vtol-20250226

Exhibit 99.1

BRISTOW GROUP REPORTS FOURTH QUARTER 2024 RESULTS

BEATS TOP END OF 2024 OUTLOOK RANGE

ANNOUNCES NEW CAPITAL ALLOCATION FRAMEWORK

Houston, Texas

February 26, 2025

Fourth Quarter and Full Year Highlights:

•Total revenues were $11.6 million lower in Q4 2024 compared to Q3 2024, and $118.1 million higher for the full year ended 2024 compared to 2023

•Net income was $3.6 million higher in Q4 2024 compared to Q3 2024, and $101.6 million higher in 2024 compared to 2023

•Adjusted EBITDA (as defined herein)(1) was $2.3 million lower in Q4 2024 compared to Q3 2024, and $66.3 million higher in 2024 compared to 2023

•Full year 2024 Adjusted EBITDA(1) was $236.8 million compared to the previously upward revised 2024E outlook range of $220 million - $230 million

FOR IMMEDIATE RELEASE — Bristow Group Inc. (NYSE: VTOL) (“Bristow” or the “Company”) today reported net income attributable to the Company of $31.8 million, or $1.07 per diluted share, for the quarter ended December 31, 2024 (the “Current Quarter”) on total revenues of $353.5 million compared to net income attributable to the Company of $28.2 million, or $0.95 per diluted share, for the quarter ended September 30, 2024 (the “Preceding Quarter”) on total revenues of $365.1 million.

Bristow reported net income attributable to the Company of $94.8 million, or $3.21 per diluted share, for the year ended December 31, 2024 (the “Current Year”) on total revenues of $1.4 billion compared to net loss attributable to the Company of $6.8 million, or loss per diluted share of $0.24, on total revenues of $1.3 billion for the year ended December 31, 2023 (the “Prior Year”).

The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the “Non-GAAP Financial Measures” section herein.


	Three Months Ended				Year Ended December 31,
	December 31, 2024		September 30, 2024		2024		2023
Total revenues	$	353,526	$	365,122	$	1,415,491	$	1,297,429
Operating income	31,804		33,213		132,608		60,751

Net income (loss) attributable to Bristow Group	31,793		28,242		94,797		(6,780)
Basic earnings (loss) per common share	1.11		0.99		3.32		(0.24)
Diluted earnings (loss) per common share	1.07		0.95		3.21		(0.24)
Net cash provided by operating activities	51,054		66,022		177,420		32,037

Non-GAAP(1):
Adjusted Operating Income	$	52,314	$	55,131	$	216,841	$	145,225
EBITDA	44,581		63,900		207,931		130,035
Adjusted EBITDA	57,840		60,180		236,766		170,504
Free Cash Flow	48,315		57,981		159,476		17,619
Adjusted Free Cash Flow	45,735		59,520		160,911		27,774

__________________

(1)See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below.

“We are pleased to report very strong fourth quarter 2024 financial results, which exceeded the upwardly revised outlook range for Q4 and full year 2024,” said Chris Bradshaw, President and CEO of Bristow Group. “In addition, we are pleased to announce Bristow’s new capital allocation framework, with strategic priorities that include: (i) protect and maintain a strong balance sheet and liquidity position; (ii) pursue high impact, high return growth opportunities; and (iii) return capital to shareholders via opportunistic share buybacks and quarterly dividend payments. Understanding that Offshore Energy Services, our largest business segment, is inherently volatile, we must sustain a robust balance sheet that can withstand all market cycles. As such, the Company intends to pay down debt to a balance of approximately $500 million gross debt by the end of 2026. At the same time, we will continue to execute on compelling growth opportunities, such as the long-term Government SAR contracts the Company was awarded in Ireland and the UK as well as the attractive opportunities we have to introduce new AW189 helicopters to meet customer demand and boost profitability in our Offshore Energy Services segment. Furthermore, Bristow is committed to return capital to shareholders via a new quarterly dividend program intended to commence in Q1 2026 with an initial dividend payment of $0.125 per share, or $0.50 per share annualized, as well as opportunistic share buybacks under the Company’s new $125 million share repurchase program.”

Sequential Quarter Results

Revenues in the Current Quarter were $11.6 million lower compared to the Preceding Quarter. Revenues from Offshore Energy Services were $6.1 million lower primarily due to lower utilization, reduced aircraft availability and unfavorable foreign exchange rate impacts. Revenues from Government Services were $2.8 million lower in the Current Quarter primarily due to lower utilization and unfavorable foreign exchange rate impacts, partially offset by the commencement of the Irish Coast Guard (“IRCG”) contract and the 2nd Generation UK SAR (“UKSAR2G”) contract. Revenues from Other Services were $2.7 million lower in the Current Quarter primarily due to lower seasonal utilization and unfavorable foreign exchange rate impacts. Unfavorable foreign exchange rate impacts were related to the strengthening of the U.S. dollar relative to foreign currencies.

Operating expenses were $9.6 million lower in the Current Quarter primarily due to lower operating personnel costs as a result of the finalization of a labor agreement in the UK in the Preceding Quarter, lower fuel costs due to decreased flight hours and lower global fuel prices, and lower repairs and maintenance costs primarily due to decreased power-by-the-hour (“PBH”) expenses. These decreases were partially offset by higher costs related to the commencement of new Government Services contracts.

General and administrative expenses were $1.5 million higher primarily due to higher incentive compensation costs in the Current Quarter related to the Company’s full-year financial results.

Other expense, net of $6.2 million in the Current Quarter primarily resulted from foreign exchange losses of $12.6 million, partially offset by an insurance recovery of $4.5 million and a favorable interest adjustment to the Company’s pension liability of $1.7 million. Other income, net of $10.6 million in the Preceding Quarter primarily resulted from foreign exchange gains of $10.9 million.

Income tax benefit was $13.0 million in the Current Quarter compared to an income tax expense of $8.4 million in the Preceding Quarter. Income tax benefit in the Current Quarter was impacted by various discrete items including an $8.1 million tax benefit from double taxation relief, the expiration of the statute of limitation on uncertain tax positions in Nigeria and Trinidad of $4.1 million, and a $3.2 million tax benefit associated with an adjustment to deferred tax liabilities.

Segments

In the fourth quarter, the Company changed its segment reporting from a single reportable segment to three reportable segments: Offshore Energy Services, Government Services and Other Services. The Offshore Energy Services segment provides aviation services to, from and between offshore energy installations globally. The Government Services segment provides search and rescue (“SAR”) and support helicopter services to government agencies globally. The Other Services segment is primarily comprised of fixed wing services which provide transportation through scheduled passenger flights and aircraft charter services, dry-leasing of aircraft to third-party operators and part sales. Corporate includes unallocated overhead costs that are not directly associated with the Company’s three reportable segments. The change in segment reporting was the result of the recent expansion of the Company’s government services contracts and reevaluating the factors used to

identify reportable segments which include end customer profile, management responsibility and contract dynamics. The prior years presented have been recast to conform with the revised presentation.

Full Year Results

Offshore Energy Services



	Year Ended December 31,
($ in thousands)	2024			2023			Favorable (Unfavorable)
Revenues	$	966,064		$	852,956		$	113,108	13.3	%
Operating income	132,165			45,613			86,552		189.8	%
Adjusted Operating Income	172,799			88,773			84,026		94.7	%
Operating income margin	14		%	5		%
Adjusted Operating Income margin	18		%	10		%

Revenues from Offshore Energy Services were $113.1 million higher in the Current Year compared to the Prior Year. Revenues in Africa were $47.4 million higher primarily due to higher utilization and increased rates. Revenues in the Americas were $36.1 million higher primarily due to higher utilization and the commencement of new contracts in Brazil. Revenues in Europe were $29.7 million higher primarily due to the commencement of a new contract in Norway. Operating income was $86.6 million higher in the Current Year primarily due to these higher revenues. Operating income was negatively impacted by higher repairs and maintenance costs of $20.1 million and operating personnel costs of $8.7 million, both primarily due to increased activity, partially offset by lower fuel costs of $5.5 million due to lower fuel prices.

Government Services



	Year Ended December 31,
($ in thousands)	2024			2023			Favorable (Unfavorable)
Revenues	$	329,654		$	337,280		$	(7,626)	(2.3)	%
Operating income	21,070			29,610			(8,540)		(28.8)	%
Adjusted Operating Income	50,766			60,651			(9,885)		(16.3)	%
Operating income margin	6		%	9		%
Adjusted Operating Income margin	15		%	18		%

Revenues from Government Services were $7.6 million lower in the Current Year primarily due to a change in rates after transitioning to the long-term contract with the Dutch Caribbean Coast Guard (“DCCG”). Operating income was $8.5 million lower in the Current Year primarily due to aircraft availability penalties related to supply chain challenges in UKSAR, start-up costs for IRCG and the transition to the long-term DCCG contract.

Other Services



	Year Ended December 31,
($ in thousands)	2024			2023			Favorable (Unfavorable)
Revenues	$	119,773		$	107,193		$	12,580	11.7	%
Operating income	13,747			15,398			(1,651)		(10.7)	%
Adjusted Operating Income	25,786			25,829			(43)		(0.2)	%
Operating income margin	11		%	14		%
Adjusted Operating Income margin	22		%	24		%

Revenues from Other Services were $12.6 million higher in the Current Year primarily due to higher utilization and increased rates. Operating income from Other Services was $1.7 million lower in the Current Year primarily due to higher operating costs in fixed wing services of $12.7 million due to increased subcontractor costs, training and fuel expenses. Depreciation and amortization was $1.6 million higher than the Prior Year.

Corporate



	Year Ended December 31,
($ in thousands)	2024		2023		Favorable (Unfavorable)
Corporate:
Total expenses	$	33,329	$	30,982	$	(2,347)	(7.6)	%
Gains (losses) on disposal of assets	(1,045)		1,112		(2,157)		nm
Operating loss	(34,374)		(29,870)		(4,504)		(15.1)	%

Consolidated:
Interest income	$	8,901	$	8,646	$	255	2.9	%
Interest expense, net	(37,581)		(41,417)		3,836		9.3	%
Other, net	(1,865)		(9,968)		8,103		81.3	%
Income tax expense	(7,193)		(24,932)		17,739		71.1	%

Total expenses for Corporate were $2.3 million higher in the Current Year primarily due to the full-year impact of increased headcount.

During the Current Year, the Company sold or otherwise disposed of 13 helicopters and various other assets, resulting in net losses of $1.0 million, compared to $1.1 million of net gains in the Prior Year primarily due to the sale of eight helicopters and disposal of various other assets.

Interest expense was $3.8 million lower in the Current Year primarily due to higher capitalized interest.

Other expense was $1.9 million in the Current Year and $10.0 million in the Prior Year primarily due to foreign exchange losses.

Income tax expense was $17.7 million lower than the Prior Year primarily due to the earnings mix of the Company’s global operations, a tax benefit from double taxation relief of $8.1 million, a tax benefit from the expiration of the statute of limitation on uncertain tax positions of $4.1 million and a $3.2 million tax benefit associated with an adjustment to deferred tax liabilities.

Beats Top End of 2024 Outlook and Affirms 2025 and 2026 Outlook

Please refer to the section entitled "Forward Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow’s guidance. The following guidance also contains non-GAAP financial measures. Please read the section entitled “Non-GAAP Financial Measures” for further information.

Select financial results for 2024 are as follows (in USD, millions):


	2024E(1)	2024A
Revenues:
Offshore Energy Services(2)	$959	$966
Government Services	$335	$330
Other Services	$120	$120
Total revenues	$1,414	$1,416






Adjusted EBITDA	$225	$237

Cash interest	$40	$43
Cash taxes	$23	$21
Maintenance capital expenditures	$18	$18

__________________________

(1)Reflects the mid-point of the increased 2024 financial outlook ranges. 2024E revenues include approximately $31.0 million of reimbursable revenues due to the change in presentation from operating to total revenues.

(2)OES includes approximately $12.7 million of Africa fixed wing revenues previously included in Other Services.

In connection with its change in segment reporting, the Company also issued select financial guidance by segment for 2025 and 2026 as follows:


	2025E	2026T
Revenues:
Offshore Energy Services	$950 - $1,060	$975 - $1,165
Government Services	$350 - $425	$430 - $460
Other Services	$120 - $130	$120 - $150
Total revenues	$1,420 - $1,615	$1,525 - $1,775

Adjusted Operating Income:
Offshore Energy Services	$190 - $210	$210 - $255
Government Services	$45 - $55	$75 - $85
Other Services	$15 - $20	$15 - $20
Corporate	($30 - $40)	($30 - $40)
	$220 - $245	$270 - $320

Adjusted EBITDA	$230 - $260	$275 - $335

Cash interest	~$45	~$45
Cash taxes	$25 - $30	$25 - $30
Maintenance capital expenditures	$15 - $20	$20 - $25

There are two main ways in which foreign currency fluctuations impact Bristow’s reported financials. The first is primarily non-cash foreign exchange gains (losses) that are reported in the Other, net line on the statements of operations. These are related to the revaluation of certain balance sheet items, typically do not impact cash flows, and thus are excluded in the Adjusted EBITDA presentation. The second is through impacts to certain revenue and expense items, which impact the Company’s cash flows. The primary exposure is the GBP/USD exchange rate.

Each £0.01 movement in the GBP/USD exchange rate would impact 2025E Adjusted EBITDA by +/- ~$1.2 million. The following table shows the GBP/USD exchange rate for each period presented.


	2024A	2025E	2026T
(in millions, except for exchange rates)

Adjusted EBITDA	$237	$230 - $260	$275 - $335

Average GBP/USD exchange rate	1.28	1.26	1.26

Outlook by Segment

Offshore Energy Services:

Increased activity in the offshore energy industry, a tighter equipment market, and inflationary cost pressures have driven meaningful rate increases, which we have continued to capture during contract renewal and new project tenders. Headwinds from continued supply chain shortages, particularly those related to the S92 heavy helicopters, are expected to persist in 2025. However, with current utilization levels for medium, super medium and heavy helicopters at or near 100%, coupled with unmet lift demand and long lead-times for new builds, we anticipate market conditions to remain constructive for our industry in 2025 and 2026. Additionally, the cadence of our contract renewals is such that more of the contracts would commence in late 2025 or 2026.

Europe region:

Though 2024 benefited from the full-year impact of a new contract in Norway and higher ad hoc activity on attractive rates in the UK, the North Sea is a mature market with limited growth opportunities. We expect activity in this region to remain mostly stable in 2025, though S92 supply chain challenges remain a risk.

Americas region:

Meaningful increases in our Americas market are largely attributed to the full-year impact of expanded operations in Brazil. The growing demand in Brazil offers additional opportunities, though the timing of these opportunities is weighted towards the back half of 2025, with full-year impacts expected in 2026. Activity is also expected to increase in the U.S. and Suriname.

Africa region:

Nigeria remains one of our most promising markets, as the business continues to absorb increasing demand in the region. The combination of increased utilization, higher rates and added capacity is fueling our growth in this market. Absent additional supply chain headwinds, we expect this momentum to continue in 2025.

Government Services:

Our Government Services segment typically involves short periods of investment followed by long periods of strong cash flows, and 2025 will be a year of transitioning to new contracts. Operations on the previously announced 10-year, approximately €670 million IRCG contract commenced in late 2024, and the last base is expected to fully transition in the second half of 2025. The transition to the previously announced, 10-year, approximately £1.6 billion UKSAR2G contract also began in late 2024, and the transition is expected to conclude at the end of 2026. Though the majority of capital expenditures will conclude in the first half of 2025, associated operating expenses during the transition period, the strengthening of the U.S. dollar relative to the British pound sterling and Euro, and impacts of penalties due to availability, primarily related to supply chain challenges that are expected to persist in the near term, may not present the full earnings power and quality margins from this business until 2026 and beyond. We expect full-year impacts in subsequent years will contribute meaningfully to our financial results, and the strong margins, and stable, long-term cash flows with high credit quality customers will provide reliable capital returns well into the middle of the next decade.

Other Services:

Other Services has experienced growth in recent years from charter revenues in Australia, and we observed higher yields in scheduled passenger transport throughout the year, though pilot shortages remained challenging through this upturn. We believe the financial performance of this segment will remain consistent with or near current levels of activity throughout 2025.

Liquidity and Capital Allocation

As of December 31, 2024, the Company had $247.5 million of unrestricted cash and $64.0 million of remaining availability under its amended asset-based credit facility (the “ABL Facility”) for total liquidity of $311.5 million. Borrowings under the ABL Facility are subject to certain conditions and requirements.

In the Current Quarter, purchases of property and equipment were $83.5 million, of which $2.7 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $5.0 million. In the Preceding Quarter, purchases of property and equipment were $57.0 million, of which $8.0 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $0.1 million. See “Non-GAAP Financial Measures - Free Cash Flow and Adjusted Free Cash Flow” for a reconciliation to operating cash flows.

Bristow is pleased to announce a new capital allocation framework with key priorities that include: (i) protect and maintain a strong balance sheet and liquidity position; (ii) pursue high impact, high return growth opportunities; and (iii) return capital to shareholders via opportunistic share repurchases and initiate quarterly dividend payments in 2026. Understanding that the Offshore Energy Services segment is inherently volatile, the Company recognizes the importance of maintaining a strong balance sheet that can withstand challenging market down cycles. As such, Bristow intends to pay down debt to a balance of approximately $500 million gross debt by the end of 2026. Bristow’s Board of Directors has approved a new $125 million share repurchase program that will be deployed on an opportunistic basis. In addition, the Company intends to initiate a quarterly dividend program beginning in the first quarter of 2026, with an initial dividend payment of $0.125 per share ($0.50 per share annualized).

Conference Call

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, February 27, 2025, to review the results for the quarter and full year ended December 31, 2024. The conference call can be accessed using the following link:

Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL4Q24.cfm

Replay

A replay will be available through March 20, 2025 by using the link above. A replay will also be available on the Company’s website at www.bristowgroup.com shortly after the call and will be accessible through March 20, 2025. The accompanying investor presentation will be available on February 27, 2025, on Bristow’s website at www.bristowgroup.com.

For additional information concerning Bristow, contact Jennifer Whalen at [email protected], (713) 369-4636 or visit Bristow Group’s website at https://ir.bristowgroup.com/.

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. Our aviation services include personnel transportation, search and rescue (“SAR”), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.

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 United Kingdom (“UK”) and the United States (“U.S.”).

Forward-Looking Statements Disclosure

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management, including our expectations regarding a quarterly dividend program and our intention to pay down debt; expected actions by us and by third parties, including our customers, competitors, vendors and regulators, and other matters. Some of the forward-looking statements can be identified by the use of words such as “believes”, “belief”, “forecasts”, “expects”, “plans”, “anticipates”, “intends”, “projects”, “estimates”, “may”, “might”, “will”, “would”, “could”, “should” or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences, include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, “Risk Factors” of such report and those discussed in other documents we file with the Securities and Exchange Commission (the “SEC”). Accordingly, you should not put undue reliance on any forward-looking statements.

You should consider the following key factors when evaluating these forward-looking statements: 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 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; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and 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.

The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date thereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.

BRISTOW GROUP INC.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)



	Three Months Ended				Favorable/ (Unfavorable)
	December 31, 2024		September 30, 2024



Total revenues	$	353,526	$	365,122	$	(11,596)

Costs and expenses:
Operating expenses	261,911		271,519		9,608
General and administrative expenses	44,372		42,898		(1,474)

Depreciation and amortization expense	16,701		17,569		868
Total costs and expenses	322,984		331,986		9,002

Losses on disposal of assets	(82)		(626)		544
Earnings from unconsolidated affiliates	1,344		703		641
Operating income	31,804		33,213		(1,409)

Interest income	2,249		2,526		(277)
Interest expense, net	(9,064)		(9,660)		596

Other, net	(6,173)		10,592		(16,765)
Total other income (expense), net	(12,988)		3,458		(16,446)
Income before income taxes	18,816		36,671		(17,855)
Income tax benefit (expense)	12,952		(8,392)		21,344
Net income	31,768		28,279		3,489
Net loss (income) attributable to noncontrolling interests	25		(37)		62
Net income attributable to Bristow Group Inc.	$	31,793	$	28,242	$	3,551

Basic earnings per common share	$	1.11	$	0.99
Diluted earnings per common share	$	1.07	$	0.95

Weighted average common shares outstanding, basic	28,628		28,620
Weighted average common shares outstanding, diluted	29,796		29,719

Adjusted Operating Income	$	52,314	$	55,131	$	(2,817)
EBITDA	$	44,581	$	63,900	$	(19,319)
Adjusted EBITDA	$	57,840	$	60,180	$	(2,340)

BRISTOW GROUP INC.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)



	Year Ended December 31,				Favorable (Unfavorable)
	2024		2023



Total revenues	$	1,415,491	$	1,297,429	$	118,062

Costs and expenses:
Operating expenses	1,042,118		990,403		(51,715)
General and administrative expenses	175,550		181,745		6,195
Merger and integration costs	—		2,201		2,201

Depreciation and amortization expense	68,287		70,606		2,319
Total costs and expenses	1,285,955		1,244,955		(41,000)


Gains (losses) on disposal of assets	(1,045)		1,112		(2,157)
Earnings from unconsolidated affiliates	4,117		7,165		(3,048)
Operating income	132,608		60,751		71,857

Interest income	8,901		8,646		255
Interest expense, net	(37,581)		(41,417)		3,836



Other, net	(1,865)		(9,968)		8,103
Total other income (expense), net	(30,545)		(42,739)		12,194
Income before income taxes	102,063		18,012		84,051
Income tax expense	(7,193)		(24,932)		17,739
Net income (loss)	94,870		(6,920)		101,790
Net loss (income) attributable to noncontrolling interests	(73)		140		(213)
Net income (loss) attributable to Bristow Group Inc.	$	94,797	$	(6,780)	$	101,577

Basic earnings (losses) per common share	$	3.32	$	(0.24)
Diluted earnings (losses) per common share	$	3.21	$	(0.24)

Weighted average common stock outstanding, basic	28,515		28,139
Weighted average common stock outstanding, diluted	29,552		28,139

Adjusted Operating Income	$	216,841	$	145,225	$	71,616
EBITDA	$	207,931	$	130,035	$	77,896
Adjusted EBITDA	$	236,766	$	170,504	$	66,262

BRISTOW GROUP INC.

REVENUES BY SEGMENT

(unaudited, in thousands)



	Three Months Ended								Year Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2024		December 31, 2023
Offshore Energy Services:
Europe	$	105,686	$	108,263	$	106,701	$	107,089	$	427,739	$	398,059
Americas	89,651		92,331		97,782		88,555		368,319		332,259
Africa	44,827		45,718		45,210		34,251		170,006		122,638
Total Offshore Energy Services	$	240,164	$	246,312	$	249,693	$	229,895	$	966,064	$	852,956
Government Services	82,558		85,346		79,578		82,172		329,654		337,280
Other Services	30,804		33,464		30,478		25,027		119,773		107,193
	$	353,526	$	365,122	$	359,749	$	337,094	$	1,415,491	$	1,297,429

FLIGHT HOURS BY SEGMENT

(unaudited)



	Three Months Ended				Year Ended
	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2024	December 31, 2023
Offshore Energy Services:
Europe	9,395	9,575	9,826	9,488	38,284	42,025
Americas	10,505	11,002	11,028	10,048	42,583	36,677
Africa	4,239	4,430	4,594	3,683	16,946	13,656
Total Offshore Energy Services	24,139	25,007	25,448	23,219	97,813	92,358
Government Services	4,242	5,201	4,875	4,493	18,811	18,661
Other Services	3,585	3,569	3,390	3,138	13,682	11,069
	31,966	33,777	33,713	30,850	130,306	122,088

BRISTOW GROUP INC.

Full Year Segment Statements of Operations

(unaudited, in thousands)


	Offshore Energy Services		Government Services		Other		Corporate		Consolidated
Year Ended December 31, 2024
Revenues	$	966,064	$	329,654	$	119,773	$	—	$	1,415,491
Less:
Personnel	218,811		97,256		24,493		—		340,560
Repairs and maintenance	211,791		48,893		12,600		—		273,284
Insurance	16,464		7,296		1,147		—		24,907
Fuel	58,318		9,072		19,556		—		86,946
Leased-in equipment	60,515		37,995		5,030		—		103,540
Other segment costs	144,741		43,392		24,748		—		212,881
Total operating expenses	710,640		243,904		87,574		—		1,042,118
General and administrative expenses	98,972		36,986		7,082		32,510		175,550
Depreciation and amortization expense	28,404		27,694		11,370		819		68,287
Total costs and expenses	838,016		308,584		106,026		33,329		1,285,955
Losses on disposal of assets	—		—		—		(1,045)		(1,045)
Earnings from unconsolidated affiliates	4,117		—		—		—		4,117
Operating income (loss)	$	132,165	$	21,070	$	13,747	$	(34,374)	$	132,608
Non-GAAP:
Depreciation and amortization expense	28,404		27,694		11,370		819		68,287
PBH amortization	12,230		2,002		669		—		14,901
Losses on disposal of assets	—		—		—		1,045		1,045
Adjusted Operating Income (Loss)	$	172,799	$	50,766	$	25,786	$	(32,510)	$	216,841


	Offshore Energy Services		Government Services		Other		Corporate				Consolidated
Year Ended December 31, 2023
Revenues	$	852,956	$	337,280	$	107,193	$	—			$	1,297,429
Less:
Personnel	210,138		90,498		23,045		—				323,681
Repairs and maintenance	191,699		49,859		12,358		—				253,916
Insurance	14,893		7,898		994		—				23,785
Fuel	63,823		10,446		17,230		—				91,499
Leased-in equipment	56,971		38,033		4,092		—				99,096
Other segment costs	139,529		41,765		17,132		—				198,426
Total operating expenses	677,053		238,499		74,851		—				990,403
General and administrative expenses	104,471		40,070		7,176		30,028				181,745
Merger and integration costs	2,201		—		—		—				2,201
Depreciation and amortization expense	30,783		29,101		9,768		954				70,606
Total costs and expenses	814,508		307,670		91,795		30,982				1,244,955
Gains on disposal of assets	—		—		—		1,112				1,112
Earnings from unconsolidated affiliates	7,165		—		—		—				7,165
Operating income (loss)	$	45,613	$	29,610	$	15,398	$	(29,870)	$	—	$	60,751
Non-GAAP:
Depreciation and amortization expense	30,783		29,101		9,768		954				70,606
PBH amortization	12,377		1,940		663		—				14,980
Gains on disposal of assets	—		—		—		(1,112)				(1,112)
Adjusted Operating Income (Loss)	$	88,773	$	60,651	$	25,829	$	(30,028)			$	145,225

BRISTOW GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)




	December 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	251,281	$	183,662
Accounts receivable, net	211,590		234,620
Inventories	114,509		99,863
Prepaid expenses and other current assets	42,078		45,438
Total current assets	619,458		563,583
Property and equipment, net	1,076,221		927,766
Investment in unconsolidated affiliates	22,424		19,890
Right-of-use assets	264,270		287,939
Other assets	142,873		138,100
Total assets	$	2,125,246	$	1,937,278
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	83,462	$	87,885
Accrued liabilities	223,824		208,657
Short-term borrowings and current maturities of long-term debt	18,614		13,247
Total current liabilities	325,900		309,789
Long-term debt, less current maturities	671,169		534,823
Deferred taxes	39,019		42,710
Long-term operating lease liabilities	188,949		214,957
Deferred credits and other liabilities	8,937		11,820
Total liabilities	1,233,974		1,114,099

Stockholders’ equity:
Common stock	315		311
Additional paid-in capital	742,072		725,773
Retained earnings	312,765		217,968
Treasury stock, at cost	(69,776)		(65,722)
Accumulated other comprehensive loss	(93,669)		(54,643)
Total Bristow Group Inc. stockholders’ equity	891,707		823,687
Noncontrolling interests	(435)		(508)
Total stockholders’ equity	891,272		823,179
Total liabilities and stockholders’ equity	$	2,125,246	$	1,937,278

Non-GAAP Financial Measures

The Company’s management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) (including the notes), included in the Company's filings with the SEC and posted on the Company's website.

EBITDA and Adjusted EBITDA

EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys’ fees related to a litigation and arbitration matter that the Company is pursuing (where no gain contingency has been recorded or identified) that is unusual in nature and outside of the normal course of the Company’s continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special costs are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company’s operating performance as extraordinary and not reflective of the operational performance of the Company’s core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income (loss), the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.

The following tables provide a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).


	Three Months Ended								Year Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2024		December 31, 2023
Net income (loss)	$	31,768	$	28,279	$	28,191	$	6,632	$	94,870	$	(6,920)
Depreciation and amortization expense	16,701		17,569		16,848		17,169		68,287		70,606
Interest expense, net	9,064		9,660		9,385		9,472		37,581		41,417
Income tax expense (benefit)	(12,952)		8,392		9,245		2,508		7,193		24,932
EBITDA	$	44,581	$	63,900	$	63,669	$	35,781	$	207,931	$	130,035
(Gains) losses on disposal of assets	82		626		224		113		1,045		(1,112)
Foreign exchange (gains) losses	12,581		(10,904)		749		6,499		8,925		10,701
Special items	596		6,558		6,639		5,072		18,865		30,880
Adjusted EBITDA	$	57,840	$	60,180	$	71,281	$	47,465	$	236,766	$	170,504

(1) Special items include the following:


	Three Months Ended								Year Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2024		December 31, 2023
PBH amortization	$	3,727	$	3,723	$	3,725	$	3,726	$	14,901	$	14,980
Merger and integration costs	—		—		—		—		—		2,201
Gain on insurance claim	(4,451)		—		—		—		(4,451)		—


Non-cash insurance adjustment	—		—		—		—		—		3,977
Other special items	1,320		2,835		2,914		1,346		8,415		9,722
	$	596	$	6,558	$	6,639	$	5,072	$	18,865	$	30,880

The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for 2025 and 2026 included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for 2025 or 2026.

Free Cash Flow and Adjusted Free Cash Flow

Free Cash Flow represents the Company’s net cash provided by operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys’ fees related to a litigation and arbitration matter that the Company is pursuing (where no gain contingency has been recorded or identified) that is unusual in nature and outside of the normal course of the Company’s continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special costs are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company’s operating performance as extraordinary and not reflective of the operational performance of the Company’s core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company’s ability to generate cash from the business. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).


	Three Months Ended								Year Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2024		December 31, 2023
Net cash provided by operating activities	$	51,054	$	66,022	$	33,665	$	26,679	$	177,420	$	32,037
Less: Maintenance capital expenditures	(2,739)		(8,041)		(2,215)		(4,949)		(17,944)		(14,418)
Free Cash Flow	$	48,315	$	57,981	$	31,450	$	21,730	$	159,476	$	17,619
Plus: Merger and integration costs	—		—		—		—		—		2,118
Plus: Other special items	(2,580)		1,539		1,881		595		1,435		8,037
Adjusted Free Cash Flow	$	45,735	$	59,520	$	33,331	$	22,325	$	160,911	$	27,774

Adjusted Operating Income by Segment

Adjusted Operating Income (Loss) (“Adjusted Operating Income”) is defined as operating income (loss) before depreciation and amortization, PBH amortization and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment’s operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment’s ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.

The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).


	Year Ended December 31,
		2024		2023
Offshore Energy Services:
Operating income		$	132,165	$	45,613
Depreciation and amortization expense		28,404		30,783
PBH amortization		12,230		12,377
Offshore Energy Services Adjusted Operating Income		$	172,799	$	88,773

Government Services:
Operating income		$	21,070	$	29,610
Depreciation and amortization expense		27,694		29,101
PBH amortization		2,002		1,940
Government Services Adjusted Operating Income		$	50,766	$	60,651

Other Services:
Operating income		$	13,747	$	15,398
Depreciation and amortization expense		11,370		9,768
PBH amortization		669		663
Other Services Adjusted Operating Income		$	25,786	$	25,829

Total Segments Adjusted Operating Income		$	249,351	$	175,253

Corporate:
Operating loss		$	(34,374)	$	(29,870)
Depreciation and amortization expense		819		954
Losses (gains) on disposal of assets		1,045		(1,112)
Corporate Adjusted Operating Loss		$	(32,510)	$	(30,028)

Consolidated Adjusted Operating Income		$	216,841	$	145,225

The Company is unable to provide a reconciliation of projected Adjusted Operating Income by Segment (non-GAAP) for 2025 and 2026 included in this release to projected operating income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted Operating Income by Segment due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted Operating Income by Segment (non-GAAP) to operating income (GAAP) for 2025 or 2026.

BRISTOW GROUP INC.

FLEET COUNT



	Number of Aircraft
Type	Owned Aircraft	Leased Aircraft	Total Aircraft	Max Pass. Capacity	Average Age (years)(1)
Heavy Helicopters:
S92	34	29	63	19	15
AW189	19	4	23	16	8
	53	33	86
Medium Helicopters:
AW139	48	4	52	12	14
S76 D/C++	14	—	14	12	13
AS365	1	—	1	12	35
	63	4	67
Light—Twin Engine Helicopters:
AW109	3	—	3	7	17
EC135 / H135	10	1	11	6	15
	13	1	14
Light—Single Engine Helicopters:
AS350	12	—	12	4	25
AW119	13	—	13	7	18
	25	—	25

Total Helicopters	154	38	192		14
Fixed Wing	9	5	14
UAS	4	—	4
Total Fleet	167	43	210

______________________

(1)Reflects the average age of helicopters that are owned by the Company.

The table below presents the number of aircraft in our fleet and their distribution among the segments in which we operate as of December 31, 2024 and the percentage of revenues that each of our segments provided during the Current Year.


	Percentage of Revenues
			Helicopters				Fixed Wing	UAS
			Heavy	Medium	Light Twin	Light Single			Total
Offshore Energy Services	68	%	57	59	11	—	1	—	128
Government Services	23	%	29	5	3	20	—	4	61
Other Services	9	%	—	3	—	5	13	—	21
Total	100	%	86	67	14	25	14	4	210
Aircraft not currently in fleet:
Under construction(1)			8	6	4	—	—	—	18
On order(2)			2	—	5	—	—	—	7
Options(3)			10	—	10	—	—	—	20

______________________

(1)Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes eight AW189 heavy helicopters (of which two were delivered and are undergoing additional configuration), six AW139 medium helicopters (of which four were delivered and undergoing additional configuration) and four H135 light-twin helicopters.

(2)On order reflects aircraft that the Company has commitments to purchase but construction has not yet begun. Includes two AW189 heavy helicopters and five AW169 light-twin helicopters.

(3)Options include 10 AW189 heavy helicopters and 10 H135 light-twin helicopters.

Q4 2024 Earnings Presentation February 27, 2025 Exhibit 99.2

2 Question & Answer Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Operational Highlights Chris Bradshaw President and CEO Financial Review Jennifer Whalen SVP, Chief Financial Officer Concluding Remarks Chris Bradshaw President and CEO Q4 2024 Earnings Call 01 02 03 04 05

3 Cautionary Statement Regarding Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management, including our expectations regarding a quarterly dividend program and our intention to pay down debt; expected actions by us and by third parties, including our customers, competitors, vendors and regulators, and other matters. Some of the forward-looking statements can be identified by the use of words such as “believes”, “belief”, “forecasts”, “expects”, “plans”, “anticipates”, “intends”, “projects”, “estimates”, “may”, “might”, “will”, “would”, “could”, “should” or other similar words; however, all statements in this presentation, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences, include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, “Risk Factors” of such report and those discussed in other documents we file with the Securities and Exchange Commission (the “SEC”). Accordingly, you should not put undue reliance on any forward-looking statements. You should consider the following key factors when evaluating these forward-looking statements: 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 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; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and 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. The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this presentation are qualified by these cautionary statements and are only made as of the date thereof. The forward-looking statements in this presentation should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise. This presentation includes an illustrative calculation of the Company’s Net Asset Value (“NAV”). The Company’s NAV is based upon the market value of the Company’s owned helicopters (as determined by third-party appraisals) plus the book value of the Company’s other assets less the Company’s debt, net of unamortized deferred financing costs, and other liabilities. For the purposes of this NAV calculation, the market value of the Company's helicopters is pulled directly from valuation specialists’ and third-party analysts’ reports. When using third party reports, the market value is as of the date of such report and is not updated to reflect factors that may impact the valuation since the date of such report, including fluctuations in foreign currency exchange rates, oil and gas prices and the balance of supply and demand of helicopters. There is no assurance that market value of an asset represents the amount that the Company could obtain from an unaffiliated third-party in an arm’s length sale of the asset, the fleet or the Company.

4 Non-GAAP Financial Measures Reconciliation In addition to financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP measures including EBITDA, Adjusted EBITDA, Adjusted Operating Income, Net Debt, Free Cash Flow and Adjusted Free Cash Flow. Each of these measures, detailed below, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company’s financial statements prepared in accordance with GAAP (including the notes), included in the Company’s filings with the SEC and posted on the Company’s website. EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occurred during the reported period and noted in the applicable reconciliation. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company’s ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies. There are two main ways in which foreign currency fluctuations impact the Company’s reported financials. The first is primarily non-cash foreign exchange gains (losses) that are reported in the Other Income line on the Income Statement. These are related to the revaluation of balance sheet items, typically do not impact cash flows, and thus are excluded in the Adjusted EBITDA presentation. The second is through impacts to certain revenue and expense items, which impact the Company’s cash flows. The primary exposure is the GBP/USD exchange rate. This presentation provides a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA. The Company is unable to provide a reconciliation of forecasted Adjusted EBITDA (non-GAAP) for the outlook periods included in this presentation to projected net income (GAAP) and Adjusted Operating Income (non-GAAP) to operating income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA and projected Adjusted Operating Income due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of forecasted non-GAAP measures to GAAP measures for the outlook periods presented. Adjusted Operating Income (Loss) (“Adjusted Operating Income”) is defined as operating income (loss) before depreciation and amortization, PBH amortization and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segments operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segments ability to ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. Free Cash Flow represents the Company’s net cash provided by operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company’s ability to generate cash from the business. The GAAP measure most directly comparable to Free Cash Flow and Adjusted Free Cash Flow is net cash provided by operating activities. Since neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP, they should not be used as an indicator of, or an alternative to, net cash provided by operating activities. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The Company also presents Net Debt, which is a non-GAAP measure, defined as total principal balance on borrowings less unrestricted cash and cash equivalents. The GAAP measure most directly comparable to Net Debt is total debt. Since Net Debt is not a recognized term under GAAP, it should not be used as an indicator of, or an alternative to, total debt. Management uses Net Debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. Management believes this metric is useful to investors in determining the Company’s leverage position since the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt. A reconciliation of each of EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow, Adjusted Free Cash Flow, and Net Debt is included elsewhere in this presentation.

5 Recent Events After further increasing revenue and adjusted EBITDA guidance in Q3, Bristow beat its increased Adjusted EBITDA guidance. Bristow affirmed its 2025 and 2026 outlook ranges and issued new guidance by segment. See slides 16-18 for details. Beats Increased 2024 Guidance and Affirms 2025 and 2026 Outlook Announces New Capital Allocation Framework Bristow announced a new capital allocation framework with key priorities that include: (i) protect and maintain a strong balance sheet and liquidity position; (ii) pursue high impact, high return growth opportunities; and (iii) return capital to shareholders via opportunistic share repurchases and quarterly dividend payments. See slide 19 for details. Bristow has realigned its business segments. The Company went from a single reportable segment to three reportable segments: Offshore Energy Services, Government Services, and Other Services, due to the recent expansion of Bristow’s Government Services business and reevaluating the factors used to identify reportable segments which include end customer profile, management responsibility and contract dynamics. This change is expected to provide investors with more information and visibility into each of the Company’s end markets. An introduction of each segment and full year results are reflected in slides 10-15. Business Segments Commences Operations on New Government Contracts Bristow commenced operations on the new Irish Coast Guard (“IRCG”) contract in late 2024, with the first base coming online in Shannon Airport in County Clare. Bristow expects to complete the transition in the second half of 2025. Transition to the 2nd Generation UK SAR Contract (“UKSAR2G”) also commenced in late 2024 and is expected to conclude by the end of 2026. See slide 13 for details.

6 7% Light Twin 12% Single Engine 8% Fixed Wing / UAS 30% S92 11% AW189 25% AW139 7% Other Medium 210 Revenues by Segment(2)Aircraft Fleet(1) — 80% Owned Revenues by Region(3) Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Presence on 6 Continents Customers in 18 Countries Publicly Traded on NYSE (VTOL) Global Employees 3,447 Total 899 Pilots 912 Engineers (1) As of 12/31/2024; see slide 21 for further details (2) Reflects revenues by segment for the twelve months ended 12/31/2024; see slide 24 for reconciliation (3) Reflects revenues by region for the twelve months ended 12/31/2024 68% Offshore Energy Services 9% Other Services 23% Government Services $1.4 bn 29% Americas 52% Europe 7% Asia Pacific 12% Africa $1.4 bn

7 Canada 5 Aircraft United States 66 Aircraft Mexico 1 Aircraft Dutch Caribbean 2 Aircraft Trinidad 5 Aircraft UK (Falkland Islands) 4 Aircraft Brazil 21 AircraftChile 2 Aircraft Australia 13 Aircraft India 1 Aircraft Netherlands 2 Aircraft Norway 25 Aircraft United Kingdom 38 Aircraft Nigeria 20 Aircraft Spain 3 Aircraft Ireland 2 Aircraft Canada Type of AC: S92 Mexico Type of AC: AW139 United States Type of AC: A109, A119, AS350, AW139, AW189, H135, S76, S92 Chile Type of AC: A119 Dutch Caribbean Type of AC: AW139 Trinidad Type of AC: AW139 Brazil Type of AC: AW139 Ireland Type of AC: AW189 UK (Falkland Islands) Type of AC: S92, AW189 Spain Type of AC: A119 United Kingdom Type of AC: AW139, AW189, S92, S100, AS365 Netherlands Type of AC: AW189 Nigeria Type of AC: AW189, AW139, S92, S76, ERJ145, H135 Norway Type of AC: S92 India Type of AC: AW139 Australia Type of AC: E190, E170, EMB120 Global Footprint As of December 31, 2024 Offshore Energy Services 11 Light Twin 1 Fixed Wing 51 S92 6 AW189 129 48 AW139 12 Other Medium Government Services Other Services 5 Single Engine20 2 AW139 13 Fixed Wing 17 AW189 61 2 AW139 12 S92 20 Single Engine 3 Light Twin 4 UAS 3 Other Medium

8 2024 Consolidated Financial Results 1) “Current Quarter” refers to the three months ended December 31, 2024, and “Preceding Quarter” refers to the three months ended September 30, 2024. 2) “Current Year” refers to the twelve months ended December 31, 2024, and “Prior Year” refers to the twelve months ended December 31, 2023. 3) See slide 23 for a description of Adjusted EBITDA and reconciliation to net income. Revenues were $11.6 million lower than the Preceding Quarter(1) primarily due to lower utilization, aircraft availability and unfavorable foreign exchange rate impacts across all segments, partially offset by the commencement of the IRCG and UKSAR2G contracts. Adjusted EBITDA was $2.3 million lower in the Current Quarter(1) due to these lower revenues, partially offset by lower operating expenses of $9.6 million. Total Revenues Adjusted EBITDA(3) Revenues were $118.1 million higher than the Prior Year(2) primarily due to new contracts, higher rates and higher utilization in Offshore Energy Services (“OES”) and Other Services, partially offset by lower revenues from Government Services due to a transition to the long-term contract in the Dutch Caribbean. Operating expenses were $51.7 million higher due to increased personnel costs, repairs and maintenance and other operating costs resulting from increased activity. The growth in our OES business was the primary driver behind the $66.3 million increase in Adjusted EBITDA in the Current Year(2). $365 $354 $300 $325 $350 $375 Q3 Q4 $ in m ill io ns Quarter $1,297 $1,415 $1,200 $1,250 $1,300 $1,350 $1,400 $1,450 2023 2024 $ in m ill io ns Full Year $60 $58 $5 $15 $25 $35 $45 $55 $65 Q3 Q4 $ in m ill io ns Quarter $171 $237 $0 $50 $100 $150 $200 $250 2023 2024 $ in m ill io ns Full Year

9 Strong Balance Sheet and Liquidity Position Actual (USD $mm, as of 12/31/2024) Amount Rate Maturity Cash $251 ABL Facility ($85mm)(3) — SOFR+200 bps May-27 Senior Secured Notes 400 6.875% Mar-28 UKSAR Debt 209 SONIA+275 bps Mar-36 IRCG Debt 97 EURIBOR+195 bps Jun-31 Total Debt(2) $706 Less: Unrestricted Cash $(248) Net Debt $458 Illustrative Annual Debt Maturity Profile(4)(5) (1) Balances reflected as of 12/31/2024 (2) Reflects principal balance of total debt (3) As of 12/31/2024, the ABL facility had $8.1 million in letters of credit drawn against it and availability of $64.0 million (4) The illustrative annual debt maturity chart does not factor in any additional pre-payments of debt. (5) UKSAR Debt balance shown assumes a GBP/USD exchange rate of 1.25. The IRCG Debt assumes a EUR/USD rate of 1.04, €99 million of the facility is drawn and that Bristow exercises the full two-year availability period followed by a five-year term. No principal payments are required during the availability period $19 $19 $19 $19 $19 $19 $19 $19 $19 $19 $19 $5 $10 $10 $10 $10 $10 $51 $400 0 100 200 300 400 500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 UKSAR Debt IRCG Debt ABL Facility Commitment Senior Secured Notes Unfunded capital commitments of $202.4 million, consisting primarily of aircraft purchases(1) Funded approximately £52 million of previously announced £55 million upsizing of UKSAR Debt as of February 2025 $247.5 million of unrestricted cash and total liquidity of $311.5 million(1) Funded approximately €99 million of previously announced €100 million IRCG Debt as of February 2025 Pro Forma (USD $mm, as of 2/4/2024) Amount Rate Maturity ABL Facility ($85mm) $ — SOFR+200 bps May-27 Senior Secured Notes 400 6.875% Mar-28 UKSAR Debt 209 SONIA+275 bps Mar-36 IRCG Debt 103 EURIBOR+195 bps Jun-31 Total Debt(2) $712

10 Offshore Energy Services We provide aviation services to a broad base of major integrated, national and independent energy companies 68% Percent of Total Revenues OES Revenues by Type ~20% Drilling ~80% Production Typical OES Revenues Structure ~35% FHR ~65% MSC Offshore Energy Services (“OES”) revenues primarily from transporting personnel to, from and between offshore installations Typical contract duration: • 1 – 5 years, depending on the region and customer • Ad hoc, short-term engagement arrangements Most OES revenues derived from production activities— typically less cyclical than exploration & development. Production platforms remain in place over longer-terms and are relatively unaffected by economic cycles, as the marginal cost of operation is low Typical payment models include: • Monthly Standing Charge (MSC) + Fixed Hourly Rate (FHR), • Ad hoc or pay as you use, and • Other: block / slot model; consortium model 200m 120m 80m <80m Medium Helicopters Heavy / Super Medium Helicopters Small Helicopters

11 Offshore Energy Services See slide 25 for a description of Adjusted Operating Income and reconciliation to Operating Income. Total Revenues Adjusted Operating Income Revenues were $113.1 million higher in the Current Year. Revenues in Africa were $47.4 million higher due to utilization and increased rates. Revenues in the Americas were $36.1 million higher primarily due to the commencement of new contracts in Brazil and higher utilization. Revenues in Europe were $29.7 million higher due to the commencement of a new contract in Norway. The $84.0 million increase in Adjusted Operating Income was primarily due to the higher revenues noted above, partially offset by higher repairs and maintenance costs of $20.1 million and operating personnel costs of $8.7 million, both of which were primarily due to increased activity in the Current Year. $89 $173 $0 $50 $100 $150 $200 2023 2024 $ in m ill io ns $853 $966 $700 $750 $800 $850 $900 $950 $1,000 2023 2024 $ in m ill io ns

12 Government Services See slide 25 for a description of Adjusted Operating Income and reconciliation to Operating Income. Through our Government Services segment we provide Search and Rescue (SAR), military personnel transportation and other aviation services to various government agencies globally. The duration of these contracts generally lasts for ten or more years, with additional one-to-three year extension options Stable, long-term cash flows with high credit quality customers Strong margins and reliable capital returns once operations are fully ramped 23% Percent of Operating Revenues Government SAR Revenues Structure 85% MSC 15% FHR Revenues were $7.6 million lower than the Prior Year primarily due to a change in rates after transitioning to the long-term contract with the Dutch Caribbean Coast Guard (“DCCG”). Adjusted Operating Income was $10.0 million lower in the Current Year primarily due to aircraft availability penalties related to supply chain challenges in UKSAR, IRCG start-up costs and the transition to the long-term DCCG contract. Total Revenues Adjusted Operating Income $337 $330 $250 $275 $300 $325 $350 2023 2024 $ in m ill io ns $61 $51 $0 $20 $40 $60 $80 2023 2024 $ in m ill io ns

13 An Effective Transition Plan Investing capital to ensure a successful transition of operations to the new £1.6 billion UKSAR2G contract. Contract term of 10 years + up to 3-year extension option Significant Addition to Bristow’s Government Services Offering Contract term of 10 years + up to 3-year extension option, approximately €670 million contract will provide for day and night-time operations of four helicopter bases Advancing Government SAR Note: Illustrative payment schedule as of December 31, 2024 2nd Generation UK SAR Contract (UKSAR2G) Irish Coast Guard Contract (IRCG) New contract transitions began in December 2024 and will continue through the end of 2026 Estimated capital investment range of $155-$165 million for six new AW139 aircraft and modifications to existing aircraft New contract combines existing rotary and fixed wing services into fully integrated, innovative solution led by Bristow New contract transition began in late 2024 and will continue through the second half of 2025 Estimated capital investment range of $135-$145 million for five new AW189 aircraft and modifications to an existing aircraft In addition to the helicopter service, the new IRCG aviation service will, for the first time, also include a fixed wing aircraft element. Provides for the day and night-time operation of four bases Plans to fund the investment with cash on hand, operating cash flows, debt financing and potential aircraft leasing Total Investment (UKSAR2G) $158mm Investment (IRCG) $142mm Total Investment $300mm $233mm (78%) Completed An additional $20 million of the investment was deployed since December 2024, reflecting 84% completion of the total investment as of February 2025.

14 Government SAR – A Timeline of Investment & Returns TIME 2022 2023 2024 2025 2026 2027-2032 2033-2038Contracts TODAY UKSAR-H UKSAR2G NLSAR DCCG IRCG Falklands Acquisition Retender Tender Investment Period Cash Yield Base Contract Option Period

15 Other Services Revenues from Other Services were $12.6 million higher in the Current Year primarily due to higher utilization and increased rates. Adjusted Operating Income was consistent with the Prior Year due to higher revenues being offset by higher operating costs in fixed wing services of $12.7 million, primarily due to increased subcontractor costs, training and fuel expenses in the Current Year. $107 $120 $0 $50 $100 $150 2023 2024 $ in m ill io ns $26 $26 $0 $5 $10 $15 $20 $25 $30 2023 2024 $ in m ill io ns Total Revenues Adjusted Operating Income 9% Percent of Total Revenues We provide Regular Passenger Transport (RPT) scheduled airline service with individual ticket sales and Charter Services through our fixed-wing airline in Australia (“Airnorth”). We also provide other services such as: aircraft leasing through dry-lease agreements; specialized technical and fleet support services (including maintenance & modifications); training and more. See slide 25 for a description of Adjusted Operating Income and reconciliation to Operating Income.

16 2024 Actuals Vs Increased Outlook (1) Reflects the mid-point of the increased 2024 financial outlook ranges. 2024E revenues include approximately $31.0 million of reimbursable revenues due to the change in presentation from operating to total revenues. (2) Actual results reported in February 2025. (3) OES includes approximately $12.7 million of Africa fixed wing revenues previously included in Other Services. RAISED REPORTED Revenues (in USD, millions) 2024E(1) 2024A(2) Offshore Energy Services(3) $959 $966 Government Services $335 $330 Other Services $120 $120 Total revenues $1,414 $1,416 Adjusted EBITDA $225 $237 Cash interest $40 $43 Cash taxes $23 $21 Maintenance capital expenditures $18 $18 Beats 2024 Increased Outlook Beats High End of Range After further increasing 2024 Adjusted EBITDA range from $210- $230mm to $220-$230mm Drivers Include Higher ad hoc activity on attractive rates in Brazil and the UK and the timing of operating expenses in Q4 2024 Government Services Commenced operations on two major contracts towards the end of 2024. Bristow is focused on operational execution for this segment in 2025, as supply chain remains a challenge and is expected to persist OES Growth 2024 was a year of increased utilization, rates and full year impacts of contract commencements, with Nigeria and Brazil as standout markets

17 s (1) 2025E: Estimates. 2026T: Target (2) The outlook projections provided for 2025 and 2026 are based on the Company’s current estimates, using information available at this point in time, and are not a guarantee of future performance. Please refer to Cautionary Statement Regarding Forward-Looking Statements on slide 3, which discusses risks that could cause actual results to differ materially. Affirms 2025 & 2026 Outlook Affirms Revenues (in USD, millions) 2025E(1)(2) Offshore Energy Services $950 - $1,060 Government Services $350 - $425 Other Services $120 - $130 Total revenues $1,420 - $1,615 Adjusted Operating Income: Offshore Energy Services $190 - $210 Government Services $45 - $55 Other Services $15 - $20 Corporate ($30-$40) Total Adjusted Operating Income $220 - $245 Adjusted EBITDA $230 - $260 Cash interest ~$45 Cash taxes $25 - $30 Maintenance capital expenditures $15 - $20 Affirms 2026T(1)(2) $975 - $1,165 $430 - $460 $120 - $150 $1,525 - $1,775 $210 - $255 $75 - $85 $15 - $20 ($30-$40) $270 - $320 $275 - $335 ~$45 $25 - $30 $20 - $25

18 Outlook By Segment Please refer to Cautionary Statement Regarding Forward-Looking Statements on slide 3, which discusses risks that could cause actual results to differ materially. Offshore Energy Services Market conditions are expected to remain constructive for our industry in 2025, given current utilization levels coupled with unmet lift demand and long lead-times for new builds. Increased activity and a tighter equipment market have further driven meaningful rate increases, which we have continued to capture during contract renewal and new project tenders. Headwinds from continued supply chain shortages are expected to persist in 2025. Additionally, the cadence of our contract renewals are such that more of the contracts would commence in late 2025 or 2026. Europe region: • Though 2024 benefited from the full-year impact of a new contract in Norway and higher ad hoc activity on attractive rates in the UK, the North Sea is a mature market with limited growth opportunities • We expect activity in this region to remain mostly stable in 2025, though S92 supply chain challenges remain a risk Americas region: • Meaningful increases in our Americas market largely attributed to expanded operations in Brazil, which offers additional opportunities, though the timing of these opportunities is weighted towards the back half of 2025, with full-year impacts expected in 2026. • Activity is also expected to increase in the U.S. and Suriname Africa region: • Nigeria remains one of our most promising markets, as the business continues to absorb increasing demand in the region • The combination of increased utilization, higher rates and added capacity is fueling our growth in this market • Absent additional supply chain headwinds, we expect this momentum to continue in 2025 2025 will be a year of transitioning to new contracts The ~€670 million IRCG contract commenced in late 2024 and is expected to fully transition in the second half of 2025. The £1.6 billion UKSAR2G contract transition also began in 2024 with completion expected by the end of 2026. Typically involves short periods of investment followed by long periods of strong cash flows. Though the majority of capital expenditures will conclude in the first half of 2025, associated operating expenses during the transition period, a strong U.S. dollar relative to the British pound sterling and Euro, and supply chain challenges may not present the full earnings power and quality margins from this business until 2026 and beyond. We expect full-year impacts in subsequent years will contribute meaningfully to our financial results, and the strong margins, stable, long-term cash flows with high credit quality customers will provide reliable capital returns well into the middle of the next decade. Government Services We believe the financial performance of this business will remain consistent with or near current levels of activity throughout 2025 Other Services has experienced growth in recent years from charter revenues in Australia, and we observed higher yields in scheduled passenger transport throughout the year, though pilot shortages remained challenging through this upturn. Other Services

19 Priority Philosophy Strategic Objectives Capital Allocation Framework Balance Sheet Growth Shareholder Capital Returns • Protect and maintain strong balance sheet and liquidity position • Structure leases and debt to facilitate financial flexibility • Pursue high impact, high return organic growth opportunities • Assess other growth opportunities: ─ Opportunistic M&A ─ Advanced Air Mobility (AAM) • Return capital to shareholders via opportunistic share buybacks and quarterly dividends • Pay down debt to a balance of approximately $500 million gross debt by the end of 2026 • Return leased S92 helicopters upon contract maturities / transitions • Complete transitions of new IRCG and UKSAR2G contracts • Upgrade fleet with new OES configured AW189 helicopters to meet customer demand and boost profitability • Opportunistically buyback shares using new Board approved $125 million share repurchase program • Initiate a quarterly dividend program beginning in Q1 2026, with an initial dividend payment of $0.125 per share ($0.50 per share annualized) A Disciplined and Focused Approach

20 Appendix 1 Fleet Overview 2 NAV 3 Adjusted EBITDA 4 Revenues and Flight Hours by Segment 5 Adjusted Operating Income by Segment 6 Adjusted Free Cash Flow

21 Fleet Overview 1. As of 12/31/2024. Does not include certain aircraft shown in the “under construction” line in the fleet table. Upon completion of additional configuration, the newly delivered aircraft will appear in the fleet table above when put into service. 2. Reflects the average age of helicopters that are owned by the Company. 3. Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes eight AW189 heavy helicopters (of which two were delivered and are undergoing additional configuration), six AW139 medium helicopters (of which four were delivered and undergoing additional configuration) and four H135 light-twin helicopters. 4. On order reflects aircraft that the Company has commitments to purchase but construction has not yet begun. Includes two AW189 heavy helicopters and five AW169 light-twin helicopters. 5. Options include ten AW189 heavy helicopters and ten H135 light-twin helicopters. NUMBER OF AIRCRAFT(1) TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT AVERAGE AGE (YEARS)(2) Heavy Helicopters: S92 34 29 63 15 AW189 19 4 23 8 53 33 86 Medium Helicopters: AW139 48 4 52 14 S76 D/C++ 14 — 14 13 AS365 1 — 1 35 63 4 67 Light—Twin Engine Helicopters: AW109 3 — 3 17 EC135 / H135 10 1 11 15 13 1 14 Light—Single Engine Helicopters: AS350 12 — 12 25 AW119 13 — 13 18 25 — 25 Total Helicopters 154 38 192 14 Fixed Wing 9 5 14 UAS 4 — 4 Total Fleet 167 43 210 HEAVY MEDIUM LIGHT TWIN TOTAL Under construction(3) 8 6 4 18 On order(4) 2 — 5 7 Options(5) 10 — 10 20

22 NAV per Share Calculation Note: Helicopter fair market values based on annual desktop appraisals performed by Ascend by Cirium as of December 31, 2024. Diluted share count reflects outstanding shares as of 12/31/2024 inclusive of unvested awards (in $ millions, except per share data) 12/31/2024 FMV of Owned Helicopters $ 1,540 NBV of Other PP&E 413 Working Capital 312 Other Assets, Net 131 Total Debt (690) Deferred Taxes, Net (14) Net Asset Value $ 1,692 Diluted Share Count 29.6 NAV per Share (excl. Leased Helicopters) $57.26 Current Price % (Disc) / Prem Current Share Price (2/25/2025) $35.47 (38.1%)

23 Adjusted EBITDA Reconciliation (2) Other special items include (i) professional service fees related to an unusual litigation proceeding and (ii) other nonrecurring costs related to strategic activities. Three Months Ended Year Ended (1) Special items include the following: December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 PBH amortization $ 3,727 $ 3,723 $ 3,725 $ 3,726 $ 14,901 $ 14,980 Merger and integration costs — — — — — 2,201 Gain on insurance claim (4,451) — — — (4,451) — Non-cash insurance adjustment — — — — — 3,977 Other special items(2) 1,320 2,835 2,914 1,346 8,415 9,722 $ 596 $ 6,558 $ 6,639 $ 5,072 $ 18,865 $ 30,880 Three Months Ended Year Ended ($000s) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Net income (loss) $ 31,768 $ 28,279 $ 28,191 $ 6,632 $ 94,870 $ (6,920) Depreciation and amortization expense 16,701 17,569 16,848 17,169 68,287 70,606 Interest expense, net 9,064 9,660 9,385 9,472 37,581 41,417 Income tax expense (benefit) (12,952) 8,392 9,245 2,508 7,193 24,932 EBITDA $ 44,581 $ 63,900 $ 63,669 $ 35,781 $ 207,931 $ 130,035 (Gains) losses on disposal of assets 82 626 224 113 1,045 (1,112) Foreign exchange (gains) losses 12,581 (10,904) 749 6,499 8,925 10,701 Special items 596 6,558 6,639 5,072 18,865 30,880 Adjusted EBITDA $ 57,840 $ 60,180 $ 71,281 $ 47,465 $ 236,766 $ 170,504

24 Revenues and Flight Hours by Segment Three Months Ended Year Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Revenues ($000s) Offshore Energy Services: Europe $ 105,686 $ 108,263 $ 106,701 $ 107,089 $ 427,739 $ 398,059 Americas 89,651 92,331 97,782 88,555 368,319 332,259 Africa(1) 44,827 45,718 45,210 34,251 170,006 122,638 Total Offshore Energy Services $ 240,164 $ 246,312 $ 249,693 $ 229,895 $ 966,064 $ 852,956 Government Services 82,558 85,346 79,578 82,172 329,654 337,280 Other Services 30,804 33,464 30,478 25,027 119,773 107,193 $ 353,526 $ 365,122 $ 359,749 $ 337,094 $ 1,415,491 $ 1,297,429 Three Months Ended Year Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Flight hours by segment Offshore Energy Services: Europe 9,395 9,575 9,826 9,488 38,284 42,025 Americas 10,505 11,002 11,028 10,048 42,583 36,677 Africa 4,239 4,430 4,594 3,683 16,946 13,656 Total Offshore Energy Services 24,139 25,007 25,448 23,219 97,813 92,358 Government Services 4,242 5,201 4,875 4,493 18,811 18,661 Other Services 3,585 3,569 3,390 3,138 13,682 11,069 31,966 33,777 33,713 30,850 130,306 228,646 (1) Includes revenues of approximately $12.7 million and $10.8 million for the twelve months ended December 31, 2024, and 2023, respectively, related to revenues in Africa that were previously classified in Other Services.

25 Adjusted Operating Income Reconciliation  2024 Government Services margins were adversely impacted by: i. Start-up costs for new Government Services contracts; ii. Supply chain challenges limiting aircraft availability iii. Adverse foreign exchange impacts; and Year Ended December 31, 2024 2023 2022 Offshore Energy Services: Operating income 132,165 45,613 11,500 Depreciation and amortization expense 28,404 30,783 33,353 PBH amortization 12,230 12,377 12,017 Offshore Energy Services Adjusted Operating Income $ 172,799 $ 88,773 $ 56,870 Government Services: Operating income $ 21,070 $ 29,610 $ 38,889 Depreciation and amortization expense 27,694 29,101 24,997 PBH amortization 2,002 1,940 864 Government Services Adjusted Operating Income $ 50,766 $ 60,651 $ 64,750 Other Services: Operating income $ 13,747 $ 15,398 $ 2,243 Depreciation and amortization expense 11,370 9,768 7,631 PBH amortization 669 663 410 Other Services Adjusted Operating Income $ 25,786 $ 25,829 $ 10,284 Total Segments Adjusted Operating Income $ 249,351 $ 175,253 $ 131,904 Corporate: Operating loss $ (34,374) $ (29,870) $ (26,633) Depreciation and amortization expense 819 954 525 Losses (gains) on disposal of assets 1,045 (1,112) 521 Corporate Adjusted Operating Loss $ (32,510) $ (30,028) $ (25,587) Consolidated Adjusted Operating Income $ 216,841 $ 145,225 $ 106,317

26 Adjusted Free Cash Flow Reconciliation (1) Other special items include (i) professional service fees related to an unusual litigation proceeding and (ii) other nonrecurring costs related to strategic activities. Three Months Ended Year Ended ($000s) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Net cash provided by operating activities $ 51,054 $ 66,022 $ 33,665 $ 26,679 $ 177,420 $ 32,037 Less: Maintenance capital expenditures (2,739) (8,041) (2,215) (4,949) (17,944) (14,418) Free Cash Flow $ 48,315 $ 57,981 $ 31,450 $ 21,730 $ 159,476 $ 17,619 Plus: Merger and integration costs — — — — — 2,118 Plus: Other special items(1) (2,580) 1,539 1,881 595 1,435 8,037 Adjusted Free Cash Flow $ 45,735 $ 59,520 $ 33,331 $ 22,325 $ 160,911 $ 27,774


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☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Exhibit No.			Description
99.1			Press Release of Bristow Group Inc.
99.2			Presentation Slides
104			Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.


Exhibit No.			Description
99.1			Press Release of Bristow Group Inc.
99.2			Presentation Slides
104			Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.


Bristow Group Inc.
(Exact Name of Registrant as Specified in Its Charter)


Registrant’s telephone number, including area code						(713)			267-7600