Bristow changes

[rotor-rooter]

There is some very interesting information contained in the last OLOG report. (http://www.olog.com/clientFiles/olog/files/report074.pdf) in pages 130-138 regarding the background to the recent management changes at Bristow Helicopters and the resignation of Keith Chanter.

Does anyone have any insight into what else lies in store?

[Mars]

Isn't it incredible what effect inflation has on 30 pieces of silver.

[Nigerian Expat Outlaw]

All the Bristow guys I meet have deep misgivings for the future, especially the "staff" ones. They are getting the old mushroom treatment, but the general feeling seems to be that they will be replaced by cheap labour.

[anjouan]

It's like most of the old family companies which have been taken over - a far worse place for its employees.:*
Bristow has never been same since Alan Bristow sold out. The company lost the personal touch and like almost everywhere now is just run by bean counters. I'm glad I got out many years ago and feel sorry for those wondering if they are going to have a company pension any more. Even the Chief Training Captain for Bond Helicopters is the grandson of one of the original Bristow directors, which maybe says something.

Schreiner is the same. After hearing views of pilots in Scotia and Helikopter Service many are wondering what deterioration their future holds under CHC.

Where are the Bristow guys expecting their cheap replacements to come from?

[Nigerian Expat Outlaw]

Couldn't agree more. I believe they are slowly bringing in non Brits on a different deal. From what I've heard it's a flat rate. The pension scheme was closed to new members years ago, and the medical, although extended to include engineers (as it should have been from the beginning), isn't the same either.

Good luck to the old, bold, loyal guys in their 50's who have been giving their best for years and years and are waiting for pension time. I'll stick where I am !!

[SASless]

I am a three time loser with Bristow...each time I came back it was noticeable how things were changing...and not for the better. When the Old Man ran it....it was run by a Helicopter Pilot's Helicopter Pilot...and his personal touch was good for all. After he sold out...it seemed some very greedy folks took over...and unimportant things like loyalty, integrity, and honesty went by the boards. Since OLOG took over...the pace changed to about that of a Chuckwagon gone over a cliff.

But then...all we have to do is look at Air Log and see exactly what Bristow is destined to become...scary thought what?

[rotor-rooter]

Form 8-K for OFFSHORE LOGISTICS INC


--------------------------------------------------------------------------------

7-Sep-2004

Entry Material Agreement, Financial Statements and Exhibits



Item 1.01. Entry into a Material Definitive Agreement.

On September 1, 2004 (the "Effective Date"), Keith Chanter entered into a separation agreement (the "Agreement") with Bristow Helicopter Group Limited ("Bristow"). Offshore Logistics, Inc. ("OLOG") has joined in the Agreement for the limited purpose of assuring that the compensation and benefits payable by Bristow to Mr. Chanter are timely and properly made. The Agreement terminates and supersedes Mr. Chanter's employment agreement with Bristow dated as of September 26, 1997 and all amendments thereto.


Under the Agreement:

o Mr. Chanter will terminate his employment with Bristow as of the Effective Date.

o Mr. Chanter is obligated to provide consulting services as an independent contractor to Bristow until December 31, 2004.

o Mr. Chanter is subject to confidentiality and non-competition covenants.

o Mr. Chanter will receive the following amounts on September 17, 2004: (i) a Technical Services Payment of 51,917, (ii) a Loss of Office payment of 30,000, and (iii) one-half of his Termination Payment of 366,208, or 183,104. The remaining 183,104 of his Termination Payment will be payable in four equal monthly installments of 45,776, without interest, beginning on September 30, 2004.

o For a period of one year after the Effective Date, Bristow shall provide Mr. Chanter with private medical insurance, life insurance, personal accident coverage and motor vehicle insurance; provided, however that the obligation of Bristow to maintain such insurance coverages shall cease upon Mr. Chanter's commencement of full-time employment with another company.

o All of Mr. Chanters' options to buy common stock of OLOG granted pursuant to the 1994 Long-Term Management Incentive Plan will vest and become immediately exercisable as of the Effective Date. Certain of these options will remain exercisable for a period of twelve months from the Effective Date.

o Mr. Chanter releases and discharges Bristow, OLOG and all of their respective parents, owners, subsidiaries and affiliates from all claims and rights of action, including those related to, arising from or attributed to Mr. Chanter's employment with Bristow and all other acts or omissions related to any matter up to and including the date of Chanter's execution of this Agreement.

This description of the Agreement is qualified by reference to the full text of the Agreement. A copy of the Agreement is included as Exhibit 10.1 to this report and is incorporated by reference into this Item.

[SASless]

Cor....he could have gotten the same treatment and pay all the over 57 years old guys got when the axe fell in Eket, Nigeria.....or in the UK when they axed the "oldest" 52 pilots. Loyalty is a wonderful thing ain't it?

[Nigerian Expat Outlaw]

It wouldn't be so bad, except it appears from the report that all the restructuring (and redundancies), were set as targets to Chanter years before they happened. The guys were told at each restructuring it was due to market forces or because their pension had a deficit, when in fact OLOG just wanted rid of the bits they didn't think were viable, like Singapore etc.

Very deceitful. Don't suppose Chanter will lose any sleep though. He can afford a very comfy bed now !!

[ATPMBA]

I noticed that CHC now has two MBA's as officers/directors.

Once these guys start running a business then all the fun goes out of it!

[rotor-rooter]

Bristow Helicopters appoints new Managing Director

We are very pleased to announce that Richard Burman will join the Bristow Group of Companies as Managing Director with effect from 15th October 2004. Allan Brown will revert to his former position as Director of Bristow's international operations.

Richard was awarded a B.Sc. (Hons) in Geology from Nottingham University. He has a wealth of experience in the international oil industry, having spent most of his career with Baker Hughes and its predecessor companies covering responsibility for overseas bases, including Nigeria. Richard's most recent position was as Senior Regional Manager - Mediterranean and African Region for Baker Hughes INTEQ based in Aberdeen.

Richard and his family will relocate from Aberdeen to the south-east of England in the near future.

We wish Richard well as Managing Director and look forward to supporting him in this role. Please join me in welcoming Richard to the Bristow Group of Companies.

Peter Buckley

Chairman of Bristow Aviation Holdings Limited

(Source: Bristow Helicopters website)

[Night Watchman]

Corr.. that was quick. I bet they haven't even read my application! :{ :{

[Crashondeck]

How many other "leading oil field service" companies have their head quarters so far from the capital of NS oil?

Bristows get themselves someone who understands the oil industry and then moves him away from it all. Madness!

[Night Watchman]

CHC have theirs in Canada, Schreiner in Amsterdam, Norsk and Helicopter Services in Stavanger. ;)