Bristow and Leonardo Finalize Long-Term Support and Training Agreements for AW139 and AW189 Helicopters

News provided by

Nov 06, 2024, 16:30 ET

Bristow and Leonardo have finalized a long-term support package extending into the next decade for the AW139 and AW189 helicopter fleets, providing enhanced maintenance and operations efficiency.
A new AW139 full flight simulator will be introduced in Aberdeen, Scotland beginning in 2026, strengthening training capabilities alongside the existing AW189 simulator.
Bristow will add four new AW189 helicopters to its offshore energy services fleet by 2025 and 2026, supporting its strategic growth objectives and contractual demands.

HOUSTON and ROME, Nov. 6, 2024 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, and Leonardo, a global leader in aerospace, defence & security, announced they have finalized a series of long-term agreements that will enhance global fleet support and training for the AW139 and AW189 helicopters, extending into the next decade. These agreements reinforce the strong relationship between the two companies and provides continued support for operations in key markets.

The finalized package includes the following support highlights applicable to Bristow's global fleet:

Enhanced Power-by-the-Hour (PBH) agreements for search and rescue (SAR) operations and offshore energy services (OES) helicopters, providing tailored maintenance and operational efficiency.
A long-term AW189 simulator training agreement in Aberdeen, Scotland, supporting critical pilot training needs.
The introduction of an AW139 full flight simulator in Aberdeen beginning in 2026, alongside the existing AW189 simulator, complementing an already robust training center to support fleet operations in the North Sea.
An enhanced global fleet support agreement, covering key performance indicators (KPIs), inventory management, training, Health and Usage Monitoring Systems (HUMS), and other Leonardo-provided services.

Bristow will introduce four new AW189 helicopters into its OES business, scheduled to enter service in 2025 and 2026. The four new AW189 helicopters are part of a previously announced order earlier this year and are expected to provide added flexibility to Bristow's fleet planning as well as diversification across Bristow's fleet mix.

"These additions align with Bristow's strategic objectives to enhance operational capability and meet contractual demands," said Stu Stavley, Bristow's Chief Operating Officer for Offshore Energy Services. "The finalization of these long-term support and training agreements will support Bristow's ability to meet the evolving needs of both our Government Services and Offshore Energy Services operations."

"The renewed Global Support and Training Agreement for the AW139 and AW189 demonstrates Leonardo's commitment to providing state-of-the-art solutions," said Paul De Jonge van Ellemeet, SVP Commercial Market Development & Global Accounts. "By offering full component coverage service plans, localized technical support, and access to our advanced simulators and courses, we are ensuring Bristow continues to operate at the highest level of efficiency and safety as they also keep expanding their fleet of Leonardo helicopters."

Forward-Looking Statements Disclosure
This press release contains "forward-looking statements." Forward-looking statements represent Bristow Group Inc.'s (the "Company") current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue," or other similar words, and include statements regarding the expected benefits of the fleet support and training agreements disclosed herein. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect management's current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. The Company's actual results may vary materially from those anticipated in forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof, except as may be required by applicable law.

Risks that may affect forward-looking statements include, but are not necessarily limited to, those relating to: the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 fleet; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; the possibility of changes in tax, environmental and other laws and regulations and policies, including, without limitation, actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue ("SAR") contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives.

If one or more of the foregoing risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. We have included important factors in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 which we believe over time, could cause our actual results, performance or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in our filings with the United States Securities and Exchange Commission (the "SEC"), all of which are accessible on the SEC's website at www.sec.gov.

About Bristow Group
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. The Company's aviation services include personnel transportation, search and rescue, medevac, fixed-wing transportation, uncrewed air systems and ad hoc helicopter services.

Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Kingdom of Saudi Arabia, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK, and the U.S. To learn more, visit our website at www.bristowgroup.com.

About Leonardo
Leonardo is an international industrial group, among the main global companies in Aerospace, Defence, and Security (AD&S). With 53,000 employees worldwide, the company approaches global security through the Helicopters, Electronics, Aircraft, Cyber & Security and Space sectors, and is a partner on the most important international programmes, within these sectors, such as Eurofighter, NH-90, FREMM, GCAP, and Eurodrone. Leonardo has significant production capabilities in Italy, the UK, Poland, and the USA. Leonardo utilises its subsidiaries, joint ventures, and shareholdings, which include Leonardo DRS (72.3%), MBDA (25%), ATR (50%), Hensoldt (22.8%), Telespazio (67%), Thales Alenia Space (33%), and Avio (29.6%). Listed on the Milan Stock Exchange (LDO), in 2023 Leonardo recorded new orders for €17.9 billion, with an order book of €39.5 billion and consolidated revenues of €15.3 billion. Included in the MIB ESG index, the company has also been part of the Dow Jones Sustainability Indices (DJSI) since 2010.

SOURCE Bristow Group