Bristow completes merger with Era
Bristow Group Inc. and Era Group Inc. have completed their merger and the newly combined company will operate under the Bristow Group name. Headquartered in Houston, Texas, Bristow will continue to be a publicly traded company on the New York Stock Exchange – using the stock ticker “VTOL”. Back in mid-May, Bristow and Era announced the leadership team for combined company.
“The combination brings long-overdue consolidation in the industry, better prepares us to navigate today’s market challenges, and ensures we remain the global leader in helicopter services with an outstanding culture focused on safety and providing excellent service to our valued customers,” said Chris Bradshaw, president and CEO of Bristow.
The company states the merger strengthens Bristow’s global position, with significant operations throughout the Americas, Nigeria, Norway, the United Kingdom and Australia for offshore aviation transportation and search-and-rescue.
Bristow now has a combined fleet of more than 300 aircraft, creating the world’s largest operator of S92, AW189 and AW139 model helicopters. The company owns more than 80 per cent of its combined fleet. The company states the merger also realizes an annualized saving of at least US$35 million through the elimination of redundant expenses and enhanced operational efficiencies. The company also expected to hold a combined cash balance of more than US$250 million at closing.
Bristow has an eight-member board of directors, including five members from legacy Bristow and two members from legacy Era, including the legacy Era CEO. The board is comprised of Mark Mickelson, who will serve as chairman, Chris Bradshaw, Lorin Brass, Charles Fabrikant, Wesley Kern, Robert Manzo, Christopher Pucillo and Brian Truelove.