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State of the Industry

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State of the Industry

Old 4th Feb 2019, 13:32
  #181 (permalink)  
 
Join Date: Sep 2006
Location: Inside the Industry
Posts: 601
Driftwood

Pretty sure it wasn’t Darwin or Perth managements idea to fill a helicopter with strippers !!!!!!!!!!! that lays squarely in the hands of the driver.
i wonder if it was realised that this little stunt was going to have such an impact on so many others.
selfish Tool...........
As Nescafe says, silly but probably had nothing to do with the Inpex contract being cancelled after 5 years. It was originally a 10 year contract. Its more likely the Inpex field coming into production and now not needing as many helicopters. Mind you, Inpex had 2 operators to choose from when it came to downsizing.
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Old 11th Feb 2019, 22:14
  #182 (permalink)  
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Join Date: Oct 2002
Location: All over the place
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There's a lot going down right now at Bristow.

"The Company is evaluating whether this material weakness in internal controls over financial reporting resulted in a misstatement in the Company’s financial statements included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2018 and the impact on the financial statements of the Company as of December 31, 2018, including disclosures. The Company is specifically evaluating whether certain debt balances should be reclassified from long-term to short-term in those financial statements, whether related waivers can be obtained from lenders, if necessary, and the resulting impact on the assessment of the Company’s ability to continue as a going concern."

Bristow Group Inc. - News Release
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Old 12th Feb 2019, 00:31
  #183 (permalink)  
 
Join Date: Sep 2014
Location: On land
Posts: 107
http://www.ainonline.com/aviation-ne...-columbia-deal

Bristow Group broadly hinted on Monday that its next move could be bankruptcy. The company abruptly canceled an analyst conference call scheduled for this afternoon, formally ended its attempt to acquire Columbia Helicopters for $560 million, filed notification of late filing of latest quarterly and nine-month financial results with the U.S. Securities and Exchange Commission, and admitted “material weakness” in internal controls over financial reporting dating back at least two years.

In a statement, Bristow said, “The company is evaluating whether this material weakness in internal controls over financial reporting resulted in a misstatement in the company's financial statements included in the annual report on (SEC) Form 10-K for the fiscal year ended March 31, 2018, and the impact on the financial statements of the company as of December 31, 2018, including disclosures. The company is specifically evaluating whether certain debt balances should be reclassified from long-term to short-term in those financial statements, whether related waivers can be obtained from lenders, if necessary, and the resulting impact on the assessment of the company's ability to continue as a going concern.”

The helicopter services company did release “preliminary” financial results that indicated it lost at least $262.2 million for the nine months ending Dec. 31, 2018, and $85.94 million in the fourth quarter alone. Those losses, if confirmed, are up sharply—it sustained losses of $94.78 million and $8.274 million, respectively, in the same year-ago periods.

In announcing the collapse of the Columbia deal, Bristow Chairman Thomas Knudson said, "The decision to enter into a mutual termination of the purchase agreement was based on a number of developments following the entry into the agreement, which led both Bristow and Columbia to conclude that it was not possible to combine the two companies at this time.” Bristow has paid Columbia a $20 million termination fee. Bristow announced its intention to acquire Columbia in November, but revealed a month later that it was having difficulty closing the deal.

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Old 12th Feb 2019, 00:42
  #184 (permalink)  
 
Join Date: Apr 2007
Location: Out there
Posts: 233
In the death throes it would seem
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Old 12th Feb 2019, 20:31
  #185 (permalink)  
 
Join Date: May 2002
Location: "Deplorable but happy as a drunken Monkey!
Age: 70
Posts: 15,620
You cannot raid the cookie jar but so many times before it goes empty on you.

Those management salaries, bonuses, and perks should have been directly tied to profitability and growth along with preservation of assets.

You pay Winners.....and tie a can to the tails of the losers.
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Old 13th Feb 2019, 17:19
  #186 (permalink)  
 
Join Date: Jul 2000
Location: Used to be God's own County
Posts: 1,509
Is there an up-to-date resource for showing who has what, where and with what which someone could direct me to?
One of those fancy maps with icons or just a simple list would do

Oil Company, Operator, Location, Aircraft Type, Number, Flight frequency/hours, Contract period, Remarks?

Remarks column could include whom previously had the contract or previous type......
Is this something HeliOffshore could help with as all the info is out there?
Happy to provide bandwidth if data is supplied.
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Old 14th Feb 2019, 10:56
  #187 (permalink)  
 
Join Date: Sep 2006
Location: Inside the Industry
Posts: 601
I wouldn't think so EEDSL, it would be way to commercially sensitive and allow a roadmap to target contracts.

Imagine all those very smart BD people such a list would put out of a job! What you suggest is what they are meant to do!
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Old 14th Feb 2019, 11:41
  #188 (permalink)  
 
Join Date: Jul 2000
Location: Used to be God's own County
Posts: 1,509
well, another layer of management devolved..........
we all know an element of the story.
Oil companies and Operators are keen to saturate the media with yet another contract win etc etc, or the fact that such and such aircraft has been repainted etc
Majority of info is in the 'public' domain already - its just collating it.
and when it comes to BD folk using the info, we all know that 'contracts' hold no sway; it's how cheap I can operate that attracts the 90-day clause.
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Old 14th Feb 2019, 13:15
  #189 (permalink)  
 
Join Date: Jun 2005
Location: llanelli
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EESDL, DM me.
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