Bristow CEO gone

[leading edge]

Dateline London Friday...

Stephen Palframan the CEO of Bristow since April 1996 has been temporarily replaced by the Chief Financial Officer pending the recruitment of a new CEO. Palframan, himself the former Chief Financial Officer of the Bristow Helicopter Group, has been relieved of his post due to the Company's recent poor contractual performance.

The company has recently lost:

BP.. 4 Super Pumas
Amoco.. 2 Super Pumas
Mobil.. 2 Super Pumas..As well as the Metropolitan Police crewing Contract which it inherited from BCal in 1987.

The Company's 50% American Shareholder, Offshore Logistics, is said to be extremely concerned with Bristow's recent performance and has cited loss of key commercial personnel with long industry and company experience as a contributing factor. In the past 2 years, several such key personnel have either taken early retitrement or have gone to international competitors.

[This message has been edited by leading edge (edited 25 May 1999).]

[tigerpilot]

Interesting thoughts!

Heard today that CHC have now got 37% of HS Group, and have extended the deadline for their offer to 11th June. It is their intention to merge Bond and BIH if their bid is successful.

What if it is not successful?

Re the above from leading edge, rumours are that OLog want out of Bristow. Will CHC bid for Bristow if they are unsuccessful with their HSG bid?

A merger of BIH and Bristow would be equally as interesting as one between Bond and BIH!

Either way, a reduction to two operators in the UK sector of the N. Sea can only be beneficial for those of us left in it?

[leading edge]

Tiger Pilot

I've heard that rumour too. Apparently, OLOG want Bristow's international business which they want to run themselves and then they will sell Bristow UK. Bristow Clients are said to be less than happy with their service as the heart has gone from the company and it is now just run for the mighty dollar. Shame, because Bristow used to be the best to work for and they had some great people, many who have now left or are contemplating going plank wing. Good luck to all you guys left on the North Sea, I managed to get out and now live in the lucky country!

[busman]

Thats what comes of getting that "Kiss of death" contract, Shell Oil. Any company that gets Shell loses its other customers as they realise they are forever playing second fiddle!! British Airways (BIH);KLM; need we say more. Doesn't anybody in this industry learn the lessons of past history?
And meanwhile the companies that are left just scrape by. (What other industry could have come up with CRINE?)
No long term investment 'cos no one can afford too and your pilot and engineering workforce depressed because there seems no future in the North Sea. What a mess!!
And someone wants to buy into this lot????

[maxvne]

yes busman it is crazy that someone wants to buy into this declining industry where there has not been any introduction of new aircraft or technology for 10 years except 2 mark 2's that Bond introduced.
unless something serious is done soon all the younger pilots will leave for fixed wing jobs and who can blame them,I flew with a new recruit just started on the line with 150 hours and he said he had no interest staying on rotary aircraft and that his class all had the same attitude,maybe it will be a good thing if CHC own all on the north sea as then with one operator controlling everything contract prices will rise and the oil companies will have to pay and the knock on effect would be new aircraft and pay rises to keep the pilots.

[leading edge]

The early Super Pumas are now 17 years old! There will be no new technology until the oil industry demands it and there are no more good used helicopters for sale. You only have to look at the S76A (C30) which in 1995 could be bought for $0.5m while today they are worth about $1.2m. Companies have been buying used aircraft to keep themselves competitive. Market forces I suppose.

Salaries and conditions though are in the hands of the crews. I find it amazing that pilots and engineers in the most highly skilled and hazardous environment in the industry continue to take the *****that is forced upon them. Where is the unity? If the people in the industry don't act as one, then those who can't go fixed wing or who want to stay rotary will never improve their conditions. The solution to improve pay and conditions lies with the guys and gals doing the job. Fix the problem once and for all! There is not many who have the licences and skills to do the job. Use those market forces which have been using you.