Offshore rotorcraft operator Bristow has put its Norwegian operation up for sale in a bid to optimize its business.
The helicopter operator, which has four bases in Norway, is currently flying around 26 Sikorsky S-92s on a mix of offshore and associated search and rescue duties for the Norwegian energy industry, an analysis by Air & Sea Analytics, a UK consultancy says.
The operator revealed the sale plans as it announced the acquisition of a special missions operator, Berry Aviation, on June 23.
Bristow is one of three offshore operators currently working the Norwegian offshore market. The others are CHC and newcomer Lufttransport A.S.
Bristow has been a stalwart of Norwegian offshore operations since the early 1990s, when it was part of the Norsk Helikopter joint venture. It later became Bristow Norway in 2009. Industry observers suggest Bristow’s management has been frustrated by the support that newcomer Lufttransport has had from state-owned energy giant Equinor as part of a shakeup of the offshore rotorcraft industry.
Bristow says the exit from the market “is consistent with Bristow’s ongoing strategy to deploy its assets in markets with attractive margin profiles and value-accretive returns on capital.” A company presentation describes the Norwegian offshore market as “stable and mature” but presenting limited growth opportunities.
But Bristow does not wish to exit Norway entirely. It is actively pursuing the development of advanced air mobility (AAM) operations there using electric and hybrid-powered aircraft.
Bristow paid $105 million for San Marcos, Texas-based Berry Aviation and its fleet of 23 aircraft, including 15 special mission aircraft. Bristow says the acquisition will further diversify its portfolio by moving into defense special mission activities and strengthening its uncrewed aircraft systems (UAS) capabilities. Berry Aviation has previously developed a low-cost, modular, fixed-wing UAS called Iron Weasel for U.S. Special Operations forces.
