Helicopter operator Bristow Group is hovering closer to profitability, posted a narrowing loss on slightly improved revenues in the second quarter against a backdrop of higher fuel and maintenance costs. For the quarter, Bristow lost $14.2 million on operating revenues of $288.4 million, compared with a loss of $42.6 million on operating revenues of $281.5 million in the preceding quarter.
Second-quarter revenues increased increased from the same period a year ago by $26.8 million. Liquidity remained a healthy $298.8 million, with $244.7 of that in unrestricted cash. The company gained $10.6 million from the disposal of property that included two Sikorsky S-76Ds and a Bell 212.
Revenues increased across Bristow’s various business units in diverse locales: energy service revenues increased by $4 million primarily due to higher European activity, those for government services jumped by $3.4 million, and revenues from the company’s fixed-wing division climbed by $2.6 million, largely due to activities in Australia. However, energy revenues from Africa dropped by $15.3 million due to contract non-renewals and lower aircraft utilization, but this was partially offset by a revenue increase of $18.1 million in the Americas, resulting from Bristow’s merger with Era last year.