Bristow Group Reports Record Fiscal 2007 Fourth Quarter and Year-end Financial Results

Monitor this Company

HOUSTON, May 22 /-/ -- Bristow Group Inc. (NYSE: BRS) today reported record financial results for its fiscal 2007 fourth quarter and year ended March 31, 2007.

    Highlights include:

    For the fiscal year ended March 31, 2007:

    -- Bristow's results were the highest ever in the Company's history for

     revenue, operating income, net income and earnings per share;

    -- Total revenue of $897.9 million increased by 16.8 percent over the

     fiscal year ended March 31, 2006, due to increased flight hours,

     improved pricing and the addition of new aircraft;

    -- Operating income of $115.3 million increased by 56.2 percent over the

     fiscal year ended March 31, 2006, primarily due to increases in revenue

     and gains on sales of aircraft, partially offset by higher maintenance

     and salary expense;

    -- Net income of $74.2 million rose 28.3 percent versus net income for the

     fiscal year ended March 31, 2006;

    -- Diluted earnings per share increased 11.8 percent to $2.74 compared to

     the prior year. Diluted earnings per share for the fiscal year ended

     March 31, 2007 assumes the conversion of the Company's Mandatory

     Convertible Preferred Stock, which adds approximately 3.4 million

     shares to the weighted average diluted shares outstanding for fiscal

     year 2007.

    For the quarter ended March 31, 2007:

    -- Bristow achieved record quarterly revenue of $228.7 million, an

     increase of 13.6 percent over the fourth quarter of fiscal year 2006.

     Revenue gains occurred in most of our business units, driven by a

     favorable change in mix of aircraft operating, improved pricing and the

     addition of new aircraft;

    -- Operating income of $32.4 million increased by 71.2 percent over the

     fourth quarter of fiscal year 2006, primarily due to increases in

     revenue and gains on sales of aircraft, partially offset by higher

     maintenance and salary expense;

    -- Net income of $27.4 million increased 54.0 percent versus net income

     for the fourth quarter of fiscal year 2006;

    -- Diluted earnings per share increased 21.3 percent to $0.91 compared to

     the fourth quarter of fiscal year 2006, primarily due to the higher

     level of operating income. Diluted earnings per share for the fourth

     quarter of fiscal year 2007 assumes the conversion of the Company's

     Mandatory Convertible Preferred Stock, which adds approximately

     6.5 million shares to the weighted average diluted shares calculation

     for the fourth quarter of fiscal year 2007.

    Capital and Liquidity:

    -- The March 31, 2007 consolidated balance sheet reflects $871.7 million

     in stockholders' investment and $259.1 million of indebtedness, or

     22.9 percent leverage;

    -- We had $184.2 million in cash and an undrawn $100 million revolving

     credit facility;

    -- We generated $104.4 million in cash from operations and spent

     $304.8 million on capital expenditures, primarily for aircraft, during

     the fiscal year ended March 31, 2007;

    -- Aircraft purchase commitments totaled $331.6 million, with options

     totaling $739.7 million as of March 31, 2007.

    William E. Chiles, president and chief executive officer of Bristow Group Inc., said, "We are very pleased with our latest fiscal year and quarterly results. This record performance is the result of our strategic efforts over the past year to improve our position, take advantage of expanding business opportunities and to improve our financial performance. I am further encouraged that the Company is still at an early stage of our growth plans, which call for an expansion of our fleet capacity as well as improvements in margins and operating efficiencies. Based on continued robust demand for our services and the limited supply of aircraft, we ordered additional large aircraft during the fourth quarter of fiscal year 2007. We expect to realize the earnings power of our investments in these and other new aircraft throughout fiscal 2008 and 2009, as we place these new aircraft into service."

    CONFERENCE CALL

    Management will conduct a conference call starting at 10:00 a.m. EDT (9:00 a.m. CDT) on Wednesday, May 23, 2007, to review financial results for the fiscal quarter and year ended March 31, 2007. The conference call can be accessed as follows:

    Via Webcast:

    -- Visit Bristow Group's investor relations Web page at

     http://www.bristowgroup.com

    -- Live: Click on the link for "Q4 2007 Bristow Group Inc. Earnings

     Conference Call"

    -- Replay: A replay via webcast will be available approximately one hour

     after the call's completion

    Via Telephone within the U.S.:

    -- Live: Dial toll free (800) 218-0204

    -- Replay: A telephone replay will be available through June 6, 2007, by

     dialing toll free (800) 405-2236, passcode: 11089243

    Via Telephone outside the U.S.:

    -- Live: Dial (303) 262-2130

    -- Replay: A telephone replay will be available through June 6, 2007 by

     dialing (303) 590-3000, passcode: 11089243

    ABOUT BRISTOW GROUP INC.

    Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. The Company's common stock trades on the New York Stock Exchange under the symbol BRS. For more information, visit the Company's website at http://www.bristowgroup.com.

    FORWARD-LOOKING STATEMENTS DISCLOSURE

    Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding customer demand, future results, the addition of new aircraft to our fleet, future investments and earnings power of aircraft. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's annual report on Form 10-K for the fiscal year ended March 31, 2007. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.

     (financial tables follow)

     BRISTOW GROUP INC. AND SUBSIDIARIES

     CONSOLIDATED STATEMENTS OF INCOME

     (In thousands, except per share amounts)

     Three Months Ended Twelve Months Ended

     March 31, March 31,

     -------------------- --------------------

     2007 2006 2007 2006

     -------- -------- -------- --------

     (Unaudited)

    Gross revenue:

     Operating revenue

     from non-affiliates $189,316 $170,591 $753,744 $636,887

     Operating revenue

     from affiliates 13,759 9,604 48,170 51,832

     Reimbursable revenue

     from non-affiliates 23,136 19,770 90,020 75,861

     Reimbursable revenue

     from affiliates 2,537 1,366 5,927 4,360

     -------- -------- -------- --------

     228,748 201,331 897,861 768,940

     -------- -------- -------- --------

    Operating expenses:

     Direct cost 147,971 137,336 586,506 512,518

     Reimbursable expense 25,420 20,411 94,685 78,525

     Depreciation and

     amortization 10,563 10,096 42,643 42,256

     General and

     administrative 17,302 15,943 69,342 61,948

     Gain on disposal

     of assets (4,911) (1,378) (10,618) (102)

     -------- -------- -------- --------

     196,345 182,408 782,558 695,145

     -------- -------- -------- --------

     Operating income 32,403 18,923 115,303 73,795

    Earnings from

     unconsolidated

     affiliates, net of

     losses 6,030 4,988 11,423 6,758

    Interest income 2,750 1,280 8,950 4,159

    Interest expense (2,294) (3,401) (10,940) (14,689)

    Other income

    (expense), net 2,320 304 (8,998) 4,612

     -------- -------- -------- --------

     Income before

     provision for

     income taxes and

     minority interest 41,209 22,094 115,738 74,635

    Provision for income

     taxes (13,642) (4,154) (40,366) (16,607)

    Minority interest (150) (135) (1,200) (219)

     -------- -------- -------- --------

     Net income 27,417 17,805 74,172 57,809

     Preferred stock

     dividends (3,162) -- (6,633) --

     -------- -------- -------- --------

     Net income available

     to common

     stockholders $24,255 $17,805 $67,539 $57,809

     -------- -------- -------- --------

    Earnings per common share:

     Basic $1.03 $0.76 $2.87 $2.48

     -------- -------- -------- --------

     Diluted $0.91 $0.75 $2.74 $2.45

     -------- -------- -------- --------

    Weighted average

     common shares

     outstanding:

     Basic 23,560 23,361 23,496 23,341

     -------- -------- -------- --------

     Diluted 30,179 23,594 27,055 23,604

     -------- -------- -------- --------

     BRISTOW GROUP INC. AND SUBSIDIARIES

     CONSOLIDATED BALANCE SHEETS

     (In thousands)

     March 31, March 31,

     2007 2006

     --------- ---------

     ASSETS

    Current assets:

     Cash and cash equivalents $184,188 $122,482

     Accounts receivable from non-affiliates,

     net of allowance for doubtful

     accounts of $2.0 million and $4.6

     million, respectively 158,770 144,521

     Accounts receivable from affiliates, net

     of allowance for doubtful accounts of

     $3.2 million and $4.6 million,

     respectively 17,199 15,884

     Inventories 157,870 147,860

     Prepaid expenses and other 17,947 16,519

     --------- ---------

     Total current assets 535,974 447,266

    Investments in unconsolidated affiliates 46,828 39,912

    Property and equipment - at cost

     Land and buildings 51,850 40,672

     Aircraft and equipment 1,141,578 838,314

     --------- ---------

     1,193,428 878,986

     Less: accumulated depreciation and

     amortization (301,520) (263,072)

     --------- ---------

     891,908 615,914

    Goodwill 20,368 26,837

    Prepaid pension costs -- 37,207

    Other assets 10,725 9,277

     --------- ---------

     $1,505,803 $1,176,413

     --------- ---------

     LIABILITIES AND STOCKHOLDERS' INVESTMENT

    Current liabilities:

     Accounts payable $42,343 $41,227

     Accrued wages, benefits and related taxes 38,281 45,958

     Income taxes payable 4,377 6,537

     Other accrued taxes 9,084 6,471

     Deferred revenues 16,283 9,994

     Accrued maintenance and repairs 12,309 10,865

     Other accrued liabilities 22,828 20,218

     Deferred taxes 17,611 5,025

     Short-term borrowings and current

     maturities of long-term debt 4,852 17,634

     --------- ---------

     Total current liabilities 167,968 163,929

    Long-term debt, less current maturities 254,230 247,662

    Accrued pension liabilities 113,069 136,521

    Other liabilities and deferred credits 17,345 18,016

    Deferred taxes 76,089 68,281

    Minority interest 5,445 4,307

    Commitments and contingencies

    Stockholders' investment:

     5.50% mandatory convertible preferred stock,

     $.01 par value, authorized and outstanding

     4,600,000 shares; entitled on liquidation

     to $230 million; net of offering costs of

     $7.4 million 222,554 --

     Common Stock, $0.01 par value, authorized

     35,000,000 shares; outstanding: 23,585,370

     shares as of March 31, 2007 and 23,385,473

     shares as of March 31, 2006 (exclusive of

     1,281,050 treasury shares) 236 234

     Additional paid-in capital 169,353 158,762

     Retained earnings 515,589 447,524

     Accumulated other comprehensive loss (36,075) (68,823)

     --------- ---------

     871,657 537,697

     --------- ---------

     $1,505,803 $1,176,413

     --------- ---------

     BRISTOW GROUP INC. AND SUBSIDIARIES

     CORPORATE ITEMS AFFECTING THE COMPARABILITY OF RESULTS

     (In thousands, except per share amounts)

     (Unaudited)

     Three Months Ended March 31,

     ----------------------------------------------------------

     2007 2006

     --------------------------- --------------------------

     Diluted Diluted

     Earnings Earnings

     Pre-tax Net Per Pre-tax Net Per

     Earnings Income Share Earnings Income Share

     ---------- ------- ------- ---------- ------- --------

    Investigations:

     SEC(1) $- $- $- $(284) $(185) $(0.01)

     DOJ(2) (380) (247) (0.01) (1,188) (772) (0.03)

    Brazilian

     joint

     venture(3) 2,450 1,593 0.05 - - -

    Resolution of

     tax

     contingencies(4) - 1,113 0.04 - 2,800 0.12

    Preferred

     Stock(5) 1,683 1,094 (0.21) - - -

     ------- ------ ------ ------- ------- -------

    Total $3,753 $3,553 $(0.13) $(1,472) $1,843 $0.08

     ------- ------ ------ ------- ------- -------

     Twelve Months Ended March 31,

     ----------------------------------------------------------

     2007 2006

     --------------------------- --------------------------

     Diluted Diluted

     Earnings Earnings

     Pre-tax Net Per Pre-tax Net Per

     Earnings Income Share Earnings Income Share

     ---------- ------- ------- ---------- ------- --------

    Investigations:

    SEC(1) $(3,109) $(2,021) $(0.07) $(10,492) $(6,820) $(0.29)

    DOJ(2) (1,923) (1,250) (0.05) (2,583) (1,679) (0.07)

    Acquisitions

     and

     divestitures:

     Brazilian

     joint

     venture(3) 2,450 1,593 0.06 (1,040) (676) (0.03)

     Expense of

     previously

     deferred

     acquisition

     costs(6) (1,889) (1,228) (0.05) - - -

     Turbo asset

     sale(7) 120 (2,424) (0.09) - - -

    Resolution of

     tax

     contingencies(4) - 3,413 0.13 - 11,400 0.48

    Foreign

     currency

     transaction

     gains

     (losses) (8) (9,763) (6,346) (0.23) 5,404 3,513 0.15

    Preferred

     Stock (5) 4,288 2,787 (0.30) - - -

     ------- ------ ------ ------- ------- -------

    Total $(9,826) $(5,476) $(0.60) $(8,711) $5,738 $0.24

     ------- ------ ------ ------- ------- -------

    (1) Represents costs incurred in conjunction with the SEC investigation

     regarding findings resulting from the internal review initiated by

     the Audit Committee of our board of directors in fiscal year 2005 of

     certain payments made by two of our affiliated entities in a foreign

     country. The costs incurred for the twelve months ended

     March 31, 2007, consist primarily of $3.0 million (pre-tax) recorded

     for costs and fees we currently expect to incur in connection with

     the resolution of the SEC investigation, a substantial portion of

     which relates to legal fees. There can be no assurance that these

     amounts currently recorded will be sufficient to resolve such matters

     or that such matters can ultimately be resolved until final action by

     the SEC. These costs are included in general & administrative costs

     in our consolidated statements of income.

    (2) Represents legal and other professional fees incurred in connection

     with a document subpoena received from the Antitrust Division of the

     DOJ in June 2005, which related to a grand jury investigation of

     potential antitrust violations among providers of helicopter

     transportation services in the U.S. Gulf of Mexico focusing on

     activities during the period from January 1, 2000 to June 13, 2005.

     These costs are included in general & administrative costs in our

     consolidated statements of income.

    (3) Represents a gain on the sale of our investment in a Brazilian joint

     venture in March 2007. We had previously recorded an impairment

     charge during the three months ended December 31, 2005 to reduce the

     recorded value of our 50 percent investment in this joint venture, as

     we expected at that time that our investment would not be

     recoverable. These amounts are included in other income (expense),

     net in our consolidated statements of income.

    (4) Represents the resolution of tax contingencies resulting from our

     evaluation of the need for certain tax reserves in light of the

     expiration of the related statutes of limitations in the applicable

     periods. These amounts represent a direct reduction in our provision

     for income taxes in our consolidated statements of income.

    (5) Represents the effect of the preferred stock offering completed in

     September and October 2006. The net income effect results from

     interest income earned on cash proceeds generated from the offering.

     Diluted earnings per share for the three and twelve months ended

     March 31, 2007 was reduced by the effect of the inclusion of weighted

     average shares resulting from the assumed conversion of the preferred

     stock at the conversion rate that results in the most dilution,

     partially offset by the impact of higher interest income.

    (6) Represents expense recorded in December 2006 for acquisition costs

     previously deferred in connection with an acquisition we were

     evaluating as we determined that the acquisition is no longer

     probable. This expense is included within other income (expense),

     net in our consolidated statements of income.

    (7) On November 30, 2006, we completed a sale of the assets of our

     aircraft engine overhaul business, Turbo, to Timken Alcor Aerospace

     Technologies, Inc. for approximately $14.6 million, including

     estimated post-closing adjustments. The sale was effective

     November 30, 2006 and resulted in a pre-tax gain of $0.1 million,

     which is included in gain on disposition of assets in our

     consolidated statements of income. However, the transaction resulted

     in additional tax expense of $2.5 million related to non-deductible

     goodwill recorded at the time we acquired Turbo in 2001.

    (8) Represents foreign currency transaction gains and losses resulting

     from changes in exchange rates during the applicable periods,

     primarily related to the British pound sterling. These gains and

     losses arose primarily from U.S. dollar-denominated transactions

     entered into by Bristow Aviation Holdings, Ltd., one of our

     consolidated subsidiaries (whose functional currency is the British

     pound sterling). The effects of these foreign currency transaction

     gains and losses were offset to a large extent by corresponding

     charges or benefits in the cumulative translation adjustment in

     stockholders' investment with no overall economic effect. These

     amounts are included in other income (expense), net in our

     consolidated statements of income.

     BRISTOW GROUP INC. AND SUBSIDIARIES

     SELECTED OPERATING DATA

     (In thousands, except flight hours and percentages)

    Beginning with our reporting for the three and twelve months ended March 31, 2007, we have made changes to the manner in which intercompany lease charges and depreciation are presented within our segments. Intercompany lease revenues and expenses have been eliminated from our segment reporting, and depreciation expense of aircraft is presented in the segment that operates the aircraft. Intercompany lease revenue was previously included in gross revenue for the segment leasing the aircraft to other segments with the related lease and operating expenses being included in the segment operating the aircraft during the period. Also, depreciation expense associated with aircraft was previously included within operating expense of the segment leasing the aircraft to other segments versus the segment operating the aircraft. Amounts presented for prior periods presented herein have been reclassified to conform to current period presentation. In addition to selected operating data for the three and twelve months ended March 31, 2007 and the same periods in the prior year, we have presented in the tables below selected operating data for the last eight quarters based on the new segment presentation.

     Three Months Ended Twelve Months Ended

     March 31, March 31,

     -------------------- -------------------

     2007 2006 2007 2006

     --------- -------- -------- --------

     (Unaudited)

    Flight hours (excludes

     unconsolidated affiliates)

     (Unaudited):

     Helicopter Services:

     North America 34,304 34,694 152,803 150,240

     South and Central America 9,528 9,271 38,417 38,469

     Europe 10,605 9,325 42,377 38,648

     West Africa 8,329 8,349 36,124 34,185

     Southeast Asia 3,340 3,275 12,668 12,119

     Other International 2,199 1,691 9,318 6,711

     --------- -------- -------- --------

     Consolidated total 68,305 66,605 291,707 280,372

     --------- -------- -------- --------

    Gross revenue:

     Helicopter Services:

     North America $56,311 $54,766 $239,978 $216,482

     South and Central America 13,498 12,407 52,820 42,869

     Europe 79,368 61,628 297,934 245,294

     West Africa 33,133 27,535 131,141 107,411

     Southeast Asia 20,557 16,883 73,404 61,168

     Other International 13,404 10,583 46,005 35,339

     EH Centralized Operations 3,468 4,052 13,896 10,749

     Intrasegment eliminations (3,563) (2,640) (12,058) (10,104)

     --------- -------- -------- --------

     Total Helicopter Services 216,176 185,214 843,120 709,208

     Production Management Services 14,216 18,006 64,814 68,170

     Corporate 500 653 475 693

     Intersegment eliminations (2,144) (2,542) (10,548) (9,131)

     --------- -------- -------- --------

     Consolidated total $228,748 $201,331 $897,861 $768,940

     --------- -------- -------- --------

    Operating income:

     Helicopter Services:

     North America $6,963 $2,736 $29,210 $30,717

     South and Central America 4,484 3,526 15,825 6,662

     Europe 15,642 14,689 52,819 48,692

     West Africa 5,779 1,462 18,798 11,981

     Southeast Asia 4,695 3,401 13,370 9,851

     Other International 2,380 3,669 9,309 9,062

     EH Centralized Operations (6,964) (8,922) (13,580) (25,012)

     --------- -------- -------- --------

     Total Helicopter Services 32,979 20,561 125,751 91,953

     Production Management Services 626 1,651 4,172 5,327

     Gain on disposal of assets 4,911 1,378 10,618 102

     Corporate (6,113) (4,667) (25,238) (23,587)

     --------- -------- -------- --------

     Consolidated total $32,403 $18,923 $115,303 $73,795

     --------- -------- -------- --------

    Operating margin (Unaudited):

     Helicopter Services:

     North America 12.4% 5.0% 12.2% 14.2%

     South and Central America 33.2% 28.4% 30.0% 15.5%

     Europe 19.7% 23.8% 17.7% 19.9%

     West Africa 17.4% 5.3% 14.3% 11.2%

     Southeast Asia 22.8% 20.1% 18.2% 16.1%

     Other International 17.8% 34.7% 20.2% 25.6%

     Total Helicopter Services 15.3% 11.1% 14.9% 13.0%

     Production Management Services 4.4% 9.2% 6.4% 7.8%

     Consolidated total 14.2% 9.4% 12.8% 9.6%

     Prior

     Segment

     Classifi-

     cation New Segment Classification

     --------- ----------------------------------------

     Three Months Ended

     ---------------------------------------------------

     March March December September June

     31, 31, 31, 30, 30,

     2007 2007 2006 2006 2006

     ------ ------ ------- -------- --------

     (Unaudited)

    Flight hours (excludes

     unconsolidated

     affiliates):

     Helicopter Services:

     North America 34,304 34,304 34,742 41,148 42,609

     South and Central

     America 9,528 9,528 9,973 9,631 9,285

     Europe 10,605 10,605 10,917 10,685 10,170

     West Africa 8,329 8,329 9,733 9,179 8,883

     Southeast Asia 3,340 3,340 3,059 3,063 3,206

     Other

     International 2,199 2,199 2,641 2,426 2,052

     -------- -------- ------- --------- --------

     Consolidated

     total 68,305 68,305 71,065 76,132 76,205

     -------- -------- ------- --------- --------

    Gross revenue:

     Helicopter Services:

     North America $61,452 $56,311 $57,795 $62,504 $63,368

     South and

     Central America 13,814 13,498 13,173 13,137 13,012

     Europe 78,779 79,368 73,879 72,706 71,981

     West Africa 33,133 33,133 35,062 31,210 31,736

     Southeast Asia 20,557 20,557 18,181 17,626 17,040

     Other

     International 13,404 13,404 11,462 12,184 8,955

     EH Centralized

     Operations 17,001 3,468 3,816 3,538 3,074

     Intrasegment

     eliminations (21,964) (3,563) (2,359) (3,276) (2,860)

     -------- -------- ------- --------- --------

     Total Helicopter

     Services 216,176 216,176 211,009 209,629 206,306

     Production

     Management

     Services 14,216 14,216 15,130 17,784 17,684

     Corporate 500 500 -- -- (25)

     Intersegment

     eliminations (2,144) (2,144) (2,297) (3,204) (2,903)

     -------- -------- ------- --------- --------

     Consolidated

     total $228,748 $228,748 $223,842 $224,209 $221,062

     -------- -------- ------- --------- --------

    Operating income:

     Helicopter

     Services:

     North America $10,290 $6,963 $5,907 $7,107 $9,233

     South and Central

     America 3,437 4,484 3,747 3,624 3,970

     Europe 8,642 15,642 9,554 13,527 14,096

     West Africa 3,107 5,779 5,838 2,848 4,333

     Southeast Asia 2,868 4,695 3,030 3,210 2,435

     Other

     International 1,651 2,380 1,642 3,771 1,516

     EH Centralized

     Operations 2,984 (6,964) (2,265) (2,584) (1,767)

     -------- -------- ------- --------- --------

     Total Helicopter

     Services 32,979 32,979 27,453 31,503 33,816

     Production Management

     Services 626 626 739 1,394 1,413

     Gain on disposal

     of assets 4,911 4,911 1,042 3,667 998

     Corporate (6,113) (6,113) (8,255) (5,703) (5,167)

     -------- -------- ------- --------- --------

     Consolidated

     total $32,403 $32,403 $20,979 $30,861 $31,060

     -------- -------- ------- --------- --------

    Operating margin:

     Helicopter Services:

     North America 16.7% 12.4% 10.2% 11.4% 14.6%

     South and Central

     America 24.9% 33.2% 28.4% 27.6% 30.5%

     Europe 11.0% 19.7% 12.9% 18.6% 19.6%

     West Africa 9.4% 17.4% 16.7% 9.1% 13.7%

     Southeast Asia 14.0% 22.8% 16.7% 18.2% 14.3%

     Other International 12.3% 17.8% 14.3% 31.0% 16.9%

     Total Helicopter

     Services 15.3% 15.3% 13.0% 15.0% 16.4%

     Production Management

     Services 4.4% 4.4% 4.9% 7.8% 8.0%

     Consolidated

     total 14.2% 14.2% 9.4% 13.8% 14.1%

     New Segment Classification

     ---------------------------------------------------

     Three Months Ended

     ---------------------------------------------------

     March 31, December 31, September 30, June 30,

     2006 2005 2005 2005

     -------- ----------- ------------- ---------

     (Unaudited)

    Flight hours (excludes

     unconsolidated

     affiliates):

     Helicopter Services:

     North America 34,694 38,151 39,663 37,732

     South and Central

     America 9,271 9,569 10,113 9,516

     Europe 9,325 9,329 10,263 9,731

     West Africa 8,349 8,867 8,625 8,344

     Southeast Asia 3,275 3,117 3,005 2,722

     Other International 1,691 1,728 1,689 1,603

     -------- -------- -------- --------

     Consolidated

     total 66,605 70,761 73,358 69,648

     -------- -------- -------- --------

    Gross revenue:

     Helicopter Services:

     North America $54,766 $53,984 $58,246 $49,486

     South and Central

     America 12,407 10,978 9,897 9,587

     Europe 61,628 60,586 63,312 59,768

     West Africa 27,535 27,427 26,539 25,910

     Southeast Asia 16,883 15,789 14,688 13,808

     Other International 10,583 9,087 8,081 7,588

     EH Centralized

     Operations 4,052 3,103 1,656 1,938

     Intrasegment

     eliminations (2,640) (2,356) (2,976) (2,132)

     -------- -------- -------- --------

     Total Helicopter

     Services 185,214 178,598 179,443 165,953

     Production Management

     Services 18,006 16,253 16,942 16,969

     Corporate 653 8 16 16

     Intersegment

     eliminations (2,542) (2,592) (1,996) (2,001)

     -------- -------- -------- --------

     Consolidated

     total $201,331 $192,267 $194,405 $180,937

     -------- -------- -------- --------

    Operating income:

     Helicopter Services:

     North America $2,736 $7,162 $12,814 $8,005

     South and Central

     America 3,526 1,803 560 773

     Europe 14,689 8,351 14,460 11,192

     West Africa 1,462 3,364 3,589 3,566

     Southeast Asia 3,401 3,071 1,584 1,795

     Other International 3,669 2,682 1,273 1,438

     EH Centralized

     Operations (8,922) (3,628) (5,527) (6,935)

     -------- -------- -------- --------

     Total Helicopter

     Services 20,561 22,805 28,753 19,834

     Production Management

     Services 1,651 1,117 1,239 1,320

     Gain on disposal of

     assets 1,378 (373) (1,495) 592

     Corporate (4,667) (5,817) (6,402) (6,701)

     -------- -------- -------- --------

     Consolidated

     total $18,923 $17,732 $22,095 $15,045

     -------- -------- -------- --------

    Operating margin:

     Helicopter Services:

     North America 5.0% 13.3% 22.0% 16.2%

     South and Central

     America 28.4% 16.4% 5.7% 8.1%

     Europe 23.8% 13.8% 22.8% 18.7%

     West Africa 5.3% 12.3% 13.5% 13.8%

     Southeast Asia 20.1% 19.5% 10.8% 13.0%

     Other International 34.7% 29.5% 15.8% 19.0%

     Total Helicopter

     Services 11.1% 12.8% 16.0% 12.0%

     Production Management

     Services 9.2% 6.9% 7.3% 7.8%

     Consolidated total 9.4% 9.2% 11.4% 8.3%

    Contact:

    Joe Baj, VP & Treasurer

    (713) 267-7605

    Linda McNeill, Treasury Manager

    (713) 267-7622
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