The two new government service contracts in Ireland and the UK are a significant contributor to the company’s bottom line. Image: Bristow
Bristow Group’s annual results have revealed an EBITDA of USD 245.6 million on revenues of USD 1.5 billion, in line with the company’s mid-year predictions. The earnings increases comes says the company as the result of stronger performance in the US and Brazilian offshore energy support (OES) markets, as well as a 15% hike in the company’s government services business – and both the UKSAR 2G and Irish Coast Guard contracts have come fully online. Also helping this revenue was a favourable forex position following weakening of the USD against both the GBP and EUR during the year.
Looking to the year ahead, Chris Bradshaw, Bristow’s President and CEO, forecast continued healthy growth across the company’s core OES and Government Services businesses.
He said: “With the continued growth and diversification of our government services business, Bristow has evolved into a scaled, multi-mission aviation services provider with leading market positions in our core markets. As reflected in our affirmed financial outlook, we expect Adjusted Operating Income in our government services business to double in 2026, and the high-quality, infrastructure-like cash flows from these contracts provide a durable cash flow foundation for the company.
“In addition, we expect Adjusted Operating Income in our offshore energy services business to increase by approximately 15% in 2026, primarily due to improved terms on contract renewals, and we expect increased activity in this segment in the latter part of 2026 and further building in 2027, as new deepwater projects commence.
“Overall, we believe the company’s total Adjusted EBITDA will increase by approximately 25% in 2026 compared to last year, and we expect strong cash flow conversion. Bristow generated approximately USD 187 million of Adjusted Free Cash Flow in 2025, and our 2026 outlook reflects an Adjusted Free Cash Flow expectation in excess of USD 200 million.
“The company completed a successful refinancing of our Senior Notes last month, with an upsized USD 500 million transaction at a lower coupon rate of 6.75% and an extended maturity into 2033. Bristow’s positive financial outlook, robust balance sheet, and strong liquidity position support the initiation of the company’s cash dividend programme, confirmed by today’s announcement of a USD 0.125 per share dividend payable on March 26, 2026.”
Image: Bristow
