Offshore Helicopter Players Bristow, Era Complete Merger

June 12, 2020

Image Credit: Bristow
Image Credit: Bristow

Helicopter providers Bristow Group and Era Group have completed their previously proposed merger. The merged company now owns a fleet of more than 300 helicopters.

In a joint statement on Thursday, the companies, providing helicopter services to the offshore energy industry, said the merger would create creating a financially stronger company with enhanced size and diversification. 

Bristow said that the merged company has a fleet of more than 300 of the industry’s "most modern aircraft with the latest generation of technology and safety features," and is the world’s largest operator of S92, AW189 and AW139 model helicopters.

The company will provide offshore aviation transportation and search and rescue solutions in the Americas, Nigeria, Norway, the United Kingdom, and Australia.

The merger is expected to lead to cost synergies with an annualized saving of at least $35 million through the elimination of redundant corporate expenses and the realization of enhanced operational efficiencies, Bristow said.

The newly combined company will use the Bristow Group and will remain a publicly-traded company on the New York Stock Exchange under the stock ticker "VTOL."

Under the merger, legacy Bristow shareholders own 77% of the equity of the new company, and legacy Era shareholders own 23% of the equity of the combined company.

“The closing of this strategic and financially compelling merger makes Bristow a larger, more diverse and stronger company, better positioned for the future,” said Chris Bradshaw, President, and CEO of Bristow. “The combination brings long-overdue consolidation in the industry, better prepares us to navigate today’s market challenges, and ensures we remain the global leader in helicopter services with an outstanding culture focused on safety and providing excellent service to our valued customers.”

The combined company will be headquartered at 3151 Briarpark Drive, Suite 700, in Houston, Texas.

The combined company has an eight-member Board of Directors, including five members from legacy Bristow and two members from legacy Era, including the legacy Era CEO. The Board of Directors is comprised of G. Mark Mickelson (who will act as Chairman of the Board of Directors), Christopher S. Bradshaw, Lorin L. Brass, Charles Fabrikant, Wesley E. Kern, Robert J. Manzo, Christopher Pucillo and Brian D. Truelove.

 



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