Question · Q3 2025
Kobe Sasa asked if the increased focus on exploratory drilling by larger integrated E&Ps would be a focus for Bristow's customers moving forward. He followed up by questioning the need for new aircraft in the North Sea, given that drillers have moved rigs out and E&Ps are not bullish on the UK energy industry.
Answer
CEO Chris Bradshaw confirmed that Bristow sees increased exploratory drilling as a focus, noting that while 85% of OES revenue comes from production support, the company is exposed to exploration. He emphasized that deep-water projects are favorably positioned for capital investment, providing a solid long-term driver coupled with tight supply. Regarding the North Sea, Bradshaw clarified that new AW189 aircraft are not for growth but are fleet replacements for aging S-92s. He explained that customers are seeking more reliable, modern aircraft, and these new contracts offer enhanced profitability and better returns for Bristow, making them value-accretive despite the North Sea being a mature market likely to decline long-term.
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