Bristow posts flattish sequential growth in third quarter
Bristow posted third quarter results today. (Photocredit: Bristow Group).
Vertical flight solutions provider Bristow Group posted a flattish revenue growth of 3% quarter-over-quarter to $386m in the third quarter compared to second quarter of 2025. The revenue growth in absolute terms was $10m from second quarter’s $376m owing to lower utilisation of its offshore energy services (OES).
“Bristow continues to have a positive outlook for offshore energy services activity, as deepwater projects are favourably positioned, offering attractive relative returns within the asset portfolios of oil and gas companies,” said Chris Bradshaw, president and CEO of Bristow Group.
The company operates a fleet of 213 aircraft of which it owns 169 and leases 44.
Revenues from OES clocked in at $250m, $3m lower than second quarter. This dip, the company said, came as a result of decline in revenues from Europe and Africa of $6.6m and $1.5m, respectively, due to lower utilisation. On the flipside, this was offset by $5.7m jump in revenues from the Americas due to higher utilisation in the region.
The segment’s third-quarter operating income also witnessed a decline of $3m clocking in at $51m
“While the industry is likely amidst a mid-cycle activity plateau that may persist for much of the next 12 months, the tight supply of offshore helicopters supports a more constructive outlook for our sector relative to some other offshore equipment sectors,” Bradshaw on the outlook for the OES sector.
Government services revenue saw a $7m jump from the 2Q to $101m at the end of third quarter. Bristow said this was driven by ongoing transition of the Irish Coast Guard (IRCG) search and rescue contract as an additional base commenced operations in the third quarter.
Contribution of other services in the top line also witnessed a growth of $3m to $35m at the end of third quarter. This segment of Bristow’s business saw higher activity in Australia translating to a growth of $4.8m but was partially offset by lower revenues of $1.1m after the conclusion of a dry-lease contract.
Both government as well other services segments saw an increase in their respective operating income to the tune of $5m and $2m to $11m and $8m, respectively.
Further analysis of the revenue breakdowns showed Bristow’s nearly two-third (67% to be precise) came from OES, with government services contributing 25% and other services making up for the remainder 8%.
Region-wise, Europe remains Bristow’s biggest market making up for 52% of the revenue. Americas follows behind with 28% share in the revenue, Africa at 13% and Asia Pacific contributing 7% to the tally.
Bristow has announced plans to pay down its debt to $500m gross debt by the end of 2026. Towards this goal, the company during the third quarter made an additional $24.8m of accelerated principal payments on its UKSAR Debt facility.
During the nine months of 2025, Bristow has made principal payments of $53.7m and $11.5m, respectively, related to its long term secured equipment financings for an aggregate amount up to £200m with National Westminster Bank (UKSAR Debt). The 2025 principal payments include $40.1m in voluntary prepayments.
On the bottom line, Bristow saw expansion of operating margins in all three segments which resulted in a net profit growth of 62.3%QoQ during the third quarter reaching $51.6m.
In other special items from the income statement, Bristow booked net gains of $8.2m from the disposal of two AW139 medium helicopters during the third quarter. To note, the company also reported net gains of $6.2m in the second quarter of 2025 from the sale of two AW139 medium helicopters.
At the end of third quarter, Bristow had $245.5m of unrestricted cash and $67.9m of remaining availability under its asset-based revolving credit facility for total liquidity of $313.4m.
In terms of capital expenditure commitments, Bristow’s unfunded capital commitments at the end of third quarter consisted primarily of agreements to purchase helicopters to the tune of $115.9m.
This includes orders to purchase seven AW189 heavy helicopters which are scheduled to be delivered in 2025 and 2026. Bristow also has outstanding options to purchase up to ten additional AW189 helicopters and ten H135 light-twin helicopters. If these options are exercised, the AW189 helicopters and H135 helicopters would be scheduled for delivery between 2027 and 2028.
So far, during the nine months of 2025, Bristow has registered 4.8% year-over-year growth in revenue to $1.1bn with uptick in all three operating segments. Meanwhile, efficiencies in operations resulted in a 25%YoY improvement in the company’s total operating income which jumped $25.6m to $126.7m during the nine months ending September 30, 2025.
Meanwhile, with support from higher other income from heads such as disposal of helicopters, the company has during the nine months improved its net profit by 75.5% to $110.7m.
