I don't know why everyone is so hostile towards First Reserve. They aren't a helicopter company, they have no knowledge of helicopters and their open policy is to strip, lean out, and sell on a more profitable business. Yes, its harsh and I have little time for this asset stripping, profiteering companies, but they make no bones about what they do - They are an investment company, so we can hardly argue about their lack of consideration for staff and helicopter operations.
As to what they'll do now is difficult to say. I guess they will be looking to cut their losses and write off this investment as a disaster - There isn't much positive outlook for the whole industry for the next few years so there is little chance of FR being able to recover much, so they might as well sell off and realize what they can.
As to what Bristow might want .......... I think SAR would make sense. Monopolies and Mergers wouldn't allow Bristow to take on Oil & Gas and I dare say Bristow wouldn't want much of that anyway. UKSAR would give them a slice of business immune from the peaks and troughs of economy and recession, and of course put them back into the running for 2012 SAR Harmonization.
As to my actual guess on this thread, if they are going for something big, my real belief is that its more likely to be British International. Keep Penzance and the Falklands and sell off the Navy contracts which are a bit out of Bristow's comfort zone. Still, whilst there may be investigating potential purchases, it wouldn't surprise me if they just do nothing and batten down the hatches,