North Sea helicopter operator Bristow is looking to expand after drastically trimming its financial losses in the last year.
For the fiscal year ending March 2022, the US-headquartered company posted pre-tax losses of just £3.5 million.
That is a marked improvement on the corresponding period in 2021, when Bristow (NYSE: VTOL) slumped to losses of £45.5m.
Revenue for the period was £908m, virtually unchanged on the previous year, while the company’s unrestricted cash balance was £209m, as of March 31.
It follows a “disappointing financial results” for Bristow in the third financial quarter, as a combination of issues, including Hurricane Ida, dented profits.
During the full year Bristow’s operating revenue from oil and gas services was £16m, primarily due to lower utilisation in Africa and Europe.
Chris Bradshaw, president and chief executive of Bristow, said: “We were pleased to announce plans to acquire British International Helicopters Limited (“BIH”), expanding Bristow’s government services offering to the provision of search and rescue and personnel transportation services in the Falkland Islands and establishing an important new relationship with the British Armed Forces.”
“Over the last year, Bristow’s world-leading government services business has expanded beyond the important U.K. and U.S. government contracts to also include the Netherlands, the Dutch Caribbean and now the Falkland Islands.
“Bristow is well-positioned to further expand our government and military services business to additional contracts in existing jurisdictions as well as new countries looking for a trusted and reliable provider of their most critical missions.”