

163

Small

Medium

Large

Total

Leased LACE

Total LACE

% Leased

EBU

34%

WASBU

NABU

33%

AUSBU

24%

OIBU

Total

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

for

commercial

fleet

operating

leases

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.

Consolidated fleet changes and aircraft sales for

Q1 FY15

See

10-Q

Note

“Commitments

and

Contingencies”

for

information

provided

operating

leases

* Includes writeoffs, lease returns and commencements

# of a/c Sold

Cash

received*

Q1 FY15

4.7

Total

4.7

* Amounts stated in millions

Small

Medium

Large

Training

Total

EBU

WASBU

NABU

AUSBU

OIBU

Academy

Total

Held for sale aircraft in consolidated fleet

Small

Medium

Large

Training

Fixed wing

Total

EBU

WASBU

NABU

AUSBU

OIBU

Academy

Total

Leased aircraft in consolidated fleet

Q1 FY15

Fleet Count Beginning

363

Delivered

Large

Medium

Total Delivered

Removed

Sales

(4)

Other*

(5)

Total Removed

(9)

363

Fleet changes

Historical LACE by BU

EBU

WASBU

NABU

AUSBU

OIBU

Consolidated

163

158

161

160

157

158

159

154

155

149

FY15

EBU

WASBU

NABU

AUSBU

OIBU

Consolidated

147

142

154

158

161

160

162

158

163

LACE

FY11

FY12

FY10

FY13

FY14

Historical LACE rate by BU

1) $ in millions

2) LACE rate is annualized

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

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

$7.10

$7.30

$7.40

$7.43

$7.89

FY15

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

Helicopter

Class

Delivery Date

Location

Contracted

Large

September 2014

EBU

Large

September 2014

EBU

Large

September 2014

AUSBU

1 of 1

Large

September 2014

NABU

1 of 1

Large

December 2014

NABU

1 of 1

Medium

December 2014

NABU

Medium

December 2014

WASBU

Large

March 2015

EBU

Large

June 2015

EBU

Large

September 2015

NABU

1 of 1

Large

September 2015

EBU

Large

September 2015

EBU

Large

December 2015

NABU

Large

December 2015

AUSBU

1 of 1

Large

December 2015

OIBU

Large

March 2016

NABU

Large

March 2016

EBU

Large

June 2016

NABU

Large

June 2016

EBU

Large

September 2016

NABU

6 of 28

ORDER BOOK

Order and options book as of June 30, 2014

Five

large

aircraft

order

and

seven

large

aircraft

option

are

subject

the

successful

development

and

certification

the

aircraft

The aircraft that are indicated in grey italic will be leased upon delivery

One aircraft is LIM SAR configured

SAR configured

Helicopter

Class

Delivery Date

Large

September 2015

Medium

September 2015

Large

December 2015

Medium

December 2015

Large

March 2016

Medium

March 2016

Large

June 2016

Medium

June 2016

Large

September 2016

Medium

September 2016

Large

December 2016

Medium

December 2016

Large

March 2017

Medium

March 2017

Large

June 2017

Medium

June 2017

Large

September 2017

Medium

September 2017

Large

December 2017

Medium

December 2017

Large

March 2018

Medium

March 2018

Large

June 2018

OPTIONS BOOK

2, 3

1 of 2

Adjusted EBITDAR margin* trend

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

Full Year

EBU

30.3%

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

Adjusted EBITDAR* reconciliation

* Adjusted EBITDAR excludes special items and asset dispositions

($ in millions)

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)

Full Year

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,

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

Adj. for gains and losses on assets sales

(12)

Accounts Payable

(73)

(102)

Accrued maintenance and repairs

(16)

(18)

Other accrued taxes

(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

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

Gain/loss on asset sale

0.0

Special adjustment- remove Lider tax per income stmt.

2.5

2.3

Tax effect from special items

0.0

Earnings (losses) from unconsolidated affiliates, net

0.3

0.0

Non-controlling interests

(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

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

Capitalized operating leases

127

149

Assets from discontinued operations

Investments and escrow deposits

(33)

(44)

Goodwill

Prepaid pension cost

Intangibles

(6)

Intangibles, amortization

Other, non operating assets

(3)

(17)

Assets held for sale: net

Assets held for sale: gross

Adj. for gains and losses on assets sales

Accounts payable

(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

LT deferred taxes

(35)

Adjusted gross operating assets

559

633

42.5 % Lider proportional consolidation GOA

237

269

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

Operating result

17.3

15.7

18.3

20.4

(+) Depreciation and amortization - cost

3.4

3.2

3.3

(+) Depreciation and amortization - expenses

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

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