Solakonferansen Skandinavisk luftfartskonferanse 2016 Bristow`s refleksjoner knyttet til økt fokus på kutt i kostnader samt behovet for videre investering i sikkerhet ! Jonathan E. Baliff, President og Konsernsjef (CEO), Bristow Group 21 September 2016

Total Recordable Injury Rate (TRIR) per 200,000 man hours (cumulative) Vår Target Zero sikkerhetskultur i Norge setter et eksempel for resten av Bristow Over de siste 5 årene har Bristow`s norske helikopteroperasjon hatt en bedre sikkerhets- statisikk enn den samlede gruppen; Hittil i 2016 har Bristow Norway gjennomgått 10 revisjoner utført i regi av våre kunder og 6 luftfartsmyndighets revisjoner. Samarbeid mellom oljeselskapene om felles årlig revisjon er unikt for Norge; Regelmessige møter og samarbeid mellom de norske helikopteroperatørene om sikkerhet er videreført til globale operatører gjennom HeliOffshore; Helikopteroperatørene gir innspill til Helikoptersikkerhetsstudie 3B (HSS IIIB). Studien utføres av SINTEF og er planlagt ferdig med sine anbefalinger i oktober. Total Recordable Injury Rate (TRIR) per 200,000 man hours (cumulative) 2

Total Recordable Injury Rate (TRIR) per 200,000 man hours (cumulative) Our Target Zero safety culture in Norway sets an example for the rest of Bristow Over the past 5 years, our Norwegian operations consistently perform better in ground safety than the overall group In 2016, the Bristow Norway hosted 10 client audits and six government audits Joint client audits are unique to Norway Regular meetings and safety cooperation between the Norwegian helicopter operators with best practices brought to global operators through HeliOffshore Helicopter operators provide input for Helicopter Safety Study numbers 3B (HSS IIIB). This study will be completed in October, and is conducted by a company called Sintef. Total Recordable Injury Rate (TRIR) per 200,000 man hours (cumulative) 3

But resource constraints are impacting the industry just as the Cost of Financing is at an all-time high Since 2014, financial capital has fled from Offshore Energy as investors increasingly doubt a rebound in oil prices As a result, our Cost of Financing has dramatically increased, impacting how helicopter operators can invest in new technologies But in order to survive and thrive within this downturn, Bristow needs to make safety investments to build a stronger industry HeliOffshore Workstreams New Technologies like HTAWS New Aircraft, even with the current overcapacity in market

A quick review of financing costs for transportation Financing costs are the costs to pay for investments, with debt and equity components Financing costs cannot be perfectly controlled like other costs of doing business Financing costs are approximately 33% of total costs and are fixed in nature Historically, the Helicopter Sector has enjoyed some of the lowest costs of financing in the energy Industry

Cost of Financing has increased significantly in this downturn, especially for transportation companies Many Norwegian companies (Orkla) have seen their Financing Costs drop over the past two years But the prolonged decline in oil has raised the Financing Costs for all Oil Field Service Companies And Segments with higher Financing Costs (like Offshore Transportation) must generate more profit at a time when Energy Companies are cutting investments and costs Financing Costs 2014 2016 Orkla 9.1% 6.6% Energy Companies 10.4% 11.3% Oil Field Services 12.4% 10.0% Offshore Transportation 8.3% 14.5%

What Other Industries Have a High Cost of Financing What Other Industries Have a High Cost of Financing? Example: Semiconductors The Cost of Financing in the Semiconductor industry is 14.5% Semiconductor companies face technology risk and are asset intensive, like Offshore Transportation S&P 500 Cost of Financing: 8.9% Semiconductors Cost of Financiang: 14.5% Note: As of 8/31/2016. Semiconductor index consists of 31 of the largest (by market capitalization) publicly traded semiconductor firms with equity research coverage.

What does the Semiconductor Sector do when financing costs skyrocket? The Cost of Financing of the Semiconductor industry is a very high 14.5%; The Semiconductor industry, when faced with high financing costs, uses four tools to continue to invest: They get lean in assets and in process They outsource less critical supply chain areas They JV: sharing risk with clients and suppliers The industry consolidates

Hvordan bygge en sterkere "Tomorrow" Den nåværende påliteligheten innen helikopteroperasjonen skaper uholdbar finansieringskostnader og overkapasitet Denne nedgangen bør tjene som en katalysator for å endre prosesser og partnerskap innen offshoreindustrien Videre sikkerhet samarbeid mellom operatørens OEM sammen-lignbare supportavtaler som "airline" Bedre utnyttelse av helikopterne "with client sharing"

Building a Stronger Tomorrow The current offshore aviation reliability of service creates unsustainable financing costs and overcapacity This downturn should serve as a catalyst to change the processes and partnerships within the offshore industry Continued operator safety collaboration Airline-like OEM support agreements Better aircraft utilization with client sharing