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    Jason Bandel • Evercore

    Jason Bandel's questions to Bristow Group Inc (VTOL) leadership

    Jason Bandel's questions to Bristow Group Inc (VTOL) leadership • Q2 2025

    Question

    Jason Bandel of Evercore ISI questioned the confidence behind Bristow's raised 2025 and 2026 guidance amid macro headwinds, asked about any changes in production-oriented customer behavior due to oil price volatility, and inquired how much of the anticipated 2026-2027 drilling activity increase is factored into the 2026 outlook.

    Answer

    SVP & CFO Jennifer Whalen attributed the guidance increase to better visibility into costs and customer activity. President & CEO Chris Bradshaw added that customer demand remains strong, with the main challenge being supply chain constraints, not a lack of urgency from clients. He confirmed that the 2026 guidance includes an expectation for increased activity in the latter half of the year, supported by new AW189 helicopter orders.

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    Jason Bandel's questions to Bristow Group Inc (VTOL) leadership • Q4 2024

    Question

    Jason Bandel of Evercore inquired about the strong performance and constructive outlook for the Offshore Energy Services (OES) segment, asking for details on the dynamics driving high utilization and the key global markets contributing to the 2025 growth forecast. He also asked for management's perspective on the company's stock trading at a discount to its calculated Net Asset Value (NAV).

    Answer

    President and CEO Chris Bradshaw explained that high utilization is driven by a tight supply-demand dynamic, resulting from a decade of low new helicopter deliveries and long lead times for new aircraft. He highlighted West Africa (Nigeria), Brazil, and the Caribbean (Suriname) as key growth markets for OES. Regarding the NAV, Bradshaw confirmed the third-party appraisal resulted in a value of approximately $57 per share and attributed the stock's discount to market speculation, while expressing confidence in the company's value.

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    Jason Bandel's questions to Energy Recovery Inc (ERII) leadership

    Jason Bandel's questions to Energy Recovery Inc (ERII) leadership • Q3 2024

    Question

    Jason Bandel of Evercore ISI asked new CFO Mike Mancini for his initial impressions of the company, inquired about the performance consistency of the PX G across test sites, questioned the deployment strategy for remaining sites, and sought clarity on the drivers of strong OpEx control in Q3.

    Answer

    CFO Mike Mancini highlighted the significant opportunities he sees for efficiency, growth, and capital allocation. President and CEO David Moon explained that PX G performance was consistent in delivering energy savings and capacity increases, with variations based on location. He added that a site selection tool is used to optimize deployment. Mancini attributed the OpEx beat to cost avoidance in non-core areas and noted most of the year's one-time costs have been incurred.

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