Offshore helicopter service companies Bristow and Era completed their merger late last week. The new company will be known as Bristow and publicly traded as VTOL on the New York Stock Exchange (NYSE). Legacy Bristow shareholders now own 77 percent of the equity of the new company, while legacy Era shareholders own 23 percent.
The new Bristow company will be headquartered in Houston, have an estimated cash balance of $250 million, and operate more than 300 helicopters including the world’s largest fleets of Sikorsky S-92 and Leonardo AW139 and AW189 helicopters. The fleet will be over 80 percent company-owned.
Former Era CEO Chris Bradshaw will serve as CEO. Combining the companies is estimated to produce $35 million annually in cost-saving synergies. Bristow now has extensive operations in the Americas, Nigeria, Norway, the UK, and Australia, with revenues from offshore oil and gas transportation, as well as search and rescue and aircraft support services to government and civil organizations.
“The combination brings long-overdue consolidation in the industry, better prepares us to navigate today’s market challenges, and ensures we remain the global leader in helicopter services with an outstanding culture focused on safety and providing excellent service to our valued customers,” said Bradshaw.