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What's New In W. Africa (Nigeria)

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Old 21st May 2014, 12:33
  #4861 (permalink)  
 
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Not OO, he's Country Manager.
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Old 22nd May 2014, 11:27
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Post Bristow Group Profits Down but Dividend up

Bristow Group, Inc. ( BRS ), a provider of helicopter services to the offshore energy industry, on Wednesday reported a 25 percent decline in profit for the fourth quarter from last year as double-digit revenue growth was more than offset by impairment charges. In addition, the prior-year quarter's results benefited from a hefty gain on disposal of assets.


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However, both revenue and adjusted earnings per share for the quarter beat analysts' estimates and the company raised its quarterly dividend by 28 percent. Looking ahead, the company forecast earnings for fiscal 2015 below Street expectations.

The Houston, Texas-based company's net income for the fourth quarter was $30.32 million or $0.83 per share, down from $40.38 million or $1.11 per share in the same period last year.

The latest quarter's results include impairment of inventories of $10.54 million related to aircraft model types that the company has ceased ownership of, or plans to dispose of, over the next two years. A majority of this impairment relates to a medium aircraft type being replaced by new technology models, and an increase in insurance expense of $8.57 million due to a fire in a hangar in Nigeria.

Additionally, results were impacted by a gain on disposal of assets of assets of $0.1 million for the latest quarter, compared to a gain of $7.25 million in the previous-year quarter.

Excluding special items and asset disposition effects, adjusted net income for the quarter were $49.13 million or $1.35 per share, compared to $36.74 million or $1.01 per share in the year-ago period. On average, eight analysts polled by Thomson Reuters expected the company to earn $1.23 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 13 percent to $440.93 million from $391.64 million in the year-ago period. Analysts had a consensus revenue estimate of $438.80 million.

The company recorded a $41.4 million increase in operating revenue at its Europe business unit, primarily driven by Bristow Helicopters' acquisition of Eastern Airways in February 2014 and Gap SAR, or Search and Rescue, contract beginning in June and July 2013.

For fiscal 2014, Bristow Group's net income rose to $186.74 million or $5.09 per share from $130.10 million or $3.57 per share in the previous year. Adjusted net income for the year was $163.18 million or $4.45 per share, compared to $137.85 million or $3.78 per share in the prior year.

Revenue for the year grew 11 percent to $1.67 billion from $1.51 billion last year.

Street expected the company to report earnings of $4.34 per share for the year on revenues of $1.63 billion.

Bristow Group's board of directors on May 16 raised the quarterly dividend by 28 percent to $0.32 per share, from $0.25 per share previously. The dividend will be be paid on June 19, 2014 to shareholders of record on June 5, 2014, and is more than double the first quarterly dividend paid in June 2011.

In February 2014, the board had approved an increase of the remaining repurchase amount of the company's common stock to up to $100 million through November 5, 2014. As of May 16, 2014, the company had $46.5 million of remaining repurchase authority.

Looking ahead to fiscal 2015, Bristow Group forecast adjusted earnings in a range of $4.70 to $5.20 per share. Analysts currently expect full-year earnings of $5.28 per share.

Jonathan Baliff, Senior Vice President and Chief Financial Officer of Bristow Group said, "The ability for Bristow to deliver on our annual financial guidance these past number of years and more than double our quarterly dividend in the face of industry challenges reinforces our confidence in the previously provided long term average adjusted earnings growth rate of 10-15% per year and the adjusted EPS guidance range for fiscal year 2015 of $4.70 to $5.20 that we are providing today."

BRS closed Wednesday's trading at $74.54, up $0.53 or 0.72 percent on a volume of 452,023 shares.


Read more: Bristow Group Q4 Profit Down 25%, But Results Beat View, Hikes Dividend - NASDAQ.com
I guess no bonus for anyone in Nigeria this year then - except management of course
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Old 22nd May 2014, 12:14
  #4863 (permalink)  
 
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I guess no bonus for anyone in Nigeria this year then - except management of course
don't bonus, we'll bone you.......
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Old 22nd May 2014, 12:38
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an increase in insurance expense of $8.57 million due to a fire in a hangar in Nigeria.

Sounds like they should have just paid the repair costs and written off the Aircraft expense....it would have been cheaper than paying Increased Premiums for several Years.

Not that a bit of prevention and adequate planning to ensure the Fire Protection Plan was effective and capable of preventing such a loss to begin with.
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Old 24th May 2014, 07:24
  #4865 (permalink)  
 
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Management-MOVES

Good riddance to HoFO; he's been a joke since the start. (Memos about reduced visibility during Harmattan & visits to PH for free pizza is all us "troops" have ever seen?)

AO leaving guts most of the Training experience and any common-sense in Lagos; good luck to him!

AGIP should be pretty entertaining with one Base Manager retiring June 4th and the other right behind him?

Get those hands-up for the SVN; oh wait there are none! (Got to get the fix in over there before publishing one right?)
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Old 28th May 2014, 21:39
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Caverton wins contract extension, expects new aircraft - Nigeria pilot
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Old 29th May 2014, 12:34
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AW139

Caverton has won a two-year contract extension with Total and Production Nigeria Limited and is expecting a brand new AW139 which will be devoted to its long-term contract with Shell.

LOL, believe it when I see it mate.
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Old 29th May 2014, 13:00
  #4868 (permalink)  
 
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AW139

Competition for Caverton - Atlantic Aviation commences AW139 commercial helicopter flights for Shell. Helicopter-services operator Atlantic Aviation, is one of the world’s leading providers of high-quality transportation to offshore O&G producers.
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Old 30th May 2014, 07:33
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Aircraft seen yesterday at Agusta Westland Italy - so guess it's coming
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Old 30th May 2014, 11:49
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Pan African Airlines chief pilot contact info required

Looking for the contact info for the chief pilot at Pan African airlines in Nigeria
Name and email would be appreciated
PM or response on the thread
Thanks in advance
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Old 30th May 2014, 16:13
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Bristow Nigeria has gone totally to the dogs in the last 9 months. As someone said, NAF is run by a clique of people who believe leadership should be a personality cult thing with the best succkers-up gettingb the perks . The only legacy of the present HoFO will be the powder blue flight suits. BS held things together and if you listen to the management lies, he decided to retire (like hell), RA was one of the few sensible and balanced people in PH, now he's gone, 'Uncle Bob' supposedly retired but now he's struggling to get by elsewhere, AO is going effectively leaving nobody running ops or training. In fact nobody is running anything any more . Wacko Jacko is sailing the ship of state over the edge of a big waterfall and Caverton and Atlantic will definitely be the ones benefitting from the fall. I've already seen Caverton's new AW139 and Atlantic will also definitely get a lot more work over the next year.
It's going to be interesting to see if Bristow manage to hold on to Eket after all these years. After all, they lost Shell a few years back. Houston will probably send in the cavalry, but if it's the same as the last time they did that it'll be another disaster.
For those of us sticking around, it'll just mean flying in a helicopter with a different colour scheme and hoping that our new employer pays on time.
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Old 30th May 2014, 16:26
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Well....it supposed to be an All Nigerian Firm, owned by, run by, and employing Nigerians in Nigeria overseen by the Nigerian CAA contracting services to Nigerian Oil Companies.

What possibly could go wrong?
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Old 31st May 2014, 18:13
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EXM-Contract: RENEWAL

My sources @ ExxonMobil say BRISTOW will keep Eket. And that's where I'm heading as soon as it's announced!
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Old 2nd Jun 2014, 17:24
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Oh yeah, Eket. The place you have to fly to work if you don't want to get shot! I'm sure your sources in Exxon Mobil aren't going to let anything out - probably because they don't know :roll eyes:.

Meanwhile, I see our beloved President is gathering accolades worldwide for his handling go the missing schoolgirls and allowing our country to be taken over by Boko Haram and Ansaru

Boko Haram has exposed Jonathan’s ineptitude

WHO’s afraid of Boko Haram? It would appear that the Nigerian government of Goodluck Jonathan is. It has demonstrated rank incompetence and callous indifference to the recent kidnapping of 276 schoolgirls by the militant group.

Boko Haram has already killed about 5,000 civilians since 2009. This situation raises fundamental questions about the ability of Nigeria’s political elite to protect its own corporate interests. The state is becoming a crippled Leviathan unable to exert a monopoly of the use of force over its own territory: perhaps the greatest indictment of a leadership that has often confused kleptocratic avarice with democratic governance.

The government has failed woefully even to develop an effective communication strategy to deal with this crisis. Its crude attempt to focus global attention on the World Economic Forum (WEF) and Nigeria’s new status as Africa’s largest economy backfired spectacularly. The WEF was entirely overshadowed by the sad case of the missing girls. This situation shone a harsh light on the Nigerian government, exposing the poverty of thought and action in Abuja. With the eyes of the world glued on Nigeria, Jonathan’s administration did not cover itself in glory.

"Boko Haram" translates as "western education is a sin". The Salafist militants are living embodiments of the grievances of an impoverished northern Nigeria, where poverty rates are 15% higher than in the south. They have ties with jihadists in Somalia and Mali, and seek to implement sharia law throughout Nigeria. Their actions have been reminiscent of Uganda’s Lord’s Resistance Army, which wants to implement the biblical 10 commandments, in their atavism, and similar to the nihilism of the Mozambique National Resistance.

Jonathan’s accepting US surveillance and intelligence assistance could be politically dangerous for him. It is a humiliating sign of the weakness of his own army, which has struggled with equipment, and logistical and other capabilities, not just in battling Boko Haram in Nigeria’s volatile northeast, but in conducting United Nations peacekeeping missions in Liberia and Sudan’s Darfur region. The $6bn annual security budget is clearly not reaching the army.

The military has ruled Nigeria for 39 of its 54 years of independent statehood. Its often talented officers have traditionally claimed to be the guardians of national unity, intervening in politics to save the country from the decadence of corrupt politicians (though venal military regimes between 1985 and 1998 saw grotesque levels of corruption). The army will surely be seething at Jonathan’s decision to bring in western experts.

One of Jonathan’s predecessors, Olusegun Obasanjo (1999-2007), recently criticised him for turning to foreign assistance. One should, however, remember that Obasanjo’s army chief, the respected Victor Malu, had, in 2001, criticised the president’s own decision to bring in Americans to train the Nigerian army, noting that this action compromised national security. Malu later raised eyebrows by expressing regret at not having staged a coup against Obasanjo.

A period of silence from Obasanjo — who has criticised all of his successors and suffers from messianic delusions — would be welcome. It is also important to note that Obasanjo’s own presidency failed to professionalise and re-equip the Nigerian army. The dangers of intimacy that Malu raised in 2001 still exist today. No one should be under any illusions that US drones flying over Nigeria will collect information only about missing schoolgirls. The fact that Jonathan chose to attend a summit on Boko Haram in Paris, rather than organising one in West Africa, is another sign of a failure of leadership.

If Nigeria really was a regional superpower, why would it need the president of France to bring it together with Benin, Niger, Chad and Cameroon? This is the same France that had sought to dismember Nigeria during the country’s civil war of 1967-70, and has more recently sent troops to Côte d’Ivoire and Mali, both members of the Nigeria-created Economic Community of West African States. France recently announced that it would send an additional 3,000 troops mostly to West Africa, meaning that nearly 10,000 French troops could soon be deployed on the continent. When policy makers in Abuja awake from their deep slumber, they will find themselves encircled by foreign interests that will surely constrain Nigeria’s projection of power in its own region.

The lack of strategic thinking in Abuja is not only alarming, but reverses 40 years of foreign and security policy. Jonathan must hope that a good showing by Nigeria’s Super Eagles in the Soccer World Cup in Brazil will be a welcome distraction from the Boko Haram debacle. He has, however, scored one of the most spectacular own goals in his inept and disastrous handling of this crisis.
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Old 2nd Jun 2014, 22:56
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Sarcasm: the lowest form of wit.

Flying to work at Eket is year's long over-reaction to the hijacking attempt back in 2008. Many times over the years crew traveled by road on EXM buses during "exigent" circumstances. At this point, it's simply another source of revenue flying that should surely stop with a contract renewal.

Even the dumbest criminal would surely kidnap EXM employees as they habitually pay ransom and Bristow could care less or taking Armor Group's advice launch a retrieval attempt of their own with water-pistols blazing!
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Old 3rd Jun 2014, 19:47
  #4876 (permalink)  

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Over Reaction ? I Don't Think So.............

SirKORSKY,

I was on the bus when the "hijacking attempt" took place. Having survived various hazards during my 15 years in the Army, without reservation I can confidently attest that was the most frightening and stressful incident I have ever been unfortunate enough to be involved in, and I wasn't one of the guys who got shot.

The few (very few) people still working for Bristow who were on the bus and who I see from time to time all admit to suffering various PTSD issues. The guy who got shot in the leg will never work, let alone fly again. He continues to undergo treatment on his leg and PTSD counselling. I still have the trousers I was wearing with a bullet hole through the leg as a souvenir.

The aftermath was nearly disastrous for the Eket operation, almost 3/4 of the pilots and engineers left within the first three days.

So to call the decision to fly to work an over reaction comes across as a gung oh remark. Like a bad joke, "you had to be there". And I'm guessing you weren't.

NEO
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Old 3rd Jun 2014, 19:54
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The successful hijackings weren't a barrel of laughs either, though thankfully without being shot.
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Old 3rd Jun 2014, 20:00
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NEO,

Did not the Kevlar Curtains give you some sort of solace afterwards?
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Old 4th Jun 2014, 06:16
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FLYING to Work

No disrespect meant NEO; the stories have been well-told around the "NAF-campfire" since I got here.

It certainly sounded like something out of "Blackhawk Down" as described.

My larger point is that PH could be deemed even less safe by road, especially those late buses either from flying or sitting at PHC in the dark after two days of travel inbound on AF or LH! (At least the QIT-road has the facade of protection?)

Then again, the United Guns of America ain't much better; at least all us hicks, dolts, and hillbillies can pack our own heat!
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Old 6th Jun 2014, 05:19
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Things are getting very bad in the North of my country now . I'm thinking of leaving, but it's difficult to transfer to a different unit in Bristow . I've been thinking about Trinidad or Tanzania because there's the Trinidad and Tobago Air Guard there and I heard they now give AW139 conversion. Does anybody know if that's true and if they take people with no military experience? Bristow is operating in Tanzania with Everett, but I heard that Everett sack a lot of people. I don't know if they'd give conversion either. Have any of you worked for that company?
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