Bristow (VTOL) 10-Q2 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35701
Entity Registrant Name	Bristow Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1455213
Entity Address, Address Line One	3151 Briarpark Drive, Suite 700
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	713
Local Phone Number	267-7600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	VTOL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		28,176,099
Entity Central Index Key	0001525221
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenue	$ 319,383	$ 301,737	$ 621,405	$ 589,136
Costs and expenses:
General and administrative expenses	44,616	40,159	91,346	81,803
Merger and integration costs	677	368	1,116	1,192
Restructuring costs	0	0	0	2,113
Depreciation and amortization expense	18,292	16,536	35,737	33,455
Total costs and expenses	311,924	288,851	612,253	579,756
Loss on impairment	0	(5,187)	0	(5,187)
Gains (losses) on disposal of assets	(3,164)	(2,101)	92	(2,142)
Earnings (losses) from unconsolidated affiliates	1,279	115	2,316	(210)
Operating income	5,574	5,713	11,560	1,841
Interest income	1,527	74	2,656	91
Interest expense, net	(9,871)	(10,242)	(20,135)	(20,483)
Reorganization items, net	(39)	(49)	(83)	(92)
Other, net	(13,037)	16,750	(16,463)	29,773
Total other income (expense), net	(21,420)	6,533	(34,025)	9,289
Income (loss) before income taxes	(15,846)	12,246	(22,465)	11,130
Income tax benefit (expense)	14,209	(8,231)	19,303	(11,491)
Net income (loss)	(1,637)	4,015	(3,162)	(361)
Net loss (income) attributable to noncontrolling interests	0	(28)	3	35
Net income (loss) attributable to Bristow Group Inc.	$ (1,637)	$ 3,987	$ (3,159)	$ (326)
Earnings (losses) per common share:
Basic (in dollars per share)	$ (0.06)	$ 0.14	$ (0.11)	$ (0.01)
Diluted (in dollars per share)	$ (0.06)	$ 0.14	$ (0.11)	$ (0.01)
Weighted average shares of common stock outstanding:
Basic (in shares)	28,058	28,269	28,021	28,245
Diluted (in shares)	28,058	28,912	28,021	28,245
Service
Revenues:
Revenue	$ 311,522	$ 294,148	$ 604,453	$ 569,730
Costs and expenses:
Operating expenses	240,659	224,501	467,383	442,212
Reimbursable revenues
Revenues:
Revenue	7,861	7,589	16,952	19,406
Costs and expenses:
Operating expenses	$ 7,680	$ 7,287	$ 16,671	$ 18,981

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,637)	$ 4,015	$ (3,162)	$ (361)
Other comprehensive income (loss):
Currency translation adjustments	14,637	(48,063)	26,382	(61,278)
Pension liability adjustment	(1,158)	2,355	(2,269)	7,606
Unrealized gain (loss) on cash flow hedges, net	(613)	1,296	(1,120)	1,952
Total other comprehensive income (loss)	12,866	(44,412)	22,993	(51,720)
Total comprehensive income (loss)	11,229	(40,397)	19,831	(52,081)
Net comprehensive loss (income) attributable to noncontrolling interests	0	(28)	3	35
Total comprehensive income (loss) attributable to Bristow Group Inc.	$ 11,229	$ (40,425)	$ 19,834	$ (52,046)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (3,162)	$ (361)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization expense	43,237	39,636
Loss on impairment	0	5,187
Losses (gains) on disposal of assets	(92)	2,142
Equity (earnings) losses from unconsolidated affiliates, net of dividends received	(1,979)	210
Deferred income taxes	(33,546)	1,856
Stock-based compensation expense	8,543	6,407
Amortization of deferred financing fees	1,368	721
Discount amortization on long-term debt	473	3,582
Increase (decrease) in cash resulting from changes in:
Accounts receivable	6,446	(44,096)
Inventory, prepaid expenses and other assets	(10,840)	11,129
Accounts payable, accrued expenses and other liabilities	14,377	1,914
Net cash provided by operating activities	24,825	28,327
Cash flows from investing activities:
Capital expenditures	(43,764)	(16,888)
Proceeds from asset dispositions	26,772	7,558
Net cash used in investing activities	(16,992)	(9,330)
Cash flows from financing activities:
Proceeds from borrowings	169,508	0
Debt issuance costs	(2,714)	(651)
Repayments of debt	(135,564)	(6,133)
Purchase of treasury stock	(2,359)	(3,646)
Net cash provided by (used in) financing activities	28,871	(10,430)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	15,802	(27,596)
Net increase (decrease) in cash, cash equivalents and restricted cash	52,506	(19,029)
Cash, cash equivalents and restricted cash at beginning of period	163,683	277,462
Cash, cash equivalents and restricted cash at end of period	216,189	258,433
Cash paid during the period for:
Interest	19,421	15,971
Income taxes	$ 3,629	$ 12,574

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 211,972	$ 160,029
Restricted cash	4,217	3,654
Accounts receivable, net of allowance for doubtful accounts of $77 and $1,847 as of June 30, 2023 and December 31, 2022, respectively	204,265	215,131
Inventories	90,597	81,886
Prepaid expenses and other current assets	26,726	32,425
Total current assets	537,777	493,125
Property and equipment, net of accumulated depreciation of $205,867 and $180,060 as of June 30, 2023 and December 31, 2022, respectively	900,798	915,251
Investment in unconsolidated affiliates	17,111	17,000
Right-of-use assets	287,016	240,977
Other assets	153,251	145,648
Total assets	1,895,953	1,812,001
Current liabilities:
Accounts payable	79,682	89,610
Accrued wages, benefits and related taxes	41,446	45,206
Income taxes payable and other accrued taxes	22,640	6,651
Deferred revenue	21,594	14,300
Accrued maintenance and repairs	17,506	19,654
Current portion of operating lease liabilities	74,756	76,261
Accrued interest and other accrued liabilities	22,982	22,252
Short-term borrowings and current maturities of long-term debt	13,211	11,656
Total current liabilities	293,817	285,590
Long-term debt, less current maturities	539,636	499,765
Accrued pension liabilities	13,104	20,089
Other liabilities and deferred credits	4,759	5,030
Deferred taxes	14,770	48,633
Long-term operating lease liabilities	216,913	165,955
Total liabilities	1,082,999	1,025,062
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value, 110,000 authorized; 28,176 and 28,009 outstanding as of June 30, 2023 and December 31, 2022, respectively	306	306
Additional paid-in capital	717,862	709,319
Retained earnings	221,589	224,748
Treasury stock, at cost; 2,553 and 2,456 shares as of June 30, 2023 and December 31, 2022, respectively	(65,368)	(63,009)
Accumulated other comprehensive loss	(61,064)	(84,057)
Total Bristow Group Inc. stockholders’ equity	813,325	787,307
Noncontrolling interests	(371)	(368)
Total stockholders’ equity	812,954	786,939
Total liabilities and stockholders’ equity	$ 1,895,953	$ 1,812,001

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 77	$ 1,847
Accumulated depreciation	$ (205,867)	$ (180,060)
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	110,000,000	110,000,000
Common stock, shares outstanding (in shares)	28,176,000	28,009,000
Treasury stock (in shares)	2,553,000	2,456,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2021	$ 844,312	$ 303	$ 696,092	$ 215,533	$ (51,083)	$ (16,142)	$ (391)
Beginning balance (in shares) at Dec. 31, 2021		28,302,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	3,309		3,309
Purchase of treasury shares (in shares)		(15,000)
Share repurchases	(576)				(576)
Currency translation adjustments	7						7
Net income (loss)	(4,376)			(4,313)			(63)
Other comprehensive loss	(7,308)					(7,308)
Ending balance at Mar. 31, 2022	835,368	$ 303	699,401	211,220	(51,659)	(23,450)	(447)
Ending balance (in shares) at Mar. 31, 2022		28,287,000
Beginning balance at Dec. 31, 2021	844,312	$ 303	696,092	215,533	(51,083)	(16,142)	(391)
Beginning balance (in shares) at Dec. 31, 2021		28,302,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(51,720)
Ending balance at Jun. 30, 2022	793,387	$ 306	702,496	215,207	(56,361)	(67,862)	(399)
Ending balance (in shares) at Jun. 30, 2022		28,204,000
Beginning balance at Mar. 31, 2022	835,368	$ 303	699,401	211,220	(51,659)	(23,450)	(447)
Beginning balance (in shares) at Mar. 31, 2022		28,287,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	3,098	$ 3	3,095
Share award amortization (in shares)		109,000
Purchase of treasury shares (in shares)		(192,000)
Share repurchases	(4,702)				(4,702)
Currency translation adjustments	(20)						20
Net income (loss)	4,015			3,987			28
Other comprehensive loss	(44,412)					(44,412)
Ending balance at Jun. 30, 2022	793,387	$ 306	702,496	215,207	(56,361)	(67,862)	(399)
Ending balance (in shares) at Jun. 30, 2022		28,204,000
Beginning balance at Dec. 31, 2022	$ 786,939	$ 306	709,319	224,748	(63,009)	(84,057)	(368)
Beginning balance (in shares) at Dec. 31, 2022	28,009,000	28,009,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	$ 3,311		3,311
Purchase of treasury shares (in shares)		(1,000)
Share repurchases	(385)				(385)
Net income (loss)	(1,525)			(1,522)			(3)
Other comprehensive loss	10,127					10,127
Ending balance at Mar. 31, 2023	798,467	$ 306	712,630	223,226	(63,394)	(73,930)	(371)
Ending balance (in shares) at Mar. 31, 2023		28,008,000
Beginning balance at Dec. 31, 2022	$ 786,939	$ 306	709,319	224,748	(63,009)	(84,057)	(368)
Beginning balance (in shares) at Dec. 31, 2022	28,009,000	28,009,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	$ 22,993
Ending balance at Jun. 30, 2023	$ 812,954	$ 306	717,862	221,589	(65,368)	(61,064)	(371)
Ending balance (in shares) at Jun. 30, 2023	28,176,000	28,176,000
Beginning balance at Mar. 31, 2023	$ 798,467	$ 306	712,630	223,226	(63,394)	(73,930)	(371)
Beginning balance (in shares) at Mar. 31, 2023		28,008,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share award amortization	5,232		5,232
Share award amortization (in shares)		239,000
Purchase of treasury shares (in shares)		(71,000)
Share repurchases	(1,974)				(1,974)
Net income (loss)	(1,637)			(1,637)
Other comprehensive loss	12,866					12,866
Ending balance at Jun. 30, 2023	$ 812,954	$ 306	$ 717,862	$ 221,589	$ (65,368)	$ (61,064)	$ (371)
Ending balance (in shares) at Jun. 30, 2023	28,176,000	28,176,000

BASIS OF PRESENTATION, CONSOLID

BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES	BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three and six months ended June 30, 2023 and 2022, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. In connection with its fiscal year-end change from March 31 st to December 31 st , the Company filed audited financial statements for the transition period from April 1, 2022 to December 31, 2022, on a Transition Report on Form 10-KT. As such, certain comparative period information has been reclassified to conform to the current period presentation. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Transition Report on Form 10-KT for the transition year ended December 31, 2022, filed with the SEC on March 9, 2023. Summary of Significant Accounting Policies and Other Accounting Considerations Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year. Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or result of operations.

REVENUES

REVENUES	6 Months Ended
REVENUES	Jun. 30, 2023
Revenue Recognition [Abstract]
REVENUES	REVENUES The Company derives its revenues primarily from aviation services. A majority of the Company’s revenues are generated through two types of contracts: helicopter services contracts and fixed wing services contracts. The following table shows the total revenues (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenues from contracts with customers $ 309,889 $ 296,190 $ 605,911 $ 571,194 Other revenues 9,494 5,547 15,494 17,942 Total revenues $ 319,383 $ 301,737 $ 621,405 $ 589,136 Revenues by Service Line. The following table sets forth the operating revenues earned by service line for the applicable periods (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Offshore energy services $ 195,194 $ 195,080 $ 376,823 $ 384,400 Government services 87,320 70,107 169,654 136,346 Fixed wing services 26,448 25,942 52,367 42,748 Other services 2,560 3,019 5,609 6,236 Total operating revenues $ 311,522 $ 294,148 $ 604,453 $ 569,730 Contract Assets, Liabilities and Receivables The Company generally satisfies performance of contract obligations by providing aviation services to its customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when the Company has a contract with a customer for which revenues have been recognized (i.e., services have been performed), but customer payment is contingent on a future event (i.e., satisfaction of additional performance obligations). These contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to deferred revenues in which advance consideration is received from customers for contracts where revenues are recognized based on future performance of services. Six Months Ended 2023 2022 Revenues from outstanding contract liabilities $ 7,973 $ 5,012 June 30, December 31, 2022 Receivables under contracts with customers $ 169,303 $ 182,742 Contract liabilities under contracts with customers 20,258 12,931 Contract liabilities are primarily generated by fixed wing services where customers pay for tickets in advance of receiving the Company’s services and advanced payments from helicopter services customers and from mobilization fees received from customers in connection with new contract commencements. There were no contract assets as of June 30, 2023 and December 31, 2022. Remaining Performance Obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The Company has elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. The Company’s contracts have fixed terms ranging from one month to 10 years and generally may, depending on the contract, be cancelled without penalty and with a notice period of less than a year. Customarily, these contracts do not commit customers to purchase specific amounts of services or minimum flight hours and permit customers to decrease the number of helicopters under contract with a corresponding decrease in the fixed monthly payments without penalty. Excluding any applicable cancellation penalties, revenues from performance obligations that are unsatisfied (or partially unsatisfied) on contracts with fixed consideration that have an expected duration of one year or more and therefore not subject to the practical expedient as of June 30, 2023 were $24.3 million, of which $10.4 million and $13.9 million of revenues are expected to be recognized in 2023 and 2024, respectively. These amounts exclude expected consideration related to performance obligations of a variable nature (i.e., flight services) as they cannot be reasonably and reliably estimated.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company owns a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. Due to common ownership of Cougar, the Company considers VIH Aviation Group Ltd.(“VIH”) a related party. The Company leases certain aircraft and facilities from VIH, and during the three months ended June 30, 2023 and 2022, the Company paid lease fees of $1.6 million and $1.2 million, respectively, and also generated total revenues of $9.2 million and $4.8 million from its related parties, respectively. During the six months ended June 30, 2023 and 2022, the Company paid lease fees of $3.0 million and $3.4 million, respectively, and also generated total revenues of $13.8 million and $13.7 million from its related parties, respectively. Additionally, during the six months ended June 30, 2023, the Company and VIH entered into resale agreements under which one S92 aircraft was sold in exchange for the purchase of another S92 aircraft in a non-monetary transaction. The exchange did not result in a gain or loss being recognized on the Company’s condensed consolidated statement of operations. As of June 30, 2023 and December 31, 2022, accounts receivables from related parties included in accounts receivables on the condensed consolidated balance sheets were $0.9 million and $0.8 million, respectively.

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Debt as of June 30, 2023 and December 31, 2022, consisted of the following (in thousands): June 30, December 31, 6.875% Senior Notes $ 393,468 $ 392,763 Lombard Debt — 118,658 NatWest Debt 159,379 — Total debt 552,847 511,421 Less short-term borrowings and current maturities of long-term debt (13,211) (11,656) Total long-term debt $ 539,636 $ 499,765 6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, inclusive of any accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase all or part of each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest. As of June 30, 2023 and December 31, 2022, the Company had $6.5 million and $7.2 million, respectively, of unamortized deferred financing fees associated with the 6.875% Senior Notes. Lombard Debt — In January 2023, in connection with its maturity, the Company made a $129.1 million payment to extinguish the Lombard Debt. NatWest Debt — In January 2023, the Company entered into two thirteen-year secured equipment financings with National Westminster Bank Plc (“NatWest”) for aggregate proceeds of $169.5 million. The net proceeds from the financings were used to refinance the indebtedness of the Lombard Debt and will be used to provide additional financing to support the Company’s obligations under its search and rescue (“SAR”) contracts in the U.K. The credit facilities bear interest at a rate equal to the Sterling Overnight Index Average (“SONIA”) plus 2.75% per annum and have approximately thirteen-year terms with repayment due in quarterly installments which commenced on March 31, 2023. Bristow's obligations under the NatWest Debt are secured by ten SAR helicopters. During the three and six months ended June 30, 2023, the Company made principal payments of $3.3 million and $6.5 million, respectively. As of June 30, 2023 , the Company had $9.1 million of unamortized deferred financing fees associated with the NatWest debt. ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) matures in May 2027, subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited, Bristow U.S. LLC and Era Helicopters, LLC. As of June 30, 2023, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein. As of June 30, 2023, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the six months ended June 30, 2023. Letters of credit issued under the ABL Facility in the aggregate face amount of $3.2 million were outstanding on June 30, 2023.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
FAIR VALUE DISCLOSURES	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Fair Value of Debt The fair value of the Company’s debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of the Company’s long-term debt was estimated using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The carrying and fair values of the Company’s debt are as follows (in thousands): Carrying Level 1 Level 2 Level 3 June 30, 2023 LIABILITIES 6.875% Senior Notes (1) $ 393,468 $ — $ 378,931 $ — NatWest (2) 159,379 — 158,900 — $ 552,847 $ — $ 537,831 $ — December 31, 2022 LIABILITIES 6.875% Senior Notes (1) $ 392,763 $ — $ 366,629 $ — Lombard Debt (3) 118,658 — 120,358 — $ 511,421 $ — $ 486,987 $ — ____________________ (1) As of June 30, 2023 and December 31, 2022, the carrying values were net of unamortized deferred financing fees of $6.5 million and $7.2 million respectively. (2) As of June 30, 2023, the carrying values of unamortized deferred financing fees related to the NatWest Debt were $9.1 million. (3) As of December 31, 2022, the carrying values of unamortized discounts related to the Lombard Debt were $7.0 million.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS From time to time, the Company may use derivatives to partially offset its business exposure to foreign currency risks on expected future cash flows. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. The Company does not offset fair value amounts recognized for derivative instruments under master netting arrangements. The derivative agreements do not contain credit-risk-related contingent features. There are no amounts of related financial collateral received or pledged. The Company does not use any of its derivative instruments for speculative or trading purposes. Cash Flow Hedges The Company may use foreign exchange options or forward contracts to hedge a portion of its forecasted foreign currency denominated transactions. These foreign exchange hedge contracts, carried at fair value, have maturities of up to 15 months. As of June 30, 2023 and December 31, 2022, total notional amounts of outstanding cash flow hedges were $149.7 million and $134.7 million, respectively. As of June 30, 2023, $0.2 million of net losses will be reclassified from accumulated other comprehensive income into earnings within the next 12 months. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The Company records changes in fair value of these cash flow hedges in accumulated other comprehensive income (loss) in its consolidated balance sheets, until the forecasted transaction occurs. When the forecasted transaction affects earnings, the Company reclassifies it to earnings in the same line item as the hedged items. The Company evaluates hedge effectiveness at the inception of the hedge prospectively, and on an ongoing basis both retrospectively and prospectively. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, it will reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income (loss) to earnings. During the three months ended June 30, 2023, there were no net gains or losses recognized in earnings relating to hedges of forecasted transactions that did not occur. The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 were as follows, presented on a gross basis (in thousands): June 30, 2023 December 31, 2022 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,641 $ 1,372 $ 1,590 $ 144

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Fleet — The Company’s unfunded capital commitments as of June 30, 2023 consisted primarily of agreements to purchase helicopters and totaled $184.9 million, payable beginning in 2023. The Company also had $1.3 million of deposits paid on options not yet exercised as of June 30, 2023. Included in these commitments are orders to purchase two AW189 heavy helicopters, six AW139 medium helicopters and five AW169 light twin helicopters. The AW189 helicopters and AW139 helicopters are scheduled to be delivered in 2024. Delivery dates for the AW169 helicopters have yet to be determined. In addition, the Company has outstanding options to purchase up to ten additional AW189 helicopters. If these options are exercised, the helicopters would be scheduled for delivery between 2024 through 2025. The Company may, from time to time, purchase aircraft for which it has no orders. The Company may terminate $66.1 million of its capital commitments (inclusive of deposits paid on options not yet exercised) without further liability other than aggregate liquidated damages of approximately $1.1 million. General Litigation and Disputes The Company operates in jurisdictions internationally where it is subject to risks that include government action to obtain additional tax revenues. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact the Company’s earnings until such time as a clear court or other ruling exists. The Company operates in jurisdictions currently where amounts may be due to governmental bodies that the Company is not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. The Company believes that payment of amounts in these instances is not probable at this time, but is reasonably possible. In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its condensed consolidated financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs or uninsured losses, if any, would have a material effect on its business, consolidated financial position or results of operations.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES During the three months ended June 30, 2023 and 2022, the Company recorded an income tax benefit of $14.2 million, resulting in an effective tax rate of 89.7%, and income tax expense of $8.2 million, resulting in an effective tax rate of 67.2%, respectively. During the six months ended June 30, 2023 and 2022, the Company recorded an income tax benefit of $19.3 million, resulting in an effective tax rate of 85.9%, and income tax expense of $11.5 million, resulting in an effective tax rate of 103.2%, respectively. The effective tax rate in 2023 is impacted by a lower U.S. statutory rate compared to higher foreign tax rates as a result of non-U.S. earnings in certain jurisdictions, adjustments to valuation allowances against future realization of deductible business interest expense and the recognition of certain deferred tax assets. The effective tax rate in 2022 is impacted by the global mix of earnings, the tax impact of non-deductible expenses and adjustments to valuation allowances against net operating losses.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands): Currency Translation Adjustments Pension Liability Adjustments Unrealized gain (loss) on cash flow hedges Total Balance as of December 31, 2022 $ (45,350) $ (40,090) $ 1,383 $ (84,057) Other comprehensive income (loss) 10,634 — (1,097) 9,537 Reclassified from accumulated other comprehensive loss — — 590 590 Net current period other comprehensive income (loss) 10,634 — (507) 10,127 Foreign exchange rate impact 1,111 (1,111) — — Balance as of March 31, 2023 $ (33,605) $ (41,201) $ 876 (73,930) Other comprehensive income (loss) 13,479 — (1,064) 12,415 Reclassified from accumulated other comprehensive loss — — 451 451 Net current period other comprehensive income (loss) 13,479 — (613) 12,866 Foreign exchange rate impact 1,158 (1,158) — — Balance as of June 30, 2023 $ (18,968) $ (42,359) $ 263 $ (61,064)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share excludes options to purchase common stock and restricted stock units and awards which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Income (loss): Net income (loss) attributable to Bristow Group Inc. $ (1,637) $ 3,987 $ (3,159) $ (326) Shares of common stock: Weighted average shares of common stock outstanding – basic 28,058 28,269 28,021 28,245 Net effect of dilutive stock — 643 — — Weighted average shares of common stock outstanding – diluted (1) 28,058 28,912 28,021 28,245 Earnings (losses) per common share - basic $ (0.06) $ 0.14 $ (0.11) $ (0.01) Earnings (losses) per common share - diluted $ (0.06) $ 0.14 $ (0.11) $ (0.01) __________________

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe, the Americas, Africa and Asia Pacific. The Europe region comprises all of the Company’s operations and affiliates in Europe, including the Dutch Caribbean, the Falkland Islands, the Netherlands, Norway and the U.K. The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Suriname, Trinidad and the U.S. Gulf of Mexico. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia. The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Region revenues: Europe $ 178,516 $ 162,377 $ 351,524 $ 324,938 Americas 89,975 94,569 169,159 189,760 Africa 29,798 23,578 58,506 40,067 Asia Pacific 21,094 21,176 42,216 34,262 Other — 37 — 109 Total region revenues $ 319,383 $ 301,737 $ 621,405 $ 589,136 Three Months Ended Six Months Ended 2023 2022 2023 2022 Consolidated operating income: Europe $ 13,278 $ 21,136 $ 24,857 $ 35,593 Americas 14,222 8,929 23,520 26,716 Africa 5,783 (921) 10,305 (9,362) Asia Pacific 2,982 (514) 5,850 (8,117) Other (27,527) (20,816) (53,064) (40,847) Gains (losses) on disposal of assets (3,164) (2,101) 92 (2,142) Total consolidated operating income $ 5,574 $ 5,713 $ 11,560 $ 1,841 June 30, December 31, Identifiable assets: Europe $ 1,140,250 $ 1,012,291 Americas 521,228 484,410 Africa 84,442 84,528 Asia Pacific 36,429 37,459 Other 113,604 193,313 Total identifiable assets $ 1,895,953 $ 1,812,001

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Bristow Group Inc.	$ (1,637)	$ 3,987	$ (3,159)	$ (326)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION, CONSOL_2

BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three and six months ended June 30, 2023 and 2022, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. In connection with its fiscal year-end change from March 31 st to December 31 st , the Company filed audited financial statements for the transition period from April 1, 2022 to December 31, 2022, on a Transition Report on Form 10-KT. As such, certain comparative period information has been reclassified to conform to the current period presentation. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Transition Report on Form 10-KT for the transition year ended December 31, 2022, filed with the SEC on March 9, 2023.
Basis of Consolidation	Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation.
Accounting Estimates	Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year.
Recently Accounting Standards	Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or result of operations.
Revenues	The Company derives its revenues primarily from aviation services. A majority of the Company’s revenues are generated through two types of contracts: helicopter services contracts and fixed wing services contracts.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
REVENUES (Tables)	Jun. 30, 2023
Revenue Recognition [Abstract]
Schedule of Disaggregation of Revenue	The following table shows the total revenues (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenues from contracts with customers $ 309,889 $ 296,190 $ 605,911 $ 571,194 Other revenues 9,494 5,547 15,494 17,942 Total revenues $ 319,383 $ 301,737 $ 621,405 $ 589,136 Three Months Ended Six Months Ended 2023 2022 2023 2022 Offshore energy services $ 195,194 $ 195,080 $ 376,823 $ 384,400 Government services 87,320 70,107 169,654 136,346 Fixed wing services 26,448 25,942 52,367 42,748 Other services 2,560 3,019 5,609 6,236 Total operating revenues $ 311,522 $ 294,148 $ 604,453 $ 569,730
Contract with Customer, Contract Asset, Contract Liability, and Receivable	Six Months Ended 2023 2022 Revenues from outstanding contract liabilities $ 7,973 $ 5,012 June 30, December 31, 2022 Receivables under contracts with customers $ 169,303 $ 182,742 Contract liabilities under contracts with customers 20,258 12,931

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of debt	Debt as of June 30, 2023 and December 31, 2022, consisted of the following (in thousands): June 30, December 31, 6.875% Senior Notes $ 393,468 $ 392,763 Lombard Debt — 118,658 NatWest Debt 159,379 — Total debt 552,847 511,421 Less short-term borrowings and current maturities of long-term debt (13,211) (11,656) Total long-term debt $ 539,636 $ 499,765

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value of debt	The carrying and fair values of the Company’s debt are as follows (in thousands): Carrying Level 1 Level 2 Level 3 June 30, 2023 LIABILITIES 6.875% Senior Notes (1) $ 393,468 $ — $ 378,931 $ — NatWest (2) 159,379 — 158,900 — $ 552,847 $ — $ 537,831 $ — December 31, 2022 LIABILITIES 6.875% Senior Notes (1) $ 392,763 $ — $ 366,629 $ — Lombard Debt (3) 118,658 — 120,358 — $ 511,421 $ — $ 486,987 $ — ____________________ (1) As of June 30, 2023 and December 31, 2022, the carrying values were net of unamortized deferred financing fees of $6.5 million and $7.2 million respectively. (2) As of June 30, 2023, the carrying values of unamortized deferred financing fees related to the NatWest Debt were $9.1 million. (3) As of December 31, 2022, the carrying values of unamortized discounts related to the Lombard Debt were $7.0 million.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 were as follows, presented on a gross basis (in thousands): June 30, 2023 December 31, 2022 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,641 $ 1,372 $ 1,590 $ 144

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands): Currency Translation Adjustments Pension Liability Adjustments Unrealized gain (loss) on cash flow hedges Total Balance as of December 31, 2022 $ (45,350) $ (40,090) $ 1,383 $ (84,057) Other comprehensive income (loss) 10,634 — (1,097) 9,537 Reclassified from accumulated other comprehensive loss — — 590 590 Net current period other comprehensive income (loss) 10,634 — (507) 10,127 Foreign exchange rate impact 1,111 (1,111) — — Balance as of March 31, 2023 $ (33,605) $ (41,201) $ 876 (73,930) Other comprehensive income (loss) 13,479 — (1,064) 12,415 Reclassified from accumulated other comprehensive loss — — 451 451 Net current period other comprehensive income (loss) 13,479 — (613) 12,866 Foreign exchange rate impact 1,158 (1,158) — — Balance as of June 30, 2023 $ (18,968) $ (42,359) $ 263 $ (61,064)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Income (loss): Net income (loss) attributable to Bristow Group Inc. $ (1,637) $ 3,987 $ (3,159) $ (326) Shares of common stock: Weighted average shares of common stock outstanding – basic 28,058 28,269 28,021 28,245 Net effect of dilutive stock — 643 — — Weighted average shares of common stock outstanding – diluted (1) 28,058 28,912 28,021 28,245 Earnings (losses) per common share - basic $ (0.06) $ 0.14 $ (0.11) $ (0.01) Earnings (losses) per common share - diluted $ (0.06) $ 0.14 $ (0.11) $ (0.01) __________________

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of revenue by segment	The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Region revenues: Europe $ 178,516 $ 162,377 $ 351,524 $ 324,938 Americas 89,975 94,569 169,159 189,760 Africa 29,798 23,578 58,506 40,067 Asia Pacific 21,094 21,176 42,216 34,262 Other — 37 — 109 Total region revenues $ 319,383 $ 301,737 $ 621,405 $ 589,136
Operating Performance and Total Assets by Segment	Three Months Ended Six Months Ended 2023 2022 2023 2022 Consolidated operating income: Europe $ 13,278 $ 21,136 $ 24,857 $ 35,593 Americas 14,222 8,929 23,520 26,716 Africa 5,783 (921) 10,305 (9,362) Asia Pacific 2,982 (514) 5,850 (8,117) Other (27,527) (20,816) (53,064) (40,847) Gains (losses) on disposal of assets (3,164) (2,101) 92 (2,142) Total consolidated operating income $ 5,574 $ 5,713 $ 11,560 $ 1,841 June 30, December 31, Identifiable assets: Europe $ 1,140,250 $ 1,012,291 Americas 521,228 484,410 Africa 84,442 84,528 Asia Pacific 36,429 37,459 Other 113,604 193,313 Total identifiable assets $ 1,895,953 $ 1,812,001

REVENUES - Narrative (Details)

REVENUES - Narrative (Details)	6 Months Ended
REVENUES - Narrative (Details)	Jun. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Types of contracts \| contract	2
Contract with customer, asset, after allowance for credit loss \| $	$ 0	$ 0
Low
Disaggregation of Revenue [Line Items]
Performance obligation term	1 month
High
Disaggregation of Revenue [Line Items]
Performance obligation term	10 years

REVENUES- Schedule of Revenue (

REVENUES- Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition [Abstract]
Revenues from contracts with customers	$ 309,889	$ 296,190	$ 605,911	$ 571,194
Other revenues	9,494	5,547	15,494	17,942
Total revenues	$ 319,383	$ 301,737	$ 621,405	$ 589,136

REVENUES - Schedule of Revenues

REVENUES - Schedule of Revenues by Service Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 319,383	$ 301,737	$ 621,405	$ 589,136
Service
Disaggregation of Revenue [Line Items]
Revenue	311,522	294,148	604,453	569,730
Offshore energy services
Disaggregation of Revenue [Line Items]
Revenue	195,194	195,080	376,823	384,400
Government services
Disaggregation of Revenue [Line Items]
Revenue	87,320	70,107	169,654	136,346
Fixed wing services
Disaggregation of Revenue [Line Items]
Revenue	26,448	25,942	52,367	42,748
Other services
Disaggregation of Revenue [Line Items]
Revenue	$ 2,560	$ 3,019	$ 5,609	$ 6,236

REVENUES - Remaining Performanc

REVENUES - Remaining Performance Obligations Total (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 24.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 10.4
Remaining performance obligation, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 13.9
Remaining performance obligation, expected timing	1 year

REVENUES - Schedule of Contract

REVENUES - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from outstanding contract liabilities	$ 7,973	$ 5,012
Contract liabilities under contracts with customers	20,258	12,931
Revenue
Disaggregation of Revenue [Line Items]
Receivables under contracts with customers	$ 169,303	$ 182,742

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) aircraft	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Revenue	$ 319,383	$ 301,737	$ 621,405	$ 589,136
Number of aircrafts exchanged \| aircraft			1
Accounts receivables	204,265		$ 204,265		$ 215,131
Equity Method Investee
Related Party Transaction [Line Items]
Lease fees	1,600	1,200	3,000	3,400
Revenue	9,200	$ 4,800	13,800	$ 13,700
Related Party
Related Party Transaction [Line Items]
Accounts receivables	$ 900		$ 900		$ 800
Cougar
Related Party Transaction [Line Items]
Voting interest			25%
Economic interest			40%

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Feb. 28, 2021
Debt Instrument [Line Items]
Long-term debt	$ 552,847	$ 511,421
Less short-term borrowings and current maturities of long-term debt	(13,211)	(11,656)
Total long-term debt	$ 539,636	499,765
6.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.875%
Senior Notes \| 6.875% Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 393,468	392,763
Stated interest rate	6.875%		6.875%
Secured Debt \| Lombard Debt
Debt Instrument [Line Items]
Long-term debt	$ 0	118,658
Secured Debt \| NatWest Debt
Debt Instrument [Line Items]
Long-term debt	$ 159,379	$ 0

DEBT - Narrative (Details)

DEBT - Narrative (Details)	1 Months Ended		3 Months Ended	6 Months Ended
DEBT - Narrative (Details)	Jan. 31, 2023 USD ($) aircraft loan	Feb. 28, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	$ 169,500,000
Repayments of debt				$ 135,564,000	$ 6,133,000
6.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate			6.875%	6.875%
Lombard Debt
Debt Instrument [Line Items]
Repayments of debt	$ 129,100,000
NatWest Debt \| Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Variable rate	2.75%
Senior Notes \| 6.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.875%	6.875%	6.875%
Face amount		$ 400,000,000
Proceeds from issuance of long-term debt		$ 395,000,000
Redemption price		101%
Unamortized debt issuance costs			$ 6,500,000	$ 6,500,000		$ 7,200,000
Secured Debt \| NatWest Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs			9,100,000	9,100,000
Number of agreements \| loan	2
Debt term	13 years
Number of helicopters secured \| aircraft	10
Principal payment			3,300,000	6,500,000
Line of Credit \| ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			85,000,000	85,000,000
Increase limit			120,000,000	120,000,000
Line of credit, outstanding			0	0
Aggregate face amount outstanding			$ 3,200,000	$ 3,200,000

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Feb. 28, 2021
6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	6.875%
Lombard Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt discount		$ 7,000
Senior Notes \| 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	6.875%		6.875%
Unamortized debt issuance costs	$ 6,500	7,200
Secured Debt \| NatWest Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	9,100
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	552,847	511,421
Carrying Value \| Senior Notes \| 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	393,468	392,763
Carrying Value \| Secured Debt \| Lombard Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		118,658
Carrying Value \| Secured Debt \| NatWest Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	159,379
Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 1 \| Fair Value \| Senior Notes \| 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 1 \| Fair Value \| Secured Debt \| Lombard Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		0
Level 1 \| Fair Value \| Secured Debt \| NatWest Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0
Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	537,831	486,987
Level 2 \| Fair Value \| Senior Notes \| 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	378,931	366,629
Level 2 \| Fair Value \| Secured Debt \| Lombard Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		120,358
Level 2 \| Fair Value \| Secured Debt \| NatWest Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	158,900
Level 3 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 3 \| Fair Value \| Senior Notes \| 6.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Level 3 \| Fair Value \| Secured Debt \| Lombard Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		$ 0
Level 3 \| Fair Value \| Secured Debt \| NatWest Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, maturities	15 months
Notional amount	$ 149,700	$ 134,700
Cash flow hedge loss to be reclassified within 12 months	$ 200

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value of Derivative Instrument (Details) - Foreign Exchange Forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value Asset Derivatives	$ 1,641	$ 1,590
Fair Value Liability Derivatives	$ 1,372	$ 144

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2023 USD ($) helicopter
Aircraft
Other Commitments [Line Items]
Purchase obligations \| $	$ 184.9
Deposits paid on options not yet exercised \| $	1.3
Purchase commitment, available to cancel \| $	66.1
Unrecorded unconditional purchase obligation balance sheet amount related to liquidated damage \| $	$ 1.1
AW189 Heavy Helicopters
Other Commitments [Line Items]
Number of helicopters \| helicopter	2
Additional helicopters \| helicopter	10
AW139 Medium Helicopters
Other Commitments [Line Items]
Number of helicopters \| helicopter	6
AW169 Light Twin Helicopters
Other Commitments [Line Items]
Number of helicopters \| helicopter	5

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (14,209)	$ 8,231	$ (19,303)	$ 11,491
Effective income tax rate	89.70%	67.20%	85.90%	103.20%

STOCKHOLDERS' EQUITY - Accumula

STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	$ 798,467	$ 786,939	$ 835,368	$ 844,312	$ 786,939	$ 844,312
Total other comprehensive income (loss)	12,866	10,127	(44,412)	(7,308)	22,993	(51,720)
Foreign exchange rate impact	14,637		(48,063)		26,382	(61,278)
Ending balance	812,954	798,467	793,387	835,368	812,954	793,387
Currency Translation Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	(33,605)	(45,350)			(45,350)
Other comprehensive income (loss)	13,479	10,634
Reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive income (loss)	13,479	10,634
Foreign exchange rate impact	1,158	1,111
Ending balance	(18,968)	(33,605)			(18,968)
Pension Liability Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	(41,201)	(40,090)			(40,090)
Other comprehensive income (loss)	0	0
Reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive income (loss)	0	0
Foreign exchange rate impact	(1,158)	(1,111)
Ending balance	(42,359)	(41,201)			(42,359)
Unrealized gain (loss) on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	876	1,383			1,383
Other comprehensive income (loss)	(1,064)	(1,097)
Reclassified from accumulated other comprehensive loss	451	590
Total other comprehensive income (loss)	(613)	(507)
Foreign exchange rate impact	0	0
Ending balance	263	876			263
Total
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Beginning balance	(73,930)	(84,057)	(23,450)	(16,142)	(84,057)	(16,142)
Other comprehensive income (loss)	12,415	9,537
Reclassified from accumulated other comprehensive loss	451	590
Total other comprehensive income (loss)	12,866	10,127	(44,412)	(7,308)
Foreign exchange rate impact	0	0
Ending balance	$ (61,064)	$ (73,930)	$ (67,862)	$ (23,450)	$ (61,064)	$ (67,862)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income (loss):
Net income (loss) attributable to Bristow Group Inc.	$ (1,637)	$ 3,987	$ (3,159)	$ (326)
Shares of common stock:
Weighted average shares of common stock outstanding - basic (in shares)	28,058,000	28,269,000	28,021,000	28,245,000
Net effect of dilutive stock (in shares)	0	643,000	0	0
Weighted average shares of common stock outstanding - diluted (in shares)	28,058,000	28,912,000	28,021,000	28,245,000
Earnings (losses) per common share - basic (in dollars per share)	$ (0.06)	$ 0.14	$ (0.11)	$ (0.01)
Earnings (losses) per common share - diluted (in dollars per share)	$ (0.06)	$ 0.14	$ (0.11)	$ (0.01)
Weighted average common stock excluded from computation of Earnings Per Share (in shares)	2,115,069	1,032,816	1,953,633	1,522,125

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2023 segment region
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of regions \| region	4

SEGMENT INFORMATION - Revenue b

SEGMENT INFORMATION - Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Region revenue from external customers	$ 319,383	$ 301,737	$ 621,405	$ 589,136
Other
Segment Reporting Information [Line Items]
Region revenue from external customers	0	37	0	109
Europe \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Region revenue from external customers	178,516	162,377	351,524	324,938
Americas \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Region revenue from external customers	89,975	94,569	169,159	189,760
Africa \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Region revenue from external customers	29,798	23,578	58,506	40,067
Asia Pacific \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Region revenue from external customers	$ 21,094	$ 21,176	$ 42,216	$ 34,262

SEGMENT INFORMATION - Operating

SEGMENT INFORMATION - Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Gains (losses) on disposal of assets	$ (3,164)	$ (2,101)	$ 92	$ (2,142)
Operating income	5,574	5,713	11,560	1,841
Total identifiable assets	1,895,953		1,895,953		$ 1,812,001
Other
Segment Reporting Information [Line Items]
Operating income (loss)	(27,527)	(20,816)	(53,064)	(40,847)
Total identifiable assets	113,604		113,604		193,313
Europe \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	13,278	21,136	24,857	35,593
Total identifiable assets	1,140,250		1,140,250		1,012,291
Americas \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	14,222	8,929	23,520	26,716
Total identifiable assets	521,228		521,228		484,410
Africa \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	5,783	(921)	10,305	(9,362)
Total identifiable assets	84,442		84,442		84,528
Asia Pacific \| Reportable Geographical Components
Segment Reporting Information [Line Items]
Operating income (loss)	2,982	$ (514)	5,850	$ (8,117)
Total identifiable assets	$ 36,429		$ 36,429		$ 37,459