Bristow achieved zero air accidents in Q1 2025 and is on track to meet workplace safety targets, with fewer recordable injuries and lost workdays compared to Q1 2024.
Q1 revenues decreased by $3 million due to seasonality in Australia, partially offset by new Government Services contracts; adjusted EBITDA was $58 million, consistent with last quarter, as lower costs offset lower revenues.
The company reaffirmed its 2025 revenue guidance of $1.4–$1.6 billion and adjusted EBITDA of $230–$260 million, and its 2026 guidance of $1.5–$1.8 billion in revenue and $275–$335 million in adjusted EBITDA, despite macroeconomic risks and new U.S. tariffs.
Offshore Energy Services (OES) segment is expected to generate $190–$210 million in adjusted operating income on $950 million–$1 billion in revenues for 2025, with stable activity in Europe and growth in the Americas and Africa; Government Services segment is ramping up with new contracts and expected to provide stable long-term cash flows.
Bristow maintains a strong liquidity position ($254 million as of March 31), has funded 86% of required CapEx for new government contracts, and is confident that recent working capital outflows are temporary; supply chain challenges are improving incrementally, and no material impact from oil price declines or tariffs is expected at this time.