Bristow Files for Chapter 11 Bankruptcy
Offshore helicopter services provider Bristow Group filed for chapter 11 bankruptcy protection after reaching a deal with senior bondholders on a plan to slash its debt load.The struggling Houston-based helicopter operator for offshore oil and gas industry looks to cut debt after reaching deal with senior bondholders, as it attempts to restructure its crippling debt load.The Chapter 11 filing, dated 11 May, covers only six US- and two Cayman Islands-registered businesses, with overseas operations – including Bristow Helicopters in the UK – unaffected.The Texas-headquartered company said in a release that all its subsidiaries will continue to operate as normal while the financial restructuring is carried out.Bristow Group President and Chief Executive Officer, L.
Getting Offshore Fast: New Helicopter Market Forecast
Douglas-Westwood (DW) forecasts $24 billion in expenditure on offshore helicopter services between 2014 and 2018, a 57% increase in comparison to the preceding five-year period. Western Europe will continue to account for the largest share of global expenditure, driven by both the extensive North Sea infrastructure and the preference towards using large helicopters. Although Western Europe will continue to underpin the market over the forecast period, DW expect faster growth rates in Africa, Asia, Australasia and Latin America. A preference for local providers in some of these markets means that there are many regional specialists. As a consequence, the major helicopter operators have lower levels of participa- tion in these regions, with the notable exceptions of Brazil and Australia.
