Bristow forecasts further growth in its core offshore support and SAR businesses. Photo: Bristow
Bristow Group has posted full-year EBITDA for 2023 of US$170.5 million, slightly higher than its mid-year revised estimate of $170m.
The results come despite posting Q4 losses totalling $7.9m.
The company points to the greater revenues in offshore support, the diversification into SAR provision with the contracts with the Netherlands, Netherlands Antilles, and Falkland Islands coming on stream, and higher utilisation in offshore markets as key to this performance.
Looking ahead to 2024 full-year results, the company expects that offshore support markets in the North Sea will remain stable while it anticipates growth in the Gulf of Mexico as increased exploration drives higher utilisation. Likewise, Brazilian market revenues will benefit from the first full year of operation on the new contracts and the potential from current tenders. It also expects further growth in utilisation across the South Atlantic as demand in Nigeria remains strong. Meanwhile, the SAR sector will be bolstered by the transitions in the UK to the SAR2G contract and, in Ireland, the new Coast Guard contract. Cumulatively, the company expects this to yield a 2024 FY EBITDA in the range of US$190-220 million with a caveat highlighting the vulnerability to volatility in forex markets, particularly the US$/GB£ rate, noting that a GBP one penny change in the rate will impact full-year results by +/- US$1.5m.
