Bristow Group swings to profit in Q1

AW189 w Bristow livery. In flight with offshore rig scene.

Bristow Group reported a profit in the first quarter of 2024 at $6.6m, reversing a loss of $7.9m in the fourth quarter of 2023.

This positive swing was driven by a $35.8m EBITDA figure, despite falling short of the $41.8m reported in Q4 2023. However, when adjusted for special items and foreign exchange fluctuations, adjusted EBITDA came in at $47.5m , exceeding the $46.0m from the previous quarter.

Overall, revenue remained relatively flat at $329.4m compared with $329.6m in Q4 2023. Further breakdown showed revenue from offshore energy services grew 22% year-over-year (YoY) to $220.1m while contribution from fixed wing services declined by 9% YoY to $23.7m.

On a sequential basis, operating expenses were down $2.2m to $247m compared with the Q4 2023, primarily due to lower fuel costs and repairs and maintenance. General and administrative expenses also dipped $0.8m, reflecting reduced professional service fees and insurance costs.

Bristow ended the quarter with $140.6m of unrestricted cash and $81.9m of remaining availability under its credit facility, for a total liquidity of $222.5m. The company invested heavily in property and equipment during the quarter, with purchases reaching $64.6m, compared to $19.4m in Q4 2023.

Notably, Bristow secured additional financing in January to support its UK search and rescue contract.

The company said it is bullish for the rest of the year and beyond. Bristow affirmed its 2024 financial guidance and issued an optimistic outlook for 2025 and 2026.