Bristow Group Inc., based in Houston, TX, and its subsidiaries announced it has entered into two 13-year secured equipment financings for an aggregate amount up to $175.86 million with National Westminster Bank Plc (NatWest). The proceeds from the financings will be used to refinance the indebtedness of the previous equipment financing facilities with Lombard North Central Plc, refinance the aircraft financed thereby, and provide additional financing to support Bristow's obligations under its contracts with the Department for Transport and the Maritime & Coastguard Agency of the United Kingdom.

"We would like to thank NatWest for their continued support of Bristow," said Chris Bradshaw, President and Chief Executive Officer of Bristow. "These new credit facilities increase our financial flexibility, significantly extend our debt maturities through 2036, and demonstrate our access to capital as the global leader in vertical flight solutions."

The credit facilities are expected to fund during the first quarter of 2023. Upon funding, the credit facilities will have 13-year terms with repayment due in quarterly installments commencing March 31, 2023. The credit facilities will bear interest at a rate equal to the Sterling Overnight Index Average plus 2.75 percent per annum. Bristow's obligations will be secured by 10 search and rescue (SAR) helicopters.

Bristow Group Inc. primarily provides aviation services to a broad base of major integrated, national, and independent offshore energy companies. Bristow provides commercial search and rescue (SAR) services in several countries and public sector aviation services such as SAR and other services on behalf of government entities. Additionally, the company offers ad hoc helicopter and fixed wing transportation services.