UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 23, 2015
Bristow Group Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-31617 | 72-0679819 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
2103 City West Blvd., 4th Floor Houston, Texas |
77042 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (713) 267-7600
Former Name or Former Address, if Changed Since Last Report: NONE
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. | Regulation FD Disclosure. |
On March 24, 2015, Bristow Group Inc. (the Company) will present at the Scotia Howard Weil 43rd Annual Energy Conference held in New Orleans, Louisiana. On March 23, 2015, the presentation was posted to its website at www.bristowgroup.com. This presentation is attached hereto as Exhibit 99.1.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing.
Item 9.01. | Financial Statements and Exhibits |
99.1 | Scotia Howard Weil Energy Conference Presentation posted March 23, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BRISTOW GROUP INC. | ||||||
Date: March 23, 2015 | By: | /s/ Brian J. Allman | ||||
Brian J. Allman | ||||||
Vice President, Chief Accounting Officer |
Scotia Howard Weil 43
Annual Energy Conference
Bristow Group Inc.
March 22
26, 2015
Exhibit 99.1
rd |
2
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; 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 Managements 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 December 31, 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. |
Who
we are: Bristow is a differentiated investment in oilfield services
Ticker:
BRS;
stock
price
of
$58.74/share with a market cap ~$2.0
billion
369 aircraft in ~20 countries with
~4,800 employees
Rated Investment Grade
by
Standard & Poors
Quarterly dividend of $0.32/share
(historic growth ~30% annually)
Bristow recently increased our fixed
wing presence with Australias
Airnorth regional airline
1)
Based on stock price as of March 13, 2015.
2)
As of December 31, 2014.
3)
Standard
&
Poors
secured
rating
is
BBB-
with
an
unsecured
rating
of
BB-
as
of
December
31,
2014.
Bristow transports crews for oil
and gas companies and provides
search and rescue (SAR) services
for them and governments alike
3
1
2
3 |
Who
we are: Bristows Target Zero safety culture
BRISTOW AIR ACCIDENT RATE*
PER 100,000 FLIGHT HOURS
*includes commercial operations only
0
YTD FY15
4
Industry-leading Target Zero safety
program since 2006
Our current safety programs have
been enhanced through:
Internal focus, transitioning from
lagging safety indicators to
leading indicators
Formation of HeliOffshore,
beginning an industry-wide
collaborative program to improve
safety that is having immediate
positive impacts
0.54
0.53
0.53
0.96
0.00
FY10
FY11
FY12
FY13
FY14 |
5
Who we are:
Service to the entire energy value chain, especially production
Typical revenues by segment
Other
10%
Production
60%
Development
10%
Exploration
20%
Largest share of revenues (>60%) relates to
oil
and
gas
production
and growth opportunities
There
are
~8,000
offshore
production
installations worldwide
compared with >600
exploratory drilling rigs
~1,700 helicopters are servicing the worldwide
oil
and
gas
industry,
of
which
,
providing stability
Bristows fleet
Bristow revenues are primarily driven by our
clients
operating expenses
is approximately one-third
|
Who
we are: Bristows contract structure generates predictable cash
flow
Two-tiered contract structure includes both:
Fixed monthly standing charge
Variable fees based on hours flown with
Bristow oil and gas contracts earn on average 65% of revenue not
dependent on utilization
UK SAR contract earns 85% of revenue not dependent on utilization
Revenue sources
Operating income
6
Variable hourly
30%
Variable hourly
35%
Fixed monthly
70%
Fixed monthly
65%
to reserve helicopter capacity
fuel pass-through |
What
we are doing now: Bristow market perspectives and plans
Clients are continuing a three-phase response in this
downturn: retrenching, recalibration and (eventually) renewal
The strength of the U.S. dollar continues to impact Bristows financial
results more than the decline in oil prices
Although production-oriented services (like aviation) are doing better than
many in energy services, available aircraft capacity is increasing
Experiencing some reduction in flight hours with minimal idle aircraft in
FY15. In FY16, we are expecting some reduced aircraft per contract
with a few project cancellations, leading to reduced activity and an
increase in supply of available aircraft.
Bristow
is
executing
on
specific
plans
during
this
downturn
to
reduce
costs
Finalize internal restructurings put in place in Q2 FY15
Proactively work with clients to find efficiencies and ways to reduce costs,
without compromising safety
Partner
with
original
equipment
manufacturers
(OEMs)
and
lessors
during
this
downturn to find cost and capital efficiencies
7 |
16-point efficiency program that responds to our
clients
demands for cost reductions
Our global footprint incentivizes better aircraft utilization for
our clients
Value Chain
Workshop
Targeted working sessions with clients generate ideas
that lead to efficiency and cost reductions
Other Services: Fixed
Wing, Logistics, End
to End
Examples
Transportation between airports and our bases is a logical
service extension
many clients are requesting this as
they refocus on their core business
Aircraft
optionality
to
optimize
our
clients
passenger
capacity needs and accelerate our fleet rationalization
Alternative
Helicopter Types
What we are doing now:
Specific initiatives to help our clients
8
Volume
Incentives |
What
we are doing now: Cost management execution to weather this downturn
$10-$20M
cost
reductions in
FY16
Capex
efficiency
and
deferment
We have already executed several initiatives including:
Other International Business Unit elimination to better align
our commercial operations and reduce G & A costs
Global heavy maintenance and supply chain restructuring to
enhance asset utilization and inventory management
Additional
cost
reductions in
FY16
We are achieving more cost reductions:
Labor and maintenance cost with focus on productivity
G & A and discretionary spend freezes
Supplier and OEM partner efficiencies
Our balance sheet strength provides us with Capex flexibility:
Capex deferral of 25%
40% year-over-year
Supplier and OEM partners are being helpful
Inventory reduction with a mostly owned fleet
9 |
10
56
Building long term value:
199 qualified aircraft opportunities over the next three years
30
56
7
Global aircraft
opportunities
North America
South America
and Caribbean
Europe
Gulf of Guinea
E. Africa, M. East
and Central Asia
Australia and
Southeast Asia
Russia
Data as of February 28, 2015
9
19
6
5
8
8
4
36
7
27
27
33
10
118
81
Medium
Large |
199 qualified aircraft opportunities
104 realistic aircraft
opportunities
Data as of February 28, 2015
26 orders*
39 options
*Oil and gas orders and options as of December 31, 2014
Building long term value:
Order book management from our qualified opportunities
31 high probability opportunities
for new contracts
11
Bristow uses specific opportunities
to create our order book
with total
opportunities condensed to 104
realistic bids
31 high probability opportunities
for new contracts are derived from a
view that we have a ~33% new bid
success rate
Our confidence in future growth is
matched by the high percentage of
orders (26) vs. high probability
opportunities (31)
The current order book has been
reduced
with recent deliveries,
although Bristow will look to increase
our order book with a large airline-
like order |
Building long term value:
UK SAR provides stable, diversified cash flows
UK SAR
Q1
Q2
Q3
Q4
FY16
GAP SAR
Total FY16
Cumulative LACE
4
8
10
14
14
4
18
Quarterly EBITDAR ($M)
$7 -
$9
$14 -
$17
$20 -
$23
$29 -
$31
$70 -
$80
$15 -
$25
$85 -
$105
UK SAR -
FY16
12
Long-term, stable cash flow provides diversification with energy
franchise
Four
LACE
operating
under
GAP
SAR
contract
expected
to
provide
~
$15
-
$25M
in EBITDAR in FY16
UK SAR contract expected to commence April 1, 2015 with four aircraft beginning
revenue service; 14 aircraft expected to be on revenue service by the end of
FY16 |
Building long term value:
Bristows H175 order includes innovative lifecycle support
13
The H175 range, cruise speed and cost per passenger-mile are highly
desirable for our customers operating with certain capacity requirements
Airbus Helicopters is providing a comprehensive airline-style support
agreement, through which availability risk is shared for the entire lifecycle
The H175 aircraft deliveries are spread over a number of years, with cash
outflows largely deferred for several years |
14
Building long term value:
Fixed wing creates point-to-point logistics solutions
Through acquisitions of Eastern Airways and Airnorth, Bristow has continued
to increase its ability to offer clients point-to-point logistics
solutions
Point-to-point logistics provide our clients with a more complete and
efficient level of service than when contracting rotary and fixed wing
separately
Both Eastern Airways and Airnorth operate both charter and scheduled
services that serve energy clients in key cities with limited alternative fixed
wing presence |
Building long term value:
AW609 is the next step in point-to-point logistics solutions
The AW609 creates point-to-point logistics solutions for clients in one
airframe
The aircraft is being developed based on existing military tilt rotor technology,
but with additional capabilities such as a pressurized cabin
Bristow will collaborate with AgustaWestland to develop AW609 configurations
and capabilities, as it is a natural fit for air medevac, pilot and engineer
15
vertical lift training, and crew change in hostile environments
|
Building long term value:
A strong balance sheet is critical during this downturn
Bristows strong balance sheet and diversified cash flows
provide flexibility to weather downturn and emerge stronger
Preference for mostly owned fleet makes cost management and
growth easier during a downturn
Opportunistically pursue accretive M&A as well as other growth
investments in advantageous environment
Bristow is committed to returning capital to shareholders
through this downturn
Maintain commitment to the dividend and future dividend growth
Careful execution of share repurchases in light of the opportunity
set and needed support for our clients
16 |
We
are Bristow 17 |
Bristow Group Inc. (NYSE: BRS)
2103 City West Blvd., 4
Floor
Houston, Texas 77042
t
713.267.7600
f
713.267.7620
bristowgroup.com
Contact us
18
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