Bristow Group Reports Loss Due to Six-Month Gulf Drilling Halt

Helicopter service provider Bristow Group proclaimed that its revenue from the Gulf of Mexico is likely to fall by nearly 85% by the end of this month due to the scheduled halt on drilling in the gulf for six months.

It has provided nine of its helicopters to help in the drilling process. President Barack Obama had directed the halt in April following the oil spill which hit the gulf.

The nine helicopters involved in the operations bring revenues worth $3.8 million to the company every month, which accounts to a net monthly revenue of $600,000.

The gulf operators have now told the Company that they will release at least 6 of the helicopters. Bristow will then allocate these helicopters to some other operation.

Leading oilfield services provider Schlumberger Ltd. said that it will look into the delay in the drilling procedure in the Gulf.

It also said that it will speed up the work so that the moratorium ends as per the scheduled time.

Schlumberger said that its revenue produced this year were not more than 5% of $22.7 billion generated in 2009.

“Consequently, we are assessing how to optimally redeploy skilled staff and available equipment to maintain operational flexibility”, said Chief Executive Andrew Gould.