Bristow Group provides helicopter and aviation services to offshore energy companies and government agencies. The company operates a fleet of 214 aircraft — primarily heavy and medium helicopters — across 15 countries. Offshore energy services account for roughly two-thirds of revenue, with Bristow's core service being the transport of personnel between onshore bases and offshore platforms, rigs, and installations. Customers include major, independent, and international energy companies operating in the U.S. Gulf of Mexico, Brazil, the North Sea, Nigeria, and the Caribbean. About 80% of offshore energy revenues are tied to production support rather than the more cyclical drilling and exploration market, providing a degree of revenue stability. Government services account for roughly a quarter of revenue, with Bristow providing search and rescue and emergency response aviation services under long-term contracts with government agencies, including a 10-year UK SAR contract and a 10-year Irish Coast Guard SAR contract. The remaining revenue comes from Airnorth, a regional fixed-wing airline in Australia, helicopter dry-leasing, and Humberside Airport. Offshore energy contracts are typically structured as a fixed monthly standing charge plus an hourly rate, de-risking revenue from flight activity fluctuations. Government contracts pay a fixed rate over a multi-year term. Near-term growth is driven by the ramp of the new government SAR contracts, expected to reach full run-rate in 2026, and the deployment of seven AW189 heavy helicopters on order for Brazil, Africa, and the North Sea.