On Thursday, Bristow Group released its latest results for the quarter ending December 31, reporting a $21.9 million loss on revenues of $324.35 million, compared with a $3.2 million profit on revenues of $395 million from the year-ago period. For the nine months ended December 31, Bristow's net loss was $92.5 million on revenues of $1.024 billion versus a loss of $47.18 million on revenues of $1.254 billion from the same period in 2015.
Bristow CEO Jonathan Baliff said the results "exceeded our internal expectations," but conceded that the company's oil-and-gas business "continues to operate along the economic bottom" in a "dynamic and prolonged downturn." He said the company is minimizing the impact through a combination of reduced capital expenditures and aggressive cost cutting.
On this note, he said that Bristow had secured or is in the process of securing $630 million in new financing commitments to maintain the company's liquidity and financial flexibility. The group of lenders includes Lombard North Central ($200 million), Macquarie Bank Limited ($230 million), and GE Capital Aviation Services/Milestone Aviation Group ($200 million).