ACQUISITION EXPANDS GOVERNMENT SERVICES PLATFORM

Bristow Group has entered into a definitive agreement to acquire Berry Aviation from Acorn Capital Management in an all-cash transaction valued at US$105 million, subject to customary purchase price adjustments. The acquisition is expected to strengthen Bristow’s Government Services business through the addition of specialised aviation capabilities and long-standing relationships with United States defence and government customers.

Headquartered in San Marcos, Texas, Berry Aviation operates a fleet of more than 20 aircraft and provides government and defence aviation services across multiple countries. Approximately 72% of the company’s revenues are generated from government services activities, including special missions, intelligence, surveillance and reconnaissance (ISR) operations, maintenance, repair and overhaul (MRO), training, mission support, and unmanned aerial systems (UAS) design and development.

STRATEGIC SHIFT TOWARDS CONTRACTED GOVERNMENT REVENUE

Bristow President and Chief Executive Officer Chris Bradshaw said the acquisition aligns with long-term trends including increased geopolitical uncertainty, rising defence expenditure and the growing outsourcing of mission-critical aviation services.

The company expects the acquisition to further diversify its business mix by increasing exposure to contracted government services. Following completion of the transaction and the planned exit of its Norway Offshore Energy Services business, Bristow estimates its revenue profile would shift to approximately 54% Offshore Energy Services, 35% Government Services and 11% Other Services, compared with its 2025 revenue mix of 66%, 26% and 8% respectively.

Berry Aviation’s customer base includes the U.S. Army, U.S. Air Force, U.S. Special Operations Command (SOCOM) and U.S. Transportation Command (TRANSCOM), among other government agencies. The company also holds a range of specialist certifications and operational authorisations supporting military and government aviation activities.

ADDING SPECIAL MISSION AND UAS CAPABILITIES

According to Bristow, the transaction will enhance its ability to compete for long-term government programmes through the addition of specialised mission capabilities, global operational reach and expertise in unmanned aerial systems.

The company believes Berry Aviation’s UAS design and development capabilities will support future defence aviation requirements, including lower-cost intelligence, surveillance and reconnaissance missions. Bristow also sees opportunities to leverage Berry Aviation’s existing cargo and regional aviation operations as the industry explores new forms of electrified air transport.

In addition, the combined business is expected to create opportunities for operational efficiencies, procurement optimisation and cross-selling of services across Bristow’s international government customer base.

NORWAY OFFSHORE BUSINESS EXIT UNDER REVIEW

Separately, Bristow confirmed it is pursuing the sale of its Norway Offshore Energy Services business as part of a broader portfolio optimisation strategy. The company said it remains committed to offshore energy aviation markets that meet its financial return objectives while continuing to explore opportunities in Norway’s emerging Advanced Air Mobility sector.

The acquisition of Berry Aviation is expected to close during the third quarter of 2026, subject to customary closing conditions. Bristow intends to fund the transaction using cash on hand.