Bristow Group Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $1.415 billion, a 9.1% increase from $1.297 billion in the previous year. The company achieved a net income of $94.8 million, a substantial recovery from a net loss of $6.9 million in 2023. This turnaround was primarily driven by a 13.3% increase in revenues from its Offshore Energy Services segment, which generated $966.1 million, and a notable improvement in operating income, which rose to $132.6 million from $60.8 million in the prior year.
The company experienced operational changes, including a strategic reorganization into three segments: Offshore Energy Services, Government Services, and Other Services. This restructuring was prompted by the expansion of government contracts and aimed at enhancing management responsibility and customer focus. The Government Services segment saw a slight decline in revenues to $329.7 million, while Other Services increased to $119.8 million, reflecting a growing demand for fixed-wing transportation services.
Bristow's operational metrics showed positive trends, with total flight hours increasing by 6.7% to 130,306 hours. The company also expanded its geographic footprint, operating in 18 countries, including new bases in Brazil to meet customer needs. As of December 31, 2024, Bristow employed 3,447 individuals, including 899 pilots and 912 engineers, indicating a stable workforce to support its operations.
Looking ahead, Bristow Group has outlined a capital allocation strategy focused on maintaining a strong balance sheet, pursuing growth opportunities, and initiating a quarterly dividend program starting in 2026. The company aims to reduce its gross debt to approximately $500 million by the end of 2026. Despite facing challenges such as supply chain disruptions and currency fluctuations, Bristow remains optimistic about its growth trajectory, particularly in the offshore energy sector, which is expected to benefit from increased activity and demand for helicopter services in the coming years.
About Bristow Group Inc.
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