Same.....is it too much to ask of. Management to include a long-term strategic analysis of the Oil Market and ALL possible drivers of business prospects?
In the old days....we flew some old helicopters....all paid for.
When we had a dry spell...excess machines got shoved over to the side of the hangar and ignored until they were needed.
Pilots and Engineers that were excess went on gardening leave until recalled.
Have the smart assed business wizards of today forgotten the lessons learned in the old days of this up and down business of oil related aviation contracting.
Have they allowed themselves to become fixated on the Quarterly Report and lost sight of the Five Year....or Ten Year plan?
Leasing back to yourself works well when you are making money and all your machines are working.
In one of my businesses I did just that...leased everything from myself and converted taxable income to expense burden income....and made money doing so.
When the fuel prices skyrocketed and I began to barely break even due to the high costs and declining revenue.....I sold off everything and converted the residual into cash for other investments.
It seems Bristow bought something they could not sell....and had not paid the assets off thus continue paying on them.
SAR Bases.....what a couple of Portacabins and a Temporary Hangar perhaps.....a half dozen Recliners and some computers....a telephone, fax machine, and a farm tractor.....how big an expense is that?
Oh....forgot the Kettle and Microwave!