Bristow Group Inc. provides aviation services to integrated, national, and independent offshore energy companies in the United States. It also offers commercial and public sector search and rescue services; and other ad hoc helicopter and fixed wing transportation services. As of March 31, 2021, the company had a fleet of 247 aircraft. It also has operations in Australia, Brazil, Canada, Chile, Colombia, Guyana, India, Mexico, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom. The company was founded 1948 and is headquartered in Houston, Texas.
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Here are 1-2 brief analogies for Bristow (VTOL):
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Here are the major services provided by Bristow (VTOL):
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Offshore Energy Transportation: Provides helicopter transport services for personnel and equipment to offshore oil and gas platforms, wind farms, and other marine installations globally.
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Search and Rescue (SAR): Offers critical life-saving emergency services, including medical evacuations and maritime rescue, often under contract for governments and private entities.
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Government Services: Supplies helicopter support for military, law enforcement, and other governmental operations, including training, surveillance, and personnel transport.
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Fixed-Wing Solutions: Delivers specialized fixed-wing aircraft services for various missions, complementing their core rotary-wing operations.
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Aircraft Maintenance and Support: Provides comprehensive maintenance, repair, and overhaul (MRO) services for their own fleet and third-party aircraft.
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Bristow Group Inc. (symbol: VTOL) primarily sells its industrial aviation services to other companies and government entities.
The company serves a broad base of major offshore energy companies and various governmental agencies worldwide. While no single customer consistently accounts for a dominant portion of its revenue, the following are examples of major customer companies or types of companies it serves in the offshore energy sector:
- Shell plc (SHEL)
- BP p.l.c. (BP)
- Exxon Mobil Corporation (XOM)
- Chevron Corporation (CVX)
- TotalEnergies SE (TTE)
- Equinor ASA (EQNR)
In addition to these major integrated oil and gas companies, Bristow also counts various national governments and government agencies as key customers. These entities contract Bristow for critical services such as search and rescue (SAR), which are essential for public safety and national operations. Examples include the UK Maritime and Coastguard Agency and the Norwegian Ministry of Justice and Public Security, which are not public companies with stock symbols.
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- Lockheed Martin (LMT)
- Leonardo S.p.A. (LDO.MI)
- Airbus SE (AIR)
- Textron Inc. (TXT)
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Christopher Bradshaw, President and Chief Executive Officer
Christopher Bradshaw has served as President and Chief Executive Officer of Bristow Group Inc., and formerly Era Group Inc., since 2014. He also served as Chief Financial Officer of Era Group Inc. from October 2012 to September 2015. From 2009 until 2012, Mr. Bradshaw co-founded U.S. Capital Advisors LLC, an independent financial advisory firm, where he served as Managing Partner and Chief Financial Officer. Prior to co-founding U.S. Capital Advisors LLC, he was an energy investment banker at UBS Securities LLC, Morgan Stanley & Co., and PaineWebber Incorporated.
Jennifer Whalen, Senior Vice President, Chief Financial Officer
Jennifer Whalen was appointed Senior Vice President, Chief Financial Officer for Bristow Group Inc. in June 2020. She previously served as Senior Vice President, Chief Financial Officer for Era Group Inc. since February 2018. Ms. Whalen also held the position of Vice President and Chief Accounting Officer for Era Group Inc. from August 2013, and joined the company as Controller in April 2012. Before joining Era, she served in various capacities at nLIGHT Photonics Corporation, including Director of Accounting, and as Manager of Accounting at InFocus Corporation. She began her career in public accounting in the assurance practice group at PricewaterhouseCoopers.
Alan Corbett, Chief Operating Officer, Government Services
Alan Corbett was appointed as Chief Operating Officer for Government Services in February 2023. In this role, he is responsible for overseeing all of Bristow's Government Services activity, including existing operations, new business, and emerging markets for areas such as Search and Rescue (SAR). He previously served as Senior Vice President for Europe, Africa, Middle East, Asia (EAMEA) and Search and Rescue from June 2020 to February 2023.
Stuart Stavley, Chief Operating Officer, Offshore Energy Services
Stuart Stavley was appointed as Chief Operating Officer for Energy Services in February 2023. In this role, he has oversight of Bristow's oil and gas operations globally, as well as operational shared services including Safety, Standards, Supply Chain, and Fleet Management functions. He previously served as Senior Vice President, Operations and Fleet Management from June 2020 to February 2023, and held a similar role for Era Group Inc. prior to that.
David Stepanek, Executive Vice President, Chief Transformation Officer
David Stepanek became Bristow's Executive Vice President, Chief Transformation Officer in February 2023, leading the company's transformation by introducing Advanced Air Mobility (AAM) aircraft and expanding Bristow's core business into new regions. He previously served as Executive Vice President, Sales and Chief Transformation Officer from April 2021 to February 2023 and as Executive Vice President, Chief Operating Officer from June 2020 until March 2021. Mr. Stepanek joined Era in January 2020 as Senior Vice President, Business Development.
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The clear emerging threat for Bristow (VTOL) is the rapid development and impending commercialization of Electric Vertical Take-off and Landing (eVTOL) aircraft.
Numerous well-funded companies are progressing quickly through the development and certification phases for eVTOLs, with some targeting initial commercial operations within the next few years. These aircraft promise significant advantages over traditional helicopters, including lower operating costs (due to electric propulsion and fewer complex components), reduced noise, and zero direct emissions. While initial applications may focus on urban air mobility, the underlying technology has the potential to disrupt and replace a range of short-to-medium haul passenger and cargo missions currently served by conventional helicopters, particularly as Bristow's primary customers in the offshore energy sector and government agencies face increasing pressure to adopt more sustainable and cost-effective transport solutions.
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Bristow Group Inc. (VTOL) operates primarily in two major addressable markets globally: Offshore Energy Services and Search and Rescue (SAR) Services.
Offshore Energy Services: The global offshore helicopter services market, which includes transportation for offshore oil and gas and offshore wind industries, was valued at approximately USD 6.17 billion in 2025 and is projected to reach USD 10.44 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.8% from 2025 to 2033. Another estimate valued this market at USD 3.27 billion in 2024, with a projected growth to USD 5.24 billion by 2032, at a CAGR of 6.1% during the forecast period (2025-2032). This market plays a crucial role in supporting offshore industries by transporting personnel, equipment, and supplies to remote offshore locations, including oil and gas exploration and offshore wind energy installations.
Search and Rescue (SAR) Services: The global search and rescue helicopter market size is valued at USD 2.90 billion in 2025 and is projected to reach USD 4.18 billion by 2033, growing at a CAGR of 4.68% from 2025 to 2033. This market is driven by increasing demand for rapid emergency response, disaster relief, and defense operations. Civilian search and rescue (SAR) helicopters are critical for various operations, including mountain rescues, maritime rescues, and medical evacuations.
Other Services: For other services such as general government services (beyond the SAR component), fixed-wing transportation, unmanned aerial systems, aircraft dry-leasing, and helicopter maintenance, modification, or repair, specific addressable market sizes are not distinctly quantifiable from the available information. Therefore, the addressable market size for these products or services is null.
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Expected Drivers of Future Revenue Growth for Bristow (VTOL)
Over the next 2-3 years, Bristow (VTOL) is expected to drive revenue growth through several key areas:
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Expansion and Ramp-up of Government Services Contracts: Bristow is actively investing in and seeing increased revenue from its government services segment, particularly in search and rescue (SAR) operations. The company has been funding significant capital investments for new government services contracts, and the ramp-up of these contracts is considered a near-term catalyst for revenue growth.
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Increased Utilization and Demand in Offshore Energy Services: Despite some quarterly fluctuations, positive demand trends and a tight supply of offshore helicopters are expected to support significant improvements in Bristow's offshore energy services. Specifically, the offshore market in Brazil and Africa has been highlighted for its potential. Increased utilization and higher rates across various segments also contributed to revenue growth in 2024.
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Growth in Advanced Air Mobility (AAM) and New Vertical Flight Solutions (eVTOL): Bristow is positioning itself as a leader in innovative and sustainable vertical flight solutions. The company has announced "Test Arena Operations" in Norway with an all-electric ALIA aircraft and a partnership with Vertical to deliver "Ready-to-Fly" eVTOL operations for VX4 customers. These initiatives suggest an anticipated revenue stream from the emerging eVTOL market.
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Share Repurchases
- Bristow's Board of Directors approved a new $125 million share repurchase program in February 2025, replacing a prior $40 million program that was approved in 2022.
- The company repurchased 119,841 shares at an average price of $32.41 in Q2 2025.
- Approximately $3.95 million worth of shares have been bought back since February 2025.
Share Issuance
- Bristow Group Inc. filed an omnibus shelf registration on October 23, 2025, which allows for the potential future issuance of common stock, preferred stock, debt securities, warrants, depositary shares, share purchase contracts, and units, providing flexibility for capital raising.
- In April 2025, the company's Board approved an amendment to the 2021 Equity Incentive Plan to increase the number of shares that may be issued thereunder from 2,785,000 shares to 3,385,000 shares, subject to stockholder approval.
Outbound Investments
- In June 2025, Bristow expanded a partnership with Vertical Aerospace to develop an electric VTOL (eVTOL) operations platform and placed a preorder for up to 50 VX4 aircraft, with an option to purchase up to an additional 50.
- In June 2024, Bristow entered into a term-loan facility for an aggregate amount of up to 100 million euros to support its capital investment in preparation for its Search and Rescue (SAR) contract in Ireland, specifically for the acquisition of five new AgustaWestland AW189 helicopters.
Capital Expenditures
- Purchases of property and equipment were $83.5 million in Q4 2024 and $57.0 million in Q3 2024.
- For the first nine months of 2025, capital expenditures totaled $112.9 million, partly offset by $52.7 million of asset sale proceeds.
- The primary focus of capital expenditures has been on government contracts, specifically for the U.K. and Irish Coast Guard (IRCG) Search and Rescue (SAR) contracts, with 84% of the needed capital investments funded as of December 2024. The remaining investment was expected to largely conclude in the first half of 2025.
