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HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group

Bristow Group · Mar 23, 2014 · 38 slides

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Slides

  1. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 1
    Howard Weil 42nd Annual Energy Conference Bristow Group Inc. March 23 - 27, 2014
  2. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 2
    Bristow is the leading provider of helicopter services and is a unique investment in oil field services Ticker: BRS; stock price* of Bristow flies crews for oil and gas 73.58/share with a market cap* companies and provides search 2.7…
  3. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 3
    TARGET ZERO, our industry leading safety program, creates differentiation and client loyalty Safety is our primary core value Bristows Target Zero program is now the leading example emulated industry-wide Safety performance accounts…
  4. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 4
    Bristow services are utilized in every phase of offshore oil and gas growth, especially production Largest share of revenues (60%) relates to Typical revenues by segment oil and gas production, providing stability and Other 10% growth…
  5. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 5
    Bristows contract structure generates predictable income and cash flow Significant Two-tiered operating leverage contract structure includes both: Fixed monthly standing charge to reserve helicopter capacity Variable fees based on…
  6. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 6
    Our value proposition will continue to be based on secular growth, financial safety and balanced return Investment: FY 2012 - 2016 Long term value for our shareholders 2. Prudent balance sheet management with ample liquidity…
  7. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 7
    Financial highlights YTD: Adjusted EPS and adjusted EBITDAR summary YTD FY13 to YTD FY14 adjusted EPS bridge 0.11 0.10 0.33 2.77 3.11 YTD FY13 Operations Corporate and Other FX Changes YTD FY14 YTD FY13 to YTD FY14…
  8. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 8
    CHANGE: Bristow Helicopters is making an investment in Eastern Airways, a UK regional fixed-wing oil and gas focused transport company Bristow Helicopters Limited (Bristow Helicopters) purchased a 60% interest in the privately owned…
  9. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 9
    Eastern Airways provides scale, stability and positive financial impact (with less capital) for EBU Bristow Helicopters and Eastern Airways are culturally aligned with shared core values of safety, quality and service Bristow…
  10. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 10
    Opportunity tracker FY15-FY19: 558 Bristow a/c growth opportunities identified 86 15 86 15 44 Europe Russia North America 23 14 10 8 61 9 87 Southeast Asia East Africa & 43 Gulf of Guinea Middle East 35 14 South…
  11. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 11
    We manage our opportunities through the purchase of 104 a/c options and committed orders Bristow uses specific opportunities to create 558 aircraft opportunities identified our order book Opportunities are condensed to 185 298…
  12. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 12
    Our TSR has been highly correlated to year-over- year improvement in Bristow Value Added (BVA) . . . Overall, BVA shows a much Bristow BVA vs. Bristow TSR 80% stronger correlation to 40 36.0 market trading values and 60% therefore…
  13. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 13
    . . .with Bristows three year total shareholder return (TSR) over 90% since adopting BVA 224 216 208 200 96.1% 192 184 176 67.6% 168 67.3% 160 152 53.2% 144 136 38.0% 128 29.3% 120 112 104 96 88 80 72 11/01/10…
  14. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 14
    . . . and strong cash generation for a balanced return as demonstrated in the past several years. . . FY12 quarterly dividend initiated at 0.15/share Dividend increased by 33% to 0.20/share in June Regular 2012 quarter and increased by…
  15. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 15
    with FY14 guidance reaffirmed FY14 adjusted EPS guidance reaffirmed on February 7, 2014 to 4.25 - 4.55, excluding special items and a/c sales. Other specific items include: FY14 guidance Average LACE 160 - 164 Interest expense 30…
  16. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 16
    Conclusions Safety continues to be our 1 core value as we strive to achieve Target Zero and participate in industry efforts to share best practices. Bristow believes the UK CAA CAP1145 safety mandate will make the helicopter industry…
  17. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 17
    Appendix 18
  18. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 18
    Organizational chart - as of December 31, 2013 Bristow NABU EBU WASBU AUSBU OIBU BRS Academy 16% 41% 21% 10% 8% 4%* U.S. GoM 65/7 UK 45/6 Nigeria 46/6 Australia 25/10 Mexico 5/6 Florida 56/1 Alaska 14/2 Norway 18/4 Brazil…
  19. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 19
    Aircraft Fleet medium and large as of December 31, 2013 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large capacity 16-25 passengers Large Helicopters AS332 L Super Puma 18 Twin Turbine 19 - 19 - AW189 16 Twin Turbine -…
  20. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 20
    Aircraft Fleet small, training and fixed as of December 31, 2013 (continued) Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Small capacity 4-7 passengers Small Helicopters AS350BB 4 Turbine - 2 2 - Bell 206B 4 Turbine…
  21. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 21
    Operating lease strategy: lowering the cost and amount of capital needed to grow Leased aircraft as of December 31, 2013 Small Medium Large Total Leased LACE Total LACE % Leased EBU - 1 21 22 22 59 37% WASBU - 1 1 2 2 22 7% NABU 4…
  22. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 22
    Consolidated fleet changes and aircraft sales for Q3 FY14 Fleet changes Q1 FY14 Q2 FY14 Q3 FY14 YTD Held for sale aircraft in consolidated fleet Fleet Count Beginning 351 353 350 351 Small Medium Large Training Total Delivered EBU…
  23. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 23
    Operating revenue, LACE and LACE rate by BU Operating Revenue, LACE, and LACE rate by BU as of December 31, 2013 Op revenue1 LACE LACE rate2,3 EBU 452 59 10.30 WASBU 231 22 14.17 NABU 174 34 6.75 AUSBU 108 20 7.21 OIBU 95 28…
  24. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 24
    Historical LACE by BU LACE FY10 FY11 FY12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBU 45 45 45 42 42 43 48 46 44 46 46 45 WASBU 23 23 24 25 24 24 21 22 23 22 22 22 NABU 39 36 36 36 39 35 34 29 30 29 30 30 AUSBU 20 20 22 22 20 23 24…
  25. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 25
    Historical LACE rate by BU LACE rate1,2 FY10 FY11 FY12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBU 8.36 8.28 8.40 8.76 8.20 8.50 7.90 8.40 9.80 9.60 9.63 10.09 WASBU 9.08 8.81 8.66 8.34 9.70 9.40 10.70 9.90 9.10 10.30 11.17 11.46 NABU…
  26. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 26
    Order and options book as of December 31, 2013 ORDER BOOK1 OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 1 Medium March 2014 OIBU 1 of 1 2 Medium March 2015 1 Medium March 2014 NABU 1…
  27. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 27
    Order and options book as of December 31, 2013 (continued) UK SAR CONFIGURED ORDER BOOK Helicopter Class Delivery Date Location Contracted 1 Large June 2014 EBU 1 of 1 3 Large September 2014 EBU 3 of 3 2 Large December 2014 EBU 2 of…
  28. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 28
    Adjusted EBITDAR margin* trend FY11 FY12 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 29.8% 31.5% 34.6% 34.4% 32.7% 33.0% 31.4% 30.7% 36.1% 32.9% WASBU 33.7% 36.9% 35.8% 34.3% 35.2% 29.5% 35.5% 37.2% 36.6% 35.0% NABU 20.8%…
  29. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 29
    Adjusted EBITDAR* reconciliation Fiscal year ended, 3/31/2011 3/31/2012 ( in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Net income 20.9 38.8 42.3 31.2 133.3 21.2 3.0 26.5 14.6 65.2 Income tax expense 8.5 3.3 -11.8 7.1…
  30. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 30
    Bristow stock price reflects improved operational performance and increasing shareholder returns 80.00 76.47 75.00 70.00 67.71 65.00 60.00 55.00 50.00 47.90 45.00 40.00 35.00 Mar-11 Jun-11 Sep-11 Dec-11…
  31. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 31
    Net asset fair market value (FMV) per share calculation as of December 31, 2013 (in millions) (+) FMV of a/c 1,949 (+) FMV of leased a/c 873 (+) NBV of PPE w/o a/c 540 (+) Working capital 481 (-) LT debt (833) (-) Leased imputed…
  32. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 32
    Bristow Value Added (BVA) Sample calculation for Q2 FY14 and Q2 FY13 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q2 FY14…
  33. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 33
    Bristow Value Added (BVA) Sample calculation for Q3 FY14 and Q3 FY13 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q3 FY14…
  34. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 34
    Gross cash flow reconciliation (in millions) Gross cash flow reconciliation Q2 FY13 Q3 FY13 Q2 FY14 Q3 FY14 Net Income 29.7 36.4 110.6 18.9 Depreciation and amortization 23.3 24.9 23.9 23.7 Interest expense 8.6 14.7 9.1 7.3…
  35. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 35
    Adjusted gross operating assets reconciliation (in millions) Adjusted gross operating assets reconciliation Q2 FY13 Q3 FY13 Q2 FY14 Q3 FY14 Total assets 2,785 3,051 3,166 3,277 Accumulated depreciation 464 480 518 530 Capitalized…
  36. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 36
    GAAP reconciliation Three Months Ended Nine Months Ended December 31, December 31, 2013 2012 2013 2012 (In thousands, except per share amounts) Adjusted operating income 49,056 66,724 165,293 160,000 Gain (loss) on disposal of…
  37. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 37
    Leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of December 31, 2013 841.6 1,762.9 2,604.5 32.3% Adjust for: Unfunded Pension Liability 125.0 125.0 NPV of Lease…
  38. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Bristow Group – slide 38
    Contact Us Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com 39

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