Company Acquires Large Stake in Linder

Bristow Group Inc. has acquired 42.5% of Lider Aviacao Holding S.A. 'Lider', Brazil's largest provider of helicopter and executive aviation services.

Lider operates the largest helicopter fleet in Brazil, with 46 helicopters serving the oil and gas industry, representing approximately 50% of the oil and gas market in Brazil. Its helicopter operation is the most profitable business segment and has been growing revenues at a compounded annual rate of over 22% in the past three years. Lider's fleet has 46 helicopters and 29 charter aircraft.

"We view Brazil as the next 'North Sea' in terms of its potential for growth in offshore services requirements," said William E. Chiles, Bristow Group President and Chief Executive Officer, "The Brazilian offshore deepwater market is thriving as a result of several world-class oil discoveries and government funding initiatives to develop those discoveries. It is our objective to be a leader in each market we serve and our equity ownership investment in Lider gives Bristow a solid position in this very important market."

Mark B. Duncan, Senior Vice President, Western Hemisphere, commented, "The new sub-salt developments in Brazil, which are located approximately 200 nautical miles offshore, are expected to generate significant demand for new helicopters over the next several years. In addition, a minimum of an estimated 30 new medium and large helicopters should be needed in the Brazilian oil and gas market in the next five years to meet the expected growth in activity levels and to replace aging aircraft".

Ownership of 42.5% of Lider will provide Bristow with approximately 20% of the voting rights of Lider, complying with Brazilian aviation regulations limiting foreign ownership. Bristow will also have the right to appoint one of the five Lider board members as well as one management position.

FMI: http://www.bristowgroup.com/