Story ID: 
Bristow Narrows Annual Loss
By: Mark Huber
Caption: Bristow Group reported a net loss of $15.8 million on $1.1 billion in revenues for the 2022 fiscal year.
Word Count: 221
Helicopter operator Bristow Group reported a net loss of $15.8 million for the 2022 fiscal year ended March 31 on operating revenues of $1.1 billion. This compares with a net loss of $56.1 million on operating revenues of $1.1 billion for fiscal year 2021. 

Operating revenues from oil and gas services were $20.3 million lower in the fiscal year 2022 due to lower utilization in Africa and Europe, which was partially offset by the full-year benefit of the merger with Era Group and higher utilization in the Americas, the company said. Government services operating revenues were $20.7 million higher primarily due to the strengthening of the British pound sterling relative to the U.S. dollar, the benefit of the merger, and higher utilization; while revenues from fixed-wing services were $11.6 million mainly as a result of higher utilization. Revenues from other services were $12 million lower primarily due to the end of oil and gas services in Australia and lower parts sales.

Expenses were $21.7 million higher during the 2022 fiscal year due to higher fuel expenses, repairs and maintenance, and insurance costs. 

Bristow is continuing its strategy of attempting to offset lower energy services revenues with increased government contracts beyond the U.S. and the UK to new jurisdictions including the Netherlands, the Dutch Caribbean, and the Falkland Islands, according to Chris Bradshaw, president and CEO.