Drilling Moratorium Trims Bristow’s Revenue in Gulf
According to a June 10 report from the Associated Press, Bristow Group, which provides helicopter service to the offshore oil industry, said revenue from deep water drilling operations in the Gulf of Mexico may slide as much as 85% by the end of June because of the six-month moratorium on deep water drilling in the Gulf. The company, which has large international operations, said that revenue from the Gulf generates about six percent of its operating income. Part of the loss of revenue is being offset by new work from oil company BP PLC, which is trying to contain a massive oil spill that prompted the moratorium.
(Source: Associated Press)