Bristow Group has released its results for the first quarter, which reveal that while revenues are up compared with Q4 2025 earnings – USD 388.7 million compared with USD 377.3 million – earnings expressed as adjusted earnings before interest taxation depreciation and amortisation (Adj EBITDA) fell by 1.6% to USD 59.3 million.
By sector, the Offshore Energy Support business was bolstered by higher revenues from increased activity in the Americas notably in the US and Trinidad resulting in revenues from the region growing by USD5.6m over the previous quarter. Likewise African operations grew by USD4.0m again as the result of higher utilisation these gains were offset by a USD2.8m fall in European revenues where lower utilisation and reimbursable revues in the UK took their toll on the balance sheet. Though the decline was mitigated in part more favourable forex rates.
Even so, thanks to higher depreciation and amortisation expenses notably the accelerated depreciation of the S-76D fleet following a revision to the types expected useful life combined with higher operating and maintenance expenses conspired to reduce earnings from the sector by USD6.5 million compared with Q4 2025.
The group’s Government Services business grew by USD7.8m in Q1 primarily as the transition on the Irish Coast Guard contract reached its closing stages moving the business sector from earnings loss on Q4 to profitability – posting USD0.9m in earnings in the first quarter. Costs associated with higher headcount and increased maintenance costs as well as ongoing transition costs on the UKSAR2G contract for the UK Coast Guard also had an impact on the bottom line.
“Bristow’s first quarter results place us on track for what is expected to be a transformational year for the Company in 2026,” said Chris Bradshaw, President and CEO of Bristow Group. “Bristow is favorably positioned to benefit from three global megatrends, namely: increased defense spending; the importance of energy security; and the electrification of transportation. In the context of a complicated geopolitical landscape and expectations for structurally higher defense spending, we believe there will be compelling organic and inorganic growth opportunities for a specialised aviation services provider with Bristow’s track record, operational expertise, and financial flexibility. Recent geopolitical events have also placed an enduring emphasis on where hydrocarbon supplies are located, and the established offshore energy basins that Bristow services represent some of the most attractive and secure sources of supply. In addition, Bristow has created significant option value, with minimal capital commitment to date, as an early leader in what is expected to be a large and rapidly growing addressable market for new generation electric and hybrid-electric aircraft.”
Image: Bristow
