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I note another set of horror show results for BRS.
Bristow Investors ? Overview ? BRS ? bristowgroup.com $14.62 yesterday, $9 today. |
As the slide continues throughout the Offshore helicopter business, the serious cuts have been made, reorganizations complete (Chapter 11 is still an available for some) but the options for all the Operators are running out if the situation continues.
In the Bristow call yesterday, there is mention of litigation against Airbus regarding the 225 grounding. Assuming that this situation is similar for virtually all the Operators and Leasing groups, what is the potential financial impact on Airbus? They must have a huge exposure due to the losses incurred by Owners and Operators and the asset value being close to nothing? Will it be negotiated or blow up into a massive legal fight? Anyone have any insight? |
I do believe that everyone else is waiting for this legal act against Airbus:
https://www.verticalmag.com/news/airbus-helicopters-sued-three-companies-h225-situation/ If Airbus ends up losing this, then it will go worldwide, unless they decide to compensate appropriate. T |
Originally Posted by industry insider
(Post 9783454)
I heard today that BRS Oz has lost the Quadrant (ex Apache) contract. AW139 and 2x BK117s?
No formal announcement on who has the contract yet |
Originally Posted by SAR driver
(Post 9784118)
True. Definitely 2 x BK117s but I don't know what they were using out of Karratha. This is after Bristow made 19 guys redundant the week before - it's a real pity that guys are still loosing their jobs.
No formal announcement on who has the contract yet |
16 "potential" redundancies not 19....Well that was the wording in the email. Not redundant until the consultation process is complete. :-)
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Oh no another possible contract lost by bristow ......When are they going to wake up and change there business model
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One expects Chapter 11 will take care of that. http://bigcharts.marketwatch.com/adv...false&state=15
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https://www.oilandgaspeople.com/news...all-uk-pilots/
CHC Helicopters have threatened to sack all their 85 UK based pilots if each pilot does not agree to negotiations aimed at reducing their annual pay. Oil and Gas People has learned that CHC Scotia Ltd is seeking to change the terms and conditions of all their UK-based pilots – preferably via negotiation, but if not, by imposition. The proposed pay negotiations are set to take place between the 24th May and the 23rd June 2017 with CHC threatening to terminate the contracts of those unwilling to negotiate. If any pilots were to have their employment terminated, CHC intend to offer new contracts on revised and inferior terms. It is unlikely CHC’s pilots will willingly accept pay reductions, as helicopter pilots require thousands of flight hours to fly commercially and are required to continually develop their skills. Pilot salaries are relative to the technical skill sets required and the decision for one operator to reduce salaries beyond the norm could result in an out-flux of experienced pilots. A CHC spokesman, said: "We are not seeking to reduce the number of our pilot workforce. We have entered a period of collective consultation with the pilots' union BALPA regarding the standardisation of terms of conditions. "The proposed changes are being put forward out of a desire to protect the jobs of all pilots and ensure a strong future for CHC." CHC's parent company has only recently come out of Chapter 11 restructuring - aimed at preventing bankruptcy. This move allowed the organisation to wipe off over $1 billion of debt and in turn significantly reduce the size of their overall helicopter fleet. The strong-arm move to reduce salaries is unheard of in the UK aviation sector and may signify that CHC’s Chapter 11 re-structuring has not achieved the long-term financial stability it was hoping for. |
Adapt to the new environment or die. CHC is just the first of the major operators to try this (if it's true). Many other operators have been operating without unionised crew for years.
In an environment where contracts are being lost, often by only a handful of thousands of $/EUR/ GBP a month, it is hardly surprising that any operator would not be looking for ways to reduce their crew costs which more often than not are the biggest expense when bidding a contract. |
Originally Posted by nowherespecial
(Post 9786146)
Adapt to the new environment or die. CHC is just the first of the major operators to try this (if it's true). Many other operators have been operating without unionised crew for years.
In an environment where contracts are being lost, often by only a handful of thousands of $/EUR/ GBP a month, it is hardly surprising that any operator would not be looking for ways to reduce their crew costs which more often than not are the biggest expense when bidding a contract. Is Management taking the same level of cuts in their Pay and Perks? Fair is Fair you know! |
Mitchaa, check out the BRS results. Investors are losing faith that BRS actually know what they are talking about. They did sale and leaseback on a good number of their aircraft to generate cash and they are merrily burning their way back through that too.
SAS, I guess we have to wait for the (no longer publicly available) results to answer that one. My money is on pay rises for all! |
Originally Posted by nowherespecial
(Post 9786329)
Mitchaa, check out the BRS results. Investors are losing faith that BRS actually know what they are talking about. They did sale and leaseback on a good number of their aircraft to generate cash and they are merrily burning their way back through that too.
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Here comes the next round, all change at Bristow.
Bristow Investors ? RSS Content ? BRS ? bristowgroup.com |
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Target Zero ? ............... nearly there ��
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Having had a bloated Management Structure for decades....they start cutting finally.
The down hill slide started with the first three or four changes of ownership and what we see today is the remains of the carcass that was picked over for years. Maybe this time it will be down to bare bones before it is all over and the Beast can grow anew from there. Hopefully....it will get back to being run as an Aviation company by people that know the Aviation business and not a bunch of Bean Counters and HR Empire Builders. |
Hopefully....it will get back to being run as an Aviation company by people that know the Aviation business and not a bunch of Bean Counters and HR Empire Builders. |
Originally Posted by barbados sky
(Post 9798755)
That is a very true statement for aviation companies. Accountants and HR people forget that you need the best people to maintain and fly aircraft and to manage those that do. Layers of VPs are superfluous.
CHC restructured out of bankruptcy, but not out of that airline model. Bristow is still top heavy. HNZ/CHL is on its way to that same model, sadly! DK |
Hear Hear SASless
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