Bristow Group have reported a net income attributable to the Company of USD16.5 m, or USD0.58 per diluted share, for its fiscal second quarter ended September 30, 2022 on operating revenues of USD299.4m. This compares with the preceding quarter where the figures were USD4.0m, or USD0.14 per diluted share, on operating revenues of USD294.1m. The earnings before interest, taxes and depreciation and amortisation (EBITDA) were also improved compared with the previous quarter, USD42.7m vs USD39.0m respectively. However when special items like forex gains or losses are factored in the position is not as strong at USD33.9m in the Q2 versus USD37.1m in Q1. The company attributes the disparity to the impact of a weakening Norwegian Kroner and UK Pound against the US dollar during the period.
Commenting on the results Bristow Group CEO Chris Bradshaw said “The strengthening fundamentals in the offshore oil and gas market indicate that we are in the early innings of a multi-year growth cycle, International supply challenges and energy security concerns are expected to drive increased demand for services, while a tighter equipment market, constrained global labor force, and inflationary cost pressures should drive a material increase in rates.
Combined with new contract additions in our government services business and improved activity levels for our fixed wing business in Australia, the fundamentals for Bristow’s business are improving significantly. A strong U.S. dollar is unfortunately muting the full impact of these improvements in our calendar year 2023 financial outlook.”
