ERA Group sees mixed 2016
US helicopter operator ERA Group saw an mixed 2016, with challenging conditions in oil and gas
The operator saw an operating cash flow of $12 million in Q4 raising the full year 2016 total to $59 million.
ERA decreased net debt by $55 million during 2016.
Going forward, the group also limited its capital commitments to $12 million in 2017, shrinking to £3 million in 2018
However, overall revenues went down $17.7 million or 24% compared to 2015. ERA suggests that this fall is due to lower utilization, the end of leasing contracts, fewer S&R subscribers and average oil and gas rates.
EBITDA for 2016 was $47.6 million compared to $81.7 million in 2015 and the company reported a net loss of $5.5 million in the fourth quarter, $2.1 million less than the same quarter in 2015.