BRISTOW Group, the US-based helicopter operator with a large presence in Aberdeen supporting the offshore oil and gas industry, has posted better-than-expected quarterly profits.
It said net income in the final three months of 2009 – the third quarter of its trading year – totalled £17.2million, compared with £30.2million a year earlier.
Bristow posted adjusted earnings of 51p a share, beating analyst estimates of 46p, while revenue rose 7% to £192.3million, versus market forecasts of £178.8million.
The company said its performance was helped by strength in west Africa, Europe and Australia.
Chief executive William Chiles said: “In Europe, overall activity levels were strong. We’re also seeing robust activity levels in Nigeria despite a challenging political environment.
“In Australia, our local team continues to make improvements in operations and cost structure and in our activity level. As previously announced, we changed our management organisation structure to better focus on winning and doing work more effectively.
“We believe that this reorganisation coupled with financial flexibility and adequate liquidity have pos-itioned us well to weather the current uncertain market.”
Cost savings announced by the group last March – in response to a decline in demand for its oil and gas services – included proposed staff cuts and management salaries being frozen.
The firm has so far refused to say how many, if any, of the 500 jobs at its European headquarters in Aberdeen are under threat.