The following is a summary of the Bristow Group Inc. (VTOL) Q4 2023 Earnings Call Transcript:
Financial Performance:
Bristow Group's Q4 2023 adjusted EBITDA was $46 million, down from $56.6 million in Q3 2023, but total EBITDA for H2 2023 was higher than H1 at $102.6 million.
Operating revenues declined by $0.7 million due to lower utilization in Government Services and Fixed Wing business, counterbalanced by increases in Offshore Energy Services.
Operating expenses heightened by $8.8 million due to rising fuel, lease, equipment, repair, and maintenance costs.
Revised EBITDA guidance for 2023 is now $165 million to $175 million, with full-year results yielding $171 million.
The financial outlook for 2024 estimates an EBITDA range of $190 million to $220 million -- a 20% increase over 2023.
As of year-end 2023, Bristow's liquidity stood at $251 million.
Business Progress:
Bristow was awarded a €670 million contract for the Irish Coast Guard, enhancing its existing contract roster.
Operations for the Irish Coast Guard and the UK's new SAR2G contract are set to launch in 2024.
Anticipated multi-year growth cycle in offshore energy services operations starting H2 of 2023.
Designed upgrade of fleet with orders for 10 AW189 helicopters - known for their efficiency, safety, lower operating costs, and reduced emissions - with options for another 10 aircraft.
Continued experience of supply chain challenges, especially for S92 aircraft parts, has impacted servicing efficiencies.
Planning a $300 million investment in 2024 for 11 new helicopters.
Bristow has initiated new projects in Brazil, Norway, and the Gulf of Mexico in 2023.
The long-term contracts from U.K. and Ireland will provide a steady cash flow post the investment phase.
More details: Bristow IR
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