Bristow Group sees net loss of $21.9 million for Q3

Bristow Group reported a GAAP net loss of $21.9 million for the quarter ending 31 December 2016. This is down from $3.2 million in December 2015.

Operating revenue is down as well with an annual figure of $324.3 million for 2016 compared to $395.1 million in 2015, representing a 17.9% decrease.

Diluted earnings per share has also dropped to $0.62 from $0.09 in 2015.

Bristow Group saw improvements in total liquidity last quarter, with 31 December 2016 figures showing $280 million, up from $266 million in the quarter ending 31 September 2016.

“Our third quarter financial performance exceeded our internal expectations,” said Bristow Group president and CEO Jonathan Baliff. “While our results continue to be impacted by the challenging market conditions affecting the offshore oil and gas industry, we have been successful on a number of fronts, including improving our liquidity and competitive position.

“While our oil and gas business continues to operate along the economic bottom of this cyclical downturn, there are no doubt green shoots beginning to appear in the oil and gas industry as we have seen modest increases in flight activity in certain offshore regions. As a result, our view is that challenging market conditions for our oil and gas business likely will continue in the near term.”

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